Not tired of waiting yet?

Despite the news of recent improvements and wider-acceptance of Bitcoin and cryptos in general, we have seen like one of the biggest dips in crypto-history. The crypto-space still hasn’t changed the way most people make payments and transact in general. Where is it headed? Let’s talk about it.

If you think sending or paying with bitcoin takes too long and is such a hassle for mass-adoption to be possible, just think about how people got their computers hooked up to the web just to send an email in the 1980s!

Would you use such old modems and computers? Maybe I would, without any other choices. Once cryptos gain wide-adoption, maybe one day, who knows, another blogger may ask: “Would you still use fiat currencies? Would you still carry cash?” The answer might be the same as we would give for dial-up internet. -Maybe, if we don’t have any easier/faster choices.

How does e-mail work?

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It’s not at all simple, is it? Today, we’re seeing only what’s happening on the surface, i.e. the user interface of apps, so it’s quite hard to understand what’s going on under the hood. Before email started to become popular, it took a humble internet shop which allowed many users to cheaply use email. Computers, especially the portable ones were very expensive and only the rich could afford them. Remember the excitement of chatting with someone on MIRC?

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It’s not far from bitcoin, by analogy, being ‘primitive’, slow and just like any fad, has a tendency to lose popularity at some point. -But some good things about bitcoin and cryptocurrencies in general, will make the technology useful and be here until a yet-better system gets invented. Chat and email are still here. They have just been upgraded to use different protocols and platforms. -But they still serve the same purpose - communication. So far, going back to cryptocurrencies, their primary function of speedy and low-cost transfer of money across borders is unbeatable. So, unless governments establish an international money-transfer facility which performs better than any cryptocurrency (preferably using decentralized blockchain technology), cryptos will prevail. It’s like having to choose between two options: snail mail or email. -Fiat or cryptos?

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How popular is bitcoin?

News about bitcoin, other cryptocurrencies, and blockchain technology have surprisingly reached the corners of Africa and many Africans eagerly await the availability and benefits of using cryptocurrencies. The problem is: many lack the access to the internet and online cryptocurrency exchanges sometimes require a bank account and most require a government-issued ID to use. In many developing countries, there are still many adults who can't read or write (using thumbprints instead of signatures). If they can't send a text message, sending bitcoin is out of the question. When buying bitcoin, you have to have a way to cash-in from fiat to crypto. Many people do this by registering at an online exchange which accepts fiat currencies and depositing money at convenience stores, bill-payment centers or banks. These exchanges are bound to be highly regulated and most of them now follow the KYC (Know Your Customer) policy. What am I getting at?

The point is: It’s just about the same as email or any new, useful technology. There are of course limitations and not every single human being can use it. -But wide adoption is very much possible. According to Coinatmradar.com, about 1400 cryptocurrency ATMs have been installed in the US. Around the world, about 10 crypto-ATMs are being installed every day.

ATMs vs. Mobile Apps

ATMs can come to the rescue if you don’t have a mobile phone at hand. An offline hard wallet (printed on paper) is all you need. No personal information is required at most ATMs. If someone without a mobile phone would like to use bitcoin to send money to their loved ones, they just have to find a bitcoin ATM which can take cash. They will have a copy of the recipient’s paper wallet scanned by the machine, key in the amount they want to purchase, insert the bills and send the bitcoin. It will be received in any country within minutes. It couldn’t be easier! This is one of the main reasons I think wide-adoption is just a question of when.

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The biggest hurdle to mass-adoption

The biggest challenge seems to be price fluctuation. The more the prices change, the more people see cryptos as investment opportunities. Businesses see them as “risky” transactions so they may charge exorbitant fees. If more people would use it as a currency and whales stop pumping and dumping the price on a daily basis, there is a bigger chance for adoption on a wider-scale. After all, bitcoin was designed to be a mode of payment and remittance. How many people do you know invest in Japanese Yen because they expect it to increase in value?

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