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Adoption Factors
Wood explained that the most critical elements for mainstream adoption are the ability to introduce new technology through mirrors of previous technologies, such as personal computers and the internet, both of which included public awareness and knowledge. Users often benefit from convenience, ease of use, security, and preservation, just as in what is known as ""killer apps.""
According to Wood, there has been too little effort to enhance the advantages of cryptocurrency, moving it from the tech world into mainstream applications. With more business-oriented entrepreneurs developing cryptocurrency solutions, there should be deeper consideration for meeting the needs of mainstream adoption. He emphasized that the general growth rate of cryptocurrency's mainstream adoption needs to be accelerated, similar to previous new technologies. Wood pointed out that the widespread growth of mainstream cryptocurrency adoption will require more thought and effort. He said:
""Personal computers were invented around 1975, but they didn't become mainstream until around 1990 when graphical user interfaces became popular. The internet started commercializing around 1990, but it didn't become mainstream until around 2000. Cryptocurrency is still in its early days, with only eight years of history since its invention, which can be compared to the early 1980s era of personal computers with green screens and floppy drives. Based on the history of the development of these previous new technologies, it might take until 2025 before cryptocurrency achieves full mainstream adoption.""
Nexxus is assisting non-tech mainstream users in understanding what cryptocurrency is and how to benefit from it. Wood stated that Nexxus aims to provide this new technology to people rather than trying to make people accommodate the technology:
""We need to make the public comfortable and lead them to recognize the benefits of cryptocurrency.""
Adoption is Subjective
Michael Vogel, CEO of Netcoins, believes that the idea of mainstream adoption of cryptocurrency is subjective:
""For me personally, I've never thought that Bitcoin needs to be accepted by physical retailers to be considered mainstream.""
He continued to explain that Bitcoin is a valuable tool for e-commerce, remittances, microtransactions, P2P loans, hedging, and many other applications. Its use cases continue to grow, and Bitcoin is now being used in places where cash, credit cards, and gold are inadequate.
Vogel also pointed out that some U.S. sports leagues accept Bitcoin as a payment method. He said:
""I absolutely consider this mainstream.""
Comparing to the Internet
Additionally, Vogel specifically mentioned the early days of the internet, noting that even though many users were active online in the late 1990s, the majority of the world's population could not connect to the internet at the time. Some even shied away from the idea of owning a computer. He explained that the internet was not destined to fail because not everyone was using it at that time.
He concluded by saying that he expects Bitcoin to follow a similar trajectory. |
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Post time 1-11-2023 12:08:23
