Recently when people were polled on their knowledge and understanding of cryptocurrency, a woman said, “My husband tried to explain Bitcoin to me and it took five days! If this didn’t break our marriage, nothing can.” This woman is not alone: thousands of people don’t grasp the concept of digital currency.
The use of digital currency is projected to take 30 to 40 years to reach impoverished cities in Asia and Africa. If we want people to get their hands on digital technology and currency, we need to make it accessible and simple. Blockchain technology is undoubtedly one of the most innovative pieces of technology that the world has seen.
It has touched countless industries, changed processes, improved transparency, and opened doors to some of the most innovative projects in existence. However, a barrier still exists between the Blockchain and the general public. It took 20 years for email to become a preferred medium for sending posts, documents, and other correspondence. It took 10 years for WhatsApp to become the best communication tool around the globe. When it comes to Blockchain technology, it took 10 years for high-tech professionals to understand the benefits and future of technology. But how long will it take the average person to understand and use?
A second issue involves payment transactions. Businesses and customers need a strong and trustworthy interceder to process payments. If and when things go wrong, customers depend on middlemen to manage the situation. Having a “middleman” in this situation drives the cost of services up, which typically presents itself as a huge hidden fee. By cutting the middleman out, money is saved and by process becomes extremely difficult.
This scares people who don’t want to risk losing hard-earned money. This factor alone is why they so many prefer to use a brand and business they are familiar with. They have experience using the service, they understand the process, and the fees aren’t questioned because it delivers a sense of security. For those who haven't been thoroughly educated about blockchain and who haven’t managed to learn about it themselves, the blockchain is still a black box, an enigma, a hypothetical.
In addition to the difficulty that it presents purely from a comprehension standpoint, the blockchain is also intimidating from a consumer standpoint in that it is hard to use. Many are scared that their Blockchain-based cryptocurrency wallet will be hacked or they will send funds to the incorrect address.