Despite the explosion of cryptocurrencies, including many with clear social impact agendas, big challenges remain in the process of making them part of mainstream society and to the successful implementation of their social objectives.
Most people still don’t own any cryptocurrency and aren’t sure why they should. Whether you are a regular Forbes reader or a goat herder in Kenya it may be difficult to conceive of what problem blockchain-based currencies solve for you. In fact, much of the enthusiasm for cryptocurrencies has come from the meteoric rise in the value of Bitcoin, the first cryptocurrency, and the wave of speculation surrounding it. Without speculation, would there be such a rapid proliferation of cryptocurrencies?
Even if the rise in value of cryptocurrencies is fully and fundamentally justified, it will almost certainly stop at some point. The utility of the coins will then be paramount.
The most common concern expressed by crypto practitioners and experts for this article is that there simply isn’t rapid enough adoption, largely due to the current complexity of using cryptocurrencies and secondarily due to fear.
Ryan Scott, of ICO IMPACT CO, sees parallels to dial up internet. “Crypto software needs to become easier to use. It reminds me of the early days of the internet where it was difficult - and sometimes literally impossible - to get online. The only difference is that with crypto, we now have a very powerful tool to accelerate our progress that we did not have before: the internet itself.”
Wes Finley, a crypto enthusiast at Facebook, observes, “Everyone needs easy access to an exchange. You can't experience the freedom crypto provides until you can obtain cryptocurrencies.”
Mark Jeffrey
This article is the second in a series on #cryptoforgood.
Despite the explosion of cryptocurrencies, including many with clear social impact agendas, big challenges remain in the process of making them part of mainstream society and to the successful implementation of their social objectives.
Most people still don’t own any cryptocurrency and aren’t sure why they should. Whether you are a regular Forbes reader or a goat herder in Kenya it may be difficult to conceive of what problem blockchain-based currencies solve for you. In fact, much of the enthusiasm for cryptocurrencies has come from the meteoric rise in the value of Bitcoin, the first cryptocurrency, and the wave of speculation surrounding it. Without speculation, would there be such a rapid proliferation of cryptocurrencies?
Even if the rise in value of cryptocurrencies is fully and fundamentally justified, it will almost certainly stop at some point. The utility of the coins will then be paramount.
The most common concern expressed by crypto practitioners and experts for this article is that there simply isn’t rapid enough adoption, largely due to the current complexity of using cryptocurrencies and secondarily due to fear.
Ryan Scott, of ICO IMPACT CO, sees parallels to dial up internet. “Crypto software needs to become easier to use. It reminds me of the early days of the internet where it was difficult - and sometimes literally impossible - to get online. The only difference is that with crypto, we now have a very powerful tool to accelerate our progress that we did not have before: the internet itself.”
Wes Finley, a crypto enthusiast at Facebook, observes, “Everyone needs easy access to an exchange. You can't experience the freedom crypto provides until you can obtain cryptocurrencies.”
Mark Jeffrey
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