Cryptocurrencies are setting the world ablaze. These are the top five points of entry for their global takeover.
Blockchain Mass Adoption, Top 5 Strongest Potential Gateways: A World of Bitcoin and Cryptocurrency
What is Blockchain Mass Adoption?
Put simply, blockchain mass adoption is the widespread use, or utility, of bitcoin and other cryptocurrencies by everyday people doing everyday things.
Aside from the much anticipated approval of any bitcoin exchange traded fund (ETF), where Wall Street and other investors around the globe can invest into bitcoin without actually investing in bitcoin, the widespread use of crypto amongst everyday civilians, who have nothing to do with the finance or technology sector, is the pinnacle of achievement for the blockchain ecosystem. This scenario means things like apps on our mobile phones, household appliances, entertainment, online shopping, service remittance, public transportation systems, and even government administration can potentially be carried out on the blockchain, and powered by cryptocurrencies.
I will add that there is an amazing mass adoption frontier that is taking place in big business, where large enterprises are slowly moving towards blockchain based systems in order to cut costs and increase security across the board. See the IBM supply chain decentralized ledger when you have a moment:
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Blockchain tech has struggled to make its way into the business world, but IBM has ambitious projects aimed at making the technology more usable at the enterprise level, and the tech giant is pushing its agenda
But these lofty Fortune 500 goals are often out of sight and out of mind for everyday mobile users or consumers. The blockchain world needs absolutely everyone who engages with technology on a day to day basis, to be engaged through blockchain and cryptocurrency technologies.
Why is it important for everyday civilians to use blockchain technology?
At first sight, this question is probably only relevant to those who actually know how powerful fully distributed, immutable, unbreakable, traceable, cost effective, and secure accounting ledgers are for the global economy, governments, and a wide range of other industries - every industry. But for the everyday person who is not familiar with the technology, why would the use of blockchain technology be important for regular people?
Well let’s first look at a similar revolution in technology, the advent of the internet. We can then ask, why it is it important for everyday civilians to use the internet? From the perspective of the civilian, the internet is an extremely useful tool. It gives us access to the global consciousness of knowledge, and a timeless database of information that is constantly evolving and being perfected as time passes. If we need to find the closest place to eat because we are starving, we use Yelp for location and reviews. If we need to find out the score of our favourite sports team, we simply type the team name into Google. Need to connect with someone overseas? Try hopping onto Telegram for encrypted instant messaging. You have to rally a social movement against a catastrophic decision of a dictatorial government? Check your Facebook.
The utility of the internet has allowed us, to quite literally, connect with the entire world in a way like none other in history. All of this activity has given rise to data that allow us to understand our own behaviour like never before. And in understanding ourselves, we can evolve into something better.
So is blockchain mass adoption similar to the rise of the internet? Well the rise of blockchain technology is similar because it does have the potential to spread at the similar wildfire rate that the internet did. And very similarly, the depth in data that arises from use of blockchain apps or the exchange of cryptocurrencies, can allow us to make better decision in a range of areas like finance and judgement in legal systems, all of the way to making better decisions about our healthcare, or content that would improve minds our lifestyles. Because blockchain technology is usually transparent and shared across a ledger viewed by multiple unassociated parties, data can be used by those unconnected, multiple parties, in collaboration, to achieve stronger and faster decisions, with much less effort than ever before.
Do you need to understand blockchain technology in order to adopt it?
No, you do not need to understand blockchain technology in order to adopt it. There are most likely millions of bitcoin traders and investors that have very little idea about the actual power in the underlying technology of their coins. Yet they are still able to buy and sell bitcoin with much ease on one of the many thousands of blockchain and cryptocurrency exchanges that have emerged in the last two years.
The biggest hurdle that cryptocurrencies face is in fact, utility. How can we use our coins besides trading them with each other? Can cryptocurrencies also provide value aside from simply investing in them and hoping that they will increase in dollar, or fiat value. The answer is a resounding yes! And this is the goal that developers in the blockchain ecosystem, are striving so hard to achieve.
So let’s take a quick look at the five strongest potential gateways towards blockchain mass adoption. It is through these gateways, that people who do not necessarily understand blockchain technology, will be able to find the most utility for their cryptocurrencies, and inevitably move everyone towards blockchain technology, globally.
The 5 Potential Gateways Towards Blockchain Mass Adoption
Bitcoin and Cryptocurrencies as a Payment Option
Bitcoin’s utility was first recognized as a potential payment option for digitally savvy consumers who sought alternative means of remittance for products and services whether procured through brick and mortar operations, or most notably, purchases made online. Finding local restaurants, bars, or other customer service friendly outlets that accept Bitcoin is becoming very common place.
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Now the answer sounds more like “you’re not accepting Bitcoin yet?!”. Whether you are a consulting firm on Bay Street, or you are serving Chinese cuisine on Spadina, the revolutionary transaction verification system is spreading like a wildfire and your business should keep an extinguisher in its model.
Customers appreciate the power of having options when they consume. Adding Bitcoin as a payment option has elevated the status of many businesses simply because they are ahead of the technological curve of society.
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As well, cryptocurrency payment services, such as BitPay, are making the adoption of Bitcoin as a payment option very easy for businesses large and small. Businesses using Bitpay in the U.S. also have the option to settle transactions in USD, so that they can accept Bitcoin but not necessarily have to hodl it if they did not believe in a bullish market at that time. With more and more businesses finding their customers to be Bitcoin investors, the wise choice of accepting bitcoin as payment, will inevitably propel bitcoin investment from those same customers, and continued use of Bitcoin as a payment for those businesses. This positive feedback loop is likely to be one of the strongest gateways of adoption, as people will see Bitcoin on par, or a better means of payment than using credit cards or cash.
