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Cryptocurrencies have exploded in popularity over the last decade and they show no signs of stopping. Despite the recurrent bear markets that have occasionally obstructed the development of the industry, digital currencies have continued to gain ground in the financial system, earning their place in the spotlight and proving naysayers wrong.
Let’s not forget that a little over 14 years ago, the concept of virtual money sparked disapproval and laughter as no one credited crypto with any real chances of success. And look at the crypto industry now: there are approximately 9,000 active cryptocurrencies in existence and over 420 million crypto users worldwide. The emergence of crypto exchange platforms like Binance where people can buy or trade Ethereum, Bitcoin and other popular coins has made digital assets more accessible than ever before. Crypto has gone from being shunned by everyone to being the shiny new toy in the financial market, coveted by traders and investors alike.
However, despite their staggering ascension, digital currencies have not yet reached mainstream adoption. People’s reluctance on using crypto has faded away, businesses and organizations have come to embrace and integrate crypto services and even lawmakers have softened their stance on digital currencies. But that hasn’t helped crypto transition from an alternative means of payment and store of value to a mainstream asset. One can argue that the market hasn’t had enough time to mature and it’s just a matter of time until crypto reaches the same status as fiat money. Others predict that crypto will never be able to compete with traditional currencies and will forever reside on the fringes of the financial system.
There’s some truth to both scenarios. Crypto is a very young industry compared to other asset classes such as bonds and stocks. Most projects aren’t even a decade old and that makes them extremely volatile and vulnerable. It might also be true that digital currencies are not capable to replace fiat money and their purpose is to offer an alternative to traditional finance. In this context, it’s not surprising that crypto lags behind other types of assets in terms of usage. But recently a new theory emerged stating that smartphones could be the missing piece in the puzzle that could lead to greater crypto adoption.
How mobile devices can boost crypto adoption
According to the host of InvestAnswers, smartphones have the potential to push crypto adoption further. This theory doesn’t sound so outlandish when you consider the role that mobile devices have come to play in our lives. By the latest count, there are approximately 6.8 billion smartphone users across the world and the figure is expected to increase significantly in the years to come. What’s more, recent data reveals that the average person spends more than three hours per day on their phone. At this point, mobile devices have become digital extensions of ourselves that accompany us everywhere we go.
Since people are so fond of their smartphones and can hardly imagine life without them, making crypto more mobile-friendly could be a great way to drive mass adoption. And that can be done by tweaking crypto wallets and integrating them into smartphones. In other words, smartphones could act as the hardware for storing crypto. People could use their mobile devices to store crypto just like they use their regular wallets to store their cards and cash. The key is to make things as simple as possible for users. Given that most people appreciate convenience above all else, the only way to encourage them to try something new is to eliminate all barriers and streamline the process – and integrated smartphone wallets could do just that.
The InvestAnswers host also explains why smartphones are superior to other types of devices when it comes to crypto adoption. For starters, the number of smartphone users far exceeds the number of people using laptops or tablets. Apart from that, mobile phones are also much cheaper than other gadgets, not to mention that it’s a lot more efficient to have a crypto wallet in your smartphone since the device already has the necessary authentication features that ensure enhanced security. Therefore, making crypto wallets more easily accessible is bound to encourage more people to give digital currencies a try. The potential is already here, one just has to connect the dots to make things happen.
The idea that smartphones and crypto wallets are a great match is not exactly new. Last year, Solana Mobile launched the Solana Saga – an innovative mobile phone that brings crypto products and services to users’ fingertips. In terms of technical specifications, the device uses Android 13 as its operating system, offers 512 GB of storage, and decent battery life, while the screen space is more than generous with a 6.67-inch display. So, if people have always relied on laptops and computers to access crypto platforms and applications, Solana changes the game by providing all these options on mobile.
While Solana’s Saga smartphone is just an early example of how crypto and smartphones can work together, it does bring us one step closer to the Web3 realm, making the crypto experience a lot more pleasant for all types of users. Imagine how easy it would be to have all your crypto apps and wallets in one place, just a few taps away. You could mine coins on the go or trade your assets anytime anywhere.
The easier it is for people to use digital currencies, the greater the rate of crypto adoption. For now, digital currencies walk a fine line between dissension and acceptance. But the integration of crypto products and services into mobile devices could tilt the balance towards mainstream adoption.