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Why is the adoption of Cryptocurrency so slow? Why is it that after 9 years there is still only less than 1% of the world population involved with Cryptocurrency. More than 1% of people may have heard of Bitcoin or Cryptocurrencies, but there's a massive difference between having heard of something and knowing what it is.
Is it because some people think it’s a bubble/scam or is it because it's technology and somewhat complicated for some people to understand or are people just resistant to change? I’d like to know what you guys think.
In this article by Michael Felton (https://hbr.org/2013/11/the-pace-of-technology-adoption-is-speeding-up) we had a look at the microwave and how it took around 38 years to reach 40% adoption.
It also took electricity 30 years to reach 10% adoption, on the other hand Smart phones accomplished a 40% penetration rate in just 10 years.
The telephone took around 25 years to reach 10% adoption on the other hand it took less than five years for tablet devices to achieve the 10% rate of adoption.
Moving closer to the present, we had a look at the refrigerator which took about 21 years to reach 40% adoption.
From the chart its obvious that innovations introduced more recently are being adopted quicker than back in the years. I forgot to mention that the chart was based on The U.S households.
So maybe cryptocurrencies are slower in adoption because it’s supposed to be just money right but yet its somewhat complicated especially to non technical people and some people are still struggling to understand it and also, the fact that its unregulated doesn’t help either but cryptocurrency is only 9 years old, so maybe give it some more time?
And if you believe in crypto and you want see it being adopted quicker then you should tell more people about it, maybe build a community around if you like because we cant do it alone. There’s an old Africa proverb that says that if you want to go fast go alone but if you want to go far go together so we’re in these together guys, let’s get more people on this crypto journey.
In summary, I think the future of crypto is looking promising I was happy to see that HOW TO BUY BITCOIN was the no 3 most searched question on google In 2017, so its obvious that more people are developing an interest in crypto.
Thanks for watching guys, see you soon 💛
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