Introduction
Cryptocurrency, which is a digital form of money that uses encryption technology, has begun to gain the trust of so many. Its ability to gain value over time and show some characteristics of portability and flexibility gives it more advantage over traditional fiats. All thanks to the Blockchain technology that has brought this new form of money. With the aid of a crypto wallet, housing personal funds has never been a problem for crypto users, putting them in charge of their finances.

Mainstream adoption happens to be a very key point in the area of cryptocurrency, but the crypto community isn't fully focused on that aspect. Due to how massive the crypto community is on the internet, most people believe that there is no need for mass adoption as it is already in place. The crypto communities that are fully based on the internet have become an illusion that tricks us into thinking that cryptocurrency has been made known in every part of the world. Some of the crypto enthusiasts fail to recognize the fact that there are certain places that cryptocurrency hasn't reached, or certain people who haven't identified what cryptocurrency truly stands for due several reasons.


For cryptocurrency to gain mainstream adoption, we first have to recognize its uses to those who are adopting it. From the post made by @Tribalchief, he gave a good example on the area where cryptocurrency can be effective, which is in our daily transactions .Daily transactions happen to be a very vital area of business for everyone, as we tend to buy goods and render services through a medium of exchange (money). Another important area of cryptocurrency for those adopting it is investment. Due to the ability to accumulate in price over time, some cryptocurrencies have proven to be good investment assets with promising profits in the future. We've been able to identify two important areas of cryptocurrency application to those adopting it, but there are certain factors that are affecting mainstream adoption. These factors are causing limitations to the vast usage of cryptocurrency by so many.

Challenges Affecting Mainstream Adoption

• Government Regulation
• Weak community/personal promotion
• Complexity
• Digital illiteracy
• Misinformation
• Legal issues and awareness

Government Regulation : Since cryptocurrency started gaining attention from every sector, the government saw the need to implement regulations that would guide all activities relating to crypto buying and selling. Ideally, cryptocurrency (Bitcoin, in particular) was introduced to limit the interference of third parties and offer a peer-2-peer mode of financial interaction, but this purpose has almost become a threat to those in authority. We've seen how the Securities and Exchange Commission (SEC) tries to uncover vulnerabilities in crypto project, thereby limiting the adoption of those projects. We've also seen several lawsuits filed by the SEC against Binance, Coinbase, Ripple, etc, and the delay of spot Bitcoin ETFs.

Weak community/personal promotion : An effective community is supposed to be a catalyst that propels growth and mass adoption, but only a few cryptocurrencies, such as Bitcoin and Ethereum, have a strong community. The majority of the coins in the market today don't have a strong community to promote what a particular project truly offers. People only promote a crypto project at the point of introduction and end up dumping it after making a profit from it. This has literally affected major crypto projects and has reduced their chance of getting adopted.

Complexity : When we talk about cryptocurrency, there are several terminologies that make it up. These terminologies all have their meanings and functions, which enable every cryptocurrency to function in its own manner. The Bitcoin protocol, for example, is said to be open source, comprises of several complex codes that are understood by only a few. Not everyone can grasp the complex codes behind Cryptography, which would certainly reduce interest from the majority.

Digital illiteracy : Even with the availability and accessibility of electronic devices, digital illiteracy is still very common, especially among senior citizens and in undeveloped countries. Some people who possess these devices still find it difficult to make proper use of the internet. With the presence of digital illiteracy, understanding cryptocurrency and its usage could be very difficult for someone with zero knowledge.

Misinformation : This has been a major problem affecting cryptocurrency in general. Certain crypto enthusiasts tend to disseminate incorrect information, especially regarding investment and profit making. They choose to neglect the risks associated with cryptocurrency, thereby putting someone's investment at risk. When things go wrong, the investor becomes a victim and starts condemning cryptocurrency in every way.

Possible Solutions
The possible solutions can be figured out by addressing the challenges affecting mainstream adoption. If the government limits their actions on exchanges and certain crypto projects, it would encourage mainstream adoption, thereby bringing more people to the community.

Strong community/personal promotion seems to be the best way to increase mainstream adoption of cryptocurrency. Crypto communities like Altcointalks, Bitcointalks and a few others are like breeding grounds for the promotion of crypto adoption. These are communities that house thousands of crypto enthusiasts from around the world, discussing and promoting cryptocurrency in one way or another.

Personal promotion is also common, especially on platforms like X, Altcointalks, Bitcointalks, etc. This actually involves a single user who promotes crypto related services via his/her social accounts with a good reputation and track record. AB de Royse777 happens to be a crypto marketer who promotes several crypto projects on Altcointalks, Bitcointalks, etc. According to his saying, Royse777 emphasizes on adoption and creating awareness:

Crypto marketing is not just about promoting a project; it's about creating awareness, building trust, educating stakeholders, and fostering adoption in a rapidly evolving and competitive landscape. When you decide to partner with us to help your brand visible to the crypto community we focus on many things to achieve the best for your project including visibility and adoption, education and awareness, trust building, competitive edge, and community engagement

The complexity of cryptocurrency can be reduced to the lowest minimum, thereby simplifying things for new users. The basics about cryptocurrency might suffice for those who are new. Digital illiteracy might be difficult to handle due to the lack of organized movement in limiting it. This area clearly requires personal effort to learn how digitalization works.

