What is the Biggest Barrier to the Adoption of Crypto?By Andy Hao
Longhash asked influential crypto leaders for their opinion on the state of the crypto industry, covering a handful of questions. Here are their thoughts on the largest barriers to the overall adoption of crypto.
Erik Voorhees, CEO of ShapeShift: Biggest barrier to adoption of crypto is probably regulation, as it always has been. So individual users are getting interested in using it, but the big money, the institutions, large companies are all very hesitant because there’s still lots of grey area, and the rules are changing and are unclear. So I think that’s been globally the biggest barrier so far.
Tone Vays, Crypto Analyst: I don’t think there ever really was a barrier for crypto adoption in the last two to three years, it’s basically people’s understanding as to why Bitcoin is useful in their life and most people just don’t see it yet. For me crypto has three fundamental properties: unconfiscatability, censorship-resistant value transfer, and gold-like finite supply. Most people don’t see a need for that yet, but as people get that need, they start getting interested in Bitcoin. I think the usability of Bitcoin could be better, the wallets, the friendliness, the interfaces need to get a little bit better, and Bitcoin security needs to get simpler and better, and that will evolve over time, but the biggest barrier at the moment is misinformation. I wrote an article saying this back in early 2014 and it hasn’t changed, and it’s worse now. People go to Bitcoin.com and buy a fake Bitcoin. People get convinced that there are better cryptocurrencies than Bitcoin, and when they’re proven wrong, these people get disinterested in the ecosystem.
Tyler Spalding, CEO of Flexa: A lot of it has to do with price speculation. The majority of people still view cryptocurrency as a purely investable, speculative asset, which in some cases it is. So the bigger question is how do you make is usable by regular people, so that they can benefit from it? So it’s not an investment and it’s not speculative, those things will be out there, but what are the other projects that are building something meaningful to the average person? That’s really the barrier, it’s figuring out what some of those pieces are.
Justin Sun, CEO of TRON: Basically, I think for most people, still, the user experience for crypto is not that good. I think most people need to process and understand crypto meaning in the first place. I think that’s the biggest roadblock for mass adoption.