Why Crypto Mass Adoption Won’t Happen Anytime SoonNovember 2, 2019
Today’s article is based on a real-life situation that happened to me earlier this week. My story involves my son, cryptocurrency and two cryptocurrency exchanges. I am of the opinion that mass adoption is a long way off. I began getting interested in cryptocurrency and blockchain technology in early 2017. I was positive that mass adoption would take place in 2019. Little did I know that in 2019, we still have many people who still do not know anything about cryptocurrency. For those that own cryptos, it can be difficult to spend.
Please don’t misunderstand me. I firmly believe that cryptocurrency and blockchain technology are here to stay. crypto Mass adoption is going to take longer than I originally thought. One day, the entire world will recognize how valuable cryptocurrency will be in their lives.
Earlier this week, my son wanted to buy two cryptocurrency tokens that he had heard positive reviews about. He asked me if I could help him with this. I was more than happy to help him as he is still learning. He came over to my house with his cash and told me which projects he wanted to buy into. Sounds easy, right?
After, he left my house; I knew that these tokens had to be purchased on two different crypto exchanges. I already had an account on one exchange but I still needed to open a new account on the second exchange. Sounds easy, right?
Once I registered on the new crypto exchange I was ready to send some bitcoin to both exchanges to make my purchase. I was always taught to send a small amount of bitcoin first to make sure you have the right bitcoin address and make sure the transaction goes smoothly. After both exchanges had received the small bitcoin transaction I then sent each exchange a larger amount. Sounds easy, right?
After I had successfully bought the two tokens that my son wanted from two different crypto exchanges, I then needed to send the tokens to his wallet address. Actually, there were two wallets he wanted me to send these tokens to.
This entire process took almost two hours to complete. The process was slow and tedious. I was more than happy to help my son purchase these tokens. This is one of the reasons I’m saying that Crypto mass adoption isn’t going to happen anytime soon. The steps involved in opening an account, funding the account with bitcoin, transferring the tokens off the exchange to a crypto wallet, takes a lot of time. It took me two hours to complete.
In order for crypto mass adoption to gain momentum, the process needs to be simplified, so that it is not as difficult as it is today. My desire is that mass adoption happens quickly. I want everyone to be able to buy, sell, spend and trade cryptocurrency easily. As of today, the process is not easy and this is preventing people from becoming interested in it. This is my opinion. What has your experience been? I’d like to hear from you.
Feel free to drop me a line at [email protected].