How Cryptocurrency Adoption Will Lead Blockchain Technology
June 01, 2019
Enthusiasts that cite an online Cryptocurrency Exchange as the best innovation that glorifies dealing in digital money trading schemes have now reached a threshold where they have for the millionth time heard about the adoption of cryptocurrencies to take place soon and are yet to see the same.
These claims were the major reason behind the massive crypto bubble of 2019 – Based on these false promises, investors were unstoppable and started partaking in crypto trading like there was no tomorrow.
Soon, there almost came a point in the crypto market where everyone who was invested had just about had enough. The claims that first led people to believe that adoption would drive crypto technology, now had seemingly lost the meaning and vanquished the feeling of hope that it had created in the same people.
Although this is old news, the multiple Initial Coin Offerings IICOs) in the market that had racked up millions of funding from eager investors for exciting projects have failed to deliver their promises and have left a lot of investors ripped of their hard-earned money.
The truth is that most of these initiated projects are failing to live up to what they had initially promised the investors and owing to the lack of delivery in successful productions, the same projects are struggling to provide the previously promised adoption of numerous crypto coins.
However, these revelations do lead one to think if crypto investors really do need the adoption of cryptocurrencies. Let’s first understand why adoption is so important.
What’s the Need for Adoption of Cryptocurrencies?
Every technology that was made to fulfil consumer demands will fall flat and fail as a project if the intended audience is unable to use it properly or access it with ease. And it is common knowledge that no consumer would go out of their way to take advantage of a technology that just does not make any sense to them. Which does tell us that a simple technology that possesses easy accessibility features could stand as a huge factor behind the project’s successful run or drastic failure.
On that note, in modern times, a lot of cryptocurrencies are near about damn difficult to access. So unfortunately, cryptocurrency adoption ends up being the biggest challenge that could take shape in a project ever.
In spite of that, there are two incredible benefits of crypto adoption in a project.
· Financial Stability
Adopting a cryptocurrency will definitely need financial stability as more the demand of any product increases substantially, there will also be a price surge of the product itself. The same could be said about the product’s value – As high as the demand goes (in this case it would be a token), the product value will go higher.
Every investor of a Cryptocurrency Trading Platform in works or a recognized owner of a token should know that only the adoption of a specific token will drive a higher price value with more favourable returns.
· Technology Awareness
Technology awareness is another amazing advantage of crypto adoption as I ever the project is accepted by its audience then it will be an impeccable benefactor for the Blockchain sphere.
Also, it’s normal for a new technology to have its own share of doubters in the market so it’s important that the team that is invested in the development of these projects raises technology awareness campaigns for the various communities and the industries. Moreover, it is important to remember that there will always be new projects that will take you by a surprise so all one ever needs to do is give such advancements a chance at least to shine all the underlying potentials it has in store for the world to see.
The Multiple Crypto Hurdles and Their Solutions
Dealing in crypto affairs is not a cakewalk exactly - Every Blockchain project undergoes few hurdles every now and then. Let's have a look at a few possible difficult situations that may happen over time.
1. Product Accessibility is Arduous
Every product needs to be easily accessible for all consumers or else adoption may not successfully happen anytime soon. To avert this situation, every platform should have a Decentralized App (DApp) that consumers cannot only gain easy access to but also find the UI extremely simple to navigate.
2. Eliminates the Need of a Blockchain
Currently, a lot of projects existing on the market credit their success to a Blockchain. However, it has come to light that most of the times these claims are just easy ways to attract high number of investors indicating that a lot of crypto projects out there do not even have any need of Blockchain technology.
Remember, you do not always need a Blockchain for your project just for the sake of adoption - The project should end up being redundant in the journey.
3. Overlooking Marketing Aspects
Do not drive all of your attention to the development procedures, save some time for marketing as well. Overlooking marketing for your project may result in a product that in the end may end up with no users at all being invested in it. Moreover, the project will fail to live up to its true potential of adoption owing to the lack of interested users.
In the end, all you need to do as crypto-equipped investor is understand what you are up against and take smart decisions for your project that will surely result in nationwide prosperous crypto adoption.