What do you think needs to happen in order for Bitcoin/Crypto mass adoption to occur?
Crypto mass adoption will happen when ________ happens? (fill in the blank with your best guess)
Many people love to throw out the term "mass adoption" when talking about crypto, myself included.
However, what will it actually take happening for it to actually happening?
Could it be one of the following:
- The legacy financial system breaks
- A decentralized app gains widespread usage and popularity
- Massive inflation
- A revolution forces financial reform
- FOMO begets more FOMO and pulls people in
What do you think, will it be one of the above or something completely different?
Let me know your thoughts in the comments below.
(Source: https://thefintechtimes.com/crypto-industry-mass-adoption/)
My thoughts...
I am going to go the cheater route and say it won't be any one bullet point mentioned above, but instead a combination of several of them.
I think as the legacy financial system continues to show cracks (which will be more apparent as inflation eventually ramps up) people will move to bitcoin and other cryptocurrencies as a form of better money.
As that happens, more and more merchants will also switch to accepting crypto and it will all kind of build on itself.
At the same time we are likely to see a couple applications built that start to really attract a large number of users, whether it be a social platform or something else, people are already kicking the tires on these things due to privacy concerns as well as being demonetized/deplatformed.
This could all be pushed further along by a large movement that calls for major reform, a movement just like the BLM that is currently sweeping the globe.
Movements like that will likely work to accelerate the adoption of crypto.
And finally I think as all these things sort of start moving at once, prices begin to rally, which catches the attention of more and more people and more and more developers.
This will be the final push that really brings crypto to the masses as there aren't many things that act as a stronger motivator that making money.
As you can see, I took the cheater way out and used a combination of all the above. :)
What do you think will happen in order to really bring crypto to the masses?
Stay informed my friends.
-Doc
Posted Using LeoFinance
My thoughts too. And I would add that in the long run it ultimately comes down to confidence, which takes time in the beginning, but should grow slowly but surely on an exponential curve that eventually gets crazy fast. Yes, confidence is the key, I think. Without it, there's nothing. Something that's proven to work in the face of all the failures we are witness to.
Yes confidence is huge. People didn't trust crypto a couple years ago. Now they can buy crypto using Robinhood. The times are changing and have changed. As you mentioned as confidence continues to increase, likely so will the amount of money in the space.
Overall quite a realistic scenario that you described above :)
What's your scenario that leads to mass adoption?
Not sure :)
A price increase would be a good catalyst for a lot of things to happen.
Yes it would. Higher prices fix a lot of problems... and I think that can be said for HIVE as well. :)
when it becomes as easy as signing up for a fb account
With Bitcoin being a hedge against the system, it stands to reason that the more the system fails the more vindicated Bitcoin becomes. As you've already stated this in multiple ways, I'd only like to add one thing. Women are better at networking and building communities than men. I would definitely invest in a coin that featured some sort of matriarchy. Once the community builders have the tools to wrestle this space away from the antisocial devs we'll see some real progress.
Good point. Yes I have noticed that as well, there does seem to be a bit of a disconnect between developers and the "normies"...
I’m with you, I think the two biggest superpowers are going to continue this route of instability. It won’t be chaos but rather periodic chipping away and so a lot of money is going to move around, it won’t all go to crypto but a lot of it will. Some of it will probably move to new currencies that governments or companies prop up. But crypto will undoubtably grow in a big way. I think it'll follow that late 2021 schedule but maybe happen a bit early due to everyone expecting it
I think 4-6 years later when the next cycle is underway that's when it'll start overtaking everything. At that point the world will be unrecognizable from now. For better and worse
Interesting idea. That would certainly help for sure!