Did you know that as of the beginning of 2021 there are more than 18 million Bitcoins that exist? Marking a decade in existence, Bitcoin has grown to heights that skeptics didn’t foresee. Bitcoin miners are doing all that they can to unearth millions of coins globally. According to various sources, it’s easier to understand how this decentralized cryptocurrency has grown over the years.
The fact is that Bitcoin continues to circulate within financial markets due to the amount of exposure and legitimacy it has accomplished in a decade. Actually, there have been research studies that have solely focused on the mass adoption of cryptocurrencies. Particularly, how it can benefit the public and how financial transactions are conducted. However, a shift in the implementation of Bitcoin towards mass adoption requires plenty of preparation of various elements. To find out more, you should keep on reading.
Bitcoin Doesn’t Need More Exposure
Nowadays, there’s a lot more information about what Bitcoin is and why you should invest in it. In fact, there are a lot of financial decisions that you make today based on the information that you have access to. The thing is, when you take the decision to invest your efforts into Bitcoin you should understand that it isn’t risk-free. It’s the same as buying any other trading and investment commodities. The difference is that its volatile price has the potential to make it riskier and profitable simultaneously.
The fact is that Bitcoin is still relatively considered an emerging technological investment option, any lack of knowledge can increase the risks that you’re exposed to. As a result, in the beginning, this investment technology was marred by frequent fraudulent hacks and other risky threats. With enough exposure, wider acceptance and attainment of a degree of legitimacy, bitcoin has improved its overall regulation. In addition, it has grown in popularity among traditional financial institutions. And has provided you with a secure investment alternative when it comes to buying or selling your stocks. While ensuring that it’s convenient and simple for you to handle your investments without relying on an investment manager at all times.
Bitcoin is known to be a volatile investment. This means that there are always factors that influence the price you’ll go up and down. There are specific primary risks that are associated with this type of investment. These can be summarized as follows.
- The value of your Bitcoin can decrease after you’ve bought them.
- You can lose access to your Bitcoin if you lose your private key.
- Hackers can get access to your private key and steal your Bitcoins.
What’s the Real Goal of Bitcoin?
Now that you understand that Bitcoin has sufficient exposure to validate its legitimacy in investment markets, you should understand what the real goal of Bitcoin is. First things first, you should know that Bitcoin is a cryptocurrency that is a part of a blockchain technology operating within a wider investment technology universe. This means that there’s a distinction that exists between your digital assets and cryptocurrency. There are a number of stages that have taken place to ensure the legitimacy of cryptocurrencies. Moreover, to ensure that they remain a currency and technology to compete with traditional financial systems.
The goal of Bitcoin mining has become focused on having it accepted by the public at large and adopting it as a day-to-day transactional system. To achieve this mass adoption, governments should create an environment that enables blockchain technology and cryptocurrencies to flourish. In addition, this adopted technology should be incorporated into governmental practices for efficient and secure intergovernmental transactions. Yet, many countries, except for El Salvador, have not yet taken the stance to adopt this innovative technology into their financial systems. This has caused mass adoption of cryptocurrencies to move at a very slow pace. On the other hand, it has also highlighted the need to better prepare users instead of focusing solely on the benefits of mass adoption and prematurely executing its implementation.
How to Prepare for Bitcoin Mass Adoption
Even though there are many benefits of mass adoption, there is still many people who are not aware. Instead of using your resources to implement mass adoption, it’s better to shift your focus towards preparing your audience for mass adoption. Using these 5 key strategies should help to improve your process.
1. Building stronger businesses
Governments aren’t the only key role players towards helping everyone prepare for cryptocurrency mass adoption. These currencies and technologies require efficient support from businesses that have a strong foundation. One way to ensure this is by building products that are suitable for Bitcoin technology. Using fast developing technology such as artificial intelligence for product creation is one of the most common ways to build stronger businesses that can be prepared for mass adoption. Artificial intelligence also benefits the security measures within your business, so you don’t worry much about hackers accessing your private key.
2. Enhancing applications
The fact of the matter is that the initial goal of decentralized cryptocurrency systems was to bypass traditional financial institutions for peer-to-peer transactions. Yet, most businesses have focused on mass adoption for cryptocurrency transactions. In the same breath, they’re forgetting the core fundamentals of advancing any blockchain; building one that works for and with the masses. To prepare your application for mass adoption, it should solve the following fundamental problems.
- Create a payment platform that isn’t volatile.
- It should be simplified to improve accessibility.
- It should be easily available.
- It should be highly scalable for seamless integration with existing compliance and financial systems.
3. Creating strong code
Strong code enables you to drive innovation. In addition, it should help you to improve openness if you’re trying to foster new markets. Nowadays, there’s a lot of talk about open source on blockchain. Creating strong code whether it’s open source or not is a key consideration that you should make. It actually drives the overall technical architecture of your blockchain solution. But how can you ensure that you create strong code to effectively propel your digital technology services towards mass adoption? These are a few considerations that you should make.
- When you’re building your code, you should ensure that you create an end-to-end solution that covers your application and network components.
- You should design a smart yet simple framework that allows easy customization.
- Your code should address every potential security consideration such as access and identity. This should improve how private keys and certificates are managed.
- Your code should allow for flexibility to address your scalable growth needs.
4. Training staff
Harnessing your data and technical infrastructure isn’t the only thing that you should focus on when you’re trying to prepare for mass adoption. Chances are that you have technical support staff that addresses the concerns that your users have. The most crucial thing is to teach your staff to highlight the benefits of mass adoption. You’d be surprised to find that lack of knowledge of Bitcoin is still a major obstacle. Having staff that’s adequately knowledgeable about various products is important if your aim is to get the public to trust relying on digital currency for their day-to-day transactions.
5. Improve Cryptocurrencies
If you’re thinking of launching a cryptocurrency project with the aim of mass adoption in the future, you should have a strategy to appeal to the public. To make your service a trend, you should do the following.
- Engage your audience even after your launch.
- Include referral programs to incentivize your users.
- Use innovative ways to distribute free tokens.
- Use social media and email marketing to run your ad campaigns.
In summary, it is evident that there is still a lot more preparation that is required to ensure that the mass adoption of cryptocurrencies is seamlessly achieved. The road to the progression of mass adoption requires an extensive reflection on the goals of Bitcoin. There are various factors that should still be considered and addressed so that the public at large is catered to. So far, Bitcoin and other cryptocurrencies have become a large success. And they show promising signs of sustainable adoption.
However, the support of governments and user confidence is still something that should not be overlooked. According to user metrics, the trajectory of cryptocurrencies still shows that there is still slow growth. As a result, it’s crucial for digital financial system service providers to shift their focus towards ironing out some elements. This should help to better prepare the public for this seemingly inevitable change towards convenient financial services.