The Number One Thing Preventing Cryptocurrency Adoption.
(hint: It's not scams)
Distributed Ledger Technology or DLT, often referred to as #cryptocurrency like #Bitcoin and #Ethereum, faces quite a few barriers to adoption before reaching Satoshi Nakamoto's vision of decentralized money and now the decentralized internet. But what is the number one problem?
A DLT is essentially a decentralized book of data on the internet. By "decentralized" I mean every computer on the network has a copy or a lot of knowledge of the book so if someone tries to rewrite a page and pass it off as "fact" we all know he or she is a liar.
DLT is evolving how people can trust each other and how business and organizations operate.
Some common DLTs include #blockchain aka the original Bitcoin, DAG:directed acyclic graph aka #IOTA, or now things like Block Lattice, #Hyperledger and #Hashgraph. There are countless, seemingly directly competing DLTs out there all fighting for adoption in a race literally described as to the moon again.
"I don't see a lambo up here." -People in Summer 2018
Competition is good right? What's the problem? When Moon?
Developers of DLTs will tell you the problem is scalability. Or in other words, if everyone in the world used the DLT at the same time, the whole network still functions. Right now, DLTs run into a lot of traffic jams when there are too many users because they are trying to be as cool as Youtube, but they have the speed of dial up internet.
However, scalability will be solved. This is not a problem.
Bitcoin now has the lightning network which is hinting at a scalable blockchain and Ethereum's Vitalik Buterin is boasting that Ethereum's network will eventually achieve one million transactions per second. Delving a bit deeper it seems nearly all the DLTs claim to have a solution like this on the way.
...Okay
Other critics of cryptocurrencies claim the problem is it's all a bubble and governments will end up cracking down on these platforms preventing them from ever reaching any kind of wide scale adoption.
Just look at China's stance toward cryptocurrencies. Afterall, they imposed some rather strict trading restrictions at the end of 2017 in an attempt to block primarily crypto-to-fiat trading. In some cases rightfully so, thwarting money launderers and criminals. Bans like this seem to pop up around the world from time to time. In fact, China itself has done this many times before.
So No Moon Then?
Depends who you talk to. This move by China simply resulted in relocating the activities of the traders. Have you heard of a small cryptocurrency exchange called Binance run by Changpeng Zhao? I think if you talked with him he would tell you he not only made it to the moon, he ended up on a moon of Saturn by both talent and luck of China crippling his competitors.
Remember the book is decentralized, everyone already has a copy. Trying to "ban" the activities of something decentralized is like playing Wack-o-Mole. In crypto there will always be a mole to wack. One can simply stifle it's activities, never end them.
"My body is ready." -Doge
So what is the number one problem facing cryptocurrencies today?
Well...
It's the public.
Ask yourself, when was the last time you used a Dapp? A Dapp is program that runs on a DLT platform like Steemit. Supporters of #decentralization need to remember that they must partake in it. Otherwise it's just an option. As of 2018, there are numerous platforms up and running making use of DLTs, not just Steemit.
Buying something?
Try buying it with your favorite #crypto. No solution? Make a store yourself.
Need a loan?
Grab one from an organization like Nexo or Salt
Want to upload some files to a decentralized cloud?
Try Oysterstorage or Storj
Wanna play a game?
Try out crypto collectible games like Etherbots or Cryptokitties
Looking for a date?
I'm just kidding. But really I'm sure there's a Dapp for that.
The point is. Get out there and use all these cryptocurrencies for their intended purposes. Overload their networks. Force the developers to innovate. Decentralize your own activities.
You are the one being adopted by cryptocurrencies, not the other way around.
Thanks for reading.
Kei
#UpvoteForUpvote #beaxy #adoption
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