Hurdles of the Cryptocurrency Adoption - Part II
[ Opinion ]
This article is full of highly charged opinions. Unlike blockchain technology, we will look into the world of cryptocurrencies — a subset or by-product of Blockchain. It will extenuate opinions from different viewpoints. We understand that proponents of cryptocurrencies may not agree with us. Kindly read this with an open mind and if you have a strong opinion, feel free to write to us. We accept all forms of opinions — whether you’re a proponent or opponent of cryptocurrency.
Recap Part I
- Psychological issues are mainstay factors of cryptocurrency adoption
- Proponents and opponents have valid points
- Gaining recognition has been a challenge since its inception
- Inability to control is one of the main reasons
In part II of this article, we looked at some of the barriers to cryptocurrency adoption. In this article, we discuss some of the followings
- Is cryptocurrency in a position where “money” once was
- Possible discourse(s)
- Issue beyond Value
Similar or Different?
Cryptocurrency has value. Period. Value is something man-made and is a statement no one can counter value. As long as someone values something, no one can claim that it is valueless. It could be said as worthless in the eyes of the public but it will forever have value as long even one (1) person values it.
Likewise, for cryptocurrency, there is a sizable portion of the population globally that values it and is fast catching on. Many people have akin cryptocurrency to money at the latter’s beginning. Initially used as a method simply bartering, the value of money has evolved over the years to sophisticated forms we know today. Some have argued that the availability of many coins is just like the different currencies and forms of “money” (bonds, stocks, etc) we have today. Although this is not fundamentally the same, we can understand where they are coming from.
Cryptocurrency is at its infancy and nobody really knows what the future holds — just as how our predecessors were with money thousands of years back. Whether you agree with this isn’t the main priority. As mentioned in part one, one of the main reasons why the cryptocurrency isn’t widely adopted currently is a psychological one. The fear of the unknown can be both exhilarating and fearful. Unfortunately (fortunately — depending on how you look at it), the majority of the public including those speculating in the cryptocurrency have reacted toward the latter.
All is not gloomy and depressing for supporters of cryptocurrencies. There are many possible discourses that can break the vicious cycle — in part I — and give cryptocurrency the respect it deserves in today’s financial standing. We look at the polar extremes that may happen, anything that falls in between is a norm dictated by market forces.
Government intervention will most probably be the cause of this. If and when authorities globally decide to ban cryptocurrencies outright, it would have an instant effect and render whatever coins we have almost worthless. The good news is that this is highly unlikely to happen. Firstly, for political reasons. No one Government of one country will want to be seen pandering to another foreign Government. This alone will ensure that the whole cryptocurrency project will not die an instant cessation through this way.
The South Korean government banned outright trading by cryptocurrency in 2018 with literally no major effect in the cryptocurrency community.
Secondly, the next possibility is the outbreak of World War III. Something that may not be as far-fetched as it seems but definitely will be beyond the scope and relevance of this article.
Acceptance through thought-leaders
On the polar spectrum of it, world Governments can also band together and declare the support of the cryptocurrency as another form of “money”. Banks and major institutions would highly ride on their respective Government directive. This would surely result in more people adopting cryptocurrency — whether they like it or not as the human mind is programmed to experience FOMO (aka. The Fear of Missing Out).
However, this is also highly unlikely going to ever happen. It might, slowly over time but not within a short space of one another.
These are possible discourses that may happen. The reason why both discourses discussed are highly unlikely is due to other issues.
An issue Beyond Value
Cryptocurrency woes of slower adoption rate are the issues beyond the just value. One of the main issues which we will discuss is the lack of control as previously mentioned in Part I. No Government or leading organization is willing to promote something which they do not have control over nor understand what the future might hold.
It makes them nervous and puts them constantly on edge. This is the reason why they don’t invest or approve cryptocurrency currently. At the same time, they certainly see potential in it and that is why we don’t see the death of cryptocurrency either.
Interests to protect
Furthermore, these authorities/thought leaders have other interests to protect and are not in the best interest or position to promote it — yet. Until the day humans are able to figure out what the position of cryptocurrency is, cryptocurrency will always be in limbo.
P.S: Hope you enjoy reading our opinion pieces so far!
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