Thinking about crypto adoption and how it will happen
I believe the complete "digitization" of money is inevitable.
The idea that we carry around pieces of paper that have a certain value "because XYZ country says so" seems crazy. Why wouldn't you want to build in privacy, portability, and all of the other goodies that come along with virtualization?
The plate full of change on your kitchen counter will some day be the same as historical accounts of islanders bartering with shells.
But virtual money isn't exactly the same as cryptocurrency. You could say that when I swipe my credit card or tap my iPhone to pay, I'm already using virtual money, so can't we just call it good?
Actually, no.
The reason we will inevitably be pulled toward cryptocurrency is the idea of self-sovereign wallets. I should be able to control my own financial resources, whenever I like, however I like. I shouldn't have to be subject to the whims of bank hours, withdrawal limits, or cross-border shenanigans.
It's fairly easy to make this case to your average person.
However, the current process for acquiring and using cryptocurrency is too intimidating. Until the exchanges, wallet providers, and dapps start catering to the 80% of the world who doesn't have any crypto yet, we won't be able to realize the benefits of this innovation.
This post isn't exactly a rant, more of a wish to inspire.
If you're involved in the world of crypto, and BUIDLing something great, don't forget the N00bs. They're the ones who are going to make it all worthwhile.
I think we're definitely moving toward a place where crypto currency will be the norm. However, I don't think it will be decentralized like many people think. There are people in power who don't want to lose power. In crypto currency, they have much more potential and ability to control people and how they spend their currency. They won't let such a great opportunity for subjugation go by without a huge fight.
Something else to consider is that even if we have control over our wallets, they get to control what is legally allowed to be used within their sovereign boarders. If they say that you can be thrown in prison for using Bitcoin in your country, do you think many people will use Bitcoin?
That whole future isn't set in stone. There's still time for a decentralized crypto to gain mainstream adoption and potentially delay the adoption of a centralized government crypto, but I think you're right that it needs to be much easier to use than it currently is.
I was just talking with a friend the other day who is fairly tech savvy. He couldn't wrap his mind around this whole "three private keys plus three public keys" thing on Steemit. When we see a crypto that is reliable, fast, and easier to use than current market systems, then I think we'll start seeing real growth in the adoption numbers.
Good post! I enjoyed reading it. :)
100% great points. I think we all just have to hold tight and keep improving things where we can until the tectonic shift really happens.
It's an uncertain time, but there still is a lot of potential for freedom and self-determination to come from this. If I had to guess, I would say the noose is tightening, but maybe the general public can get out before it closes. One of the most important things as this point is getting a decentralized crypto that has low fees, rapid processing time, and mass market adoption. The sooner this happens, the better for the people who don't want banksters controlling everything even more than they already do.
Amen!
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