The use of cryptocurrency has become increasingly popular in recent years. This is due to the fact that as a digital currency, secured by cryptography, it is nearly impossible to counterfeit or double-spend.
The blockchain itself is completely secure, but leaving your private keys with a third party ie, an exchange, is where the danger lies. Looking ahead there are quite a few DEX (Decentralised exchanges)being developed, promising far more secure ways of trading.
Unlike regular currency, the value of cryptocurrency such as bitcoin seems to be everchanging. This lack of stability is enough to deter many people from using cryptocurrency let alone trading it!
For example, the value of bitcoincan rise and fall at any given moment. The major crash at the height of its popularity in 2017 has significantly damaged its reputation.
It is hard for government bodies to get involved in cryptocurrency, as there is a lack of regulatory guidelines. Today, most crypto exchanges can only comply with best practices and vague rules.
It seems that until someone clarifies the rules, and regulates a particular currency, most people would rather stick to traditional money.
Another question regarding cryptocurrency in the mainstream is who will take the first step: merchants or users? If shops don’t offer crypto payment options, then the majority of people won’t use it.
On the other hand, if not enough consumers use crypto regularly, then merchants will have no incentive to adopt the currency.
Until cryptocurrency becomes an acceptable payment method across the board, with some sort of decentralized exchange for buying it, it could be a long way off before mainstream acceptance.