Cryptos And Blockchain Tech Face ‘Spendability' And Usability Acid Tests For Mainstream Adoption
A new research report by researchers at Imperial College London suggests digital currencies are now primed for mass adoption, but face ‘spendability’ and usability tests.
It is expected that Bitcoin and other cryptocurrencies will become mainstream forms of payment within the next decade for goods and services on the strength of their increasing suitability for the role.
However, “Spendability” and usability emerging as acid tests for cryptos, ICOs and blockchain tech. Key factors driving the mainstream adoption of digital currencies, such as the ability to act as a store of value or function as a technologically superior medium of exchange amid the rapid rise of contactless and mobile payments, have already cemented crypto as a permanent fixture of the payments landscape.
More so, it is difficult for even well-versed investors to understand and evaluate the legitimacy of individual cryptocurrencies, initial coin offerings (ICOs) and blockchain technology companies. This challenge has led to the emergence of ICO rating agencies and market analysis sites such as Cointelligence.
Some of the key players helping to make sense of this increasingly complex space include payment solution developers such as Virtual Crypto Technologies, Inc. (OTC:VRCP) (VRCP Profile), Worldpay, Inc., Class A (NYSE:WP) and Square, Inc. (NYSE:SQ), as well as online credit marketplace developer LendingClub Corp. (NYSE:LC) and investor-focused fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR).
Crypto-Rich, But Can It Be Spent?
Many ICOs today fail to actually meet the criteria required to be considered viable long-term contenders by many analysts. These offerings are stuck in the idea phase with what amounts to a cool concept and vision but no functional proofs to move to the next level.
Hence the increasing prominence of spendability (and practical usability for technologies) as a hallmark of legitimacy, because this single factor is typically one of the strongest indications that a company can truly transform an idea into reality.
This is where advanced point-of-sale (POS) technologies such as those being developed by Virtual Crypto Technologies (OTCQB:VRCP), which can allow any crypto to become spendable, stand to make a significant difference.
User Experience Key For Consumers And Retailers, Digital Or Otherwise
Real-time transaction verification by VRCP's proprietary validation algorithm, based on state-of-the-art blockchain technology that helps set an industry standard of mere seconds for completion instead of the minutes or hours traditionally required, continues to make the company's over-the-counter NetoBit ATM solution a game changer for both operators and consumers.
This kind of reliable ease of use is the sort of innovation it will likely take to make crypto user friendly enough for the mainstream and more readily perceived by both consumers and retailers as a desirable form of money.
The platform's ability to utilize any cryptocurrency and provide real-time price and transaction validation offers sector players a means of directly contacting end users, building up a reputation and validating their presence as a legitimate entity to both indexes and ratings agencies.