The cryptocurrency industry may be popular, but that doesn’t mean it has seen mass adoption. Even Vitalik Buterin, the creator of Ethereum, agrees. Speaking to The Toronto Star recently, the 25-year old multimillionaire provided reasons why he thinks crypto adoption has yet to catch on.
Crypto Adoption: Why Hasn’t It Happened Yet?
Yesterday, The Star posted an article focusing on Buterin’s thoughts on why crypto adoption has yet to happen and what the industry can do to boost the adoption of virtual currencies.
One of the main issues Buterin discussed with crypto adoption is scalability. If you look at virtual currencies like Bitcoin, you’ll see that BTC can only handle seven transactions a minute on its base layer. Ethereum is in a similar boat, having its maximum capacity set around double Bitcoin’s.
According to Buterin, those aren’t the only issues that have led to a lack of crypto adoption. The wunderkind also touched on account security, privacy, and usability. Of course, the latter doesn’t come as a surprise, as many have found cryptocurrencies difficult to use. Issues with security and hacking are also a major concern, and several cases of crypto scams have surfaced over the past year and a half.
But what happens if we managed to solve all of these problems, from capacity to security issues? Will cryptocurrencies turn into something people use daily? Buterin put forth this question, and it’s a difficult one to answer. Even if cryptocurrencies become secure, fast, and easy-to-use, how do we make the transition to a world that uses decentralized applications or altcoins to purchase items?
These are all questions the cryptocurrency sector will need to answer in the coming years, especially if it ever wants to reach the point of mass crypto adoption. For now, however, it’s about baby steps; perhaps people like Vitalik Buterin should first focus on security.
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