The crypto adoption boom has just begun, and there are already plenty of signs pointing to massive adoption in the future.
That’s why we’ve put together this list of 6 signs of massive crypto adoption in 2022, so you can see what the future holds, and get an early start on taking advantage of these trends yourself! Crypto exchanges offer a wealth of opportunities to people who know how to get the most out of them. And this article will show you how to do that.
Developers have played a major role in crypto since its inception, and it’s important to understand that they continue to do so. But cryptocurrency has seen an influx of new developers who aren’t trying to re-create Bitcoin or create new digital cash—they want to offer something valuable that people can use in their daily lives. That’s something we didn’t see before 2017, and it’s a trend that will continue throughout 2022 as developers keep creating Dapps that help us interact with our currencies every day. As such, developers will continue creating next-generation wallets, exchanges, platforms for decentralized applications (Dapps), and more. All of these things will increase daily adoption and improve how we experience cryptocurrencies today.
As far as wallets go, for example, we’ve seen a number of hardware wallet manufacturers pop up over 2017 and early 2018. Ledger and Trezor have produced some excellent hardware to protect your private keys from attackers, making it easier than ever to securely access coins and transact. But these were just first-generation products. In 2022, developers will be building new types of wallets that can store different types of currencies or tokens on one device—instead of needing several different devices to store various types of crypto.
One of the biggest signs of massive crypto adoption is when investors begin to take an interest. It may not seem like it now, but a lot of investors are considering cryptocurrency as an investment vehicle. If a high-profile investor—like Bill Gates or Ray Dalio—buys into a crypto token, other investors are likely to follow. When these new adopters see that cryptocurrency is becoming more mainstream and less risky, they’ll be more likely to invest in crypto tokens, driving up their value. This could lead to widespread adoption throughout society by 2022 if enough companies incorporate blockchain technology into their business model and spread the word about it via social media and other channels.
Another indicator of massive crypto adoption is when large corporations begin accepting crypto tokens as payment. This would signal to investors that crypto is a viable form of currency and will drive up demand, which could cause cryptocurrency’s value to skyrocket. Additionally, there’s plenty of evidence that businesses are willing to adopt blockchain technology into their business model. The U.S., UK and other countries have already incorporated blockchain into national defence projects and these countries are projected to spend around $2 billion on blockchain development by 2023.
Yes, some crypto assets are probably going to be stolen—but when you own a crypto token like Bitcoin or Ethereum, you don’t actually own anything. You’re just storing a set of instructions that say how to access something on a decentralized network. There’s no real way to secure those tokens. So when your cryptocurrency gets hacked, it’s gone—and there’s no use crying over it. The future of crypto adoption will also involve significantly more people buying things with cryptocurrency.
If you want to buy a cup of coffee, it’s usually much easier to just pay with your credit card than it is to use Bitcoin or Ethereum. But as more people own cryptocurrencies, there will be more demand for merchant services that can accept those currencies. Even now there are services that specialize in helping businesses accept cryptocurrency payments. Some small businesses might set up apps that let their customers pay with bitcoin and Ethereum—if those users have accounts already set up on cryptocurrency exchanges like Coinbase or Gemini, for example.
Politicians will feel pressure to move away from traditional forms of money and make crypto a more accepted way of paying taxes. This shift could be gradual, but it will be faster if every taxpayer gets a certain percentage of their annual tax as cryptocurrency. To make sure governments don’t just start printing their own cryptocurrencies, international law could prevent such an event from happening. If bitcoin or other cryptocurrencies are still not stable enough for large-scale adoption by 2021, then we might see central banks announcing that they’re developing state cryptocurrencies (after all, many central banks have already been exploring blockchain technology). If a country gets too far behind, its government could suffer problems caused by a loss of global competitiveness; with so much progress being made around crypto use in other countries.
From a more technical standpoint, governments might also choose to invest money into upgrading their voting systems to use blockchain technology. This would make elections safer, cheaper and easier to carry out, as well as being open and accessible to all. In fact, you can already pay for certain goods with Bitcoin thanks to an online marketplace called OpenBazaar which was inspired by eBay. A decentralised reputation system where buyers and sellers rate each other would give you more accurate information on whether a person is reliable or not when it comes to selling goods through an online marketplace. Overall, your customer experience should improve dramatically if people start using cryptocurrency wallets for payments of all kinds.
The future of crypto adoption will look a lot like banks. In fact, cryptocurrency and blockchain are becoming just as necessary to banks as they are to consumers. From creating investment funds to implementing smart contracts and reducing transaction fees, today’s banking institutions have a great incentive to jump on board and incorporate some form of cryptocurrency into their structure. But even if big banks don’t want to accept crypto (yet), they’ll still be forced to deal with it for two major reasons:
- crypto is fundamentally changing transactions between countries (international money transfers, anyone?)
- one day soon all of your everyday payments—online shopping or even paying for groceries—will be made using cryptocurrencies like Bitcoin, Litecoin, Ripple etc.
So what does crypto adoption in banks look like? For starters, it’s not completely uncommon to see banks working on their own cryptocurrencies. And even if they aren’t developing one, they’re still researching and implementing blockchain technology. For example, you may have heard of R3—the bank-led consortium that includes over 200 major banks around the world. R3 is working on Corda, a blockchain platform designed for banking transactions between major financial institutions (like Barclays or Wells Fargo). Even if cryptocurrency isn’t necessary for these transactions now, using blockchain to replace legacy systems is a surefire way to save money and reduce overhead in the long run.
6) A Movie About Cryptocurrency
In late 2016, a TV show called Mr Robot aired on USA Network and became an instant hit among cryptocurrency enthusiasts (myself included). The show stars Rami Malek as a hacker with a social anxiety disorder who is recruited by a group of anarchist hackers to join their cause. The thing that makes Mr Robot so appealing to crypto investors is that it portrays hacking not as something for criminals, but rather as something that could lead to a massive change in society. Anyone who has studied cryptocurrency has come across at least one person preaching about how technology can transform society—and I think it will take more than one show on television before we actually see that happen.
Now, I don’t think a single movie is going to inspire people to adopt cryptocurrency en masse, but it might provide some sort of catalyst. Think about it: if you learned that cryptocurrency was going to be featured in a major motion picture (especially one starring Rami Malek), wouldn’t you at least watch? Once you got over your shock and awe at how much money actors make (sorry not sorry) and started watching, I have no doubt that many people would develop a new appreciation for crypto and blockchain technology.
If anything, I would imagine such a movie would increase awareness of cryptocurrency and blockchain technology in general. The more people know about it, the more likely they’ll want to learn more. If they don’t have a friend who can explain it to them, perhaps they’ll do some research on their own (or even better—learn how to code so that they can find out for themselves). Either way, if someone watches a movie about cryptocurrency and likes it enough to tell their friends about it, I think you can call that adoption by proxy.
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