Cryptocurrency has grown in popularity lately, and that will definitely continue in years to come. It's not all about its popularity alone; its adoption is something plenty of individuals are clamoring for right now.
Since it came to the limelight in 2009, there have been plenty of challenges faced, despite the level of advantages that it has poses from then until now. Its existence has indeed brought about plenty of opinions, especially when it comes to people's suggestions of using it as a mode of exchange in our society.
There are plenty of advantages attached to this scheme, with people tagging it as one of the means of getting financial freedom. Coins like Bitcoin, Ethereum, and others have gained massive popularity, and until this moment, there are many individuals holding those tokens and others to show their trust in cryptocurrency.
Cryptocurrency vs the World
There is a lot of divided opinion on what cryptocurrency is, especially from the government side. One of the most difficult challenges facing cryptocurrency is the government's inability to fully legalize its use, as some countries and governments see crypto as a competitor.
This has indeed affected its circulation and has put some crypto companies in another crisis. Recently, Binance was shut down in the Netherlands, and for a long period of time, there have been crises between Binance and its and the United State government. Other countries are making similar moves, which has indeed frustrated its existence and also influenced its market value.
There are numerous suggestions as to why crypto adoption is becoming so hard to implement, especially based on the level of financial freedom it possesses.
It's not just European countries frustrating crypto existence alone; some African countries too are making such moves to make sure that this scheme is not implemented either. Some time ago, the Nigerian government made some moves as regards banning the use of cryptocurrency too, there are some mobile apps that fume against transactions that have to do with crypto on their platform.
What could have been the biggest problem cryptocurrency adoption is facing?
There have been many unanswered questions asked by various individuals as to why crypto adoption is taking that long; even some are also contemplating how long it will take for cryptocurrency to be fully adopted. For a while, I considered the below point to be part of the concern responsible for crypto adoption in some countries.
(1) Lack of regulation by the government:* For me, I will say this is the biggest concern faced by cryptocurrency recently. The government's inability to influence and dictate how it's being run has indeed limited its legalization in some countries.
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The government's inability to monitor how its transactions are being carried out and executed, just like in the banking sector, is definitely one major factor that has limited its legalization in today's world.
(2) Price volatility: This is another thing to look at. Many individuals still think cryptocurrency is not a stable means of breaking free financially, as some have stated. Another major issue faced by cryptocurrency is price volatility, and to me, as long as this exists, it will absolutely be a stumbling block to its being fully adopted in some countries. The high level of uncertainty as to what could happen to its price is absolutely a vital reason countries or some governments are finding it hard to adopt.
(3) It's Aids fraudulent activities: Over time, plenty of financial institutions have complained about doing crypto transactions on their mobile app. One of the local banking apps in Nigeria muted some list of users for constant crypto transactions on their app. It has been stated that the use of cryptocurrency has given more room to some fraudulent activities, making it very difficult to trace individuals who are guilty of those acts.
Even aside from that, some individuals see it as something that's vulnerable to hackers, and holders can lose all they have if care is not taken.
(4) Lack of proper sensitization: Holder's too are absolutely another problem crypto is facing. Many individuals today are just concerned about the financial part of it, leaving behind the level of utility attached to the scheme. Holder's or investors aren't doing enough to help spread how important cryptocurrency adoption could be. The level of greediness in some investors has made them forget about sensitizing people about how influential crypto is.
*Conclusion
For me, there are plenty of things to do when it comes to balancing cryptocurrency between the government and its users.
Even at that, I still don't think cryptocurrency will submit to some of the government's wants, especially access to regulate its price and transaction details. For me, there are other things that can be done to help spread crypto and also make it accessible to the government.