This is a question that every smart cryptocurrency user asks. If we want cryptocurrencies to flourish we need to implement them in our society in a way that makes the world a better place. If we want people to start using bitcoins and other cryptocurrencies we need to give them a reason to use them as well. Here are a few things we can do to implement cryptocurrencies in society.
Make cryptocurrency payments easier
The biggest reason that people aren’t already using cryptocurrencies for their transactions is that it isn’t convenient to do so. Only selected stores allow you to spend bitcoin to buy their products – it is even worse if you want to use a cryptocurrency other than bitcoin. We need to create payment processing devices that help companies implement cryptocurrency transactions.
Do you know why it became so convenient to buy things from your credit card instead of cash? Banks ran huge campaigns where they provided those card scanners at low cost, to encourage stores to start processing cards. It worked great. The problem is that bitcoin and most other cryptocurrencies aren’t really controlled by any company, so there is no company that would create such a device and give it away. The free market will have to come up with a viable solution
Decrease transaction time
The biggest obstacle to using bitcoin to pay for things right now is the fact that transactions can now take more than a day to be processed, or the transaction fee is too high if you want it done quicker. This will end up crippling bitcoin and other cryptocurrencies – Ethereum is facing a similar problem – and they will never be implemented.
Ethereum is already working on a solution for this by making it easier to process transactions. Bitcoin was also working on a fix for this, but since Bitcoin doesn’t have a well-defined leadership group like Ethereum the decision is harder to make. A fork was planned to alleviate transaction fee and time issues but it got cancelled due to too much infighting between bitcoin owners.
We also need to make it easier to pay for things with cryptocurrency, and a great way to do that will be cryptocurrency cards that function like debit cards. The good thing here is that they will work exactly like normal debit cards. You pick an online wallet to store your cryptocurrency and are issued a card. A small transaction fee is charged every time you use your card.
This will make it easier for people to start using cryptocurrencies, because they are already so used to swiping cards to pay for things. It will also make it possible for the technologically illiterate to use bitcoin without getting intimidated by all the technical terms and buzzwords.
The bottom line is this – cryptocurrencies need to be more accessible if they truly want to succeed as a currency.