Despite the popularity of Blockchain technology and the solutions that it has brought so far in various industries, its relative level of adoption is still considered to be low. The inherent potential of Blockchain is so huge that all we are seeing at the moment is described as “the tip of the iceberg.”
Industry entry barriers
Becoming involved in the crypto industry is usually an entirely new concept to a lot of newbies who may not have the slightest idea about Blockchain and cryptocurrencies. The natural tendency of humans to resist change, especially when it affects a part of their lives that is considered precious, like wealth, makes it only natural for there to be some level of reluctance, and in some cases, resistance to such adventure. This process adopting blockchain and cryptocurrencies often involves signing up for an initial crypto wallet with any of the popular blockchain platforms. Most of the time, despite discovering the convenience offered by Bitcoin and other cryptocurrencies in terms of transactions, the complicated processes involved in the initial acquisition of these cryptos ironically become moments of discouragement to people who are already looking for an excuse to stay away.
Cumbersome processes such as the acquisition of some technical knowledge, registering in an exchange, going through KYC, signing up for a wallet, etc have contributed to the reluctance of the wider population in adopting the novel technology and the benefits that come with it. Therefore, it can be deduced that the non-acceptance or relatively low adoption of Blockchain and cryptocurrency is not a matter of rejection, but rather a subject of compatibility…