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What do you consider to be "mass adoption"?

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by COINS NEWS 136 Views

The way I see it, there are 2 reasons for someone to hold crypto:

  1. Hold it as an investment, meaning hold it as a store of value, or to make money (or both)
  2. Use it to transact, or with certain coins, use it to participate in some part of the ecosystem

However, getting the average person interested enough to do either of these is not easy.

Take investing for an example. When you venture out of the online communities surrounding trading and investing, you can see that most people either

  1. Don't have money to invest
  2. Simply auto-contribute to retirement accounts
  3. If they have enough, hire a financial advisor manage their money for them

So for a lot of people, if you want to get them to invest in crypto, you not only have to get them to start investing on their own, but you need them to think investing in crypto is a good idea (and we all know crypto has an image problem).

The other reason to hold crypto is to use it for transactions or to participate in the ecosystem of a coin or token.

For transactions, while I know plenty of people use it in countries with absurdly high inflation, and to send money to people in other countries, there currently isn't a very large need for the average person to use it to transact.

Regarding the use of crypto in the ecosystem of a coin, there's a whole different set of challenges with that, assuming someone gets past the image problem of crypto and wants to start using it. Not only does it generally have a higher barrier to entry in knowledge and funds, the potential to make a mistake or get scammed when transferring crypto between different wallets and chains is much higher. I would guess that the average person in this sub doesn't even do this often (including me), so it's a pretty daunting task for a newcomer to crypto. And don't even get me started on taxes.

So where does that leave us, what does our goal of "mass adoption" really mean, and how do we get there?

submitted by /u/nick83487
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