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Five Things Needed for Crypto to Go Mainstream

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Cryptocurrencies have come a long way since Bitcoin was launched in 2009. Today, they account for some of the most valuable assets in financial markets. And thanks to advancements like smart contracts and dApps, the world is finally opening up to the potential of blockchain technology and digital assets. Thus, many believe this just might be the decade that cryptocurrencies go mainstream. 

But things are not as straightforward as they may seem. The crypto space still has a ways to go before widespread adoption becomes a thing. For one, certain developments, centered primarily around the user experience, regulation, education, utility, and technology, need to happen. 

  1. Improved User Experience

A defining feature of the current crypto market is its unrefined user experience. And that’s putting it nicely. Many applications are on average complex and difficult to use, especially for beginners. Things like using non-custodial wallets, interacting with smart contracts, and using certain dApps involve processes that can be overwhelming for the average person. 

Therefore, as crypto prepares for mainstream adoption, it is important to improve the user experience. Developers and designers in the space have a crucial task ahead, that of creating applications with interfaces that don’t require a lot of technical know-how to use. 

  1. Improved Technologies

Blockchain technology has certainly improved since Bitcoin’s first iteration. However, it is still unclear whether the current infrastructure can handle widespread use. Popular blockchain networks like Ethereum still struggle under heavy loads, resulting in slow and expensive transactions. 

In the coming years, it is crucial that blockchain technology evolves to be as efficient as possible. This will ensure it is ready for the widespread use that is expected to come with mainstream adoption. 

  1. Greater Education and Public Awareness

Many people still don’t understand crypto. They either know very little or have a negative perception of it, which scares them from interacting with crypto technologies. 

For those brave enough to overcome this fear, the gap in their knowledge means they have a hard time getting started in the space. They’re also more likely to make the wrong decisions and are vulnerable to the actions of bad actors. 

So, as crypto strives for mainstream adoption, there needs to be greater public awareness and understanding of the technology. People need to know how it actually works, what they can use it for, and how to stay safe while using it. 

This can be achieved through education and outreach programs that are designed to teach cryptocurrencies to beginners. Dypto Crypto’s goal is to explain crypto concepts in a way that anyone can understand. 

  1. Increased Regulation

Regulation is one of the hottest topics in crypto, and rightfully so. Cryptocurrencies have existed in an unregulated space for a long time. This has empowered thieves, scammers, and unscrupulous founders who care little about users. 

Over the years, this situation has seen billions of dollars in user funds get lost, making the public hesitant about embracing cryptocurrencies. It has also given the space a bad reputation, one that will need a lot of effort to make right. 

Across the board, experts agree that the best place to start is with regulating the space. This will bring in some much-needed consumer protection by discouraging thieves while encouraging crypto projects to act in the best interest of the user, which is absolutely crucial to mainstream adoption.

  1. Real-World Utility

Right now, cryptocurrency is almost only used within the crypto space. In the real world, there is little anyone can do with their crypto assets. So, before crypto goes mainstream, there needs to be a variety of use cases in the real world. 

For instance, people should be able to pay for goods and services with their crypto. This means adoption by businesses and merchants. While it has been happening in recent times, for crypto to go truly mainstream, more merchants need to be convinced that cryptocurrencies can be a viable and secure form of payment.  

Crypto has a lot to offer the world. It ignores borders, is unhitched from the machinations of poor governance, and works for everyone regardless of color or creed.

Overall, it’s pretty hard to pinpoint the exact moment that crypto will go mainstream. But once these five things have been sufficiently achieved, that moment won’t be far away.