Why has mainstream cryptocurrency adoption still not been achieved? After all, you may have heard that Bitcoin is heading to the moon and its price will rise astronomically. Or you may have heard that Bitcoin is going to become the global reserve currency replacing the US dollar. If not, then maybe it could become the native currency of the internet?

Before this can happen though, cryptocurrency adoption would have to become mainstream, and currently there are a few barriers that it needs to overcome. Here are five barriers to cryptocurrency adoption in the mainstream.

What are the barriers to cryptocurrency adoption?

Scams

The first issue is with trust. Whilst Bitcoin aims to create a sense of trust by using blockchain technology to remove the need for a central authority, there is still little appetite from the mainstream to trust cryptocurrencies as a whole. This is in large part due to both the volatility of price within cryptocurrencies and the abundance of scams within the space.

As regulation has been slow to catch up with the cryptocurrency space, many people have jumped on this opportunity. There are numerous MLM coins that provide little to no value, with OneCoin and Bitconnect being perhaps the most famous. There are also numerous other coins that although perhaps not outright scams, have provided little value if any at all.

Whilst many people may have made money off these altcoins, just as many people will have lost money. This will have certainly put many people off cryptocurrencies as a whole and made them believe the space is just a scam.

User experience

If you ever think that the internet can be a confusing space, then cryptocurrencies are most certainly a step above. This is a huge contributor to the lack of mainstream cryptocurrency adoption. Whilst this might not be such an issue for those of us who have grown up around computers, for those that didn’t, the technology can still prove to be a difficult hurdle. Cryptocurrencies are even more complex. From private keys to public keys, hot wallets to cold wallets, there is a wealth of knowledge one needs to acquire before they can feel comfortable trading and playing with cryptocurrencies.

These are just some of the barriers against cryptocurrency adoption. Want to find out what the others are? Read this article to find out! 

Leave a Reply