Ways to Boost Bitcoin Adoption in 2020December 28, 2019
Adoption rates in the crypto community remain one of the most important and yet most underwhelming elements for the actual growth of any token. This was the truth years ago and it remains the same today. Even as technology changes and the cryptocurrency networks continuously keep adding features or entirely new technological solutions, they only make sense if they are used by actual individuals. Getting those individuals seems to be as hard today as it was at the very start of the bitcoin network back in 2009. In many ways getting that wrote might be even harder today than it was a decade ago.
Now, as the new decade in years, many in the crypto community are wondering how will it be possible to extend those adoption rates or even increase them in 2020. One thing is certain – it will be incredibly hard and the results will be most likely below any optimistic expectations. Furthermore, this will not be connected to the price of bitcoin or any other cryptocurrency, especially not when it comes to the long-term and all those healthy elements of any digital currency that go beyond instinctive fear of missing out and similar short term adoption boosters. While they might be minor, here are some possibilities that might make adoption a more likely possibility in the year to come than it was in 2019.
Dropping Celebrity Backers
In some way, it is important to know what does not work when it comes to adoption. For one, using celebrities as promoters of any cryptocurrency seems to be a way not to do it for sure. In the previous couple of years, especially since the boom of ICOs in 2017, individuals of a different kind of celebrity status enter the game of promoting crypto ventures. From Floyd Mayweather to Paris Hilton, sports stars and pop stars have been approached by different actors in the crypto ecosystem. Usually, any such promotional endeavor ended up badly, including those that have been outright scams.
While bitcoin remained free of these types of problems, chances are that someone will come across the idea in the future, even though they cannot expect any money directly from the network. If that happens, everything points to a scenario similar to the previous months. Because of this, it is important to recognize that the concept of celebrities of any kind promoting cryptocurrencies simply does not work as intended. Instead, it is either ignored or in those cases that end up being scams, it actually hurts the overall crypto community by once again associating any type of criminal answer with digital currencies.
Introducing Crypto Pocket Change
One of the ways that have so far been more than successful, at least in the terms of the present crypto community, is providing people with so-called pocket change in cryptocurrencies. Bitcoin is clearly the most popular choice when it comes to these programs and most of them are based on the concept of chargeback. Individuals go ahead and completed the regular purchases on different online platforms after which they are rewarded with a small amount of cryptocurrency send to their digital wallet. The main reason why this is important for the cryptic community is the fact that it provides people with a reason to actually open up those wallets.
Besides at least some of them will learn how these bullets work and how can they move there still modest pants to either different goods and service vendors or other uses. The psychology of this process is relatively simple and it has been used in different ways by retail organizations for many years. The same alternatives will continue in 2020 and they are bringing new users, as well as those crucial digital wallets. They might not provide a revolution in adoption rates but they are definitely a useful element in the overall effort of getting more people into crypto. With new services and new providers of chargeback services, their presence will only grow in the next year.
Long before trading or any other current means of getting cryptocurrencies, people used to mine them with their own personal computers and that way get their taste of bitcoin for example. Today this option is almost unfeasible for any regular use thanks to the high hush rate of any network starting with the BTC token. However many companies and startups did recognize that need in those who are tech-savvy and interested in hardware to still try mining for themselves. That is why there are plenty of companies offering individual mining rigs that are not DIY undertakings.
Instead, there are more similar to plug-and-play solutions which make those mining rigs a lot like simple digital hubs that users simply attached to the grid and then forget about. Here as well, the money that is generated through those ventures is more than modest. In some cases, users actually might be doing more financial damage to their home budget than good. Still, for every sold individual mining rig there is a new bitcoin wallet being open up. If those rigs can get cheaper and their results more feasible in financial terms, individual mining rigs could become one of the biggest pushers of cryptocurrency adopting in 2020.
New Technical Solutions
The last element that could in theory boost adoption is the possibility of bitcoin actually providing some kind of new technology or application of possibility which would, in turn, draw in new users. The problem with that is the fact that no one knows how that element should look like. Similar to esports and other modern digital ventures, it is hard to guess what the users actually want as a new feature. Instead, organizations are left to experiment and guess what improvements would actually make the most sense.
Here, the same experiment is costly but on a much lower level than any social media for example. Yet, there is not enough of it. In 2020 expecting some such development is basically optimism and not any rational calculation based on current developer activity. However, if it does come, it will quickly over shine any other major driver of bitcoin adoption rates.