Bitcoin has been around for more than a decade. When will this innovative piece of technology achieve mainstream adoption?
Bitcoin adoption has been a major topic in the cryptosphere. This issue has been flogged for many years and is still being discussed today. When will Bitcoin become mainstream? When will people be comfortable using Bitcoin like they are with fiat currencies? And more importantly, what are the obstacles delaying this nirvana from happening and what can be done to hasten its arrival?
Half a decade ago, the dominant belief amongst crypto lovers was that the more popular Bitcoin got, the closer it is to mainstream adoption. This is in part true although the reality is somewhat different. Today, Bitcoin is known all over the world (thanks to its price and volatility), but it is still not being considered for everyday use.
Bitcoin is a groundbreaking piece of technology that offers what the current financial structure cannot. It is unstoppable due to its decentralized nature; its network is practically unhackable; it is pseudo anonymous, cheap, transparent, open to everyone, and comes in handy for international transactions. However, it is slow- you have to wait for at least 10 minutes for your transaction to be confirmed.
This is unlike VISA, Mastercard and PayPal whose transactions are almost instant. And, frankly speaking, 10 minutes is too long a wait time for most millennials. The Lightning Network, a proposed second layer solution, is expected to take care of this and make Bitcoin transactions almost instant. However, this solution is currently under development- as it has been for the last 2 years or so. There is no telling when it will be ready for the uninitiated.
Another issue is the established financial architecture of the world. Bitcoin finds practical applications in developing countries by offering stability and transborder payments but penetrating developed nations like the United States, Australia and Europe whose financial inclusion is high is sort of hard. If you already have the means to send and receive money from friends and family, you are less likely to adopt a new method that isn’t familiar and common.
Perhaps, the biggest stumbling block in Bitcoin’s pathway to mainstream adoption is the fact that it is still nerdy. The technology is still difficult for newbies to understand and using it safely requires a learning curve that most people won’t bother surmounting unless they are genuinely interested in it. Also, building new applications on and with it is not easy and straightforward.
Sending an email in 1998 required a good knowledge of C# or other programming languages. And you’d have to write codes for hours to get the task done. Nowadays, a swipe on your phone or tablet will get the job done. That sort of transition in development and user interface is what is needed to ready Bitcoin for everyday usage.
Today, most people use Bitcoin as a storage of value and/or as a means to make some cash by the side. Bitcoin can offer more but all hands need to be on deck for it to reach its maximum potential. It needs to be slicker, faster, easier to understand, and more user-friendly.
The very moment the main industry starts adopting cryptocurrencies is the nirvana moment. This has already started but we are not quite there yet. It doesn’t matter if you are a programmer, writer, designer or just a fan. Just find your niche and contribute. This technology is here to stay.
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Emmanuel O.
