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Date: 2024-02-29

Is Cryptocurrency ready for mainstream?

There is probably no doubt in everyone's minds that cryptocurrencies alike are here to stay, but the question that some people in high society and powerful business minds have been asking is whether cryptocurrencies are ready for mainstream adoption.

These digital currencies have spread like wildfire over recent months and have found their way to varying social media platforms, where they have inevitably been swallowed by the masses. Cryptocurrencies have appealed to many people because of their ability to make people money, and people will do anything to make money.

To start off with, cryptos had a very quiet life where they were only known to a handful of people who were linked to them from the beginning. They were originally used by cryptography and mathematics fans and would transfer them between each other for fun, until one day they suddenly exploded and entered the a larger realm.

In recent years they have taken some rather large steps from May 2010 where Laszlo Hanyecz made the first ever real-world bitcoin transaction by buying two pizzas in Jacksonville, Florida for 10,000 bitcoin and since then they have been getting more and more awareness.

In fact if we fast forward a few years, CME Group which is the largest derivatives exchange in the world launched the first ever bitcoin futures and this very action caused the price if BTC to skyrocket. This very action has allowed more people to be able to "own" some bitcoins and be part of the group that can call themselves bitcoins owners.

Since the introduction of bitcoins to the financial markets, other countries have been taking steps to become part of the wave and have slowly begun to integrate themselves with the crypto environment. However there are some countries that haven't been as receptive to cryptocurrencies and have taken precautions to implement an outright ban of any sort of cryptocurrency dealings in any shape or form.

Some Asian countries and South American countries don't believe in the potential benefits that can be brought about by utilising the power of cryptocurrencies and its partner technology blockchain. But the real question is whether cryptocurrencies are ready for the mainstream arena and whether they are really ready to be introduced and integrated into society, because it can take quite a long time for new technology to gain a widespread recognition and then for people to see the benefits, and then for it to be fully accepted by society.

In my eyes, it is going to take a few more years before we see countries, governments and companies start to introduce cryptocurrencies and blockchain technology into our lives. There have been a few small cases like this, take Sierra Leone for example, as they have been the first country to conduct an election using blockchain, and have seen a positive turn out as opposed to the corruption this country has faced in previous elections. Whether or not a worldwide integration goes according to plan is yet to be seen