How Do We Get the World to Adopt Cryptocurrency And Why it is Imperative We Do?

The Ebbs and Flows of Crypto

For many, 2017 was the year a larger percentage of the world’s population was introduced to the concept of cryptocurrency. People were presented with these strange “digital assets” that no one could quite explain in their basic form, which made it difficult to win over friends and family to buy the varying tokens.

Many individuals would simply point to the rising gains of various tokens and brag about how they had tripled their money overnight! I can imagine most conversations were based around the possibility of making more fiat than the practical use of Bitcoin or Ethereum in today’s society.

Maybe this is one of the reasons why there has been stunted growth in 2018.

This is just a small visualization of the massive growth and capitalization of cryptocurrency during 2017 through today, June 23, 2018. We peaked around $830 billion and are currently hoovering around $250 billion.

What Can Be Done?

So, what can we do as a community to help the general public understand the potential of a decentralized currency run along the coding of a blockchain? And, how do we explain why it is so important that the world adopt it?

The first issue is that central entities simply do not want to lose their power over money. Our entire economic system has been based on the debit and credit criteria, which is a ledger kept by the central banking industry. This is the basic formula around the world for most of the population. Unfortunately, there are many that do not have access to banks and are victims of hyper inflation, hidden fees, and a number of issues when trying to transfer funds across state or country borders.

When you first read about a solution of cryptocurrency and blockchain technology a lot of enthusiasts will drive home that very point. They bring up the fact that billions of people are not a part of the financial system already in place. They do not use banks or have access to many of the resources most of the world are accustomed to having and using on a daily basis. This point is very valid and definitely a strong topic when convincing people of the use of blockchain and cryptocurrency.

So, does cryptocurrency simply solve this issue of creating a system of banking for the 3 billion unbanked citizens of the world?

As much as I would love for that to be the case, I simply do not believe this solves some of the core issues that keeps cryptocurrency from becoming main stream and adopted worldwide.

Before I move forward with this article, everyone should take a moment and watch this short TED Talks by Charles Hoskinson about the future world of decentralization from 2014: