What will require for people to accept cryptocurrency as mainstream? Frankly, I believe that the proportion of individuals participating and enthusiastic in the field is one of the most important markers of rate of adoption. The globe currently lies with the millennials – the Y and Z generations, who we believed were kids not long time ago — and they will be the drivers of economic growth, if, then soon. In a latest study, a whopping 83 percent of millennial millionaires said they have made cryptocurrency investments. The decentralization process appears to be irreversible, implying that mainstream adoption is unavoidable – and it is occurring.
To acquire a better understanding of the situation, I contacted many specialists in the crypto and blockchain industries and asked them, “With 2021 winding down, do you believe cryptocurrency mainstream acceptance has actually started?”
PrimeBlock’s Alan Konevsky
“The more important questions are: What is the goal of global acceptance?” Adaptation as a speculative investment on par with equities and bonds? Is it possible to use mainstream acceptance as a payment medium? Is mass adoption a form of value store? You must carefully consider the use scenario at sight, since there is yet a lot of remains to be undertaken when we conceive about cryptocurrency as currency, that is, as means of payment.
There seems to be a tremendous amount of advancement when it comes to crypto as an investable asset or, relying on the macro climate, as an inflation hedge. Bitcoin would never gain widespread acceptance as a payment medium and would never be capable of growing internationally for this reason. Bitcoin, on the other hand, is gathering traction as a speculative asset and, among some, a store of wealth among institutional and individual investors, such as through ETFs and pension plans.”
Unique Network’s Alexander Mitrovich
The CEO and co-founder of Unique Network, Alexander. Unique Network is a scalable blockchain for configurable NFTs with sophisticated economies — Polkadot and Kusama’s NFT chain.
“From the true concept of ‘mainstream acceptance’,” which means critical mass, we have not even touched the surface of cryptocurrency mass acceptance.” When the bulk of worldwide customers use cryptocurrencies, own NFTs, and participate in DAOs without realising it, that is when blockchain-based technologies have gained mainstream acceptance. I believe the flame has been ignited, but it will need deeper integration, easily available tools for ordinary folks, tremendous flexibility in technical and economic design, or possibly a subversion of the existing technology paradigm, until we can claim cryptocurrency has attained broad acceptance.”
1inch Network’s Anton Bukov
Anton is a co-founder of 1inch Network, a decentralised distributed network.
“Mass acceptance necessitates mass accessibility, however the Ethereum mainnet is currently unsuitable for this due to extremely high gas prices.” As we can observe, many customers have recently shifted to sidechains such as BSC, Polygon, Avalanche, Solana, and many others in order to escape such costs. Regrettably, Ethereum Optimistic Rollup layer-two solutions such as Optimism and Arbitrum are presently in the alpha or beta phases of creation, while Ethereum zk-rollup layer-two solutions such as zkSync and zkPorter have still to be launched. “I’m excited to see all of the latest blockchain technology that would be launched in 2022!”
Stellar Development Foundation’s Denelle Dixon
The CEO and Executive Director of Stellar Development Foundation, Denelle devoted to the development and expansion of Stellar.
“Interoperability, in a nutshell.” This is one I regularly talk about. Despite its flaws and shortcomings, the old financial system, like currency, is not fading out shortly – because this is what the majority of individuals are familiar with. The ability of blockchain to link traditional and digital banking lines contributes to its value. Greater interoperability implies more possibilities to pull people in, expose them to the benefits of blockchain-powered services, and expand use past the cryptocurrency converted.”