Vitalik Has An Idea How to Help Crypto Adoption
Whatever Vitalik Buterin, a co-founder of the Ethereum platform, says tends to spur a huge online conversation and this time, when he talked about how to improve crypto adoption, was no different.
This Sunday, he tweeted how cards on corner stores, preloaded with cryptocurrency, could help boost overall adoption.
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
Both Twitter and Reddit went into a frenzy. While Reddit’s topic was quickly hijacked into discussions on scaling, Twitter was more on-topic.
Not everyone agreed with Vitalik’s remarks, with some people saying being able to earn cryptocurrency can do so much more to adoption than preloaded cards at corner stores: “When you earn cryptocurrency, you never have to deal with the fiat on ramp where all the friction is at.”
Another user commented: “This is a false comparison. BTC and ETH are polymorphic, meaning they function BOTH as investments and a medium of exchange/commodity. ETFs simplify the INVESTMENT aspect, while cards/payment solutions would simplify the medium of exchange use case. BOTH are important...”
Buterin wrote: “Agree, though I personally think the current level of adoption is imbalanced, i.e. there's relatively speaking too much investment and not enough usage.”
Increasing adoption is a hot topic in the crypto universe. Recent market research has shown that the vast majority of people have no intention of using their cryptocurrency. Instead, they just want to hodl and wait until the prices go up so that they may buy more fiat later on. However, despite the majority is still hodling, crypto is increasingly used for payments.