Cryptocurrency has been around for more than 15 years in various forms, but it still doesn’t feel as usable as, say, fiat. While the technology is inherently frictionless, there still seems to be some friction involved for a lot of people.
This question is interesting and one that we explore in more detail in this post. The original inventors of bitcoin and Ethereum and all the others saw their coins as being far more transactional than standard money issued by various governments. But the reality turned out to be quite different for the average consumer. Only a small fraction of people ever experimented with cryptocurrencies, and even large institutions seem to be reluctant to use them.
The reality, as we will see in this article, is actually quite different. The technology is already there to trade with crypto and use it in many of the same ways as fiat currently. However, it’s just that the majority of people aren’t using it that way.
Simplified Transactions Thanks To Digital Wallets
Digital wallets are simplifying transactions in crypto, just as they did for regular currency when they first emerged during the 2000s. Multiple services are now available to make it simpler to transact, like MetaMask, Trust Wallet, and Coinbase Wallet.
For cryptocurrencies, these wallets actually take on more significance than they do for regular transactions. Money flowing through regular bank accounts could take the form of a simple ledger entry on a piece of paper. In fact, that’s how banks used to work. The ledger would determine how much cash a customer could withdraw, and clerks would physically check it to ensure that they had the funds. The fact that this is all digital now is simply because of efficiency and convenience.
But with crypto, this requirement for digital wallets is central to the way the currency operates. No physical ledger can ever contain it, which is why all Bitcoin and all the other currencies are held digitally.
Many of these wallets allow you to scan QR codes and copy-paste addresses. Other systems that are proprietary also exist, like the Ethereum Name Service. These systems are fundamental to the crypto ecosystem, but they also simplify the process of transferring funds, compared to conventional banks, reducing time for transactions to take place, and removing gatekeepers entirely.
Global Accessibility
Another perk of crypto these days is the global accessibility it offers. Owners can take their currency anywhere and use it for what they want, as long as they have an internet connection. So far, there have been no serious security issues with any of the major cryptocurrencies on blockchains, which is a testament to their longevity.
This global accessibility is particularly valuable for the unbanked. Individuals who can’t access conventional tools for moving their money around can still use cryptocurrencies for their transactions.
This shift is a game-changer globally for participation in the currency. Countless people want to access it and use it, driving up demand and making it more likely that the ecosystem will grow.
For those interested in freedom, this global accessibility is also highly welcome. Borderless activities removes gatekeepers and means that people can be free without controlling entities taking over their bank accounts or trying to dictate what they do.
Mainstream Integration
There’s also mainstream integration of cryptocurrency now occurring. These technologies are bridging the gaps between the new and old financial worlds.
For example, most of the major conventional digital wallets and platforms, like Venmo, Stripe and PayPal can process and support crypto transactions. This change means that regular people can shop online or pay for their coffees using crypto, without the constant need to exchange between one currency medium and another.
This trend also extends to online casinos and stake bonus code(s). It’s now possible to wager in cryptocurrencies in ways that weren’t possible before, even five years ago. These sites will often have crypto accounts of their own or, if necessary, have backend support for converting the Bitcoin that gets deposited into real cash. Sometimes, payouts are also in cryptocurrencies, which makes the whole situation even more interesting.
User-Friendly Platforms
Another change that makes crypto more usable is the introduction of decentralized finance platforms. These allow for more convenient use and conversion of Bitcoins and other tokens.
For example, many people now use Uniswap and Aave to swap tokens and earn interest. These systems mimic conventional banking, creating a familiar environment that customers love.
What’s more, decentralized finance reduces the requirement for technical skills and finance degrees. Many of these platforms are simple to use and user-friendly, and come with instructions for managing money with just a few basic clicks.
This simplification is one of the reasons more people are now exploring the use of these platforms. Furthermore, new technologies from brands like Arbitrum are making the cost of using these facilities even cheaper, cutting down on costs further, much to the benefit of users.
Stablecoins Are Now The Norm
Finally, stablecoins are making it simpler for people to transact in cryptocurrencies that maintain their peg to underlying assets over time. These allow people to essentially hold their wealth in digital formats while following the value of the USD or the GBP.
These technologies mean that it is now easier than ever to use cryptocurrencies for daily transactions. They maintain their value to provide predictability, dealing with the current price volatility issue, which is causing problems for parties on both sides of the trade in conventional crypto.
Ultimately, cryptocurrencies are no longer just the preserve of nerds and people who love freedom. Instead, they are becoming a part of the regular financial landscape, which is one of the reasons why they are simplifying. Inertia is probably the only thing holding them back now, and regular people get to grips with what they mean and what they can do with them. It’s not a question of a lack of usability or technology at the moment, but the fact that crypto is something that is new and requires a learning curve.
