New technologies often face skepticism and resistance when they first emerge. My grandfather’s generation viewed televisions with disbelief, for them it was impossible to change listening to the radio for these “silly boxes”. These first TVs were super expensive, heavy, black and white, and the shows you could watch were very limited, as time passed, TVs became cheaper, and lighter, with color and HD resolution, and only God knows how many channels available we have now.
My father’s generation felt the same about cell phones, I can still remember when he used to say “I will never use a cell phone” and now I smile every night when he goes to sleep checking on his social networks for hours. To his credit, I must say he was the last of the family to buy his smartphone.
Similarly, most of my generation still regards cryptocurrency with a degree of doubt. Many only think crypto is a scam, a get-rich-quick scheme. Certainly, a lot of people have made a lot of money in crypto, others have lost even more, and 2022 showed us that pyramid schemes and scams are still a big problem in the space.
However, history has shown us that it’s simply a matter of time before these groundbreaking innovations become predominant and essential to our daily lives.
Evolution of technology
When new technology enters the scene, there is a natural hesitation and unwillingness to embrace change. The status quo, big corporations, governments, and even ourselves, to a great extent, is comfortable and familiar, and the idea of something entirely different can be daunting. On top of this, the necessary infrastructure is not always readily available, and the existing players in the market may see the new technology as a threat to their established power.
Regulation is another significant obstacle. Bureaucratic processes tend to move at a snail’s pace, leaving innovators frustrated and stifled. In the case of cryptocurrency, regulators may not fully understand the implications of this revolutionary technology, and they clearly see it as a rival to their monopoly over money.
However, the most significant challenge that crypto is still facing, in my opinion, is user experience. The convenience of using almost any as a viable alternative to traditional financial systems is hindered by the complexity of the technology and high transaction costs. These issues, combined with the lack of understanding and trust, have made it difficult for the average person to take the plunge and start using cryptocurrency.
But, just like with the television and the cellphone, it’s only a matter of time before the technology and infrastructure surrounding cryptocurrency improve. The costs of transactions will decrease and the technology will become more user-friendly, making it accessible to a wider audience. The benefits of cryptocurrency, including decentralization, security, and global accessibility, will become apparent and it will be seen as a far superior option to traditional financial systems.
New technologies often face initial skepticism and resistance. But, as we’ve seen with the television and the cellphone, it’s only a matter of time before they become the clear winners and essential to our daily lives. Crypto is no different, and with advancements in user experience and infrastructure, it’s only a matter of time before it becomes mainstream.
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Nacho is a writer for The Pulse. He is mostly involved in NFTs, Bitcoin and Ethereum ecosystem. Freedom advocate.
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