Why does modern society still have trouble adopting cryptocurrencies? Despite the rising popularity of cryptocurrencies, humanity has not yet achieved mainstream blockchain integration.
There are currently over 300 million crypto users worldwide. Although this number might sound impressive, keep in mind that it’s merely a fraction of the 5 billion people who have internet access.
If you haven’t used crypto yet, don’t worry. We can help. Co-creators of Earnity Domenic Carosa and Dan Schatt want to pave a future for public access to crypto. Here are the biggest roadblocks to mainstream blockchain adoption, which include:
Association to Criminal Activities
Many cybercriminals take advantage of crypto’s anonymous, decentralized transactions to execute illegal activities. Unfortunately, these instances give crypto a bad reputation. People unfamiliar with crypto might assume that these tokens solely exist for black market negotiations.
High Energy Consumption
Cryptocurrency transactions use significant non-renewable resources. For instance, Bitcoin has grown infamous for its highly high electric consumption. Each transaction consumes at least $100 of electricity.
Steep Learning Curve
Trading, investing and buying cryptocurrencies require technical skills. Buying crypto coins is one thing, but turning a profit from selling cryptocurrencies is another. You can’t just enter the market haphazardly. Unless you have a solid, data-backed strategy that suits your investment goals, you’ll run the risk of losing money.
Emphasizes the importance of understanding the tax regulations of cryptocurrencies. Yes, the IRS has no authority over decentralized apps. However, you’ll have to file and pay capital gains taxes once you collect dividends and convert them to fiat money.
Super-Volatile Market Values
The crypto market fluctuates 24/7. Many think that Bitcoin has a volatile market, but it’s pretty stable compared to lesser-known altcoins. Some spike and drop by 200% to 300% daily.
Co-creators of Earnity Dan Schatt and Domenic Carosa strive to spread education as it is the key to the future of crypto. Bridge the gap between seasoned traders/investors and inexperienced newbies. That way, the latter can seek help from more experienced professionals without wasting money on paid courses or mundane mentorships.