Mass adoption.
It is something we discuss regularly in cryptocurrency. Many are wondering when it will take place or where it will come from. How are we going to onboard the masses?
The answer to this question is extremely difficult. There are many ways this all can unfold. However, when we step back, we can gain some insight into what is taking place.
It is safe to say that this might hold part of the answer.
If mobile is being overlooked, it appears the Internet is too.
Just a few short years ago, half the Internet access was done on mobile. Now we are looking at it crossing 60%. We should not be surprised if we hit 2/3 in a year or two.
This is the tremendous opportunity.
Mobile Payments
What is the future of cryptocurrency?
This is also a very difficult question to answer. There are so many ways this can go. Nevertheless, one area we have to focus upon is in the area of payments. When it comes to online, we only need to look at PayPal for the answer. That is an enormous company, processing many billions in transactions.
Here is a lode that cryptocurrency has to tap into.
Of course, looking at how people access the Internet, we realize that payments coupled with mobile is revealing a lot.
In fact, this should become the focus on many levels.
Cryptocurrency wallets are already evolving. When it comes to easy payments, cryptocurrency is starting to move in the right direction. People are still a bit confused about keys and things of that nature yet it is beginning to change. Not only is the industry simplifying things a bit but we also see the knowledge level increasing.
As more users join the Internet, most likely via mobile phones, they will be instantly in the world of cryptocurrency.
Death To Mastercard And Visa?
Could we be looking at the end of these two financial services firms?
Mastercard and Visa are household names when it comes to payment processing. Their logos are known all over the world. With the way things are going, there are a couple questions that arise:
- what is their relevance going forward?
- will they be able to transition?
When it comes to established companies, their tendency to adapt is often limited. Here we see companies that are still raking in enormous profits. Upsetting the proverbial apple cart is often not done.
We also have the added problem of Wall Street operating on a 90 day window. To most CEOs, the only important time period is the next earnings report. Few are approaching these companies with a long term focus.
This could be the death of institutions like this. Certainly, we saw the demise of many record companies and Blockbuster because they failed to see the shifts that were occurring. The same was true for Kodak. When one is a film company in a digital world, the end is near.
Mastercard and Visa are third party payment processors. The most valuable service they provide is the assumption of risk regarding the qualification of the payer. Vendors are absolved as these companies are responsible for assessing the ability to pay.
What happens if that is no longer required? After all, blockchains basically provide that function.
These are some of the questions confronting the cryptocurrency industry. It is also applicable to the likes of Mastercard and Visa.
