In recent news, the latest word in town is cryptocurrency adoption and how the rumours of potential disruption of other financial systems in the future by cryptocurrencies has got everyone buzzing.
However, this development led to major crypto adoption by the crypto market that scouted alternate reliable Cryptocurrency Trading Platforms owing to high inflation rates in a lot of countries around the world. A major question does play out in this entire situation – How can the roots of wide cryptocurrency adoption be planted firmly into the widdling soil of FinTech?
The Scope of Crypto Adoption
When it comes to defining cryptocurrency, everyone proposes the idea of this revolution as a form of digital cash. At least that is what the Bitcoin whitepaper established roughly around 10 years back which indicated that cryptocurrency was seen by people as a beacon of encrypted exchanges.
However, this does lead to an important question being raised – Why is cryptocurrency essentially better than fiat currencies?
Here are a few reasons why.
· Cryptocurrencies are easily accessible and no not require one to undergo any stringent procedures of filling out application forms or shuffling between multiple intermediaries to avail transactional trading. All you need is a decent working internet and you can get crypto trading in a jiffy.
· Traders are free to operate as they are granted full exchange control without being bothered to rely on any third-party dependency.
· Generally, transactions can take a while but with cryptocurrencies, one can have their entire settlement carried out in few minutes.
· With the implementation of Blockchain technology, ledgers can be simply stored on the Blockchain indicating that this method of digital currency exchanges are secure from fraudsters, criminals and third-party authorities alike.
· Being stored on a public ledger does pose an advantage for cryptocurrencies, no one can tamper with the ledger owing to the fact that they do not possess any control over it.
· Cryptocurrencies are also inflation resistant as usually, most of the cryptocurrencies have a limited supply of coins. This revelation poses a great deal of advantages for the people dealing in crypto matters as their purchasing power is safeguarded meaning that more people will embrace crypto adoption.
Determining the Ongoing Crypto Adoption Levels
Sure, adopting cryptocurrencies has its own share of pros so it is obvious that everyone still wants to know the current position of cryptocurrency adoption on the global scale. In actuality, global crypto adoption rates are ranging fairly low and the future of cryptocurrency hangs dry.
There is no debate that Bitcoin is without a doubt, one of the most popular cryptocurrencies in the word as all data stats up to this date reveal that there are about only 23 million Bitcoin wallets to exist till this date which means that out of given 7.7 billion people, a single Bitcoin wallet address is available for every 333 people.
This further goes to say that the global rate of crypto adoption is unbelievably low especially one takes into consideration the following factors:
· Quite a few Bitcoin owners have one or more than one Bitcoin wallet to their name.
· Out of the 15.5 million Bitcoin wallets currently in existence, the Bitcoin value is not more than $1.
· Surprisingly, out of the total Bitcoin wallets, only about 2.5 million Bitcoin wallets store high Bitcoin values of more than $100.
The final verdict of this states that although cryptocurrencies have been around for quite some time now, there are not as many people involved or invested in all the cryptocurrencies as there should be.
This leads us to the next question where does mass crypto adoption actually stand a chance?
Acceptance of Mass Crypto Adoption
What cryptocurrencies have led us to believe is that just like everything else, crypto is also inevitable. However, for the mass acceptance of crypto adoption the key will be to create something so unprecedented that people will be drawn to it like moths do to flames.
And then again, is that not how FinTech has been around for so long?
The first step would be to educate more people on various crypto topics and make them understand why cryptocurrencies could be the future once scaled in the right way. As the major part of the crypto audience ranges from affluent backgrounds and developed countries, it is important to get a greater number of people to join the movement and climb aboard the Cryptocurrency Exchange bandwagon to finally pave a way to the rise of mass crypto adoption.