First thing that comes to mind when you think of why people are reluctant on adopting crypto is technological illiteracy in underdeveloped countries generally and Lebanon specifically. Technological illiteracy in Lebanon is somehow not as common as it is in other underdeveloped countries but nonetheless it still exists. However, the solution for this is making cryptocurrencies as accessible as the Facebook app. In Lebanon even those who are completely out of touch with technology have a smartphone and a Facebook profile. They do not really need to understand how Facebook actually works, they just know that it does, and they value it because of this. Cryptocurrencies as a user interface and experience is being developed consistently and made more accessible after more than ten years since its inception. In the early days, only those with technical programming capabilities were able to manage their coins, but right now any person with a laptop or even a smartphone can have his or her own wallet and transact with it even easier than a bank credit card. Definitely this user experience will be enhanced even further and made accessible to the remote villagers and those who want to use crypto for ends meet.
The second limitation is the people’s general skepticism towards a new technology. In a country filled with traditionalists, the Lebanese traditional ways are a blessing and a curse. I would say a significant amount of people are traditionalist when it comes to their finances, some people did not even deposit their savings in the bank. This was good for them as they were able to dodge the dollar confiscation bullet. In the same sense, when it comes to crypto, he is afraid the money will be stolen somehow. However, I think with time as cryptocurrencies keep on proving that they are a valuable form of money, people who are traditionalists or not will be forced to adopt this new world of digital currency. Cryptocurrencies simply need more time to prove that they work, ten years is not enough.
Cryptocurrencies are not a top down technology decreed by the authorities. It is not a one rule fits all type of concept. They are perceived as a revolution, it is order, profit or simply an interesting technology, but most importantly some cryptocurrencies, most notable Bitcoin Cash can serve as a solution to some fundamental problems plaguing the nation. Once such coins prove its capability to solve a collective problem, this is exactly when mass adoption takes place. It is not that you want Bitcoin Cash, it is more like you absolutely need it sometimes, and if not now, in the coming years it will be the only financial link with the outside wold, as sanctions by the U.S persist and USD becomes harder and harder to come across.
