Crypto mass adoption: where do we go from here

The recent collapse of several centralised exchanges has dealt a huge blow to mass adoption of cryptocurrencies. One centralised exchanges after the other is going down, often times causing their users to lose funds as withdrawals are usually suspended or disabled. Rugpulls are also a clear and present danger.

Due to these unfortunate occurrences, the entire crypto ecosystem is being tagged as ponzi or scam. The damage that has been done is significant and cannot be easily quantified. Mass adoption has taken several steps backwards as the mention of digital currencies, cryptocurrencies or block chain technology is now synonymous with fraud for some. I have seen people who strongly opine that anything related digital money or crypto related is a scam.

The reason for this is the emergence of ponzi schemes which have robbed people of their funds hiding under the guise of cryptocurrencies. For this group of people the mention of anything related to crypto will leave a bad taste in the mouth and consequently be met with a strong wall of resistance. Convincing such persons to utilize or adopt cryptocurrencies in the future will surely be an uphill task.

While mass adoption of cryptocurrencies may be easier in developed countries irrespective of the challenge from government interference, it will certainly take more time and effort to achieve in the developing world particularly in Africa specifically in rural previously unbanked communities. Till date there still exists communities in Africa as well as other parts of the globe who prefer their dealings to be in cash even with the option of digital banking available.

Due to cases of fraud associated with digital or electronic banking some even educated individuals have opted not to sign up for electronic channels of communication as well as the use of debit cards. These individuals believe that signing up for these services would make them vulnerable or put their finances at risk due to the activities of scammers. Their stance has been somewhat justified as there are fewer cases of hacks associated with those who do not utilize these services when compared to those that do.

The task of taking the message of cryptocurrencies to the grassroots will by no means be a walk in the park. Most of those residing in rural communities have never interacted with conventional banks rather they choose to stick with the old ways of holding or keeping physical cash for their transactions and even savings.

Indeed for these people in accessing their financial state or status, seeing is believing for the figures in one's bank account are simply mere figures as there have been cases of people wanting to withdraw funds from their accounts only to be told that there is no physical cash available to match the amount they intended to withdraw.

For mass adoption of cryptocurrencies to be efficient and effective, the following should be done :

1. Break down the message of cryptocurrencies and blockchain technology in the simplest of terms and delivered in the local language or dialect. The presentation should have a pamphlet or leaflet for the benefit of those who are literate with an audio recording of same for those who cannot read.

2. A practical or hands on demonstration of sending and receiving assets using a non-custodial wallet. The aim of this demonstration is to show the ease with which transactions can be executed on the block chain as well as demonstrate that every transaction on the blockchain is recorded and such records cannot be manipulated.

3. Encourage those who are convinced about using cryptocurrencies to be crypto ambassadors who will spread the word to others who are not in the know or skeptical about it. Let the slogan be each one, teach one. Spreading the message will obviously have its challenges as many in rural communities do not have internet enabled devices or where such devices are available their specifications may be inadequate for the installation of crypto wallets .

Lastly something has to be done about bad actors in the cryptospace who are giving the space bad public relations. Though it may not be possible to totally curb their activities as even the conventional banks have not been able to do so, it has to be minimized. The sheer volume of cons or scams in the cryptospace is simply too worrisome probably perhaps because crypto is still in its teething stages hence the information deficit amongst new entrants which unscrupulous elements continue to exploit for their benefit.

Thank you for reading.