Cryptocurrency adoption and future

There is major talk of cryptocurrency going on around the world and we are seeing major global adoption happening. El Salvador for example has become the first country to accept Bitcoin as a legal form of payment and the Central African Republic has become the second country in the world to also accept Bitcoin as a legal form of payment. There are over 100+ countries around the world where Bitcoin is legal and it’s only going to continue expanding. According to research cryptocurrencies will see mainstream adoption within the next 10 years. There is a high level of trust in the digital currency as an asset. 

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If we take a look at the global adoption taking place you’ll notice that major companies actually accept Bitcoin as a form of payment now. Microsoft was an early adopter as it began accepting bitcoin as a form of payment in 2014 and following that other major companies now such as PayPal, Overstock, Whole Foods, Etsy, Shopify, Tesla and several others.

Bitcoin and other cryptocurrencies like Ethereum are becoming more widely accepted by individuals. Many stores online and offline are realizing its potential and how quickly it’s growing. If we take a look at Bitcoin’s market capitalization and Ethereum’s market capitalization their market value was over hundreds of billions of dollars in early 2022. Crypto is predicted to go well beyond its 2 trillion dollar market space value, which means that if any stores are willing to accept bitcoin along with other cryptocurrencies as a form of payment they will be putting them in a better position to take advantage of this space as it continues to develop and grow. It will also get those businesses in front of new potential customers.

Now when looking towards the future in terms of transaction fees, they are much lower when paying using cryptocurrency since it does not depend on a third party banking authority. If we look at credit cards, bank cards, PayPal and many others, they usually charge fees of anywhere from 2-5% or even more sometimes. When it comes to paying through cryptocurrency there is much more security as well so it is much safer because of the blockchain built-in security. As well, converting your cryptocurrency into fiat currency is incredibly easy to do.

You can see this adoption now not just from payment being accepted but also when looking at sponsorship deals. Many exchanges and crypto platforms have signed sponsorship deals with numerous sports teams, major corporations, etc. and sponsorships like this help the exchange benefit from significant branding exposure. So as you can see cryptocurrency isn’t going anywhere any time soon.

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When it comes to cryptocurrency you can take a look at the global adoption curve to see where it’s headed and where it’s at right now:

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Different stages:

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Innovators

• Innovators are those who are willing to take risks and try new things. They make up 2.5% of the target market and are the first to take action and adopt a product. Those who get in on projects at the innovators stage are the ones who make the most amount of money if the project goes the right way as predicted.

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Early Adopters Stage

• Early adopters stage is still an early stage meaning perfect time to get into a project before it starts blowing up. Early adopters make up 13.5% of the target market.
• People who get into products at this stage have already researched it and have made an informed decision for getting in on that project.

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Early majority

• The early majority make up 34% of the target market and this is where cryptocurrency is at right now. People get into this who are interested but want proof of the projects effectiveness. They will test stuff out before committing.
• Still a great time to get in on projects in this stage because you are still early.

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Late Majority

• The late majority make up 34% of the target market and is similar to the early majority in a sense where there needs to be data driven reasons to adopt that specific project or technology. The problem with getting in at the late majority stage is that you will still see a return on your investment if it goes the right way but the earlier you get in like the three stages before the more you can capitalize on.
• Late majority are not risk takers and only tend to get in at this stage when a product or project is well established.

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Laggards

• The laggards make up 16% of the target market. At this stage the product or project is effective and works. There are full proven data records on the project or product.
• One is still able to capitalize on this but will be seeing a much lower return than those who got in at the early stages of that project.

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