The cryptocurrency era began back in 2009 and the virtual asset ecosystem has since faced a lot of ups and downs. Over the last decade, the adoption of crypto-assets has been one of the biggest discussions in the space.
Longhash interviewed some of the most influential proponents in the industry and queried them on the “biggest barriers” affecting the adoption of cryptos.
Justin Sun, the CEO of Tron, suggested that one of the major reasons behind stagnated adoption was that people still lacked clarity regarding the idea of cryptocurrencies. User experience for users was not good enough and he suggested that people had to understand crypto from a fundamental perspective first.
However, notable crypto-analyst, Tone Vays, stated that the barriers formed around crypto-adoption had weakened over the last few years as users had started to understand the importance of Bitcoin [BTC]. He said,
“I think the usability of Bitcoin could be better, the wallets, the friendliness, the interfaces need to get a little bit better, and Bitcoin security needs to get simpler and better, and that will evolve over time, but the biggest barrier at the moment is misinformation.”
Erik Voorhees, the CEO of ShapeShift, suggested that hurdles from a regulatory point of view remained as well. He believed that big financial institutions were “all very hesitant” because there was still a lot of uncertainty and doubt in the market. He said,
“I think that’s been globally the biggest barrier so far.”
Finally, Tyler Spalding, the CEO of Flexa, suggested that worldwide adoption had a lot to do with price speculation and functionality. He said,
“So the bigger question is how do you make is usable by regular people, so that they can benefit from it? So it’s not an investment and it’s not speculative, those things will be out there, but what are the other projects that are building something meaningful to the average person? That’s really the barrier, it’s figuring out what some of those pieces are.”
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.