And lastly, misinformation seems to be very difficult to address, but with the collective efforts of everyone in the crypto community, we can discourage it and encourage the dissemination of correct information.

Quick Information : The Topic of this post is "What challenges do cryptocurrencies face in achieving mainstream adoption?" And not "what challenges does Bitcoin face in achieving mainstream adoption".

Reference
@Tribalchief's post:https://www.altcoinstalks.com/index.php?topic=319547.0
@MrSpasybo's post:https://www.altcoinstalks.com/index.php?topic=319547.msg1525248#msg1525248
@AB de Royse777  quote: https://www.altcoinstalks.com/index.php?topic=312617.0

Introduction
The world of business involves exchanges, which means there is a generally acceptable medium that allows buyers and sellers to come to an agreement. Money happens to be a keyword in the world of business due to its value, worth, and how it's generally accepted. Over the years, money has evolved and undergone several transformations just to meet the portability and durability purposes of every user. Coins and banknotes are the common forms of money in our world today, though other things give a similar presentation.

After searching the internet, I just couldn't find a proper word that describes what money truly defines. Of course, it's a generally acceptable means of payment, but why is money a general means of payment? I asked myself this. The reason why money acts as a generally acceptable means of payment is because money appears to be a general language that is understandable by those living in a certain region.

Ideally, we all expect the majority of those who are born in the US to understand the English language and also be able to communicate with it. The same thing goes for those in Spain; they should be able to understand Spanish and communicate with it. This puts money in a similar situation; it is generally accepted because everyone understands its value and should be able to communicate with it through exchange and transactions.

With money acting as a generally acceptable language for transactions, it has its own limitations. Those in the US make general use of the US dollar because the majority of the people understand it a lot. This has caused limitations to the usage of other forms of money like the Euros, Pounds, Ruble, etc. Citizens of America would find some of those currencies strange because they are not their common form of language for transactions.


Cryptocurrency
Just as the world keeps evolving technologically, we are beginning to see its great impact in the finance sector. Cryptocurrency, which is digital money, happens to be a new form of money that uses encryption technology. With the usage of Blockchain technology, cryptocurrencies are represented in virtual forms rather than physical fiats such as coins and banknotes. Cryptocurrencies already offer more than portability and durability, making them safer to secure.

An interesting fact about cryptocurrency is that it breaks the language barrier of normal fiat currencies, making it act as a general language acceptable in every part of the world. Cryptocurrencies such as BTC, ETH, Sol, etc., are all presented in the same form in every country but are measured relatively with the traditional fiats of every individual country.

Because cryptocurrency breaks the language barrier of normal fiats, it makes it a better form of money than every other traditional fiat. Interestingly, cryptocurrency can be sent from any part of the world just like teleportation, as long as both users have the necessary software that can run crypto protocols, which is a crypto wallet.

We've been able to identify why cryptocurrencies can be used as a medium of exchange, but we need to consider a major key in achieving such a theory. A major key necessary in achieving such a theory is Mass Adoption. There are certain conditions necessary for mass adoption, but would be introduced in the topic number 76: "What challenges do cryptocurrencies face in achieving mainstream adoption?".

So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is YES.


Please note, I suggest that the conditions necessary for mass adoption be introduced in topic number 76, as they fit better within that topic.

Thanks for reading, and do well to share your opinion.

After a few hours of contemplating which board to make this post on, I concluded that the local board would be the best place, since I can only identify this problem in my country. The term 'epidemic' seems to be a little harsh, but in situations like this, we have to use a tough term that best describes the problem.

While growing up, I never believed that the country would get to a state where the majority begins to buy cash with cash. Though I am not too conversant with economic terms, I think cash flow is basically part of a working economy. The agendas of those in authority trying to implement a cashless society are a total failure to me. The majority of our local traders who trade with our necessities (goods and services) won't be able to adapt to a cashless society soon.

Sadly, trillions of naira have been printed over the past 10 years, but that money isn't even in circulation. Banks, which are supposed to be the housing center of money, have become useless. The country's money is now sold on the local exchange or to those who hold POS machines around us. The black market price has become a normal and acceptable price in our country.

In conclusion, there is a solution to this problem, but sadly, there is no one to implement those solutions because the majority of those at the top are involved. What are your thoughts concerning cash scarcity and how bad has it affected you?.

