Mass adoption will happen as investments are made in companies trying to address infrastructure and access issues in the current ecosystem, he says. rebeca mitchem partner in neotribe companies.
When will cryptocurrencies go mainstream? Many would say that cryptocurrencies are already mainstream: they are constantly talked about in the media and often at work and at social events.
However, the truth is that only sixteen% of American adults have personally invested or traded in cryptocurrencies. For comparison, it is estimated that 56% of American adults own stocks. While there will always be a percentage of the population that considers cryptocurrencies too risky, there is still a long way to go before cryptocurrencies have the same penetration as stocks.
Cryptocurrencies will become mainstream when investors see all aspects of cryptocurrency trading and holding as safe, accurate, and continuously operational with no errors in settlement or account balances. And of course when people stop hearing stories of cryptocurrency holders forgetting passwords and losing tons of money or that cryptocurrencies are used mostly for nefarious reasons.
If crypto advocates can improve on these concerns, opening and operating a crypto account could be as simple as opening an E*Trade or WealthFront account.
So when will that happen? It will happen as investments are made in companies trying to address these infrastructure and access issues in the current ecosystem. While we often hear about investments in new coins, NFTs, etc., we don’t often hear about companies that are working to ensure blockchains run smoothly.
For significant cryptocurrency penetration to occur, it is critical that we invest in ensuring that consumers have faith in the functionality of the entire transaction process. This includes the security and accuracy of account balances.
Fortunately, several really smart people are already addressing these issues. let’s take a look at metric for example. Metrika works to make blockchains trustworthy by managing and predicting technical issues on their networks. With their technology, blockchains can foresee potential problems that can disrupt their operations.
While a blockchain works directly with Metrika, it is the consumer who benefits the most. Metrika’s technology reduces latency and improves the performance of a blockchain. It also helps solve problems faster with tools that enable collaboration across the entire blockchain ecosystem. By ensuring smooth and continuous operations of blockchains, consumers can build trust. Let’s be honest: no one loses trust faster than seeing a transaction that takes many seconds to confirm.
Chainanalysis is another interesting example. Her mission is similar to Metrika but attacks her from a different perspective. Your software may link entities (eg, corporations, governments, individuals) to cryptographic transactions. This linkage allows the transacting party to investigate who they are actually transacting with and the possible source of funds. In essence, Chainalysis is helping to weed out transactions with bad actors and helping make crypto transactions as secure and compliant as everyday transactions with your current financial institution. While consumers will not directly interact with companies like Chainalysis at this time, consumers may feel more secure when transacting because these companies are working to prevent bad or malicious actors from moving funds through cryptocurrencies.
Finally, let’s see Coin coverage. Coincover aims to protect crypto from hackers or human error and can be used by individuals or businesses.
They have three fundamental pillars:
2) offset, and
With its technology, cryptocurrency holders can feel protected as Coincover aims to prevent suspicious transactions from taking place. In fact, they will compensate you if your account is hacked and will recover your private keys if necessary.
This essentially removes consumers’ fears of malicious attacks, as well as the fear of losing access to their account, and therefore their account balances.
Until there is full trust in blockchains and crypto accounts (which probably never will be as today we see fraudulent transactions even with bank accounts), consumers can use offers like Coincover’s to ensure their crypto balances are safe. and effectively secured.
Mass adoption is coming
As we all see on a daily basis, the industry is working to increase the broader adoption of cryptocurrencies. By doing so, consumers are more aware of the potential benefits of cryptocurrencies, but are also exposed to the potential risks. It is important that companies like Metrika, Chainalysis, Coincover, and many others continue to address ecosystem issues, both real and perceived, to make crypto more mainstream.