Three categories of applications that will drive initial mass adoption of cryptocurrencies

Author: @nickwh8te; Compiler: Vernacular Blockchain

It takes a long time to promote a new technology and achieve large-scale adoption. Taking the United States as an example, relevant data shows that it took 78 years for the car penetration rate to reach 92%, 48 years for household electricity penetration to reach 100%, and 26 years for the Internet penetration rate to reach 88%.

Although the concepts of blockchain technology and cryptocurrency have successfully penetrated into the consciousness of the global public, most people have never actually used cryptocurrency services. In addition to the technical threshold, the existing infrastructure cannot support its large-scale application.

Celestia expressed his views on X. He believes that there are three types of applications that are most optimistic about promoting the initial mass adoption of cryptocurrencies, and makes relevant analysis:

• Stable coins

• Games

• Social

1. Stable coins

The global demand for US dollars is huge and not fully met, and stable currency payments are already better than bank transfers, and will soon surpass Venmo (a popular mobile payment application mainly used in the United States), and may eventually even surpass credit cards.

2. Games

If you can crack the code of building a game that is both fun and has built-in economic incentives supported by cryptocurrency, it will be very interesting and addictive. Only 3% of the world's 3 billion gamers have 100 million users.

3. Social

Social applications are naturally contagious, and incentive mechanisms based on cryptocurrency may be the key to solving the problem of launching new social networks. People seem to be eager to find alternatives to Web2 social networks, and the market is ready.

The killer application may be a combination of two or more of the above. In any case, I think it's only a few years away from our first truly breakthrough cryptocurrency application case.