Crypto-currency is a phenomenon that is rocking the world at its core. Investors are reveling in the dividends of the seemingly sporadic markets and can’t get enough. Crypto is something that caught me and the rest of the world off guard. The crypto market is a fully transparent system that puts power back into the common man’s hands. So why isn’t everyone using it? Most people I talk to have no idea what a Bitcoin is, or what cryptocurrency is at all. I believe there are three major factors that will make cryptocurrency struggle to convince the masses of its greatness.
Learning Curve
In my crypto-token highlight videos I do a lot of research on the project I am highlighting. During this research I speak with team members of the project and ask them their greatest problem regarding the project. Most times, one of the problems they even admit is the learning curve. The amount of effort to utilize the platform they are creating is a huge drawback for most projects. When it comes to cryptocurrency, there is a bit of a learning curve. The space forces you to take responsibility for your own funds. You must learn some of the lingo, how to use exchanges, addresses and so much more. It is a completely new way of looking at currency and how we use it. This is a hard concept for some people to grasp and will be a big hindrance on the road to a crypto friendly world.
Scams
With new technology, the scum of the earth try and find new ways to finesse you out of your hard earned money. From hacking to link phishing scammers are relentless in the crypto space. As I stated earlier cryptocurrency gives more power to the common man; but to quote Uncle Ben, “With great power comes great responsibility.”
A lot of amateur wide eyed investors looking to cash in on the space do not do their due diligence when it comes to investing in ICOs or clicking on strange links in the Slack app. This leads them to either give away their funds to seedy companies or wake up with their funds drained out their wallets. Media outlets were already deeming Bitcoin a Ponzi scheme at the beginning and these prevalent scams in the space aren’t going to make it easier for mainstream adoption.
Legislation
This is probably the biggest factor. Governments all over the world are scratching their heads trying to figure out how to control this market. Here in America in 2014 digital currency was deemed as property by the IRS. Some of the governments of the world are doing everything they can to adapt to the new market. This might deter new crypto users just because they are afraid to make Uncle Sam upset. Also, some great projects may not be available to all countries of the world because of laws prohibiting the use of it. I feel that at this point lines are being drawn and governments and banks are not going to roll over. Finding out what laws apply to you in the country you reside in will take extra time for a potential crypto user and I don’t see people doing that kind of work.
Overall, I feel that cryptocurrency has come a long way since 2009 and its growth has been amazing. People are going to have to stop listening to the television and random “facts” on social media and take the time to educate themselves on the subject. I’m not saying that crypto will never be main stream, I am just stating that it will have to overcome some problems before it becomes a common thing among the world.
Thank you so much for taking the time out of your day to read my article. As always I appreciate you guys and hope it was informative to you. Do you agree with me? Are there any factors I am missing? Let me hear what you guys feel about the subject. Peace and Love everyone.