Practical difficulties when it comes to Crypto adoption
Crypto adoption is going to be an important thing in the coming years. As we are creating more and more new projects, we should be able to onboard more people into crypto. There are so many blockchains available and people who are comfortable with one blockchain don't even think of exploring others. This is something that can be commonly seen everywhere. Everyone is fond of their comfort zone. But well that's not the only reason, there are many other challenges when it comes to crypto adoption.
In this article, we are going to briefly discuss the different types of challenges we have when it comes to crypto adoption and why we are not able to get many people onboarded here.
Lack of knowledge and exposure
The primary problem in crypto is knowledge. Only a specific group of individuals who had enough persistence were able to excel in the crypto world. The knowledge stays among them and it is also equally difficult to share the knowledge with others and also people lack exposure. People easily get exposed to some projects or another other but if the project is not legitimate, they shop showing interest and in some cases, people even think that all cryptocurrencies are a scam.
Concepts are not simple
I agree that the blockchain concepts are not very simple and it took me years to understand certain things and I expect the same from many newbies. Only a few people who have some special skills can master this world within a very short span of time and find a way to make money here. Even though making money is secondary, they have to decide to stay long term and for that understanding, the concept is very important.
People think it is risky
Yes, indeed it is risky compared to the regular markets and things that happen in the FIAT world. Not everything in the world is easy right. There is enough risky stuff as well but once we get familiar with it, we should be good. There are still many people involved in many projects, if things can work out for them why not for us. I agree that there are several risk factors here but there are also equal safe opportunities as well that can be explored.
Legal issues
This is another biggest problem in the crypto world. Many countries have announced crypto as illegal. They all think that cryptocurrencies are against law and there is nothing positive about it. Maybe from the looks of it, it can appear to be like that but there are so many wonderful things that can be done with this technology. People should also stay away from the illegal stuff and get themselves involved only in the legal things. There are ways to do things legally and they should be explored. Maybe get crypto as an overseas payment from a company that considers crypto legal.
Taxes are heavy
This is an understandable fact. Only a few countries think that crypto is a high-risk income and they have kept the taxes low. But most of the companies are targetting to make decent money out of just Taxation. That's one of the reasons why people become a fan of Decentralization and want to avoid taxes. If the taxes are nominal for someone or if someone is already paying tax, they should consider paying tax for crypto as well. But yeah heavy taxes prevent people from exploring this additional opportunity and the technology is also left unexplored and kept aside.
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The major issues are government which hamper the adoption most as you would be surprised to know that in India the government didn't made crypto legal and put it in gambling category and applied 30% flat taxation on profit with no loss set-off and 1% TDS. Lol how we common people will trade now. Gladly DEXs are there but many people won't think much about it after a step like this.