Recently I had a crypto-related research interview and one of the questions was “What will it take for people to accept and use blockchain and cryptocurrencies?” And it slightly shook me, because usually, I can answer any crypto-related question in seconds, but for this one, I took a few.
I like to observe projects and the market as an investor, a person prone to risks who knows how to dissect a whitepaper and what to look out for in potential scammy projects. I’ve been here for a while and I must say my mind is used to creating different types of wallets or make sense of user interface on multiple different platforms, sometimes at the same time. I’m not a developer, a programmer or similar, but I have developed logical thinking that can help me deal with more than everyday issues at work.
I am willing to give my money to entities around the web, being those exchanges or people’s wallets, and I’m okay with the fact that at least 10 platforms now have my ID and passport for KYC. Most importantly, I am willing to give them my trust and time. Money can be lost, once the trust is broken, it can hardly be rebuilt.
I know how it works and I’m not afraid of it. But this question made me become.
“What will it take for people to accept and use blockchain and cryptocurrencies?”
I heard his pen click on the other side of the phone, ready to write his notes. I had to shift for a moment in a “normal person’s view”. And it wasn’t as easy. I forgot what it’s like not knowing about blockchain and cryptocurrencies.
So I started thinking as an “outsider”. What is stopping me from accepting crypto? All the news about terrorists using it, of course, I don’t want a sign of equality to be placed between me and a terrorist. Then I went deeper – if I use crypto, can I pay taxes? Will they let me leave the country? Will the government know about my wallets? Will they arrest me??
So I blurted out something like “There is a lot of news about terrorists using crypto.”
He said “So there should be less news about it?”
I quickly responded “No. People see what they wish to see. If they focus on the negatives, they will see negatives. If they focus on the positives, they will notice that.” Then I stopped. But there’s more.
“It’s not just about the news,” I continued, “it’s about how people feel and what their drive is.”
If a crypto project is solving a real-life problem, then maybe people will turn to it. Maybe. When I really think about mass adoption, it makes me feel as if hanging on to a thread, with legal issues weighing me down, and great projects pulling the rope to save me. (Not to say we don’t need legal solutions, only that once we have them, they probably won’t be the best.)
Usually, I block those thoughts on a daily basis, but this interview woke up the beast called negative thinking. And let me tell you, it’s bad enough to have negativity around you when you’re emotionally involved, let alone financially.
People need to feel the drive comes from a strong need for a solution, and crypto needs to be the first, if not the only one to provide it. And we have less of that and more of “we promise a huge ROI, just invest”.
What will it take? It will take a mind shift, not just for those “outsiders” but for the project CEOs also. It will take years. It will take fewer scams. It will take making the whole thing way easier, including wallet use. It will take a lot of effort. It will take good news from legit sources. It will take less manipulation and a bit more legal solutions.
On the other side, it will take a realization that X is not always the best solution. It will take the need for third-party liberation. It will take the need for freedom. It will take time. And a whole generation shift, simply because my mother is not as tech-savvy as me and I won’t be as tech-savvy as my child.
Honestly, I have yet to find a project that can provide half of this. Most projects seem like a “copy” of a solution that already exists and that uses fiat currency to function properly. Those projects that don’t copy the “world outside of crypto” don’t even need their own token or coin, they would do great with blockchain technology per se, yet they opt-in creating their crypto.
Don’t get me wrong, we will get there. And hopefully, it will be a good thing.
Check out my blog for more – https://www.crypto-moth.com/ and share your thoughts below.