There is a lot taking place that is sort of flying under the radar, all of which bodes well for cryptocurrency.
It is exciting to watch out tokens starting to take off. The run of HIVE the last couple days is encouraging. However, ultimately, it will require greater reach for crypto to become mainstream.
Some of that is happening. The coronavirus and its impact is starting to open people up to crypto.
The Bitcoin Marketplace Paxful conducted a survey which showed that the percentage of Americans who were considering digital assets as an alternative to the present financial system is growing.
Released on April 23, the study states that cryptocurrencies as an asset are maturing, and close to 50% of respondents believe that a triggering event in the traditional financial system will help people shift their focus to Bitcoin (BTC) as an alternative.
The most common use cases for Bitcoin, according to the survey, include real-life payments (69.2%) and to combat inflation and corruption (50.4%).
Over the last couple years, interest in cryptocurrency and digital assets has been growing. It was at a slow pace yet the present economic conditions could hasten that a bit. If nothing else, with the global lockdown that is in place, people have a lot more time to look into this industry.
We also saw a great deal of maturation as infrastructure implemented. Some basic components are being developed which makes it easier for the general public to get involved. While it is still a bit technical for the average person, steps were made in the right direction.
The COO had some interesting comments regarding the results of the survey:
“It was interesting to see that many believe that mainstream adoption will be in the next 6 to 10 years. Contrary to that, by the same amount of time (6 to 10 years) respondents also believe that the crypto bubble will burst. I am hopeful for the first scenario, so I think, as an industry, we should work towards creating more products that will be used for real-life use cases that can help accelerate mainstream adoption.”
This about sums it up. Will cryptocurrency be nothing more than hype or will there be real world applications? Use case has long been a question mark for the entire industry. Both Bitcoin and Ethereum have challenges as payment systems since the time for it to take place is rather slow. Ethereum is looking to solve this by switching to a POS system.
There is some hope out of this. Respondents did offer up some suggestions as to what will help make it go mainstream.
According to the report, the main factors respondents believe will help increase adoption are mobile mining, altcoin resurgence, institutional investing, and the enterprise use of blockchain technology.
We can only hope that all takes place over the next few years.
In another announcement, Zoom Video Conferencing is getting into the cryptocurrency game. This was something that did not appear to get a great deal of publicity but could really open up the doors for people to gain exposure.
Recent events with the coronavirus sent this company's userbase to the moon. It now boasts 200 million users. That means there are 200 million people who will potentially get a taste of cryptocurrency.
The other day, it announced the integration of Smartsessions, an application built on the Ethereum network. This is going to enable users to monetize their live streams while also providing enhanced security. Zoom has been plagued with security issues since their growth curve exploded. One of the problems is people "Zoom bombing" which is unauthorized access to a video conference.
The popular communications company announced the integration of SmartSessions earlier today. The latter utilizes SmartLink technology and will enable business owners to combine their Zoom services registration and payment management. They will have the option to activate built-in self-managed referral campaigns.
To achieve this, users can add a paywall to their self-managed Zoom video calls. This would ultimately simplify and facilitate the process of generating revenue from viewers accessing their live-streamed video calls. No coding skills are required to set it up, the announcement explained.
https://cryptopotato.com/business-owners-can-now-monetize-their-zoom-calls-with-cryptocurrency/
Business owners can enjoy all the benefits that cryptocurrency and blockchain has to offer. Using this system, unauthorized users cannot access the video calls since the key system keeps them out. At the same time, avoidance of banking fees is realized as one is using the alternative system.
With a user base that is growing by the day, this could expose millions to cryptocurrency and the benefits of it. As always, if a small percentage start the process of switching over, that could have a major impact.
Unlike explosions in the markets, technological adoption is often a grind. It is a matter of exposure and people starting to gain an understanding of what is being offered. At first, it seems too complicated yet, over time, familiarity takes some of the mystery away. Along the same lines, efforts are made to streamline and improve the user experience, including making it easier to use.
The two examples show how things are starting to shift. People are awakening to the opportunities that are present within this industry. While it is still very early in the game, the progress from just a couple years ago is enormous.
We are getting close to realizing that blockchain and cryptocurrency is not just some fringe, geeky thing. There is some serious momentum building that could catapult this to the forefront, especially if the global economy does enter a prolonged recession.
The existing issues could be cryptocurrency's biggest ally.
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