espite the fact that some early adopters have made a mint in crypto, mainstream users have been slow to accept Bitcoin, digital tokens, or alt coins as currency. This phenomenon seems to baffle cryptocurrency’s main proponents – a small (but dedicated) constituent of tech-savvy users, who consistently champion the medium’s value as a more secure and private form of payment.
So, why is it that everyday folks have been slow to warm up to the alt coins and tokens which are blazing the way? Let’s break it down.
- Technobabble. Most everyday citizens simply don’t understand the technical jargon surrounding the technology. Sure, you can wax philosophical about the importance of decentralization, and how the DAO (Decentralized Autonomous Organisations) is revolutionizing the current financial system, or present a lengthy dissertation on the benefits of the blockchain – but only a small segment of the population knows (or cares!) why these things might be important.
As far as the everyday user is concerned, their credit cards and dollars work just fine, thanks – so why would they change anything? Which leads us to –
- Lack of Convenience. In order for everyday users to jump on the cryptocurrency band wagon, there needs to be some sort of incentive. Think about it – the conversion from cash to plastic was appealing to consumers, as it offered real and tangible value. The use of credit and debit cards was unarguably faster and more convenient – as well as offering additional bonuses such as greater security, and the option to delay payment on purchases. This made it an easy sell, for consumers interested in making the change.
Cryptocurrency, thus far, has actually done the opposite – instead of incentivizing mainstream users, it has actually raised the barrier to entry, making it more difficult to adopt as an everyday method of payment. Cumbersome wallets, delayed transfers, and the lack of any form of attractive, intuitive user interface (or comprehensive starter’s guide) make it immensely inconvenient, and intimidating to all but the most tech-savvy users.
- Price Volatility. Most consumers are pretty comfortable with the concept that the dollars in their wallets will hold their value from day to day. Considering participation in a financial system in which their assets might unexpectedly change in value makes them uncomfortable – as it should!
According to a recent report by CNBC, 49% of Americans are currently living paycheck-to-paycheck – which means that, more than ever, they are feeling the pressure to act conservatively when it comes to cash. To tell them the government-backed $1 bill in their pocket today might be worth $400 tomorrow, but suddenly become worthless the next day?
Unacceptable. So, why should it be any different when it comes to cryptocurrencies?
- The Catch-22. In order to accept Bitcoins, alt coins, and tokens as a daily method of payment, consumers need to be able to actually use them. It seems like a pretty straightforward requirement – but the truth is that very few merchants currently accept cryptocurrency payments.
Turns out, the volatility which repulses most consumers also repels the merchants they do business with. In order to inspire merchants to accept cryptocurrency as payment, there needs to be significant demand from customers – and in order to inspire customer demand, there needs to be a market for use… and so on.
The ridiculous thing is that none of these challenges are insurmountable – in fact, they are quite readily addressed with a bit of foresight, innovation, and dedication to providing an excellent user experience. It’s just that, so far, most cryptocurrency offerings have been focused on making a quick buck for early investors – not creating a stable ecosystem for mainstream adoption and ongoing use.
The one exception to this appears to be CORION – a new cryptocurrency which is paving the way for the user-based experience of the future. Currently in their ICO phase, CORION’s platform is taking a user-centric approach to addressing the challenges prohibiting mainstream adoption of alt coins and tokens, by introducing a comprehensive system designed for everyday use.
Not only is CORION based on a stable-coin system (which ensures that each user’s coins will retain their value from day to day), it also offers incentives to both merchants and customers who use the system. Centered around the concept of community demand, they’ve created an environment which ensures fair and even distribution of daily profits. And on top of that, their user-friendly interface was designed from the ground up to streamline the customer experience, including an integrated wallet, exchange, and marketplace.
Overall, CORION has put quite a bit of thought into the creation of a customer-centric ecosystem, based on the blockchain – providing a convenient and secure platform from which users can enjoy the real and tangible benefits and opportunities crypto was established to support. Hopefully, their groundbreaking platform will prove the perfect tool for inspiring mainstream adoption and enthusiasm in the crypto space.
To learn more about CORION’s platform, and how they intend to shape the future of the crypto space, check out their recent whitepaper, here.
– Marie Kent