Thanks to technology, great inventions are being made day in and day out. Perhaps one of the most amazing technologies is cryptocurrency and Blockchain. Sadly, this technology has only been adopted by a small number of people. However, over the past two years, cryptocurrencies have attracted recognition from the media due to their rapid rise in value. From newspaper front-page headlines to television circuits, it is hard to ignore how cryptocurrencies are capturing their own market share. Even though cryptocurrency and Blockchain technologies have caught the attention of the media, few people are willing to invest in it. Studies indicate that there is now a larger population that is familiar with technologies like Bitcoin, but since it is has been recently adopted, few are willing to invest in it. Learning about the cryptocurrency and Blockchain world from sites like trybe.one can perhaps encourage more people to invest in it. Some of the issues that have slowed the adoption of cryptocurrency include:
1. Ease of use
One of the developments we have seen with cryptocurrency technology is that it can be used as a digital currency to make payments. While the rapid rise in value of cryptocurrencies is catching the attention of many, it is difficult to use them in making payments. This is largely because the cryptocurrency network contains many exchanges, wallets, and storage points that often are not compatible with each other. People prefer to stick with traditional currencies, as they are far easier to use. You can send money to another person or even pay bills through very easy steps. Using cryptocurrency to either send money or make payments must also be this easy before it can be adopted by many people all over the world. At the moment, some platforms are working on how cryptocurrency can be made easier to use. This involves providing crypto debit cards that can be used like ordinary debit cards. This will make transactions using digital currency easier, thus attracting more investors.
2. Highly volatile
Most people prefer to stick with currencies that are more stable. Cryptocurrencies often experience fluctuations in terms of value. While fluctuations in currency value are normal, the rate at which the fluctuations occur in cryptocurrency is high, thereby discouraging people from investing in it. It can be quite difficult to make purchases with a currency whose value is not stable. The cryptocurrency fluctuations are usually a result of investors treating the currency as an exchange-traded fund rather than focusing on its usability. If this issue were to be addressed, many investors would be encouraged to invest in it. Many cryptocurrency platforms are working hard to make sure more outlets for the use of cryptocurrency are available. This means cryptocurrency enthusiasts will no longer make speculations on the currency value but rather how to make it usable.
3. Lack of tangibility
Traditional currencies are tangible, in the sense that you can hold or see them. Tangibility is something that cryptocurrencies lack. It can be an asset, but one without a tangible value. Most people prefer doing transactions with traditional currencies and not digital ones because they are assured of having the money once a payment has been made. Many perceive digital currencies as not being real because they cannot be seen. However, some platforms are working on means by which the gap between traditional and digital currencies can be bridged. Blockchain platforms are showcasing the actual use cases of digital currencies, which in the near future can attract more people to invest in cryptocurrency.
While the challenges that are discouraging people from investing in cryptocurrency are real, some innovators are working on how the concerns can be addressed, which can allow cryptocurrency to be adopted by a large number of investors.