Bitcoin – Don’t ask how, ask why

Executive Brief

While cryptocurrencies, Bitcoin in particular, are making headway into widespread adoption, there is still a great deal of room for improvement. The conventional wisdom regarding much of the population’s continuing lack of interest in digital currency is that cryptocurrency lacks the inherent ease of use people are used to with traditional currency. However, perhaps a better understanding of the reluctance to adopt cryptocurrency can come from simply asking the question why. Why would someone use bitcoin or other cryptocurrency? Finding the answer to that is the key to gaining traction for cryptocurrency adoption in the wider world.

Read the full story below. 

Ask any number of cryptocurrency experts why Bitcoin is not dominating the world of online cash, for which it is without question eminently suitable, and most will tell you it is simply because it lacks the ease of use that traditional solutions offer. But is this the main concern preventing wider acceptance of cryptocurrency?

There is no question that ease of use is a genuine concern. The industry as a whole needs to both take responsibility for and work towards dealing with the basic features of the service. For example, default wallet features are still not as intuitive as they should be and it is still quite difficult for new users to send money without overspending.

But is that all? If there were millions of people signing up to use digital currencies and then simply never getting any further, they may have a point. However, reality is that the vast majority of people simply never try to use Bitcoin or other cryptocurrencies at all, and so the problem is likely somewhere else.

The real question that needs to be answered for those consumers the industry wants to attract is a simple one: why would they use digital currency in place of what they have now?

This is the major problem the industry faces. Many people know the benefits of Bitcoin, and many industries understand it offers a cheaper and faster way to send money and offers increased privacy for consumers. But what they do not know is why it is better to go through the often complicated procedure of acquiring the currency in the first place. The consensus seems to be, “Why bother? What I have works.” In other words, most have not been convinced that the benefits outweigh the effort of taking part.

To overcome that obstacle to greater acceptance and broader adoption of cryptocurrency, the public needs to hear at least as much about the benefits of digital currency as it currently hears about improvements in its ease of use.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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