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Is Accessibility Important for the Success of Cryptocurrencies?

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Is Accessibility Important for the Success of Cryptocurrencies?

Cryptocurrencies are built upon incredibly advanced and sophisticated technology. However, if they want to achieve true mainstream acceptance and success, they need to be user-friendly and accessible for the general public.

While crypto fans are eagerly buying up Bitcoin and checking the Rocket Pool Price, these digital assets still haven’t been fully integrated with everyday life. How important is accessibility for the success of crypto? Find out here.

The Rise of Crypto

Cryptocurrencies are a relatively new technology. They were first conceived in 2009, when Satoshi Nakamoto launched the very first cryptocurrency and blockchain network, Bitcoin. In the years that followed, Bitcoin steadily grew, and various altcoins appeared to stake a claim in this booming tech sector.

The industry exploded in 2017, with Bitcoin’s value skyrocketing and the price of altcoins following suit. Since then, Bitcoin has enjoyed a period of extended success that, despite some dips and downturns, looks set to continue for some time.

What is Crypto Used For?

Cryptocurrencies are a type of digital asset. They were designed as an alternative payment method that would offer significant advantages when compared to traditional currencies, known as fiat.

Transactions made using cryptocurrencies are processed and recorded on the blockchain, which is a network that serves as a digital public ledger. Transactions conducted via these blockchain networks are secure by cryptography, which makes them highly secure. In addition, the blockchain is publicly accessible, which makes it easier to detect fraudulent activity.

What’s more, crypto and blockchain are decentralized, which means using them is a far more cost-effective option when compared to traditional payment methods as they are not subject to the fees and charges put in place by banks and credit companies.

With these benefits, it will come as no surprise to learn that cryptocurrencies and blockchain technology have been adopted by a wide range of different industries. Fintech companies use crypto to make cross-border payments, while gambling and ecommerce companies use the technology to offer greater protections for their customers.

How Accessible is Crypto?

Cryptocurrencies have so much to offer and have so many advantages when compared to traditional payment methods. You might be left wondering why crypto hasn’t enjoyed more mainstream acceptance and integration.

Crypto is built upon extremely advanced technology. While many of us love to learn about the tech side of it all, many people simply don’t have the time or the inclination to delve deep into the intricacies of crypto and blockchain systems.

While, of course, there is no need to be an expert in crypto to make use of it, a base level of understanding is required in order to use the payment system safely and correctly. If you want to use cryptocurrencies, first you’re going to have to purchase some from a dedicated crypto exchange. You’re also going to need a special wallet to securely store your crypto in to protect it from scammers and hackers.

This means that using crypto isn’t as simple as paying for goods with cash or a card. There are extra steps involved with the process, enough to put a significant number of consumers off, preventing them from truly embracing crypto and using it in their everyday lives.

Additionally, not all businesses offer crypto as a means of payment for customers. While it’s certainly becoming more common, crypto cannot yet be relied upon and consumers will often have to use traditional payment methods when crypto options are not available.

How Can Accessibility be Improved?

Cryptocurrency and blockchain are new technologies that are still in their relative infancy. Even the experts aren’t sure what the future might hold, and the technology is being updated and improved all the time.

This means that expecting crypto to be instant mainstream success is perhaps a tad unrealistic. Any new technology takes time to bed in, and people are going to have to get used to a payment system that is more complex and more involved than traditional methods.

However, that’s not to say cryptocurrencies can’t be improved to make them more accessible for the general public. The key lies in making it easier for people to buy and sell cryptocurrencies. Previously, crypto exchanges were complicated platforms that could leave people feeling confused. However, we’re starting to see more modern exchanges that are more user-friendly and accessible for the layman.

Integration with mobile technology is also important. The average consumer uses their mobile for almost everything, so crypto must be mobile compatible if it wants to see mainstream acceptance.

Education is important too. Crypto can seem hi-tech and confusing. If the technology wants to become a viable alternative payment method, then consumers must feel confident about using it. The best way to do this is through education, consumers need to learn and understand how crypto works, what it’s used for, and how they can access it.

Finally, we’re going to need to see more businesses offer crypto payment options. This will normalize the technology and encourage more and more people to get involved with crypto and blockchain.

Conclusion

Accessibility is key if crypto wants to become a true competitor to traditional payment systems. The technology needs to be easier to use and we need to see it adopted by more businesses if it wants to achieve true mainstream success.

 

I'm a passionate full-time blogger. I love writing about startups, how they can access key resources, avoid legal mistakes, respond to questions from angel investors as well as the reality check for startups. Continue reading my articles for more insight.

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