Mass Adoption Will Come
There are two things required for crypto mass adoption to take place. One is the internet needs to be available to everyone, everywhere, always. While propping up telephone towers, and providing data to individuals is one way to accomplish this, Elon Musk is taking another route. SpaceX is in the process of launching StarLink, a constellation of low-orbit satellites that beam the internet down to the surface of the earth. Cash is still king when you don’t have the internet. An internet based financial system will never work when 40% of the world does not have reliable internet access.
The second barrier to adoption is the usability of cryptocurrencies. Price volatility aside, cryptocurrencies are difficult to use if you’re new to cryptocurrencies, and haven’t learned about keys and wallets. What can be done to assist in this educational barrier? Evangelists and early adopters spread education through workshops and seminars. These events walk people through the process of setting up their first cryptocurrency wallet. People get to learn about private keys and what it means to own your money. However, this is a slow process, and mass adoption is going to require an innovative solution to educate the masses. What if you already knew how to use cryptocurrency wallets?
Samsung Devices with Built In Crypto Wallet
Driving confidently into the future, Samsung is opting to include built in wallets and cryptocurrency key management systems directly into their devices. This is just the sort of thing the cryptocurrency industry needs to propel adoption. Samsung captures about 25% of the cell phone market, meaning that close to 1 billion people use Samsung devices. The cryptocurrency industry will benefit from having a user experience powerhouse like Samsung design interfaces and apps that let people use cryptocurrencies for payments.
People in general are already shifting to cashless, and mobile based payment apps like Google Pay or Apple Pay. One billion people are predicted to use mobile payments over alternatives in 2020. Cryptocurrency application designers need to figure out how to build the user experience in such a way that people “already know how to use it”. Leveraging the way things are done now, is a good way to get people to make the switch to using cryptocurrency over traditional government money. The challenge will be building systems that look like existing systems, without comprising the added security benefits of cryptocurrency.
A Driver of Adoption
There may be small nuances, and learning curves to the adoption of cryptocurrency. One thing is for sure. It is only a matter of time before other phone companies integrate cryptocurrency wallets into their phones as well. In conclusion, if Apple were to follow Samsung, then more than half of all smartphone users in the world would have a cryptocurrency wallet in their pocket. If built in cryptocurrency wallets is a step in the right direction, then Samsung is driving cryptocurrency adoption.