It’s been nearly a decade since the launch of a new peer-to-peer electronic cash system we know as Bitcoin. Slowly the world is beginning to see value of this mysterious internet money as more and more vendors adopt digital currency into their ecosystem. But what will it take to actually gain mainstream adoption for cryptocurrency?
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Ben Bernanke, the former chairman of the Federal Reserve (2006 – 2014) had cited former Vice Chairman Alan Blinder’s testimony written in a letter to the Senators of the Committee on Homeland Security and Government affairs dated September 6, 2013 that “there are also areas in which they (electronic money) may hold long-term promise, particularly if the innovations promote a faster, more secure and efficient payment system.” 1
In April, 2017, Japan recognized bitcoin as an official method of payment and less than a week later major retailers were partnering with Japanese exchanges to accept digital currencies for their goods. 2
What have the Japanese tapped that the rest of the world is just beginning to wake up to? The answer is simple: billions of dollars in liquid cryptocurrency that people want to spend on goods and services. Unfortunately there are major roadblocks hampering mass adoption.
Changing consumer habits will not happen with blockchain technology, geek speak, and the latest app alone. For a decade cryptocurrency has catered to a very niche group but it is finally gaining its stride by expanding into mainstream markets and reaching those who need it the most. But even more than offering a product or service, creating a healthy ecosystem to promote those products and services is crucial.
William Mougayar, author of The Business Blockchain, investor and advisor stated: “The key thing that needs to happen is the explicit linkage of the token with the usage, whether that usage is directly linked to the end-user or the developer.” 3
Let’s then talk about the unbanked. There are approximately two billion unbanked people worldwide and yet, according to World Bank’s data, more than 20% of unbanked adults receive wages or government supplements in cash. 4 Immigrants often send funds back to their home country to support families and it is these people, who can least afford it, that pays exorbitant fees for the privilege of using costly wire transfers to send their hard-earned cash.
Three initiatives that will open the doors to crypto
STEEMIT
More than just another blogging platform, Steemit has introduced cryptocurrency to content creators of all ages and all walks of life from around the globe. In the crypto world Steemit did an amazing thing: They harnessed the power of community first; and almost as an aside rewarded their users with tokens of appreciation, which happen to carry monetary value.
Mainstream bloggers and creative artists to gamers and anarchists come together on one platform to share, earn, and tip through upvotes and comments. Their earnings split into short-term liquid funds and long-term investment. There is a reason behind their mantra: “Come for the rewards. Stay for the community.”
VIVA
The VIVA project is a broad-reaching cryptocurrency ecosystem which works with fiat instead of trying to replace it. Their integration includes a healthy DEX, crypto wallet, Stored Value Facility (SVF) with banking and remittance capability, and the ability to easily transfer funds around the world for minimal cost.
“The VIVAconomy harnesses the cumulative power of all the transactions that occur in the system and reinvests them in the long-term future of everyone involved.” – Dawn Parker Waites, CEO
Beyond banking capabilities, they understand that there may be a point in our near future when there will not be enough jobs. Not to underscore the value of Universal Basic Income, VIVA is initiating something better – dockerized worker nodes allowing anyone with available CPUs to earn income.
OPEN MONEY
Everyone uses some kind of technology and tapping into software development may be the battering ram that takes down the castle doors. The founders of Open Money envision a world where their products tap into the value of blockchain and cryptocurrency technology. Instead of launching a single product they too see the value of presenting a whole ecosystem for streamlining the adoption of cryptocurrency.
Rather than replace the familiar Apple and Android app stores, the Open Money team want to create a bridge that afford software developers a larger stake for their products, tools to integrate their creation into the cryptosphere without spending untold resources on recreating their work, and benefit from the billions of dollars in digital currency.
Going Mainstream
The combined forces of these three crypto enterprises packs a solid punch through the brick and mortar walls by virtue of community strength, fiscal responsibility, and software development because, as Mougayar suggests, they tie usage to the end-user and developer. Get your digital wallets ready; the future is already here.
