Crossing the crypto chasm: Paving the way to mass adoption
As cryptocurrency pushes toward the mainstream, raising general public understanding is essential to gain mass adoption. Since its inception in 2009, cryptocurrency has become both a cultural and financial phenomenon. As news headlines tout its ever-increasing exchange values and disruptive potential, investors and banking experts have gone into a frenzy. And yet, while digital money is on a lot of people’s minds, there is still a lack of understanding about what it is and what it can do among mainstream consumers.This is because cryptocurrency is a discontinuous or disruptive innovation,....
Related News
The number-one corporate objective, when crossing the chasm, is to secure a distribution channel into the mainstream market, one with which the pragmatist customer will be comfortable. This objective comes before revenues, before profits, before press, even before customer satisfaction. All these other factors can be fixed later – but only if the channel is established. Enter DECENT, which provides open-source software that enables users to share unlimited virtual content; the company’s main goal is to give a chance to individuals whose voice is normally controlled. This is a big deal for....
Even though many people see cryptocurrencies as speculative vehicles, the concept was created for an entirely different purpose. Unlike TradFi, crypto wants to achieve mass adoption and establish financial inclusion. Moreover, it still has the potential to become a more stable and sustainable form of finance, although there are some bumps along the road. The […]
Facebook, MySpace and Twitter took the web by storm in the 2000s, enabling a wave of communication never before possible on the Internet. The appeal of social media didn't transition from tech-savvy high schoolers to the mass market overnight, however. It took time for the industry to build the necessary infrastructure to properly scale for mainstream use. Because of its status as new and disruptive technology, there are some who see the parallels between the social media industry and the bitcoin industry. Sean Percival, who was involved in the early stages of social media as the vice....
Ed Boyle is CEO at Blade, a payment processing platform that brings digital currencies onto traditional payment rails. In this article, co-authored by co-founder Daniel Delshad, he argues that, in order to cross the chasm into mass adoption, bitcoin needs to connect with existing debit card networks. The amount of active bitcoin wallets and the number of daily transactions have increased significantly over the past year, but, still, most people have never used bitcoin (nor have plans to, as per a recent Goldman Sachs survey). While the bitcoin adoption curve is arguably better than that....
It will take some time for consumers to warm up to crypto, but education is the key to its mass adoption. From QR code payments to mobile banking apps, consumers worldwide are increasingly reliant on digital payment solutions, especially as mobile technology becomes more ubiquitous. Government-led efforts in driving cashless economies have been a key factor, with countries such as Singapore or the Philippines seeing their central banks driving the adoption of contactless payments during the height of the COVID-19 pandemic. As a result, usage rates for digital payments platforms have....