When it comes to what hinders crypto adoption, the focus is often on the limitations of its current use.
Apart from that, not many traditional retail environments accept cryptocurrencies as payment, transaction times are still slow on some crypto platforms, and user interfaces are still not user-friendly. Still, people often forget that psychological factors prevent crypto adoption from taking place quickly.
“I can say the biggest psychological problem is ignorance, I have to admit that crypto is a pretty difficult concept, it can simply be explained as internet magic money, while blockchain is still difficult to understand, so it still needs education and it will take time for it to become massive adoption, “explained Mega Septiandra, Research Analyst at Nansen.
According to a poll by The Economist Intelligence Unit, the research and analysis section of the Economist Group, titled “Digimentality 2021,” the main barrier to widespread adoption is a lack of information and comprehension of crypto.
The study, done from February to March 2021, uses the payment and cryptocurrency platform Crypto.com and includes a consumer poll of 3,053 respondents.
According to the study results, 51% of respondents said a lack of information is a crucial obstacle to adopting cryptocurrencies such as Bitcoin and Ether (ETH). In comparison, 34% identified security concerns as a major restraint, and 29% said it is difficult to know where to acquire cryptocurrency.
Regarding institutional investor and corporate treasury acceptance of crypto, 47% of respondents claimed that overall market trust or comprehension of digital currencies is the most significant hurdle to adoption. Around 32% of poll respondents mentioned bitcoin regulation as a significant impediment to wider institutional acceptance, while 43% and 36% highlighted the financial market structure and asset volatility as substantial barriers, respectively.
Crypto activists continue to strive for education
The problem of ignorance and lack of education continues to be overcome by crypto activists by providing easier understanding and exciting and not dull education, one of which is through various forms of content spread across different digital platforms. By overcoming these two problems, crypto adoption can become more targeted and reach various levels of society, encouraging the use of crypto that impacts life.
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