Crypto adoption may not be hindered by failing infrastructures

[BrolySSJ]

Cryptocurrency is a payment system that is dependent on the internet and online transaction systems. However, in order for a system like this to be adopted as the primary system for financial use, it is necessary that all countries bee able to adopt the system in order to create inter-country relationships. This may not be the case however, as there are many countries, especially in the poorer nations that are not able to use crypto due to a lack of infrastructure and lack of internet access within the townships. Therefore this can be a major hinderance in crypto adoption. In my opinion, the first priority should be infrastructure development before crypto adoption as this will make the adoption in the future much more efficient. Do you share my views on this or do you differ in your thinking? I look forward to your thoughts on this as well.

 

[Kayzzy3]

Cryptocurrency is a payment system that is dependent on the internet and online transaction systems. However, in order for a system like this to be adopted as the primary system for financial use, it is necessary that all countries bee able to adopt the system in order to create inter-country relationships. This may not be the case however, as there are many countries, especially in the poorer nations that are not able to use crypto due to a lack of infrastructure and lack of internet access within the townships. Therefore this can be a major hinderance in crypto adoption. In my opinion, the first priority should be infrastructure development before crypto adoption as this will make the adoption in the future much more efficient. Do you share my views on this or do you differ in your thinking? I look forward to your thoughts on this as well.

That's very true, but providing infrastructures for crypto currency adoption will be cheaper than the present system of payment, I say this because of the following;

1. Private companies can set up internet infrastructures when given the chance by government to do so.

2. Crypto currency payment system can be handled anywhere by any individual with going to a banking hall, so government or countries do need to bother about building banking halls.

3. Crypto currency payment system don't need much control or government involvement to work properly.

The only thing preventing crypto currency use is the unwillingness by the different governments.

 

[Ehizzy1]

Yeah its still important also because you would need a good internet system to be able to browse online and trade crypto currency , even if you decides to use solar panel for electricity and others i think , infrastructure is still very paramount lack of that could really cause a lot of damage

 

[BrolySSJ]

That's very true, but providing infrastructures for crypto currency adoption will be cheaper than the present system of payment, I say this because of the following;

1. Private companies can set up internet infrastructures when given the chance by government to do so.

2. Crypto currency payment system can be handled anywhere by any individual with going to a banking hall, so government or countries do need to bother about building banking halls.

3. Crypto currency payment system don't need much control or government involvement to work properly.

The only thing preventing crypto currency use is the unwillingness by the different governments.

This is a very good point. Cryptocurrency is able to be managed sustained by itself because the current system that are implemented are very reliable when it comes to transaction records and also facilitating the transaction between the two parties involved. So it would take out manual labour that is needed to control it. Also, you are right in terms of physical places that need to deal with bitcoin because it is an internet-based cryptocurrency. In the long run it does seem to have a lot of benefits if countries are willing to make that investment into the infrastructure.

 

[Erik4150]

This is a very interesting article and I think you made a good point. I always thought it is going to take a while before bitcoin is formally adopted as a mode of exchange worldwide. It is going to take a few more decades before it happens because of the poor countries.

 

[Ralphjoe]

You are absolutely right about Bitcoin adoption being driven by infrastructures being installed im those underdeveloped countries but I will say that for Bitcoin to be adopted in this countries, they need lesser infrastructures for this than the infrastructures that they currently have for normal fiat currency adoption digitally.

 

[Donkiz]

It will be very hard for governments and many organizations to adopt cryptocurrency as a major means of payment, most of the cryptocurrencies are too volatile to serve as a major currency for payment for any country. Therefore the earlier we accept that cryptocurrency is here to compliment the fiat currencies and not to replace them, the better for everyone.

 

[Mrallison]

I agree with your opinion but like I've always said Bitcoin will not be wildly acceptable in the next year or two to come it's a gradual process and we only can take it to places where technology permits for the main time and take on from there
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I agree with your opinion but like I've always said Bitcoin will not be wildly acceptable in the next year or two to come it's a gradual process and we only can take it to places where technology permits for the main time and take on from there

 

[Debola]

Top Blockchain Adoption Challenges: What Are They?

• Inefficient Technological Design. This is one of the major challenges of implementing blockchain. ...
• The Criminal Connection. ...
• Low Scalability. ...
• High Energy Consumption. ...
• Lack of Privacy. ...
• No Regulation. ...
• Security Problems. ...
• Lack of Adequate Skill Sets

 

[Nomad]

The first criteria, according to me, is the acceptance of crypto currency by the government as well as the business. When government has a favorable policty towards crypto, the market will develop.

 

[BrolySSJ]

The first criteria, according to me, is the acceptance of crypto currency by the government as well as the business. When government has a favorable policty towards crypto, the market will develop.

You are correct in saying that one of the most important points is the government acceptance because that will provide people with more of an inclined to invest in cryptocurrency and try to implement it into their business however in order to do so you have to have access to the internet and many countries do not yet have this infrastructure in a very stable sense.

 

[Dowenship]

Cryptocurrency is a payment system that is dependent on the internet and online transaction systems. However, in order for a system like this to be adopted as the primary system for financial use, it is necessary that all countries bee able to adopt the system in order to create inter-country relationships. This may not be the case however, as there are many countries, especially in the poorer nations that are not able to use crypto due to a lack of infrastructure and lack of internet access within the townships. Therefore this can be a major hinderance in crypto adoption. In my opinion, the first priority should be infrastructure development before crypto adoption as this will make the adoption in the future much more efficient. Do you share my views on this or do you differ in your thinking? I look forward to your thoughts on this as well.

Which One is infrastructure development! Must crypto be acceptable by the development of infrastructure... Its A digital currency, i.e future currency.

 

[BrolySSJ]

Which One is infrastructure development! Must crypto be acceptable by the development of infrastructure... Its A digital currency, i.e future currency.

The infrastructure I was referring to the technological advancement of any country in question because in order to adopt cryptocurrency you have to be technologically advanced and have the necessary internet access throughout the country.

 

[Nurudeen]

This is a good observation from you. What you are trying to say in essence is that infrastructure should be in place like fast internet access before people start adopting crypto currency

 

[Lens]

Cryptocurrency do not operate alone. It needs infrastructures to operate. This infrastructure could be the internet, it could be the exchange or the wallet where you store your cryptocurrency. All of these are what the cryptocurrency operates on. Without all of these , it won't work.

 

[Kingstone]

I know once the digital currencies are somehow being controlled by the government, the rate of data charges and bills will increase. In countries and places where they have poor infrastructure, the best is to move away from such areas if you are a crypto trader.

 

[Yusuf]

Crypto currency exchange Business adoption will definitely be hindered by lack of adequate infrastructural development. The best way to get started with the business is to have quality access to Internet

 

[Ceeny007]

We can't have it all,there are countries who would never allow crypto currency to be accepted officially making the inter-country trade look bleak

 

[Justin]

In order to use crypto currency as a payment form and fund transfer system, the only thing you need is the internet with high speed connection. There is no other infrastructure required.

 

[Suba]

I think almost all countries already use the internet, except for areas that are used as culture, Also there are some countries that limit internet use, so that cryptocurrency adoption will also be hampered, so that it will cover additional income from crypto.