Is there a probability that, in the near or distant future, we can see Crypto operating as a normal sort of money recognized by a high percentage of the world’s population? What does it take to reach this level?
Experts on Blockchain technologies and FinTech point to several aspects as determining factors that we must take care of in order to achieve the dream of using Crypto as money around the globe. For some experts, especially for those who focus on software development, all problems are tied to scalability: processing speed, security, power. For them, the key is better software.
While these experts focus on imagining the software of the future, Marketing specialists are talking about other problems: people do not understand cryptocurrencies. Not even 1% of world’s population owns or uses decentralized electronic money. Specially those countries that need it most – countries with the most severe financial and development issues – know less about the Blockchain and Crypto. Educating is a key factor.
What happens, however, if we ask Crypto communities? People who save and use Crypto in their daily lives are usually related to others who also use Crypto, through communities. Many of these users have several years leveraging Crypto. These experience and expertise are extremely valuable. According to members of communities, what kind of problems does Crypto need to overcome in order to become popular money and to be recognized by the mainstreams? i’ve dedicated a few years to listen to many crypto communities on this!
FACTOR V: ADOPTION
If one dedicates years to listening to communities – a field work of Social Psychology – or even if one has participated only two or three days, in any case, one can perceive that the ultimate universal topic is “Mass Adoption”. This is the sacred final objective. Thousands of serious members of the communities, however, denounce that they are not working in a rational way towards this goal, understanding “adoption” as a slow process that will take many years and that must occur in different stages.
All crypto enthusiasts dream of Mass Adoption, but only as big final goal. The ultimate paradise! The new Crypto World Order! Many discussions can be seen in virtual communities about this and the mistakes we are making. “Adoption”, however, also means to convince your local beauty salon or shoe store to take payments in Crypto. Even more important, are Crypto lovers taking cryptocurrency as payment for their services? Adoption starts with little actions! Believers are not engaged in these actions according to communities.
FACTOR IV: COMMUNITY ACTION
Who else can criticize communities better than communities themselves? Communities point out at the fact that one aspect that is totally forgotten in many projects is the value of potential community action. Almost every coin and every project has a community with several virtual spaces to gather and engage in “community action”. However, community action itself is extraterrestrial culture yet. This is probably the least developed aspect in Crypto. We are forgetting that decentralization means “everybody should have a role”. Our communities are too centralized!
To buy and hold tokens does not constitute contribution or support for a project. That’s only gambling! The number of communities that exist only for community members to visit the chats to request accountability from the poor developers or the tired administrators, is excessive. Many community members exhibit behavior and emotions of the level of a rebel teenager. How come it is easier for a pyramid scheme or a scam to be more successful organizing people? You have several million members in thousands of Telegram groups, but not much community action!
FACTOR III: VOLATILITY
Not even the most faithful believers of Bitcoin, Ethereum or any other fully decentralized currency, nor the most loyal preachers of free market doctrines, stop worrying about the volatility of the purchasing power of cryptocurrencies. Everyone seems to agree that someday this has to change. But, nobody knows when or how. Everyone likes to have their Cryptos priced at higher and higher prices. But, nobody thinks this is positive for Mass Adoption.
FACTOR II: GREED
Everyone says they hate greed. Everyone says that greed is the source of many serious problems in the world of Crypto. Everyone says that greed hurts us. Nevertheless, everyone confesses to feeling very greedy. There is a powerful obsession in most community members, presumably because of the unforgettable idea that in Crypto you can buy an asset at a 1x price and sell it in the future for 10x or 100x. If we think only of this, we will never achieve the main objective: that Crypto be the official money of the future.
FACTOR I: UTILITY
This is the factor that communities worry the most about. “Utility” means specific uses in some aspect of real life, problem solving, very specific use cases in massively utilized software and Apps, and so on and so forth. Although diligent Crypto researchers know about a ton of programs and Apps that have been in development for the last few years, most of us do not really see “killer apps” based on Blockchain technology and cryptocurrencies representing a revolution in the real world right now.
Naturally, about the aspect of utility, as well as about the other four aspects, one can justifiably say “Crypto is only 10 years old! We need time!” Communities follow this way of reasoning too. Most communities express solid hopes that some of these problems will be solved, since they see people addressing them. Some does not seem to be addressed at all, though, like the role of communities and volatility. We should learn to listen more and more to the subtle demands and criticism of communities. They deserve to have a voice and vote.