Still wondering whether or not big businesses will be accepting your precious BTC as payment? Check out Starbucks’s position on the frontier of technological revolution. Just imagine if every Starbucks in the world accepted Bitcoin, mass adoption would be right around the corner.
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The news that the owners of the New York Stock Exchange – the Intercontinental Exchange – has teamed up with Microsoft, BCG, Starbucks and other firms to launch the Bakkt company that will push Bitcoin and other digital assets towards becoming mainstream financial asset, has come at an opportune time in the crypto-verse. The news came […]
Blockchain and Crypto Gaming
The gaming industry is enormous. Worth over $100B in 2017, the gaming industry provides another powerful gateway towards crypto mass adoption. This is not just because the blockchain industry is primarily made up males age ranging from video game beginner to seasoned veteran. Gaming is a digital gateway for millions of people everyday, engaging in activities of all kinds. The one beauty about blockchain technology, is that these activities, however inconsequential or momentous in the game, have a value that can be stored as cryptocurrency.
Let us set aside the fact that digital currency has been present in games like World of Warcraft, for decades. The transition from those currencies towards cryptocurrencies for a gamer would be as simple as breathing. If anything, the excitement in knowing that serious gamers have the opportunity to earn a competitive income through blockchain gaming, will have millions of gamers racing towards their computers in hopes of acquiring that rare item worth $10 000 USD in ETH or taking over in game economies with their own crafted items that they can sell for crypto coins.
The possibility for monetizing in game activity is endless. I personally used to play World of Warcraft quite obsessively. Looking back at that experience now, those 250 thousand honourable kills in player versus player mode (yes I pvped ALOT) may have actually been worth something on the blockchain.
So game developers, and gamers alike, have a miraculous frontier to look forward to. Finally, all of those countless hours in front of your monitor or gaming console, may end up paying for a college tuition if you are good enough.
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After already having experienced decades of in-game currency from household names like World of Warcraft, Pokemon, and Grand Theft Auto, the idea of actually earning real tokens, with an actual value ,is going to have millions of gamers on the edge of their seats looking to pay the bills with all of those homegrown skills.
Blockchain and Bitcoin Gambling
Of course along with any currency comes the opportunity to gamble. If investing into crypto isn’t enough of a gamble for you, you can gamble your BTC on a myriad of platforms already available online. Now you may be thinking, well gambling is bad, we shouldn’t gamble, gambling ruins lives. Yes sometimes those assertions may be true. But Las Vegas wasn’t built on a moral high ground, and if anything, cryptocurrency and blockchain gambling may lead us towards more ‘ethical’ gambling practices, as the opportunity for fraudulent behaviour is minimized by blockchain technology, not to mention cost savings involved in global digital casinos, as opposed to the gaudy brick and mortar experiences we may be used to. Millions of people may find comfort in knowing they can poker away at their favorite financial addictions via the comfort of their desktop, or even mobile.
It’s just a matter of finding that digital experience that can closely emulate the feelings we get when we are living the real thing. I mean, nothing is going to replace Las Vegas, we know that for sure. But the advantages of having hundreds of game selections to choose from, different currency options to fund your account, smart contract technology to provide fair play, and the fact that there will more likely be liquid swirling inside the operation that you are engaged in, rather than bootstrapped back room operation, may have you sitting in for a few rounds.
Do you like betting on sports? Check out 1xBit’s sport betting platform using blockchain when you get a chance. But remember, always play with what you are willing to lose, some of these bets are as risky as… cryptocurrencies? LOL
Blockchain Integrated into our Social Media Platforms
This gateway is probably going to be one that creeps up on us all. We may wake up one day to find that our social media activity is being recorded on the blockchain for the ease of use and retrieval by ourselves, our friends, or anyone else we choose to share our data with. In this world of interconnectivity, social media and blockchain technology go hand in hand. I mean, we may not necessarily have to pay in cryptocurrencies to use the platforms we already know and love, but for us to be able to record engagement on a blockchain, and subsequently have that record readily available for future use, in a myriad of capacities, could give rise to some interesting social media features that we don’t even know about yet. Understanding our own behaviour on social media will inevitably give rise to a better user experience for both ourselves and those that enjoy our profiles.
On the talking point of actually using cryptocurrencies on our social platforms, there is a large swath of ICO projects aiming to be platforms where creators and users are effectively compensated for both creating content and consuming it. Scrolling though your feed may not be as boring and mindless after all, you could get paid! Facebook looks to be developing their own plans on blockchain frontier as well. The integration of blockchain technology into any major social media network will certainly spread cryptocurrencies like wildfire
Blockchain Integrated into our Government Systems
Government document administration and processing, paying our parking tickets, taxes, fines, and others fees with cryptocurrency would catapult society leaps and bounds ahead of currently ancient and often outdated systems that digest information and payments at agonizingly slow speeds. As well, storing our medical records on the blockchain could give governments and medical institutions across borders the opportunity to care for patients in a much faster and effective way.
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I live in Canada, I very much appreciate the national health care program we have in place. But often times the system is laggard, and much of this is due to bureaucracy and the processing of data through paper documentation. Just imagine if all our of medical records were stored on a blockchain? Any doctor or hospital across the nation would be able to access our medical history and apply the appropriate care with little to no effort. As well there may be a group of people with a similar condition to which their data can be used in making the best observation of our medical diagnosis possible.
Cryptocurrencies and blockchain will most certainly be adopted as payment options. At some point, I suspect governments will adopt this method of remittance as well - it's far too effective not to. But the implications for humanity reach far beyond money. Accounting for this miraculous technology is only part of the process.
The path towards mass adoption may vary, but gloriously, the destination remains the same.
Alex, Founder www.Cryptonicles.com
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