Do you agree? Let me know in comments.
Good analysis and I think you're spot on. It's only going to pick up speed from here on out.
Hi @aunt-deb! How have you been?
Pluggin' along. How're you doin?
Been crazy busy. Hurricane had me displaced for about a week but I've been home. Death in the family. Getting caught up with work and trying to get an outline ready for NaNoWriMo. LOL I may be certifiably insane.
We could dub you Hurricane Mere instead. ;~D
Glad you made back home okay. Condolences on your loss. Both valid reasons to be a bit discombobulated.
Btw, sort of off topic, but I seem to have mysteriously acquired a number of extra crowns that are on hold. Any idea on the backstory?
There were merit Crowns that were issued during one of William's Easter Egg hunts. But if you didn't participate then it's kind of a mystery to me too.
Ahh, okay, thanks! I did do that, but had forgotten about it. Very pleasant surprise!
Interesting post and thank you, going to check out Viva now and maybe it'll be a good fit! Ill look out for more posts from now on.
Hi @chimeraggeddon - if chatting is easier for you, visit the Tradeqwik/VIVA folks in Discord https://discord.gg/VqGAdKQ We've got a lot of exciting stuff getting ready to launch.
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Good to see your new field. I had a fiver this summer, a fiver called crypto trading. Then you showed up with your contests and that finally helped me to overcome the fiver... now I see you with all the crypto stuff.. and me doing the Creative Writing Challenge! :D It's hard to believe, but seems like we are both enjoying what we are writing about.
P.S. I occasionally check your wall. To see what's going on here :)
You know what's funny is all this crypto stuff kind of fell in my lap and my head is still spinning wondering HOW -- and I can honestly attribute it to Steemit. It's the thing that got me seriously hooked in crypto.
HURRAH for the writing challenge!
With all the insanity that I've been dealing with I'm still looking at entering NaNoWriMo! Have you ever done it? That's like the end all be all of writing challenges. :D Double dog dare ya. I could use a writing buddy/whip.
Oh geez, more stuff I need to learn. Thanks for putting more on my plate. I'll skip the dessert for now though lol
The rabbit hole is very deep. I'm still trying to find the bottom. lol
Awesome 😶
I agree with your assessment, blockchain tech is here to stay. We are at the tipping point now -- but it's still "a long time ago" -- re: mainstream adoption. The great news is that for those already here, there is nothing but years and years of gains and frequent self-back-pattings and spoken aloud phrases such as: "I told me so"
Great post merej99, come on by and talk about cryptos and feast your eyes on some real, physical, hard assets such as Silver$Gold.
Cryptos and the metals are a match made in the alchemists workshop ✨✨🤘😎✨✨
I do love precious metals. LOL
We definitely have a long way to go and honestly, even if these 3 fail (and I really hope they never do) the in-roads to tapping into mainstream consciousness is present in VIVA, OM, and Steemit. In fact, I can solely attribute my path into crypto thanks to Steemit.
Once down the rabbit hole there's no returning :)
Am obviously aware of Steemit and am familiar with VIVA due to my investment in tradequick tokens. However, Open Money is new to me. It looks like a great bridge!
Here's a link to the whitepapers if you're interested. https://s3.amazonaws.com/openmoney/open-money-white-paper-v-2.pdf
Thanks! :-)
Definitely check out Open Money when you get a chance. I've been helping with their social media but their concept is something that is going to blast doors open for app developers. As an app addict and fan of weaning myself off fiat, I'm hoping OM will pass the savings onto the consumers too. Let me find the link to the whitepapers...
Crypto makes online world more lively
Free redfishcoin
, will you hold to support the redfish community
Crypto definitely makes my world more lively! What's this about redfishcoin? Sounds very Dr. Suessian. :)
Redfishcoin is a coin for redfish tag users
Spreading awareness of the the existence of lowest steemit rank the redfish
Its sole purpose is for rewards and helping fellow redfish tag users
More info https://bitcointalk.org/index.php?topic=2200169.0
You should check out @sportspodium too!
great info and knowledge packed post @merej99 i cannot agree less... i did mention you in my updated post today... hope you dont mind... thanks as always for inspiring me...
