Mike Novogratz (Former Wall Street executive) has recently predicted about the mass adoption. He said that mass adoption of crypto and blockchain is “still 5 to 6 years away,” reported on 19 July in Blokt blockchain and tech news.
In the conference, speaking at the Beyond Blocks in South Korea, Novogratz, CEO and founder of crypto investment firm Galaxy Digital, still confident about the acceptance of crypto in many institutions which will come into the industry “in the next 2 to 3 years,” and said that without the adoption, we will be moving in circles.
According to my research, the mass adoption of crypto and blockchain technology will come after half a decade and Novogratz also agrees to it by saying that the adoption of blockchain and crypto will not be earlier than half a decade. He also added that we won’t see mass adoption until the user experience does not feel like something new and that is still 5 to 6 years away.
Novogratz explained that the major obstacles on the way to widespread adoption are the increasing cost of technical talent as well as the doubts of conventional investors, which are aggravated by no clear precedent for the financial industry.
Everyone is getting the hope of the mass adoption of blockchain and technology in future so that everyone can get the benefit of the technology but there are some reasons due to which adoption is getting late year by year and some of them are as follows:
- Easy to use
- Invisibility
- Easy to setup
- Speed
- Regulation
Right now, If one person wants to send another person some ETH, then he has to just go to the MyEtherWallet website and whether it's the correct one, and not a phishing site and upload a file, enters a long string of letters and numbers, or sequence of unrelated words. After that enter the unique address, which is yet another combination of numbers and letters and set the amount just to send and the maximum gas which is to be sent with the transaction, including the price to pay for it. Just confirm the transaction and send it.
This shows that it is so simple to use and to do the transaction.
If you want to crunch some numbers in the 50s, 60s, or even 70s, using computers it was hard to hide the fact you were doing so. This is because you needed to rent an office to put it there.
But Now IB has made Computers that are smaller than salt grains and they're Included in anything and everything, hidden from view. Everything runs on processing power like phone, passport. In today’s time, half of humanity is connected to the internet and yet most of us only have a vague idea of how it works.
That's because, in order to use technology, we don't feel the need to know the powers and just realize the technology is in place at all. People don't need to tell and explain that they love blockchain to all their friends and relatives.
The internet may be everywhere which makes easy to use Blockchain applications. Blockchain applications need the same plug-and-play infrastructure in order for the many ideas.
In 1990 downloading a video would have taken a day but nowadays speed is so much high and transferring the tokens via a blockchain isn't exactly fast these days. With the standard speeds of 1-5 transactions per second (TPS), current major blockchains like BTC and ETH have a long way to go. Sometimes, Confirmations can also take anywhere from seconds to hours to show up and finish up the transaction.
Rules, guidelines, and codes, give people a chance to funnel in without much-perceived risk. The path to mass Adoption of crypto and blockchain leads right through regulation, so the faster it comes, the better it works.
Disclaimer: This is not financial advice and I am not shilling anything like that and I am not getting paid in any manner to write this article. This is for spreading news purpose only and expressing my opinions in front of you. What follows is my personal, subjective, biased opinion.