Cryptocurrency adoption has been the rallying cry for members of the cryptocurrency industry for years now.
This movement is yet to be fully adopted at all, (it’s early).
Many issues surround the mass adoption of web3 technologies, some of them are simple, while others are complex.
One thing is clear: we must tackle these issues first before we can make significant progress.
They are below.
Complex Industry Terminologies Deter Mass Cryptocurrency Adoption
Let’s face it.
Cryptocurrency terminologies are highly technical.
If you’re not a geek, or at least highly interested in understanding these terminologies, you will have a hard time understanding what cryptocurrencies are.
Or at least how to use them.
The number one problem that faces the cryptocurrency industry is language.
It seems to regular folk that the cryptocurrency industry is a different world.
And it is the reason cryptocurrency adoption has been hard to achieve.
One possible solution to this problem is mass education using legacy technologies.
At E-Crypto News, we have taken a rather “avant-garde” approach.
We use different ways, means, and methods to show everyday people the pulse of the industry.
We have used our articles in simple language to educate people on what goes on under the hood in this new industry.
By doing this, we have increased awareness among anyone interested in new technologies.
We have also created a new paradigm where we have become the “Rolling Stone” magazine of the cryptocurrency and allied technologies industry.
We have used our interviews to present the human side of the cryptocurrency space.
We have shown what is going on.
It has also created new media opportunities for these organizations.
It leads us to the next point.
The mass media boycott of cryptocurrencies and their allied technologies has stifled the growth of mass adoption.
Mass Media Organization Have Muffled the Voices of the Cryptocurrency Industry
Mass media organizations have, mostly, manipulated the perceptions of the public with soundbites and cliché definitions of what these technologies are.
After the crypto winter of 2017, there was a mass media boycott of the cryptocurrency industry.
It almost destroyed mass cryptocurrency adoption.
The rise of new internet media has, for the most part, helped revive interest in the industry.
The emergence of new media technologies has still not cracked the “Gordian Knot” of cryptocurrency adoption.
Internet media organizations have a smaller reach than traditional media organizations.
They, too, have technological limitations.
Internet access in many countries is limited to those who can afford devices and bandwidth.
Social media platforms like Twitter have been beneficial in expanding public consciousness about cryptocurrencies and their technologies.
However, for too many people, the internet is one aspect of human existence.
Unless mass media organizations start telling the right story about cryptocurrencies and their allied technologies, we may not see the desired cryptocurrency adoption.
New media organizations will have to find ways of using loopholes that exist in the media space to reach the everyday Joe and Jane to achieve this.
World Governments Fight Cryptocurrencies and Their Allied Technologies
The emergence of Bitcoin and the Altcoins has shaken many world governments to their very core.
The ability of asset transfer over global distributed ledgers has been something of a shock for everyone.
World governments are scrambling over themselves to create their versions of digital currencies on distributed ledgers they can control.
Then they try to find ways of crippling free will by creating bans on public ledgers and their fungible and Non-Fungible tokens.
It has thrown the cryptocurrency space into confusion and repair on the next steps to take.
Some governments though understand that either a revolution or evolution is coming, and cryptocurrencies and their allied technologies are going to be at the heart of this “white swan” event.
These governments have put together laws and rules that govern the use of cryptocurrencies and their allied technologies.
They have also moved way faster than the rest of the world when it comes to cryptocurrency adoption.
Without adequate legislation by world governments concerning the use of cryptocurrencies and their allied technologies, the cryptocurrency industry will remain in limbo but will never go extinct.
Some naysayers hope it will.
That won’t happen!
Legacy Technology Companies are Fighting Back
The transition from web2 to web3 was never going to be easy.
Web2 technology companies have made so much money that they have become the “de facto” standard of what technology means to the world.
Several web2 technology companies have created file systems like NoSQL and others to compete directly with distributed ledger technologies.
They have also used their veto power within financial and media circles to pressure institutions dependent on their services and technology to keep web3 technologies out in the cold.
Yes, this may work for a while, and legacy technologies will continue to win the battles in the interim.
They won’t win the war in the long run.
The crucial point of the emergence of web3 technologies is to change how people think and use technology.
Not how to make a profit from it in the first place.
How that will play out in the interim is unclear though as more people are becoming aware of what cryptocurrencies and their allied technologies can do.
Possible Solutions Exist
More problems have slowed cryptocurrency adoption.
However, these problems, if tackled, will lead to much higher rates of adoption that we haven’t yet seen in the cryptocurrency industry.
The following depicted may serve as possible solutions to the issues that have been presented.
“Geek Speak” Should be Kept to a Bare Minimum
As with any technical industry, the technical terms of the cryptocurrency space should be kept to a minimum.
When explaining the terms to interested outsiders, members of the cryptocurrency space should try to find practical examples in other industries.
That way, the technical impasse that exists between both sides will disappear.
Communications professionals are needed in higher numbers than present in the cryptocurrency and allied distributed ledger technology industry.
The ability to present complex and often “tough-to-understand” concepts in simple ways, means, and methods is a gift.
We need such gifted people within the cryptocurrency and allied web3 technology space!
Cryptocurrency adoption can occur on a massive scale if we continue to act as if everyone understands everything the same way.
We need some kind of communications “renaissance”.
Communicating these models and technologies even to the little ones coming after us should be a priority.
We could create a new industry if we get it right!
New Internet Media Should Exploit All Communications Opportunities
The world is shifting towards internet-based technologies.
Internet media organizations and practitioners can take this opportunity to help advance the cause of cryptocurrencies and their allied technologies.
The internet is a global phenomenon.
We can now do business regardless of location with the existence of digital assets that can be transferred across borders with ease.
This, and other benefits, should be communicated in simple terms to the rest of the world.
For want of publishing space, we could have discussed the many benefits of cryptocurrencies and their allied technologies in this editorial.
However, internet media companies owe the world an obligation to spread the good news.
Using direct response elements, especially in advertising and marketing, are ways and means of spreading the fire quicker.
We can always find ways of making people listen using direct response marketing and advertising.
We need more “Ogilvy’s” who can create new marketing messages that resonate with just about everybody.
One thing is certain: traditional methods and techniques won’t work in the cryptocurrency space!
However, adding the “extra” to extraordinary will certainly improve cryptocurrency adoption!
Governments Need to Engage with Crypto Professionals
To create an environment where cryptocurrency adoption can thrive, world governments need to engage with professionals within the space.
That way, an honest discourse can happen about what cryptocurrencies and their technologies are and what rules must exist.
The continuous “witch hunt” by many governments in the name of regulation has to stop.
The truth is cryptocurrency adoption will happen either with support (an evolution) or without the support (a revolution) of world governments.
After the horse and carriage came the car.
The post office, the calendar, and other forms of technology have been replaced by the mobile phone.
But never in the history of the world have new technologies been maligned by governments.
Legacy Companies Should Adopt Cryptocurrencies and Their Allied Technologies!
In truth, the dogfight between legacy technology companies and the cryptocurrency space shouldn’t exist in the first place.
The law of the technology world has always been that superior technology will always replace the inferior one.
When it comes to cryptocurrency adoption, the same rule applies.
We can think of the emergence of cryptocurrencies and their allied technologies as a better way of doing things.
The cryptocurrency space is big enough for all of the technology to exist together!
That way, we can push the world together on the cryptocurrency adoption journey.
It no longer needs to become a race, but a journey.
And that is how the cookie crumbles!