Contest Inspires Students To Come Up With Creative Ideas To Help Drive Crypto Adoption

in palnet •  6 days ago 

It has been estimated that prior to 2019, about 19 percent of the world population had experience with and at one point had bought cryptocurrency.

Still, a great deal of people haven't though and many are reluctant to explore something that for them is a completely new technology.

There have been a variety of notable endorsements for cryptocurrency along the way, celebrity mentions etc, you'd think that pretty much almost everyone had heard about it by now.

Most people might be aware of cryptocurrency but even for many who are aware they still aren't sold on what might be in it for them and they need to see how it could add value to their own life before they will venture to learn about everything that goes along with it, like wallets, and how passwords work etc.

Some industry leaders have suggested frequently that what's needed is regulation to help calm fears and mainstream blockchain and cryptocurrencies into the future. But even without the mainstream endorsement, and despite the many critics, blockchain and cryptocurrencies have still grown tremendously.

Just think, it was only a few years back when you probably couldn't find a crypto machine anywhere, now there are literally thousands of them. A variety of merchants around the world accept it as a form of payment or can help with making a purchase, and there are even universities offering courses on the subject too.

There are a growing number of ways that people are being introduced to cryptocurrencies today and many people around the world already who have used it to pay for services, or to send funds to friends or family etc.

What might have originally been sold to some as something to be used for payment on goods though, has morphed over the years. Using cryptocurrencies as payments is not enough, some say now, to push crypto forward to mass adoption.

Paying for goods this way might improve the individual user experience in some ways but the difference isn't great enough to prompt many to make the change still, they are sticking with fiat.

To change that, it's been suggested that cryptocurrencies should seek to identify strong deficiencies in the current economic system and by doing so devise a plan to target them aggressively.

The more that people know the benefit, know the value that is going to be in it for them, the more they might be willing to try something new.

For many, even those writing about the topic for mainstream news agencies, this topic is a confusing one. It isn't easy to understand or explain what blockchain and cryptocurrencies are or can do, it's a complex topic and one that many might find so complex that they'd simply rather not engage with it altogether.

They might have heard about cryptocurrencies but they still don't know what they are, so tools and content that can help explain to a broad audience what it is and how it benefits them is going to help push that mass adoption forward.

This image above puts into perspective the market cap for cryptocurrencies, although it is rather outdated from back in Sept 2018, but you can see how much room there still is for growth.

Of course, growing to have a market cap above all the others isn't a move that's going to happen in one day. Back in Sept 2018 the market cap for all cryptocurrencies was roughly $202 billion and now it sits at roughly $221 as of the beginning of October 2019.

It might seem like things aren't looking so good for the future when you focus on the decline in price that the market for many coins has been experiencing for so long now, but over the long run things are still looking bright when you consider how far cryptocurrencies have come already.

Although, a lucrative future might not be on the agenda for the majority of cryptocurrencies out there today, many have said 90 percent or more of which will eventually die off and go to zero.

There are still a variety of bullish predictions for Bitcoin and other popular cryptocurrencies in general however that can be found. Like some have said, it's more than likely blockchain and cryptocurrencies are here to stay.

Just how quickly people choose to embrace either is going to be up to them, but so far it's impressive to consider how many have tried.

What Could Help?

To try and inspire further adoption for cryptocurrencies, students from Singapore recently got involved in a crypto contest that required them to come up with new products that could be used to help drive crypto adoption.

The contest has been dubbed the first of its kind for the crypto industry altogether and had more than 90 students participate in the contest.

Whether it's books, songs, articles, YouTube videos, movies, or some other form of media and communication, there are many ways to get creative in trying to simplify the message for the masses, to come up with intriguing ways to teach people how they can easily start to use cryptocurrencies in their everyday lives.

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This is not to be taken as financial advice and is posted for information purposes only.

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That's awesome.. I bet they come up with some great ideas

Hi, an interesting article. I met with cryptocurrency two years ago .. I bought 100 coins of bankor on ico, for one ethereum.