Cryptocurrencies: The road to mass adoption
Creation a digital currency on the internet that can not be copied is a great achievement. Blockchain technology is more and more often used in many projects, but we are still at an early stage of development of this revolution.
Source: Pixabay link [CC0 License]
Bitcoin is an innovation on a global scale, despite today being more digital gold than a payment system. This is likely to remain his role and it will remain a symbol of digital value. At the beginning of his creation, hardly anyone knew about him. Over time, however, more people join to BTC after each bubble. Innovation is slowly coming into effect. Diffusion of innovation is a theory by E.M. Rogers explaining the speed at which new ideas and technologies are spreading.
By Rogers Everett link [Public domain]
| Adopter category | Group description |
|---|---|
| Innovators | They are people who like risk. They often have a high social status, usually have large financial resources. They are open to new technologies and are not afraid of experiments. These people are able to invest a lot in projects that can eventually fail. Their wealth allows them to take such a risk, at the same time giving them the opportunity to earn the most from new projects, in which they were the first to notice the potential. |
| Early adopters | These people have a very important role, it is from them that information about technology spreads to the world. They shape opinion in society. Early users of a given technology have a high social status, good financial standing and are educated. They are a little more cautious in investing, but they track projects in the early stages and take the risk of early investment. They use new technologies as soon as they are available on the market. |
| Early Majority | They take new technologies quite quickly. These people have above-average social status and reasonable financial conditions that allow them to invest. This group acquires new technology earlier than the average buyer. By investing in projects at this stage, people can still earn good money. |
| Late Majority | They are skeptics who accept the product after trying it out by others. These people do not like new products and are switching to new technologies after adopting the majority of society. These people usually have lower social status and low incomes. They are afraid of investing, if they do, their profits are small because they enter well-developed and well-known projects. |
| Laggards | They take innovation at the very end. This group is afraid of change. They accept innovation when it becomes universal or indispensable. These people usually do not like change and new things. They are often elderly and poorly developed or having financial problems. This group does not invest. He accepts new technologies reluctantly when he is forced to do so. |
my private chart
If we assign these categories to the cryptocurrency market, we can say that we are currently at this stage. About Bitcoin and cryptocurrencies heard the whole world, but there are still very few real users of blockchain technology. Of course, this is only my thoughts on the development of the cryptocurrency market and the widespread use of blockchain technology. I think that Bitcoin will always be the main indicator of the development of this industry. The time advantage it has over the rest of digital coins and the fact that it is a symbol of digital value makes it rather hard for other projects to overtake BTC.
Diffusion of innovations
Diffusion of innovations. 10-year road to $1 Million.
Note: This article does not constitute investment advice.
Thank you for reading!
As you can see, the market reaches a wider and wider audience and thanks to that it is stabilizing over time. Certainly local bubbles and crashes await us, but as capitalization increases, the cryptocurrency market matures and becomes more and more resistant to manipulation. As for Steem, it seems to me that in this case we are still at the Early adopters stage, which means that everything is ahead of us.
We really need mass adoption for the technology to fully develop. Though in my opinion it'll happen in the next ten years or if we're lucky less than that.
I'm not sure we'll get mass adoption until the Lightning Network truly takes off. Bitcoin is just so slow for so many purposes. If we really on LN to bring value to BTC, how does that really drive value of the coin? I guess by locking up supply in the state channels on the LN? Anyways, it remains to be seen. It's certainly an amazing innovation to follow day by day!
I think that BTC will never be used typically as a payment system. Unless LN becomes more popular. In my opinion, Bitcoain will be a kind of digital gold for storing values.
Steem definitely has everything ahead of it and can thank bitcoin for that.
Thank you very much @astromaniak for this very informative article. Blockchain is the future!
Thank you for this valuable article. A very important writing indeed. The assessment about cryptocurrancy tells that in near future the market cap. reach a big amount
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información muy interesante, gracias por este articulo tan valioso creo que a muchos nos servirá en un futuro para saber evaluar la criptomoneda.
Resteemed!
Congratulations @astromaniak!
Your post was mentioned in the Steem Hit Parade in the following category:
Oh look. Another mass adoption article. Muy unique friend. Very unique indeed.
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What’s your take on loyalcoin ? Are you familiar with that NEM coin. I would love to hear your perspective. Thank you