What influences the acceptance of Bitcoin? Even while this might give it a boost, it is unquestionably not a law or a government endorsement. The necessity of adoption comes first, followed by conscience.
This explains why we observe that the use of cryptocurrencies is more prevalent in regions with high rates of inflation. Or devaluation of the local currency. It is clear that the requirement in these situations is what propels the bitcoinization process.
People in this situation who are experiencing the decline in purchasing power, the freezing of their bank accounts, and the uncertainty that comes with an economic crisis search for a protective alternative and ultimately turn to Bitcoin.
On the other hand, there are adoption progressions that are motivated by conscience. Possibly more resilient, but a lengthier process. This kind of occurrence is more often in industrialized nations or regions with strong local currencies and stable economies.
The truth is that most individuals who have a high level of economic stability and a solid welfare system are not interested in finding a better system to replace the one that serves their needs so well. Adoption occurs out of conscience for this reason. Started by people with an understanding of economics who investigated the operation of the conventional financial system and found flaws.
Of course, nations with these traits are not the only ones that have adopted Bitcoin responsibly. When people in developing countries use it out of necessity and see its potential, they start teaching their citizens how to use it as a sign of solidarity.
Adoption of bitcoin: the way forward
If you’ve noticed, I’ve used the terms education and conscience interchangeably. And it is that because it has essentially been the same in the case of cryptocurrencies.
The truth is that there are people who are hesitant to participate in the cryptocurrency ecosystem, specifically because they have a natural suspicion of countries with dire political and economic situations. And in order for them to be receptive to this new chance, it is up to us to communicate with and educate them.
Additionally, tradability as well as ignorance are factors. Bitcoin has no value if it cannot be used as a form of payment and cannot be exchanged for necessities of existence.
Large cities or popular tourist destinations have an advantage over less cosmopolitan or frequented locations in this regard. The majority of cryptocurrency P2P transactions take place in large cities.
Cryptocurrencies like bitcoin have come a long way, but they still have a long way to go. It is essential to educate many people in order to prevent contamination of the ideas that led to its creation. Above all, avoid letting what started out as a route to liberation become nothing more than a tokenized version of the old system with all of its flaws.