Low technical literacy remains a significant barrier to the mass adoption of cryptocurrencies. Market participants and experts continue to discuss ways to simplify this technology for the general audience.
Understanding of Cryptocurrencies
According to a survey conducted by Australian crypto exchange Swyftx in August, 43% of 2,229 respondents said they hadn't used cryptocurrencies because they didn't understand how they work. Similar data was published by the 2023 Crypto Literacy Survey, where 28% of 3,000 respondents shared this sentiment. In the UK, the Financial Conduct Authority (FCA) found that 30% of 2,337 respondents cited a lack of understanding as the main reason they don't use cryptocurrencies.
Hardware and Security Challenges
Aside from not understanding how cryptocurrency and blockchain work, another barrier is the lack of knowledge about securely storing digital assets. Kadan Stadelmann, CTO of Komodo Platform, noted that storing assets can be a minefield for users. Overly complicated security setups could also make the systems less secure rather than more secure.
Regulatory Barriers
In addition to the complexity of the technology, there are also regulatory barriers. Saad Naja, founder of PiP World, believes regulatory environments in some regions still pose significant challenges, which can deter users until the rules become clearer. He also emphasized the need to simplify processes to achieve mass adoption.
To make cryptocurrencies more accessible for the general public, educational resources and user interfaces need to be simplified. Overcoming technical and regulatory barriers will help the industry attract more users and partners.
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