Cryptocurrency is Unique and gives absolute freedom - Why Crypto still not widely used?
Cryptocurrency is a great invention of our time. Cryptocurrency gives us absolute freedom. No doubt about that. We do not ask our government or do not have to take permission to transfer our money from one place to another. We do not have to wait for long time in a Bank to approve my trasaction. We do not have stay in a queue for long time. That means Crypto is giving us freedom to use and transfer.
Widesprad adoption
But still we do not see widespread crypto adoption. Japan and South korea is an exception. You can use cryptocurrency and buy anything through Crypto. If you look at the number of internet user worldwide, there are 3.5 Billion people are using internet.
Crypto Survey
There is a survey conducted in 29000 internet user in the developed countries, It is found that most of them are aware of Cryptocurrency. South Korea scored highest. 87% people are aware of Cryptocurrency in Korea. Other developed countries follows the same pattern
Source
But interesting point is that very few people are interested to buy cryptocurrency. Look at South Korea, Only 2% people have buying intention
Source
Why people are not investing in cryptocurrency?
As Cryptocurrency gives freedom, Why people are not buying it? Why still not widespread adoption? To me, People still confused about the outcome of the cryptocurrency. Do not know whether cryptos will be sustainable in the long run. Most of the countries, government, are also confused about the outcome of the cryptocurrency. As long as there is no governement approval widespread adoption is difficult to achieve.
Founders can help to grow the crypto market
Look at the people who have made a lot of money through cryptocurrency. It may be investing in ICO or any other particular project. Some of these season investor converted their cryptos to fiat and leave the market. Even the founder of any project, Instantly convert their ETH to Fiat and leave the market. This means these founders also does not believe on their project.
Investors and Founders need to be more cautious and stop converting their cryptos into fiat. They should help the growth of cryptocurrency. They are powerful as they have lot of money.
What is your opinion in this regard? Please leave a comment below
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Dear my friend @steemero, i just setup a bounty for your very interesting question in this post, i hope you will see many people answer you and i hope you will love it...:))
Regarding your question i am very sensitive about it because unfortunately i joined crypto in the worse moment, after end 2017 bubble.
Now market is extabilized but i lost many money in wrong investments of shitcoins, scam cloudmining, promising icos and fake hyip, so i have to recover my financial situation before invest again...:(((
The cryptocurrency is a world of uncertainty, where nothing is certain, however, having patience and security are key aspects. Not all the time the market is bullish.
Without a doubt, it is the currency of the future. You can make transactions whenever you want and invest and generate income independently.
This is an eye opener. Thanks for this wonderful post. My opinion about why cryptocurrency is still not widely used especially as payment means is that, cryptocurrency is still very much at it infant stage and it is still very volatile. We don't want to have currencies that's fluctuates at every moment. But i believe with time when the market gets matured and stable like that of the gold Market, it will be wide adopted and use as means of payment.
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I don't mind waiting for adoption. Trust is very important. Its also the reason I belive in Bitcoin over any other crypto. It started it all and it has faced the challenges that can only be faced through growth and adoption. I can't see ot failing and hope to see it get adopted as time goes on.
Cryptocurrencies are not going to be widely used any time soon because it is too much of a hassle. Constantly having to update the wallet or several wallets if you have different currencies. Some days I have to update 5! wallets and after a while it just gets annoying. Then a lot of coins have swaps it all seems to depend on the mood of the developer that day. It is not fool proof or easy to use for most. It might have a future for certain areas like online casinos, gambling, adult entertainment but not in the real world, there is just so much that needs to change in order for that ever to happen! For widespread adoption cryptocurrency transaction just be easier than a bank or paypal.
Crypto is still pretty slow and clunky to use especially for the average end user. There is a lot of risks involved especially for businesses as well as tax implications based on the country you live in. Also, we haven't reached a level of resistance we can really rely on regardless of fluctuations so the majority of users are just hodling and selling at their price points and buying it back over time.
Crypto is still very much in a concept execution stage and we figuring out the best way to move forward with something that can be adopted in the mainstream
At the root of anything "new" and unknown and lack of mass adoption is human nature. We fear what we don't understand and what we can't control (even though you have way more control of your crypto than your bank).
The funny thing is that most people avoid investing in crypto due to fear of scams, bad investments, etc. How is this any different than getting your bank card stolen or cloned? Your credit card details stolen online? And yet, we swear by these systems which are just as "scary" as crypto. Human beings are strange indeed.
Just my 2 cents.
I would give a few reasons. Immature front ends, most people can't be trusted to handle their own email password let along a wallet private key that has their live savings in it. We need a better way. Speaking of security, too many people can't be trusted with their own keys on their own digital systems. People lose their passwords and get hacked all the time, imagine if that also meant financial disaster. Like it or not, at the moment, people like the 3rd party middleman to come in and fix things up when they get screwed up!
Volatility, it is just too uncertain (from a 1st world perspective) to know what the value of your crypto is going to be tomorrow or the next month or the next year. Until there is a bit more stability in the system (not just price, but the culling of all the crypto to the ones that are actually survivors), I don't see a mass adoption.
Agreed that crypto gives us freedom... but most people don't want to have the freedom if it means being responsible for everything!
1) People Can Live Without Crypto
2)Traditional/Legacy Systems Are More Convenient Than Crypto
These two things aren't the only reasons. But they play a major role. Some people just live on Facebook ad other social media. STEEM doesn't even offer most of the features of traditional social media (which is a good thing that leads to less vanity on the platform) But when it comes to Bitcoin, it doesn't offer something unique like smartphones or tabs.
Crypto are like just electronic payments with added complications like no limited account recovery etc. If you are living in Venezuela you really need crypto. there are over 1800+ merchants accepting Dash over there and other cryptocurrencies are also significantly used. But most developed countries don't face hyperinflation and only a small percentage of people get their accounts closed by centralized entities.
Currently crypto is like a PDA. We need an iPhone to really kick things off.