Are Barriers To Crypto Entry Too Hard?

So I went to a crypto conference few hours ago and one of the speakers talked about how onboarding people into crypto is really difficult because, of the barriers set while trying to protect your wallet. These barriers is making it hard for anybody or regular people to want to use crypto or learn about crypto. Crypto adoption by the masses has always been the goal right? But it’s hard to achieve that if crypto seems too hard and complicated to be understood by people meant to use it. Crypto is expected to be so easy to use that the least educated person should be able to use it conveniently just like they use their bank.

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I don’t know how the banking system works in Nigeria but Nigerian banking system is one of the easiest things to operate in terms of usage. People have gotten so used to using their mobile bank apps so easily that not knowing how to use it feels really kinda embarrassing. If crypto education can be made that way, more people will use crypto. It was highlighted that one of the reasons crypto can not be easily adopted by the masses is the barrier and the ambiguous words. As for the ambiguous words, I don’t think it’s a barrier, I think the words are just new not ambiguous. Over time when you start using these words, they won’t start ambiguous to you any more, they will sound like regular words. If you have been in the crypto space for a good number time you can relate, the first few months those words sounded ambiguous but they sound regular today.

Seed phrase is another barrier that can be highlighted as one of the barriers that will discourage people from using crypto. When you want to open a DEX wallet, you will be shown seed phrases that needs to be saved somewhere, these seed phrases are too much and can not be memorized easily. Not a lot of people can be really careful with keeping their seed phrases safe. Imagine a trader who is very busy, then started using their crypto wallet as a means of accepting payment, what happens to his business and life if he misplaced his seed phrase. We all know that when seed phrases get lost, they can’t be recovered and there goes the funds in that wallet. How many people would want that? They will rather choose a system that can allow them retrieve their seed phrase or password so they can get access to their funds back. This is what discourages a lot of people and what might discourage a lot of people in the future until an alternative is brought up.

Posted Using LeoFinance Alpha