Ironically, one of the major items on the six o'clock news was cryptocurrency and Bitcoin's amazing rise in value. Main stream adoption will occur because people want and need a digital currency
Excellent work dear friend @ merej99. It's amazing how fast time passes, I met him almost 5 years ago, Today in my country, at least in my province I talk about bitcoin and they look at me like I'm from another planet, there you have the pattern how much you can get to to grow the criptomonedas.
Thank you very much for all this information and your point of view.
I wish you a beautiful weekend
steemit is definitely opening the door to crypto, did you see the new edition? The actor Christopher Baker? or @bakerchristopher :) He's working with the fellas on the hardfork series, which is pretty freaking cool. Funny synchronicity too- at the supernatural convention J&J- Sam and Dean were asked what their favorite shows were, and after naming a couple big ones like breaking bad Jensen said he's currently watching Ozark and it's awesome. So naturally when I got home I had to check it out, I tend to love netflix originals anyway, and so I'm smack in the middle of watching this show and one of the actors from it joined the platform and responded to my comment, said he'd like to check out my novel, how great is that?? :)
Very informative text, Meredith. Myself planning to get more involved in cryptos in near future.
Glad I stopped by, and glad you've posted again. You've been missed!
😄😇😄
Hi @merej99, good to see you back in circulation!
What do I think?
Well, a couple of days ago, I wrote a piece questioning to what degree cryptocurrencies are actually "currencies" (as opposed to something more like common stock)... and what we need to do to create "economic systems" to lend cryptos a greater level of utility. Which, I believe is ONE challenge we need to overcome. The mainstream don't see cryptos as "useful" since you can't just pop down to 7-Eleven and buy a sixpack with Bitcoin.
The other challenge, I think, is volatility... and especially the ongoing trend that cryptos can increase massively in value. Why would you SPEND your Bitcoin on a lawnmower if you could just hang onto it and have enough for THREE lawnmowers? It creates a strange lack of... product-liquidity... because actually using cryptos isn't always the most attractive option. If the price/value were more stable-- like SBD-- I think mainstreaming would become easier...
@merej99 Interesting piece of article. The adoption rate and acceptance of cryptocurrency and it's related systems are increasing daily.
Hello @merej99! What a pleasure to see you back my friend! It's so rare to see your posts these days! I will have to check on the Viva and Open Money to be more knowledgeable on them!
Hello you there :)
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STOPHello dear @merej99!!! I will be leaving for SF2 in 2 days!!!! I will be sharing the CAJ images in print or on the big screen and need to submit them before I go. I need your permission to share your work there. Please let me know (with a response here or on SteemitChat) if that is ok with you or not. I am finishing this project and must complete it ASAP. If I don't have your permission, I won't be able to share your works--and they're so awesome I want to!!!! Please let me know as soon as you can! Thanks <3
I urgently need your permission @merej99. Please say YES ASAP!!! I am finalizing this project today!!!
@everlove - I probably missed this but OF COURSE you have permission! I wish I was there but I just couldn't swing 2 kids' bootcamp graduation and moving expenses on top of globe trotting. HUGS LOVE! I'm thinking of the whole gang this week! Take lots of pics. <3
No doubt opportunity will knock again!!! Sounds like you already have so much to be grateful for. Many hugs to you @merej99!! <3
How is Portugal treating you? I saw some of Sara's photos. Man alive I really wanted to be there this year. The timing couldn't have been worse but life keeps happening, you know? One of these days I'm gonna get a real life hug from you. <3
[editing to add] And next time if you can't get a hold of me (and as long as it's legal) the answer is YES. Mi casa es su casa.
A powerful hug will always be awaiting you @merej99!! I know your heart is so in this art with us--may next year be the magical opportunity!!! <3 <3 <3
Meredith!
Where are you? How are you?
Missing you around here.... ;)
😄😇😄
