Today I want to talk quickly about cryptocurrency adoption. This is a term that we keep hearing over and over again. Adoption, adoption, adoption....why is it taking so long for the general public to adopt cryptocurrencies? Let's take a look at the recent history of cryptocurrencies to get some additional insight into our "adoption" problem.
The main factor that attracts people to cryptocurrencies, is let's face it...gains! No matter how amazing the security and transparency is, no matter how game changing the rewards and payout structures are, the only thing that matters at this point are those gains!
Understanding this let's talk about the timeline. Jan 2009 was the genesis block and the first bitcoin was created. Only a few exclusive people were even aware of this at that time. Pretty much no one had heard of Bitcoin or cryptocurrencies.
Fast forward to 2011, Bitcoin and cryptocurrencies get a big break from the likes Max Keiser and Stacy Herbert with the Keiser Report. This was the first time many people were starting to be introduced to cryptocurrencies like Bitcoin, Litecoin and even Maxcoin. However, during this time the technology was very hard to use and only true tech geeks could actually pull it off. But during this time some of the biggest gains in the short history of cryptocurrency were happening.
The market continued to pump up in price as the earliest adopters start trying to figure out if this thing had legs and how to position it for mass adoption. By 2013 some famous hacks had occurred and the volatility in the market had never been greater. With one main exchange for the entire world of crypto, a catastrophe was all but unavoidable. The market got recked and the price plummeted. This uncertainty scared people away from crypto for quite some time. It took 3 years for the price to get back to the previous high.
During this time the crypto market ran under the radar for most. With all time highs being greatly overshadowed by hacks and lost Bitcoins, the price fell and so did the sentiment. By early 2017, the price of Bitcoin was back to $1000 where it had been years earlier. This time, instead of shooting up to $1000 and attracting eyes because of those crazy gains and all time highs, the market slowly consolidated and crept back to this price. The market didn't really care at that point. There had been a lot of discussion about the scaling debate and the appropriate solution. So much necessary ground work had been laid during the time of stagnant prices that the stage was set for an explosion.
In less than 12 months Bitcoin ran from $1000 to over $20,000. Now with those gains back in the spotlight and years of consolidation, Bitcoin and cryptocurrencies were ready for a new real scaling and adoption test. It was shown that towards the end of 2017 scaling was still an issue. People also have very few well developed applications to choose from. Once again, everyone was here for the gains and not actual use case.
Today, we have come off our recent all time highs and the dust is starting to settle along with more consolidation. The difference today is, we are so much further along in 3rd party development applications. User growth on these applications are starting to hit numbers that can't be ignored.
People are getting used to the idea that Bitcoin and cryptocurrencies are here to stay, but they're still not sure how or why they should get involved.
To be honest, people like gains, but they don't want to speculate with their future. This causes indecision and hesitation when deciding to get involved.
Howerve, the applications that are currently on line and ramping up, are bringing real world utility and benefits to people in their everyday lives. The more people learn how they can integrate these amazing blockchain based applications it activities they already do, the easier mass adoption will be.
People like options! If the killer app for blockchain is payments and people aren't ready for that, it's great to have other apps to point to like Steemit, to show other benefits of blockchain technology.
It's my opinion that during the next big run up when we're hitting new all time highs, the selection of 3rd party applications is going to be extremely diverse and appealing to masses. We will be more ready to scale and actually be user friendly and look amazing.
It's just a matter of time before we have all aspects of mass adoption covered and the tidal wave of new capital flows in.
Count yourself lucky if you're already investing in cryptocurrencies and/or integrating blockchain based applications into your personal and workday routines!
Thanks for checking out this article!
Drop me some comments below and let me know what you think!