Awareness required for Cryptocurrency adoption
When it comes to cryptocurrencies, adoption is always the biggest problem. People are afraid to even take a look at this technology. As cryptocurrency is involved, people are not even trying to understand the importance of blockchain technology. Awareness is a major concern here because not everyone can understand all these concepts. But some people are showing interest because they can see others getting some benefits from this technology either in the form of real-world problem-solving or from the aspect of earning money.
Believing and understanding the technology
We have to agree that this technology has brought us a lot of new avenues and new streams for exploration. Some countries have already started exploring blockchain technology for their real-world problems. This technology has strong transaction capabilities that make tax collection and toll collection a seamless experience in many countries. With the help of this technology, banks are also able to transfer their funds from one country to another country without any delays. What took 3 days in the past is now being done instantaneously. Thanks to this technology.
Adoption happens only if people understand the benefits of this technology and believe that this can be very helpful to mankind. We agree that this technology is still maturing and are also sometimes in the wrong hands but that is not the end of the world. If we look at it from a positive approach, the possibilities are enormous. People should be more aware of this technology and it would be good to start this in schools and colleges. These days awareness is created in schools and colleges. If the government is also supportive and if they try to make use of this technology for their functions and activities, it would be amazing.
To increase awareness of cryptocurrencies, many things have to be done. It is not a mandatory thing but if we consider doing these things, it will be very helpful in increasing cryptocurrency adoption. Many companies have started understanding the need for this technology and have started making use of this. They either create their blockchain or create a smart contract on an existing blockchain for their operations.
Education required on private keys and wallets
Understanding about private keys is very important. Blockchains are not just like other ordinary websites where if you forget a password, you can recover your password. That's not the case with blockchains. The concept of passwords is a little different here and here it is called Keys and some chains offer pass phrases that we have to remember to transact using our wallets. It is important to keep the private keys safe and secure because if we lose them, we lose access to our wallet and we cannot recover our money back.
Integration with real-world Finance
The real world finance has several use cases. Cryptocurrencies are related to finance and mostly it is all about money and funds. Having an integration with real-world finance will make it very useful for people. There should be more use cases brought in the real world that relate to the personal finances of people. DeFi is one concept that relates to real-world finance but there is still a long way to go when it comes to integrating our real world with blockchain world finance.
User experience and simplicity
As mentioned in one of the above paragraphs, the blockchain concepts have to be simple for people to understand and make use of. Some people are also afraid to get started and they think that it is complex and they fear losing funds. Compared to how things were about 10 years back, today we are way better in this. Many forms of education materials are available right now for someone who would like to get themselves onboarded in the crypto world.
Understanding the regulations
Regulations are very important. We have to understand that regulations are important even though blockchains can be decentralized. The main reason is that this technology can also go into the hands of bad actors. Governments want to regulate this to protect from money laundering and also from other malpractices. We need a lot of awareness in terms of regulations. It also varies from one country to another country. It is wise to understand the regulations and make use of this technology so that we also abide by the rules of the government and we can keep our hands clean.
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agree that more awareness is required in the crypto space.
@sagarkothari88 vote 20%
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Seriously we aren't getting mass adoption. It hasn't happened. 8 years in and right now we as a platform is sliding even further down the list of tokens...
Think we are 340 and falling...
Looking like the OCD guys own hive. No one actually is working on things that's getting funding. And you got a totally polarized community.
Totally watched acidyo and crew run off the majority of hive. And apathy take a good group of the rest.
IDK. It's not looking good for hive if we can't fix retention and start being nicer to the new folk.
Adoption? Shit this is more like divorce...
Unless you are a spineless suckup and want to support the most toxic community here.
But hey Monopoly is awesome!
Hive needs to fix our stuff. It's like we are stuck in the 90s online idea instead of pioneering the future.
Shit Leo is about to go bankrupt. The finance group can't manage money. Imagine that.
I agree with some of the points said here. I have also been saying that retention is one of the biggest challenges here. We are printing a lot of money through different inflation sources but without retention, we cannot spread out the funds. The basic setup of this blockchain itself is stake based. If you have a bigger stake here, you have bigger participation in everything. It will look like the funds will mostly go to the rich so they can get richer.
Yep it's a total ocd monopoly. And then again I kept trying to support retention. But only ones that did that are again the monopoly.
As we fall like a rock through the rankings for tokens? It's becoming apparent that hive is dying. Sad I put a lot of work into this place.
Yes indeed it is required :) it will keep us safe from falling into scams.
There should be more awareness on how crypto works, so many people don’t even know how it came to be. There should be a form of formal education on it already
And this education should start from schools and colleges.
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The crypto adoption is really necessary and there is a need for massive awareness
The best thing is to continue to create awareness about cryptocurrency
Another thing is for people to be willing to learn. Most people want to earn wittily learning
These days some people are showing interest and would like to learn about crypto.
It's clear that enlightenment on the subject of cryptocurrency will trigger its adoption on a massive scale. And help make Web 3 a reality. Thanks for sharing your thoughts on the subject. Have a nice day.
Everyone of us has a huge role to play in helping the crypto adoption all around the world
It's just like that, it's not easy to understand this market, it has cycles, you have to get all the information about them and there are a lot of special things, without which we can't work there at all.
Yeah it is not easy to predict the market but this cycle of up and down market is going to be there once every few years.
Yeah you are right.