The Challenges of Integrating Cryptocurrency into Our Daily Lives

 

It is fantastic to take the time and be positive about cryptocurrency and the blockchain space. It happens all too often where people are ready to jump on the negative side and crucify the entire industry because of some minor hiccups or even worse, without any knowledge at all. One question though, which pops up again and again is how to best integrate crypto into our daily lives.

What Exactly are the Challenges?

There are a few. One of the major issues is transaction speeds and the ability of different networks to handle high volume transactions well. At present, most networks cannot come close to matching speeds or volumes handled by the likes of major credit card companies. This is a major issue which greatly inhibits the adoption of many currencies for daily use.

That said, speeds are improving. This is evident from the likes of XRP, where, even though the project itself causes stern debate within the community, the network can still handle large volume transactions in a very speedy time when compared to other major cryptos. Still though, more progress is required.

Transaction Cost

Another key element when evaluating cryptocurrency prior to investment is the transaction fees which are associated. With the likes of Bitcoin and Ethereum, these have managed to increase quite significantly as the networks have become busier. This represents another big issue when it comes to regular use. How we can best reduce these costs is still a matter being debated. Currencies such as EOS though are beginning to shift the paradigm positively in this respect.

Market Volatility

This is a major concern among most users, especially those who wish to re-convert their earned cryptocurrency into fiat. Sure, currency values in every nation fluctuate, crypto though does have a tendency to move faster and more frequently. To solve this issue is complex and perhaps requires an economy which is solely based on crypto, or some type of assured backing to keep the market balanced and consumer confidence steady to avoid panic.