What does cryptocurrency adoption actually mean? It seems to have multiple definitions and the true meaning isn’t ever clarified. Lots of people and projects claim to be pushing for ‘mainstream adoption’ – but are they really?
Outside of crypto, adoption refers to growth in some capacity, usually referring to increasing the number of users in one way or another. However, the term adoption is used pretty loosely in the cryptocurrency world. Generally it’s used more as a buzzword to say ‘this product is going to do good’, more than anything else. Which is a shame, because actual adoption is exactly what crypto needs. The more users, the better.
Truthfully, adoption is a slow process, especially for a new technology like crypto. There’s no one product that’s going to instantly be able to achieve ‘mainstream adoption’ – which would mean that millions of people all around the world that formerly weren’t using crypto were now using a cryptocurrency-powered product.
We know that crypto adoption is an uphill battle, especially with tricky onboarding and hard to use products. Even the standard wallet address is daunting for a newcomer.
Graduality wins in this case. It’s not going to be an overnight change. You won’t wake up one day and everyone is suddenly using Ethereum. Perseverance and hard work over time is what it’s going to take to achieve true adoption.
What does adoption look like?
Even after all of that, the term adoption is still a bit hazy. You’re probably wondering what it’ll actually look like. Truthfully, no one knows yet for sure, but there are a few examples you can look to.
For example, an easy use-case to study isthe supply chain industry. Blockchain, cryptocurrency and smart contracts have been proven to provide incredible benefits to supply chains. Noticeable improvements include efficiency, traceability, transparency, cost and more. In terms of adoption, it would simply mean that more and more companies move over to use blockchain services to manage the logistics of their supply chain. For most people, this adoption wouldn’t even be noticed, but it would certainly make an impact.
It’s likely that the vast majority of future adoption will be similar to this. Incredible use cases that make a big difference, but most of the end users aren’t aware of how it’s working behind the scenes. You most likely don’t understand how your currency payment services work, so if they adopted blockchain, the only differences you would notice would be the benefits.
However, there are of course some great examples of where adoption will be forward facing. After all, one of the main purposes of cryptocurrency is peer to peer payment, which by its nature has to be forward facing. For cryptocurrency payments to be adopted across the world, the users are going to have to notice. After all, the true adoption of cryptocurrencies comes when they are being used daily as a payment option.
In this scenario, we can look to Utrust to show us what cryptocurrency payment adoption looks like.
Utrust: an adoption case study
Utrust is tackling adoption by onboarding merchants and clients all over the world while targeting as many markets or niches as possible. In doing so, they are spreading the power of cryptocurrency far and wide. Currently Utrust is powering merchants in more than 180 countries – their efforts are truly global.
As a first step to making adoption a reality, Utrust has designed their product to be as easy to use as possible. Utrust is a blockchain powered payment technology provider. With Utrust, merchants can accept cryptocurrency as payment and receive excellent benefits such as instant settlement, low fees and even business and purchase protection. For merchants, integration is super easy and the instant settlement and purchase protection options are big winners.
Building a user base
It’s not possible to list all of the merchants that Utrust has onboarded, so instead we’ll take a broad stroke and look at some of the highlights, jumping between different niches so you can see just how far they are casting the net of cryptocurrency.
To kick things off, KOMPAKT, a leading electronic music label, is now accepting cryptocurrency payments by using Utrust!
Next up, Antalya Homes – a real estate company based in Turkey. Thanks to integrating Utrust, you can literally purchase property in Turkey using cryptocurrency. If that’s not adoption, I don’t know what is.
Alternative Airlines is an online tool for booking flights that collects prices from more than 600 airlines. They boast accepting 160+ currencies, and this is thanks to Utrust integration allowing cryptocurrency payments. You can book a holiday with crypto! Travala.com also has integrated Utrust, which is another way you can book holidays with crypto.
Perfumes.com. An online store for, you guessed it, buying perfumes. Thanks to Utrust, users of this site can buy their favourite fragrances with cryptocurrency.
So far we’ve gone from buying a home to booking a holiday to a music label, but there are so many other cool examples. Just Mining is a merchant that sells cryptocurrency mining gear. Whow games is an online casino. Diamond Cutts is an online diamond store. All of these merchants (and many, many more!) are able to accept cryptocurrency payments thanks to Utrust.
Utrust has a string of partnerships including Magento, Woocomerce, Perstashop and Opencart Integrations, all of which are easy ways merchants can start using Utrust as a way to begin accepting crypto at their business.
Cryptocurrency adoption certainly comes in all sorts of shapes and sizes. One thing’s for sure though – it’s going to take hard work and time to get there. We’ve established that a good portion of true adoption won’t be forward facing, it will just improve products without anyone knowing what’s going on behind the scenes.
However, companies like Utrust are able to show us the forward facing side of crypto adoption, where people will be able to use their crypto as a payment method. Having reached nearly 200 countries around the world and supporting an ever-growing number of merchants, Utrust is certainly showing us how it’s done.
The Daily Chain
The Home of Digital Assets
*This article has been created in collaboration with Utrust. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space. The above article does not represent financial, investment or trading advice and we do not recommend the purchase of any cryptocurrency or product without consulting a financial aid. The Daily Chain strongly encourages you to do your own research before making any investment decisions.