According to a recent crypto related survey, user-friendly solutions that would enable people to spend their crypto coins would increase the demand and adoption of cryptocurrency.
The survey, conducted by Paxful, a decentralized crypto trading platform, showed that people were willing to buy crypto as long as there is a way they can use it to make everyday payments.
Out of the total number surveyed, 23% said that they are okay with buying crypto as long as widespread use is possible. 5% of the survey participants were open to purchasing digital currencies if they were integrated into everyday technology such as smartphone apps instead of using traditional banking apps.
There are already numerous ways to spend cryptocurrency. For instance, it is possible to use apps and debit cards, among other solutions, to pay for everyday purchases. However, there is a need for a better user experience and more aggressive marketing efforts to reach a wider audience.
When we look at the history of crypto throughout its lifetime, one pattern jumps out immediately: each successive wave of interest in the crypto sphere followed a major change in the ecosystem. Two great examples of catalysts that led to massive adoption were the rise of cryptocurrency exchanges and Initial Coin Offerings (ICOs).
After Bitcoin was launched in 2009, it took a year for Bitcoin Market, the first crypto exchange, to open. Once Bitcoin Market opened its doors, it achieved parity with the US dollar in less than 11 months.
Fast-forward to 2016, when the ERC-20 token standard was introduced. This quickly gave birth to the ICO boom, which was one of the biggest moments in crypto history. When tech entrepreneurs realized that they could easily create their own tokens, the blockchain scene and Bitcoin price exploded.
Prior to the Bitcoin bull run that hit the $20,000 peak in December 2017, there was speculation of the ICO bubble bursting. In a relatively new sector where numerous companies claim to bring a value proposition that is almost the same as that of its peers, it is inevitable that most of them would eventually die.
What followed was a crypto winter that lasted from the beginning of 2018 to the spring of 2019. The price of Bitcoin dropped, advances in blockchain technology diminished, and there was a cutback on the release of new tokens. According to one study, only half the projects remained active five months after their ICO.
Through the 2018 crash, we learned that hype alone could not sustain the crypto industry. Most of the companies that claimed that they would revolutionize specific sectors through the launch of their token failed to keep their promises, prompting some to accuse blockchain of being a solution in search of a problem.
However, Bitcoin and most altcoins are still thriving. But it is clear the initiatives that survived the crypto winter are the ones that delivered on their promises and offered real-world use cases. There are numerous examples that illustrate this point.
For example, blockchain seemed to have a lot to offer in the supply chain industry. Most companies in this niche promised transparent proof of origin from the factory to the end consumer. However, in mid-2019, Gartner reported that more than 90% of blockchain projects in the supply chain sector were failing. The supposed cause of the failure was because the technology was unable to live up to the hype.
That being said, there are still several multinational firms using blockchain in supply chain and logistics. This proves that blockchain does, indeed, hold and deliver value.
In the gaming sector, blockchain has added real value to game assets. The virtual market is currently worth more than $50 billion.
Another area where crypto has real-world use-cases is in finance. For some time now, it has been difficult to earn decent interest from traditional savings accounts. Crypto interest-earning accounts open new avenues for earning a passive income that does not involve speculation on the volatile crypto market.
One of the top ways these accounts work is through lending, where crypto lenders deposit their funds on a loan platform so others can take a loan and pay the holder interest. Another common option is staking offers where proof-of-stake blockchains pay new network participants with the equivalent of a mining reward.
Store of value, which was Bitcoin’s original use case, also continues to drive growth today. Throughout the years, citizens in countries such as Argentina, Iran, and Venezuela have turned to Bitcoin to protect their wealth from the consequences of hyperinflation.
However, these are not enough; more needs to be done if widespread use cases for cryptocurrencies are to be achieved.
Nevertheless, people are still purchasing cryptocurrency. According to Paxful’s survey, 20% of respondents in the United Kingdom own cryptocurrency in 2020. This shows that people’s interest in Bitcoin and altcoins, such as META 1 Coin, is skyrocketing. Especially since a survey conducted by the Financial Conduct Authority in 2019 found that only 3% of the respondents admitted to purchasing cryptocurrency.
According to Paxful, if the two surveys are an accurate representation of the population, there is a 17% increase in crypto purchases in the UK. This marks a vital shift in the learning curve and the British people’s desire to take part in the digital asset revolution.
The main point in this survey is that people are open to digital currency as long as there are ways the currency can be useful in their daily use. This is a good sign for cryptocurrencies such as META 1 Coin that already have a specific use case.
META 1 coin is all about human rights, freedom, and abundance. It was created to be a replacement for sovereign currency. We are excited about what future use cases will be developed that further advance user adoption of crypto.