Are you bothered about the global rate of adoption of cryptocurrencies? Don't be, Crypto won't go to people, people will go to crypto. Let's pause and think about that for a while, Bitcoin was the very first cryptocurrency, only few people had access to Bitcoin at its inception and found it meaningful. Bitcoin didn't just go to their wallets automatically, those people specifically went for bitcoin, even though most did not expect it to be what it has become today.
Several years after Bitcoin came into existence, a myriad of Blockchains were developed with each their own cryptocurrency economy, what is majorly overlooked is that behind the walls of all the crypto noise are viable applications that people are using to solve real world problems such as privacy, transparency, immutability, transaction speed, data storage and security, etc, some even compare the global effect of Blockchain to that of the internet.
Most of these applications developed are novel solutions to most problems existing in today's industries and large cooperation's, even though majority are not perfect, a lot are very well in the works. The year 2019 posed to be a big year for the Blockchain in terms of development and exposure, what was formerly revered or despised is gradually becoming a thing for even big players in the tech industry.
In an interesting article picked up from hackernoon. It is well discussed how tech giants are taking leaps in getting involved in blockchain infrastructures, either in the provision of offering blockchain as a service or thoroughly researching into its fundamental applications.
Google, Amazon, Facebook, Square… And the list is growing. It seems that everyone wants a seat at the table. According to Bloomberg, among tech giants, IBM and Microsoft have so far led the charge in offering blockchain-related tools and letting companies tinker with digital ledgers using their cloud services.
There is a general notion that before blockchain technology goes mainstream it has to go to people, but it appears that the situation is quite contrary to that notion, blockchain as a service will go mainstream when anyone can apply any of its myriad of solutions in their mode of operation and we can see that already in the works compared to how it used to be.
Back in the days mining Bitcoin required installation and running of heavy equipments and a lot of electricity with a lot of technical expertise, still it does, but other blockchain infrastructures were developed along the line to make it easier, though under different names, are only in existence as a result of the very first blockchain and cryptocurrency Bitcoin.
From the application of hard coding skills to the usage of costly infrastructure, today we have blockchain protocols that make it possible for anyone to acquire or earn cryptocurrencies. A case study of the Steem blockchain.
The most unique, and potentially disruptive, feature of SMTs is the ability for anyone to launch a powerful cryptocurrency with industry leading features, without having to write a single line of code.
With major milestones crossed in the development of the Steem blockchain, people will have the ability to launch their own cryptocurrency with no single line of code which is a prevalent barrier related to concerns of crypto mainstream adoption. This is just 10 years after the bitcoin whitepaper was released, with Steem in the game, we have a situation of "no code to make crypto, no code to earn crypto", a total revamp of the existing system, a total game changer.
Lastly, 2019 has also been the year governments around the world are waking up and taking different pragmatic actions as regards the application of different blockchain solutions, while others are quick to ban them due to the myriad of corrupt loopholes built around their existing system making them to be perceived as threats.
Not all countries see the advent of blockchain technology and cryptocurrencies as a threat, albeit for different reasons. Some of the jurisdiction surveyed for this report, while not recognizing cryptocurrencies as legal tender, see a potential in the technology behind it and are developing a cryptocurrency-friendly regulatory regime as a means to attract investment in technology companies that excel in this sector. In this class are countries like Spain, Belarus, the Cayman Islands, and Luxemburg.
At this junction it is evident where the face of crypto mainstream adoption is headed, it is no more about the blockchain going to people, it is more of a case of "take it or leave it, and risk getting left behind". Are you still bothered about the global rate of adoption of cryptocurrencies? Don't be, Crypto won't go to people, people will go to crypto.
Thank you for reading....may the crypto's be with us.