In this article, we would like to address a topic that is looking to the future - cryptocurrency adoption. There is a reason why 'complete' adoption is mentioned in the title. We are talking about the adoption of crypto to a point that would reach the public consciousness at a level analogous to, for example, the use of email. There is a long way to go, but it is technological progress that is the main driver of reality. Consider what would need to happen to accelerate the steps towards development.

Complete cryptocurrency adoption – what is it? 

This type of crypto adoption can be defined as a level of societal development where blockchain technology is fully known, most people are able to explain what it is, and it is characterised by its prevalence in everyday life. Cryptocurrencies then become not only the focus of the financial industry and the technology industry but are also understood by older people, young people and the general public who are not focused on the financial field. 

What makes it difficult to get into the crypto industry?

There are at least a few factors that make it challenging for cryptocurrency beginners. Common reasons include: 

Understanding the technological side – cryptocurrencies are based on cryptographic solutions. Of course, you do not have to be an expert in this area but many projects are based, for example, on finding some innovative cryptographic development that solves a specific problem. Exploring the conceptual apparatus should be a staggered and coordinated process. In the beginning, it is advisable to analyse selected projects that you fully understand. 

Familiarity with the global economic problems – cryptocurrencies have their own 'philosophical' side. They are a certain opposition to how money issued by central banks works, a reality where one entity controls an unlimited money supply while having full insight into the finances of its clients. Cryptocurrencies are the answer to these problems. 

UX for advanced users – this trend is changing in the right direction, but you can still find decentralised Dapp applications that are quite difficult to use. Over-complication means difficulty in learning. The more user-friendly the interface features of a Dapp, the larger the community will use them. 

What would solve the problems of crypto adoption?

For cryptocurrencies to enter the full mainstream, they would have to become part of education and culture. Schooling does not take their subject matter into account. Even the economics itself is given a cursory treatment or is completely ignored in schools. The alternative remains to learn on one's own - thematic literature, courses, videos etc. For cryptocurrencies to become part of mass culture, they would have to be featured on television and news portals. Unfortunately, this topic is still absent from the media, as it does not generate as much excitement as, for example, various types of negative information. The issue of more user-friendly interfaces that allow easy operation of applications is currently on the rise. Due to the fact that competition is increasing in the market, numerous Layer 3 projects are trying to make their solutions user-friendly to attract as many people as possible. 

Conclusion – at what stage is awareness of cryptocurrencies? 

When assessing the adoption level, it is important to bear in mind that blockchain is a very young technology. It is only a dozen years old. Initially, crypto was the subject of only a small group of enthusiasts. This was during the financial crisis around 2008. Today, only a dozen years have passed, and we have blockchain solving diverse industries, NFTs, exchanges, games and many other inventions of this technology. The third generation of the internet is developing more and more rapidly, and most people have at least 'heard' of Bitcoin. The number of people who will be increasingly familiar with it will grow each year.