• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin
Nexo Logo

Crypto Has One Major Obstacle in Mass Adoption, Can it be Solved?

Samuel Wan by Samuel Wan
3 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Cryptocurrency advocates often ponder over mass adoption. But in truth, the usability of cryptocurrency, or lack of, presents a significant hurdle for no-coiners. On top of fears over security and the association with illicit activities, mass adoption will remain a distant fantasy unless it gets easier to buy, store and use cryptocurrency.

Crypto Is Full Of Scammers

Today, blockchain puts us at the cusp of a technological revolution, but everyday people are put off by its complexity. The good news, however, is that this is typical behavior. After all, when the internet first came out, it was also the reserve of “techies,” yet decades later has become ubiquitous.

All the same, one issue that presents a problem is the scam reputation that cryptocurrency has amongst the general population. This alone is enough to turn tentative interest into outright rejection. And with CiperTrace reporting thefts, scams, and fraud totaling $1.2 billion in Q1 2019, it’s easy to understand why many outsiders feel this way.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ciphertrace Q1 Anti Money Laundering report out today – https://t.co/qQBq5HK8jL

— nickfx (@nickfx) May 1, 2019

As well as that, the “shadowy” nature of cryptocurrencies doesn’t help the cause. And the fact is, criminals, do favor the remote and (semi) anonymous properties of transacting in crypto. On this point, economist, Joseph Stiglitz called for cryptocurrencies to be shut down. Speaking to CNBC, he said:

“I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending.”

Responsibility Of Crypto Is Too Much For Some

As much as early adopters value the independence of a trustless system, in reality, most people want an intermediary. Without a third party layer of protection against loss of private keys, fraud, and mistakes, having sole responsibility for managing your cryptocurrencies can be a frightening prospect for some.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

And third parties, such as banks, offer a convenient solution in sorting out mistakes. Being able to call a number and speak to someone, who will immediately deal with your problem, provides a level of reassurance that doesn’t exist in crypto. With that in mind, perhaps the mainstream isn’t ready for the responsibility that comes with being your own financial custodian.

Mass Adoption Will Come

But then again, Brian Armstrong, CEO of Coinbase, thinks it’s only a matter of time. In a recent AMA, he spoke about volatility, scalability, and usability as the obstacles to mass adoption.

In terms of volatility, Armstrong cited the increasing use of stablecoins as a way to offer price stability. He also addressed scalability by talking about the development of the Lightning Network, which he sees as rivaling Visa for TPS one day. However, he was less optimistic about usability, admitting that the space faces many challenges in this respect. He said:

“[On apps] it’s still too complicated to go there. To be able to sign in to your wallet, whether that’s a Chrome extension or on mobile. It should work like WeChat, or something like that. Where when you go to the app, it already knows who you are, and it has your payment method already attached. And with one tap you can complete an action or pyament. So we need to get that useability simplier, and simplier and simplier.

Tags: cryptomass adoption
Tweet123Share221ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

World Of Women, screenshot from the website

Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering

39 mins ago
crypto bear

Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over?

3 hours ago
bitcoin

Why Bitcoin Could Return To $28,000, But By The End Of 2022

4 hours ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

7 hours ago
bitcoin bear

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

9 hours ago
Bitcoin

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

9 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto To Add The Best Gains To Your Portfolio For Bull Market: Gnox (GNOX), Cronos (CRO) And NEAR Protocol (NEAR)

July 1, 2022

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.