When Will Crypto Go Mainstream?
There used to be a popular expression: "Education is everything." But today, with a war against traditional schooling to memorization and replacing that with YouTube tutorials and Google searches, that is no longer the case. Individuals within all generations in the Western World are beginning to say: "Why do I have to learn anything that can be found and referenced with my fingertips and eyes?" Technology available to us has evolved rapidly over the years. In the past, people were more hands-on and had a better understanding of how their possessions to finances worked. They would “work on” their cars and even build and repair computers to televisions. They'd take a more active role in investing and balancing bank-accounts. Today, the Western World largely lives in a disposable culture where people do not have the same level of expertise or interest in repairing or maintaining their possessions. From IKEA couches, women’s shoes, and Apple products all designed to fall apart and degrade over time; instruction manuals no longer explain how to repair or maintain them. From the swiping of a debit card to the tapping of a smartphone, checkbooks no longer need to be balanced. The same can be said for blockchain and cryptocurrency technology. The majority of people are not interested in learning about the technology behind the scenes, the intricacies of smart contracts, or the inner workings of protocols. They want to know how they can make money with it, how they can use it as money, and how they can keep it safe. They don't even necessarily care about keeping “money and transactions” private or anonymous, as evidenced by popular apps and services like CashApp, Venmo, and Zelle which leave digital trails within mobile phones to social media outlets/settings. The current demographic’s philosophy within the Western World regarding blockchain and crypto is based on the argument that it is not necessary to understand how a car works in order to drive it. At this time; with no regulations, no real technical help and support, especially as in the case of DeFi and digital wallets, it is essential to have a good understanding of the protocols' inner workings to avoid permanent loss or overpayment. The crypto services and solutions are not easy to use or understand to the 93% of populations currently not involved in the space. There is also tremendous FUD (fear, uncertainty and doubt) around all things crypto and blockchain. Many people get into the space, only to lose money, get a bad taste in their mouth, and regret ever doing so. People today want convenience and ease of use. They want to be able to access their crypto and blockchain technology with a simple button, swipe, tap, fingerprint, or facial scan. They want to be able to make returns on their investments, and they want those returns to be accessible to pay for bills and food as a #stablecoin. The key to the mainstream adoption of blockchain and crypto technology is not to educate the masses, but to make it accessible and easy to use. Web3 needs to simplify the interactions with technology and make it user-friendly/more accessible, so people can use it without needing a deep understanding of how it works. By doing this, Web3 entities can help the masses benefit from this powerful technology and take the first step towards a more decentralized and democratized financial system.
People in the Western World will get into crypto when they can use it and/or are forced to use it; not when they have learned about it and understand it. This technology is now almost 20 years old and nothing new; but global circumstances have now made it the "right time." The learning will come afterwards, out of a curiosity or desire to know more, or not at all. Web3 companies would be more effective rather than preaching to the elite few who have been in this space for decades or trying to explain the benefits of their Layer 2 scaling solutions by creating easy to use simple solutions that empower and enrich the lives of others. Business Anthropology believes the traditional banks and credit card companies are going to do this 1st. The banks/credit companies that can navigate through the Global Reset will provide the custodial services for digital currencies and DeFi environments which will not feel like anything new at all to consumers, but more of a return to that which is already familiar, convenient and safe. Traditional Banks will give customers many of the benefits of DeFi along with the sort of technical help and customer support they are used to/feel safe with. The banks will legitimize the industry and disperse the FUD surrounding crypto. #Crypto and #DeFi will go mainstream in the Western World when it is easy to use and the Web3 entities start building products/services people can easily use, or the banks offer it to their customers in an effortless/seamless fashion.