It is very clear that cryptocurrency is on the rise nowadays. The number of cryptocurrency transactions and users keep getting higher over the years. Furthermore, while several years ago Bitcoin is the only cryptocurrency available, now we have seen numerous new digital coins appearing as alternative. People also have shown more interest to know more about Ethereum and Bitcoin as the most popular and widely used cryptocurrency.
However, there are some question linger in the midst of this phenomenon. Cryptocurrency has been used for several years and it is just getting more popular. So, why hasn’t it become mainstream yet? Why are people still reluctant to use cryptocurrency and big vendors haven’t provided means to do transaction with it? Well, there are actually plenty of reasons that prevents mass adoption of cryptocurrency but here are most important ones.
Wallet with Limited Function
Wallet is actually a pretty strange concept in cryptocurrency. The idea of cryptocurrency is to ensure we don’t need any third party intervention in doing any financial transaction. But when we put our digital coins in a wallet provided by a third party, that is exactly what we are doing. But we can put that concern aside because the digital wallet providers have ways to ensure our privacy as well as the security of our digital money.
Now, the problem is the function of those digital wallets is still limited. The biggest issue is the fact that a certain wallet can only be used to keep a certain digital currency. It means, if we have five different digital currency, we need to have five digital wallet as well. Managing so many wallets is definitely not the most convenient or cheapest, especially since the wallets actually have the same function.
The world of cryptocurrency will take a better turn if the wallet function is improved. It can start from providing a multicurrency wallet where the users can easily store Bitcoin, Ethereum and various other digital currencies.
People who have used cryptocurrency and have blockchain asset experience will vouch that cryptocurrency is very convenient to use and also can be profitable. But unfortunately, people who have limited experience and knowledge with it will not share the same story.
Firstly, acquiring the cryptocurrency itself, especially the popular ones like Bitcoin is not an easy task. Mining Bitcoin requires plenty of time and energy, not to mention an extremely powerful computer. It is not something the general public can easily do. Moreover, the concept of blockchain is also not something that can be easily grasped. This is definitely a problem since blockchain is actually the foundation of cryptocurrency.
To solve this problem, it is important for cryptocurrency makers to adopt a blockchain-to-human interface. A technology that can be easily understood even when the user doesn’t possess deep technical knowledge. If the technology is convenient to use, people will not think twice to give cryptocurrency a try.
For people who have entered the world of cryptocurrency since a long time ago, digital money with anonymous transaction and no authority is not a strange concept anymore. As a matter of fact, the facts that every transaction doesn’t involve any third party and can be done in a complete privacy are some of the attractive points of cryptocurrency.
However, for people who have yet to familiarize themselves with this world, the lack of authority and anonymity actually can be intimidating. Those people are used to the governments controlling and monitoring financial activity. And while it is not the best option when it comes to privacy, government or third party participation gives some sense of security for them.
It means, cryptocurrency actually has a bad reputation among the general public. Due to the lack of government control, the general public doubts the legality of cryptocurrency, especially with so many news going around that this digital currency is used as a means of payment in various shady transactions. Truthfully, of course cryptocurrency itself doesn’t go against any law. It is how the people use it that will determine whether the transaction is illegal or not.
But when it comes to this, fiat currency can also be used in illegal activity. So, when it comes to fixing the reputation, it will come down to whether the people want to know more about cryptocurrency or not. Cryptocoins maker also can help with this by presenting easy and convenient features so that the public will not be afraid or hesitate to give cryptocurrency a try. It is important because sooner or later, we are definitely heading to the direction of digital currency in the future.