Since the inception of Cryptocurrency in 2008, Crypto enthusiasts have promoted Cryptocurrency as the new age of currency, one that could go on to replace traditional fiat currencies altogether.
In the past decade, we have seen comprehensive innovation in several industries, including the postal, shopping, accommodation, and transportation industries with the likes of Email, Amazon, Airbnb, and Uber. With this trend, it only seems logical finance steps up and is reshaped into something much more accessible, cost-effective, and decentralized.
And that’s where Crypto comes in.
After all, the existing financial system has let us down time after time through inflation & corruption from government institutions and elites – these are the foundations that Cryptocurrencies built on.
The truth is Cryptocurrency reinvents the concept of currency, the transactions between two parties, and who controls it.
In cryptocurrencies infancy, crypto fanatics loved the decentralized nature of Bitcoin, since no one could print more Bitcoin, and it could be sent to anyone, anywhere in the world with minimal fees, quickly and effectively.
It was pure mathematics, with no central entity, and that was the beauty of it.
After the financial crisis in 2008, the big banks and governments breached the trust of the masses yet again, and Bitcoin pitched up at seemingly the perfect moment. From the ashes of the financial crisis was born a small but mighty community obsessed with decentralization and creating a new economic system for all.
So now, the question becomes, why has cryptocurrency adoption been so slow? Why does everyone still utilize weak fiat currencies propped up on false promises if we have coins that are fast, transparent, and immune to deflation?
The adoption curve
The answer is because we are still in the early stages of adoption, as we are in its infancy.
As of 2018, an estimated 8% of Americans owned cryptocurrencies, and If you apply these numbers to a global scale, the total number of people who own Crypto is probably somewhere in the neighborhood of 1%-2%.
If you look at a simple adoption curve graph, you can see that at the very least, people investing in cryptocurrencies now are doing so in the early adoption phase. Although the growth has seemingly come and gone (bull run 2017), it was a drop in the bucket compared to what Crypto could become in the future.
Since the aggressive decline of the Cryptocurrency market since the highs of December 2017, we have seen real growth in the utility and growth of many cryptocurrencies, ones that provide solutions to real-world issues.
It’s interesting to think during the bull run of 2017, most of the market movement had existed on pure speculation where cryptocurrency projects existed purely on companies’ plans and promises to investors, which were similar to that of the Dotcom era.
Fast forward two years and you see the likes of Ripple’s XRP token providing a real-world use case, by allowing institutions and individuals to send cross border transactions in a matter of seconds, in a cost-effective manner.
Contemporary data from 2021, shows that global adoption rate has grown over 2300% since Q3 2019 (source), a much bigger number than internet in the 90s. All considered, even if the rate of adoption slows down by 20%, the industry will still have a billion users by 2024.
It’s essential to take a step back and access the growth the crypto community has seen within the last two years, and although the price doesn’t reflect it, exciting things are to come in this up and coming industry.