A huge cryptocurrency cycle has erupted this year, with new record highs, euphoria and the usual media acceptance of cryptocurrency trends today. However, the unpleasant truth for us in this industry is that cryptocurrency is no longer in most people’s daily lives than it was in 2017. Four years later – what has halted its progress?

2017 was my first professional attack on a blockchain site when I started Crypto.com (then known as Monaco) as the first CMO. The company has grown to become one of the largest providers of crypto services and gateways between crypto and cryptocurrencies in the world.

During this time, the coding area has changed. Payments are not receiving much attention, and many projects aimed at introducing cryptocurrency have been delayed. Decentralized finance (DeFi) and non-financial tokens (NFT) have been in the spotlight, but in the end they focus on cryptocurrency trading and fail to help the real world in any meaningful way – at least for the time being.

Related: Cryptocurrency Approaching ‘Netscape Moment’?

The situation reminds me of the mobile phone industry before the iPhone and the revolution led by Steve Jobs. The technology and features overlapped, but without an additional impact on the end user, although there was a lot of noise around.

As a pioneer in mobile marketing, I have worked with the Mobile Marketing Association of Asia for over a decade (serving as Chairman from 2009-2010) and witnessed the development of the industry firsthand. One of the things people misunderstand about this revolution is that Apple didn’t “invent” the smartphone in any meaningful way.

From zero to just one innovation
If you ask someone on the street what made the iPhone so successful, you’ll get at least half a dozen different answers. Some say they were apps and the app store. For others, it was Gorilla Glass and a touch screen. It was 3G (in fact, the first iPhone did not even have one), Wi-Fi connectivity, a camera, a decent size, a stylish design …

Of course, all of these factors contributed. But keep in mind that all these features are already present in other phones in one form or another. Nokia had Symbian OS and a fairly rich ecosystem of applications. It’s the same with BlackBerry, which was very ahead of its time in terms of hardware and software – for example, in 2005 BBM released, proto-WhatsApp / iMessages. Palm and many other companies have made “pocket computers” with touch screens with a stylus. Nokia excelled at camera phones and predictable text input, Motorola wowed everyone with the design of the Razr etc.

The only independent innovation that the iPhone brought was the user interface (UX), or rather the capacitive multi-touch screen. It introduced gestures, an on-screen QWERTY keyboard, and the basic smartphone design we know today, but nothing else about the iPhone was new in itself. It was just a perfect phone – as Steve Jobs said at the time: “The iPod, the phone, the Internet … not three separate devices. This is a device” – which made for an easy-to-use, elegant, beautiful device with many features. The rest, as they say, is history.

Cryptocurrency does not have its own iPhone yet.

Revalue cryptocurrency as a means, not an end
When we talk about cryptocurrency adoption, we must acknowledge the common considerations of the common man. The vast majority think about value and utility long before any ideal considerations. Organic food has its place, but it’s a small place – most people buy food based on taste and value. Electric cars face problems because they have a large number of practical flaws and because they tend to be more expensive.

Positioning cryptocurrency as a great tool for economic freedom and decentralization would be a blank slate for most people. By far the most important reason people are turning to cryptocurrencies these days is because of price growth, not their usefulness value. Cryptocurrency is useful in certain applications, such as cheap global value transfers. However, there are many practical drawbacks to using cryptocurrencies for payments, which are mainly related to integration with existing financial bars. Frankly, the user experience of using cryptocurrency to pay for things has been terrible – with complex fees, confirmation times, and complex units of measurement exacerbating the adoption battle.

On the topic: Mass adoption of blockchain technology is possible, and education is key.

There is no perfect analogy, but I think the coding’s “multi-touch capacitive screen” recreates it as a means rather than an end.

Source: CoinTelegraph