Complicated infrastructure is the last barrier that must be overcome before achieving mainstream crypto adoption. Cryptocurrencies have the potential to change how the world sees money, offering benefits like accessibility and decentralization. Due to their foundation in blockchain technology, people can buy and use cryptocurrencies without an intermediary, engaging directly with a buyer or seller on a digital ledger. For those unable to open a bank account due to a lack of documentation or for those in countries where the government has a history of freezing access to money stored in banks, accessibility and privacy have become much more crucial to achieving security and financial freedom.
What’s more, businesses are now also increasingly accepting cryptocurrencies as a form of payment, making it easier for people to use digital currency in daily transactions. As of November 2022, some of the major companies accepting cryptocurrencies included the online marketplace Etsy and the American internet retailer Overstock, in addition to several fast-food restaurants in Venezuela.
Early adopters’ successes in implementing digital currencies have brought continued business adoption and, more recently, government interest. Recognizing that people are paying for products and services with digital currency, it is only fitting that authorities are looking at ways to set and implement rules for safe usage. Although some critics are quick to poke at regulation as taking away from the benefits that digital currencies provide, such as freedom from intermediaries, the counterargument suggests that rules are crucial to further legitimizing cryptocurrencies and increasing global adoption on a wide scale.
Considering both the business and government sides, online data from Blockware Intelligence suggests that Bitcoin adoption will hit 10% worldwide by 2030. What’s more, the total number of DeFi active users has been steadily rising over the past three years surpassing the 6 million mark this year, according to Dune Analytics data. Although an impressive growth projection given today’s numbers, 10% still represents only a fraction of the world, leading many to wonder what the missing piece to unlocking cryptocurrency adoption on a mass scale is.
Setting the Stage for Adoption
The answer comes down to the ease of use of crypto’s underlying technology. Anyone interested in using a digital currency must learn how to navigate the related infrastructure, including exchanges and cryptocurrency wallets. Crypto wallets are needed, as digital assets cannot be physically stored, making it necessary for individuals to use a secure digital storage solution. Since these wallets operate in a digital medium, they require cryptographic signatures and authentication to protect the assets stored inside.
As these concepts are new to the majority of people, interacting with an online wallet has proven difficult for some users to understand. Unfortunately, many have let the confusion and intimidation of these technologies stop them from using cryptocurrencies at all.
Moreover, for those who have made it past the initial confusion, many wallets still have limited functionality or poor user experience. This often makes it difficult for users to perform common tasks like sending and receiving funds or managing their assets, especially when they span across different blockchain networks.
Overall, the combination of these factors can make using a cryptocurrency wallet seem like a complex and intimidating task, even for users familiar with the technology. Therefore, improving the user experience and making wallets more accessible and user-friendly can help drive mass adoption of cryptocurrency.
Paving the Way Forward
In order to overcome this gap in the market, businesses are actively looking for solutions that make the cryptocurrency infrastructure more usable. One such company created Noone Wallet, a comprehensive crypto wallet that offers a safe and secure platform to store over 1,000 cryptocurrencies.
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