$1 to 1700naira done bcum the trending mata for de country, as things no cum dey funny again. Prices of things dey Increase/change the very moment we wake up from sleep, abi make we no cum dey sleep for night again? . Mr president done already talk say there is no other way, so make we no even talk about the government.

How to survive in Nigeria should be a movie title, as per say the thing they meet majority. Sadly, de thing still dey affect those wey dey earn in dollars in one way or the other. Make I explain how:


Recently, i almost get issue with person wey dey sell, bcus of how price of something fit change 3times within 2days. No cap, things tough.

Way forward
We as citizens know the problem, but the solution matter's most. The only thing I can say is "Keep doing what works for you ". As long as you dey make profit, keep up with watin u dey do. Every body for fit do banking work, everybody no fit do crypto, every body no fit do teaching, just do your thing.

Time has proven to be a major source of evolution that has transformed the world into the modern life we see today. It has left us with a true reality: Nothing lasts forever, no matter how popular and essential it becomes. The evolution of technology has made life experiences more simplified. We've seen a great reflection in the finance sector, where the common means of exchange (money) has advanced to an unimaginable item it is now. From the barter system to the current paper note, I think we can all attest to the fact that the changes are true.

Digital forms of money have begun to surface, and they're already showing a threat factor to the paper form of money we use today. The banking sector, which happens to be the housing arena of a nation's currency, is already looking for alternatives that would put them in business for the next 10 years and beyond. Interestingly, a reasonable number of people are already fed up with the unjust and biased actions of the banking sector. The inability to give a citizen his/her funds at the needed time, and also using citizens' money for various reasons that concern the government without taking permission from the owners of the money is a technique that sounds awesome to them.

I am not in opposition to the banking system, but considering the fact that I was once a victim of poor banking services which resulted in me going through unnecessary stress that didn't worth it.

I think around sometime in May last year, I had to go to the bank to rectify some issues and also get my bank statement. Trust me when I say that it took me over 8 hours to gain access into the bank. The crowd was something else, of which I happened to be no. 253 who was also waiting patiently to get someone that could help me rectify and identify my issue. I also came across another customer who came to the bank with violence, demanding that he wants all his money.

This terrible attitude of banks getting hold of people's money without even passing proper information is a clear reason that could result in their exit soon enough.


Alternative
 It's best to address Bitcoin and altcoins as digital currency in this scenario. Digital currency has begun to gain the trust of those who need better banking service. Nothing tastes better when you see your personal funds, initiate your transactions without a middleman, and also have an asset that appreciates with time (though it can also happen the other way). The legitimacy of digital currency is something that is already sounding as a threat.

Aside from cryptocurrency, other forms of digital currency have also evolved, which can offer similar services to a national bank. They offer you the same currency that is being used in the nation and perform other transactions behind the scenes. This has clearly become the local option for me, as I have already distanced myself from using a bank service.

In conclusion, the law of karma has always caught up with people for their actions, which also means that nothing lasts forever. The banking system is visibly under threat by the new digital age. The possibility of them remaining in power is still a doubt to me, or maybe they might just end up being a weaker sector in the future. Digital currency is here to stay, which also gives cryptocurrency that same chance.

Do you think banks might fold up due to their poor service in the coming future?

Recently, the news of MicroStrategy buying an additional 14,620 Bitcoins broke on the internet. We've always known MicroStrategy as a company that loves investing in Bitcoin since August 2020. This sounds more like great news for the Bitcoin community, as it feels like more adoption is taking place, but it is done by a certain group of people.

Primarily, we all know that Bitcoin is meant to be a distributed asset among its users without anybody being in control or possession of the major asset in circulation. Though MicroStrategy isn't the only organization stacking Bitcoin in large amounts, I think it's high time we consider how it might affect the Bitcoin community in a few years.

I sense that the Bitcoin market and other digital currencies might be affected negatively when these companies decide to sell a very large portion of their accumulated assets. What do you think about these companies, and how do we encourage the majority to buy more Bitcoin for themselves to prevent the possible negative outcomes of the future?.

Good day everyone.
Not too long, i concluded a post that was suppose to be posted, but i changed my mind due to the confusion it might bring. So, i decided to ask it inform of a question instead. The questions are based on two instances.
Here it is...

First instance
Assuming you went to a coffee shop to get a cup of coffee. If the price tag on the coffee says $5 and you choose to pay with crypto...

second instance
Assuming you went to a dealer's shop to purchase a ferrari car worth over $300K...

Question 1
Would you prefer to pay with Bitcoin whose price is about $43K, or you would prefer to pay with a particular coin whose price is about 50cents ?.

Question 2
Give your explanation on why you made such decision.

Question 3
Did you use a reasonable approach in making such decision or it was based on choice ?.

Note: Question 1,2 and 3 are applicable to Instance 1 and 2. Therefore, a total of six(6) answers are required.