Barriers To Crypto Adoption And How To Overcome Them

by Marvin Dumont

Cryptocurrency is a natural evolution of money.

Today’s younger crowd represents the smartphone generation, and cryptos can be conveniently sent and received via mobile platforms. Consider that there are nearly five billion mobile phones globally.

Cryptos aren’t the only form of money: People have used gold, silver and other commodities for millennia. However, cryptographic digits on an electronic screen are finding more use, and it reflects the failure of most sovereign fiats to preserve people’s purchasing power.

There’s growing adoption of crypto in countries that have unstable sovereign fiats (Venezuela, Turkey, India) as well as countries that have tech-forward cultures such as United States, Germany, South Korea, and Japan.

However, there remain barriers to adoption in major parts of the world, especially in places that lack infrastructure and access to internet. There’s also a need to educate more investors and consumers about the benefits of using electronic money.

Not surprisingly, governments and central banks are two key barriers to adoption. Many authorities are threatened by crypto innovation, and thus some jurisdictions are restricting its use.

Apollo Foundation is working on a roadmap to give mainstream users everywhere access to cryptocurrencies. “We plan to accomplish this by opening a network of potentially thousands of physical locations across nearly every major city,” says Steve McCullah, head of business development. “These locations are referred to as Decentralized Apollo Banks and they’ll serve as a way to access Apollo (APL) with cash.

These Apollo-affiliated locations will enable people to exchange fiat for Apollo, and thus to participate in Web 3.0 economy. APL has 0% inflation. Holding APL also gives users the ability to use blockchain-powered money and to take advantage of extremely robust privacy features.

According to Coinatmradar.com, there are now close to 4,000 crypto automated teller machines (ATMs) worldwide. This retail infrastructure is key to increasing mass adoption.

There are other ways to overcome barriers. Some blockchain projects are providing mobile text services that allow phone users to send and receive cryptos via SMS text. This method enables mobile users to pay or get paid in digital coins without needing access to the web.

Cryptocurrency is a new form of money that leverages the technologies of the day: smartphone, blockchain and digital. Paper cash is becoming an artifact of the past.