Perspectives

The Key to Blockchain Adoption

September 6, 2019

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The Key to Blockchain Adoption

The use of the internet has been around within the past 20 years in Africa and around the world over the past 40 years. The use of the internet has become global and easy to use, even for those in Nigeria. Electronic mails came and took over the services of the post office, mobile phones came and took over the market from calculator manufacturing companies, alarm companies, and even some special computer centers. 

A few years ago in Africa, you need to go to a computer center before you can send an email or access the internet, but with the widespread of mobile phones and easy access to the internet, Africans don’t need a special center to do all these things as they can now do all those from the comfort of their home. 

The same way the internet has grown and the use of the internet grew over the years, that’s how Blockchain technology and cryptocurrency adoption is growing gradually in Africa and especially in Nigeria. Although many think the growth rate of cryptocurrencies and blockchain technology are pretty slow due to some prohibiting factors that need to be solved by Blockchain developers around the world, we believe it will scale through, the same way mobile phones and internet scaled in Africa. 

Blockchain technology adoption is still at an early stage of adoption. Like the internet was in the early days, a lot of people still don’t know how to use Blockchain technology, why they should use Blockchain technology, states and government are still wondering if they need Blockchain technology or not. 

But what could be the cause of the slow adoption of Blockchain technology and cryptocurrency amongst citizens and the government of the world? Let’s pick a few of them:

1.Low user privacy among top Blockchain: because Blockchain is open and transparent, anyone can view the transactions made by a particular person or company. Cryptocurrency like DASH has solved that issue, but it’s still a common concern to most newbies to cryptocurrency. 

Solution: it’s possible to have a private Blockchain that doesn’t reveal full user transaction history. 

2.No account recovery system:

The normal financial systems function in a way that gives trust to the banks and let’s users recover their accounts whenever they lose their passwords. But some cryptocurrency Wallets gives you a private key that is very delicate, if you lose your private keys, you lose your funds and your account. 

Solution: users can use safe and trusted Wallets like Coincola.com for their cryptocurrency storage. 

3.Unfriendly crypto addresses:

The addresses of some cryptocurrency is not easy for users to memorize that kind of address, however, cryptocurrencies like Steem, Bitshares and EOS allows users to send crypto cryptocurrencies to human-readable addresses such as coincolasave, check block explorer: https://blocks.io

4.Low password or private key security: Cryptocurrencies like BITSHARES, EOS, TELOS, WORBLIand BOS allows users to have 2 keys that control their accounts. 1 key is called active key, the other is called the owner key. This gives extra security to cryptocurrency. This is one of the special reasons we listed EOS on coincola.com because it seems to be a good project. 

One of the easiest ways of making money with cryptocurrency is by checking these cryptocurrencies and the problems they solve in the crypto space. The more problems they solve and the more convenient their users are, the more valuable they become. 

At coincola.com, we carefully check through these points before listing any of these cryptocurrencies. However, this is not financial advice, do also make your own research before buying any of these coins. To know more about Blockchain technology and cryptocurrency, visit our blog today.

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