How does something that only a handful uses transform into something that all people use without even thinking of it? About a decade ago, people were wondering what cryptos were and whether it was about to become the norm.
Crypto proponents predicted that sooner than later, it would be everywhere. So, what will it take to thrust cryptos to the next higher level?
For any technology to become a hit, one thing must happen: it must evolve. At the moment, cryptos are still in their nascent years. Look, it is hard to acquire and use for non-tech persons. It is also missing a whole array of features.
To climb to the next level, cryptos need to develop all the features of the old tech: in this case, the fiat currency. Then, march forward with new features. Something such as, say, a smooth shift of a film scene from “analog to digital”.
So, What will Make Cryptos Boom?
The first step is that we need the features of the fiat money, especially stability, speed, ubiquity, global scale, and easy exchange, and ingrain them into the crypto.
Well, some significant progress has been made with new generation cryptos, such as the Solana, that allows scaling to 65,000 per second. The fee on the blockchain is also pretty low, only USD 0.00025/transaction. If you compare this with Visa, which gallops about 2-3%, Solana will knock it down. But this is not enough!
It is true that the technology is starting to match the mainstream, but we are yet to provide them with enough reasons to implement the switch.
The catalyst for the rapid adoption of cryptos is likely to be something that unexpected. Perhaps it will get a major mashup with another tech, such as artificial intelligence (AI), in a way that we will only realize when it hits everyone on the face. Other things that might help catalyze faster adoption of cryptocurrencies include.
The most notable is the current decline in the advertising empire and the huge surveillance economy that drives it. Indeed, people are getting tired of ads that stalk them all the time and governments are already threatening to ban targeted ads. Recently Apple crashed the ability of advertisers to track people via iPhones. The main powerhouses when it comes to targeted ads are Google and Facebook.
As ad revenues fall, more companies will probably go for subscription-based services. Instead of buying software, you simply rent. It is like the movies. Today, people do not buy DVDs or own movies. You only need to rent, say, for USD 3 or watch on subscription channels on Disney and Netflix.
Note: Not All People Hate Middlemen!
Cryptocurrencies are unique, but they inspire rage and fear. There is fierce resistance that targets to crash and wipe off its existence by every available method.
Unlike the digital camera that evolved smoothly, cryptos are different. Governments fear that they could cripple the current payment models. So, even if you want to cut the middlemen, the government loves that intermediary.
Government loves intermediaries because it is easy to control the entire economy through them. For example, switching Russia off from the SWIFT network resulted in huge devastation to the country’s economy. SWIFT is the middleman in this case, and when it affected the closure, Russian assets across the globe crashed, starting with the local currency, Ruble.
Decentralized cryptos are facing existential challenges that many previous technologies never faced. You should expect the pressure to continue and share the cryptos and the industry in the coming years.