What is driving crypto adoption in the market?
Crypto news, exchange advocates and crypto enthusiasts often talk about the “General Crypto Adoption” as the future of cryptocurrency. But what is it?
What’s driving the initiative and what can we look to in the future of crypto as we know it? We’ll try to answer some of the questions in this article.
First of all, we must look to the foundation of crypto. Businesses and industry “insiders” alike focus entirely too much on the financial aspects of crypto. The focus is on the financial gains and losses without considering the driving factor behind the scenes: Blockchain.
At it’s simplest, blockchain is the underlying technology that drives all projects, token and team in the evolving industry. Blockchain technology is what allows for information transmission to be both transparent and accountable. Obviously, the financial side is just one portion of this ideology but garners near 100% of coverage and “hype”. And who can be blamed? From the get-go, people want to make money, that only makes sense.
The massive volatility of 2017 has driven insane profit margins on tokens and coins across all exchanges. The issue is that isn׳t SUSTAINABLE growth over time. The emerging industry is propagated by numerous scams, overnight “success” and supposed “experts”, helping fuel the crypto craze.
Crypto is real, the finances are liquid and tangible when cashed out, that is no denying. However, the news cycle has focused entirely on the ‘lambo’ dreams and promises of riches that influencers have flaunted to gain traction. The base technologies of blockchain are driving the general crypto adoption of PUBLIC audiences usage of crypto in their daily lives.
Simply put, users need to be able to access crypto. Users need to be able to utilize the currency they have, fiat or not, to purchase various base crypto and altcoins. This must not be through complicated exchanges or secondary markets, but through easy to use, pain-free experiences that focus on user retention rather than simple mass consumer acquisition.
Users need to be able to trust their funds are as safe and secure as their existing currency interactions are. If users are using bank transfers, Paypal or Venmo, they need similar trust and reputation systems to ensure they know without a shadow of a doubt that their funds are secure.
Users need a simplified method of both accessing AND sending & managing funds. In the current state, you can barely ask an uninformed user to learn a wallet ID, TXID or mining mechanism. Simply put, users don’t care about the underlying mechanisms. All they want is to easily and quickly move and manage their funds like they already do with cash and digital fiat on a daily basis.
The Beauty of Blox
Part of the beauty of the blox project is that it effectively ties many pain points into a single platform. The reason it’s great for the industry is that it should help drive for more general crypto adoption. More importantly, by allowing users to effectively track their token across multiple sources, it allows for a more simplified view of the dispersed cryptocurrency holdings.
To clarify the point, by adding Blox Stories, users that are used to a story-driven application platform like Facebook, Instagram and Snapchat can enjoy it with cryptos. All users can easily show support of their projects and gain insights on their favored projects with a single tap.
To wrap things up, initiatives much like what blox and many others are doing will continue to attract a general public audience that is still new to the crypto industry and hopefully will help stabilize the markets. As more and more projects understand this marketing aspect the intimidation factor of entry will continue to decrease and allow for a wider and more diverse audience to consider utilizing cryptocurrencies in daily lives.
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Contributed by Kevin Steele, Head of Blox Ambassadors. For more community generated articles and opinions click here.