It is, quite simply, a thrilling time to be alive.
However, it won’t necessarily be a smooth transition. But while significant challenges lie ahead, models of success are already emerging that will serve to bolster the reputation of cryptocurrencies in the public consciousness and cement them as a fixture of modern life.
Cryptocurrency Challenges Await for Consumers, Businesses
There is much that needs to be accomplished before cryptocurrencies really come into the mainstream. There’s a lot of talk and a lot of potential, but little of it is concrete. Numerous issues remain that must be resolved.
John Rampton, writer and CEO for Due, said, “The biggest factors holding cryptocurrency back from going mainstream is the lack of awareness about what it is and what it can do in terms of security benefits and solutions for some of today's biggest concerns about online fraud in the transaction process. Additionally, our society is so entrenched in the centralized financial system that it will take a while to understand how to migrate to a new model of doing business.”
David Moskowitz, project head at Indorse, added, “There is still a very high learning curve and it’s quite difficult to securely manage your wallets. This is a barrier for mom and pop to use cryptocurrencies.”
There’s a certain stigma, too, that holds back cryptocurrencies. Rampton elaborates thusly: “Businesses are holding back from adopting it because they are not sure their customers will want it and they may also not understand the security advantages. Unfortunately, there is still somewhat of a stigma attached to it as though the anonymous nature of it means you are doing something shady rather than using it for legitimate business transactions.”
Moskowitz agreed, saying, “Volatility of price, taxation issues, and bad press make it difficult for many businesses to deal with cryptocurrencies.”
Terry Brock, CEO & founder of Achievement Systems, notes the above challenges but ultimately believes things will expand as people become more culturally aware like they did with the Internet. “As people grew more familiar with it [the Internet], and saw the benefits of they have from using it, they excepted and used the Internet more and more. As the Internet changed our lives forever, we are seeing the potential for that with blockchain, bitcoin, and other cryptocurrencies.”
That familiarity, coupled with a greater understanding, will give the individual more power and independence, says VIVA CEO, Dawn Parker-Waites. "Instead of inflating corporate balance sheets, we aim to provide financial stability for individual human beings."
Models for Success
Sky-high potential exists for cryptocurrencies. The market is largely horizontal and an entrepreneur with the right plan and some good timing can be successful in the business.
The companies that take initiative will provide insight for future businesses, regardless of their successful or failure. Those lessons, according to Due’s Rampton, will help cryptocurrencies gain mainstream acceptance. “It will take more examples and modeling to show businesses how it can help them with some issues they've been struggling with.”
Providing a model for success will be beneficial for many users in the world, according to VIVA’s Dawn Parker-Waites. "Over the upcoming months, the adoption of cryptocurrency solutions as an affordable alternative to traditional banking institutions will increase dramatically. Globally, 38% of the population does not have access to a bank account, and in the U.S. over 22 million people are unbanked. Blockchain solutions that fill this gap can and will dramatically improve their lives."
Terry Brock of Achievement Systems muses that the market is full of promise with old and new players trying to make an impact—but a few absolutely stand out, creating separation from the rest of the pack. “Right now, I like Steemit (getting paid for content creation), Bitcoin (it is still the king of cryptocurrencies), and Ethereum (smart contracts and more). There are many others that I like including Dash and Bitshares, but the market is very fluid and volatile now.”
And while Rampton lists examples of launched cryptocurrencies, there’s a smorgasbord in the pipeline as a bevy of currencies ramp up their ICO efforts. These include everything from Crypterium to VIVA Crowns.
He concludes that the most promising projects involve blockchain, which serves as a security anchor for the industry. “These include the creation of smart cities, contracts and agreement forms, and the ability to help facilitate the Internet of Things (IoT). In each of these projects, the technology is helping facilitate and secure the network that oversees these processes.”
Cryptocurrency’s growth will ultimately depend on savvy business plans and smart investors, but its eventual success will coincide with technology bringing people and objects closer together. It can stand as one of the many links that unite the two sides as the digital world grows.
Exciting times lie ahead!
