Is Crypto going Mainstream?
Let’s be honest – the last few months have been rough. Huge amounts of uncertainty and market fear amid torrents of fake news and speculation regarding government regulation of cryptocurrency worldwide. The market took a dive, people panic sold their digital assets on cryptocurrency exchanges, prices plummeted further and it’s all been a bit of a mess.
But life goes on.
In fact, every time the crypto market has dipped, pulled back, corrected, burst, or “crashed”, it’s always come back stronger than ever before. Certain coins die off, sure, but with Bitcoin paving the way for most of the high cap coins, the projects with real promise and merit always just weather the storm and continue to rise in value.
Far from the dreaded crypto-apocalypse the mainstream media seems to be trying their hardest to propagate recently, cryptocurrency might be about to cross the fence and have crypto mainstream itself, forever casting aside doubts of its legitimacy.
What makes me say this?
1 million people waiting to trade crypto on Robinhood
— Baiju Bhatt (@bprafulkumar) January 29, 2018
That’s right. The app that brought the formerly inaccessible stock market to the masses by offering free trading is about to do the same for crypto, and that’s a big deal. Many potential users are turned off and intimidated by what they perceive as complicated, non-user friendly cryptocurrency exchanges.
Sure, if you’re an old hand at this by now it might seem easy, but be fair! Crypto as we know it is less than ten years old, and the accompanying technology is still truly in its infancy. We don’t even know if blockhain will end up being the underlying software for currencies of the future – these are the early, early days, and developers are still pioneering unreleased tech that may go on to revolutionize many aspects of modern life.
Users in the space surrounded by crypto news day in, day out are nevertheless bound to know a lot of people with only a vague awareness of the existence of crypto, to whom cryptocurrency and Bitcoin are one and the same (“and the fake money is stored, like… in the computer, right?”)
Not everyone is willing to carry out their due diligence and learn about the ins and outs of technology, and that’s ok. For the market to grow, casual mainstream users are needed as well – without investment from a wider audience, the market won’t grow, and the more people involved the better.
The app now has over 3 million users contributing a transaction volume of $100 billion. The app is mostly in service in the US only at the moment, but when it expands, which it plans to, that number is sure to grow to enormous levels.
Crypto Exchanges can barely keep up with the demand
A Reddit user recently pointed out that stocks in the 1940s were viewed in much the same way as crypto is today, with 90% of the population saying they wouldn’t get involved due to them being “unfamiliar” and similar to “gambling”. Of course, it turned out that the suspicions and doubts that the stock market wouldn’t’ amount to anything were unfounded, and these days the stock market is now in the hundreds of trillions of dollars.
How big is crypto really going to get? Is it realistic to imagine the market staying at below 1 trillion forever? If you’re currently invested in cryptocurrency, you’re in on the ground floor of something that could be destined for true greatness. Just as the internet changed the world forever, so too will blockchain technology and the developments that arise from it.
We recently discussed the possibility of the value of Bitcoin rising to $1 million, and took a look at what would need to take place for the value to increase to that figure.
We make no predictions as to whether or not that will come to pass, but is it impossible? We don’t think so, and we’re not the only ones.
Square Inc’s Cash app launches Bitcoin trading
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! https://t.co/z3u0liDNk4
— jack (@jack) January 31, 2018
Square cash recently announced that they were offering Bitcoin trading to all users, and immediately saw a 4% increase in their stock market value. The company also has an interactive storybook available to explain what Bitcoin is to new users unfamiliar with blockchain tech.
This move coupled with the positive response from investors is a clear sign of the market demand for cryptocurrency adoption.
With the release and development of cryptocurrency debit cards allowing people to carry out instant transactions in person and online, and even withdraw fiat cash from ATMs, the wheels are set in motion for a huge shift in the way we manage and view money and transacting in general, and big companies like Square Inc. and Robinhood know it.
Don’t just take it from us. DYOR is a golden rule in cryptocurrency – always do your own research. We think the writing is on the wall for the low-key status of cryptocurrency, and mainstream adoption might be just around the corner – what about you?
We’d love to hear your opinions on whether crypto is going mainstream. Is it too complicated for true mainstream adoption? Will crypto remain a misunderstood phenomenon relegated to the tech-head underground?
Are we all just a little bit crazy?
Or will people start seeing crypto as a viable means to transfer money without any centralized authority making the rules?
Better make your mind up – I have a feeling we’re going to find out sooner rather than later.
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