The Day Bitcoin Arrives is the Same as When Cryptocurrency is Synonymous with Social Media Acceptance
The world of cryptocurrency has undergone evolution since the Big Bang of Bitcoin about a decade ago.
With the passage of time, various factors have influenced the blockchain technology-based digital currencies.
Inevitably, various sects or factions have sprung up. These sects are predominantly based on differences in schools of thought or ideologies concerning the cryptocurrency ideals.
The popular example is that of Bitcoin going through a hard fork and a fork as a result of differences in blockchain ideologies.
Other common debates were centered around the definition of cryptocurrencies, do they store value? Is it a tradable asset? Or is it “digital gold”?
Or is it as Satoshi’s white paper stated,
“a peer-to-peer electronic cash system”?
All these debates will go on among blockchain proponents and otherwise. What is agreed upon by all, is the need for global adoption of blockchain technology and cryptocurrencies?
People and businesses all over the world are beginning to recognize the implications and applications of blockchain technology in their personal and business activities.
Regardless, both blockchain tech and cryptocurrencies alike have failed to attain their true adoption potentials.
Cryptocurrency has certainly broken barriers to attain very high levels of adoption, but it is still generally undefined, and a complicated structure for most.
This brings to light the need for bringing down the present ceiling on adoption, by comparing a child of the same digital space I.e. social media. Cryptocurrency may very well emulate the path towards adoption taken by social media.
The Social Media Emergence
After the launch of Facebook, users were hesitant to publish their “personal” details and day-to-day activities, as required by the platform.
This continued until students embraced the platform by utilizing its features as a means of communication, and keeping up with college activities.
As a result of the continuous evolution of the social media space, Facebook is currently seen as outdated by the younger generations. This has also given space to the older generation who are catching on to the social media space because of Facebook’s perceived ease of use.
“Looks user friendly! where can I sign my grandma up?” Is what the CEO of Dash Ryan Taylor responded to Twitter’s Jack Dorsey after a trial of their new lightning network, which aims to improve the access, speed and adoption of digital payments via a scalable blockchain solution.
The current status of Dorsey’s new technology is far from attaining general adoption, but the adoption of blockchain tech in the social media space is a step in the right direction towards the inclusion and adoption of blockchain technology.
Where Social Media Meets Blockchain
The popular Instagram service for follower growth Magic Social proponent Michael Dunn, stated that the adoption of social media and cryptocurrency have similar adoption patterns. He said
“If you look at social media today, some common themes are running throughout. It is about user-friendly platforms, ease of two-way communication, and being connected and reachable to anyone in the world. Now take those same attributes, and you can see similar things in cryptocurrencies.”
He also said that
“The current difficulty that cryptocurrencies need to fix is their user-friendliness, I know there are some wallets and cryptos that are trying to launch systems where you send crypto to email addresses rather than wallet addresses, which may sound trivial, but that long line of numbers and letters is intimidating for someone who is new to it.”
Dunn concludes by saying that
“The way social media allows for people to communicate with each other anywhere, regardless of who they are, political or social constructs or other barriers – it's the same with cryptocurrencies with their borderless transactions, and so cryptocurrency transacting should really be taking a leaf out of social media’s communication network,”.
The Way Forward For Crypto
One major difference in their adoptions is that social media has always maintained a single objective I.e. increasing connectivity. Whereas because of the complex structure of the blockchain based cryptocurrency, it’s broad potential has reduced its efficacy in achieving the apex of any of its goals.
As regards the usually decentralized structure of cryptocurrencies, it lacked an identifiable and responsible entity to look to; as with the case of the burst of the Bitcoin bubble because of its hoarders.
Currently, the most valuable adoption of blockchain tech is undeniably the cryptocurrency.
Hopefully with the improvement of its specialized use and adoption as an accepted and functional currency.
The proponents of cryptocurrency may as well emulate the adoption path of social media, and reach its zenith by attaining global adoption.