Lab Summaries - When Will Crypto Go Mainstream?

A simple yet important question many crypto enthusiasts would have is:

When will crypto go mainstream?

Here's an analysis from Bitwise. I've read and summarised the entire article into several key points, so you don't have to.

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How does crypto going mainstream look like?

Going mainstream would entail adoption at all levels of our lives.

This comes in many forms, including financial transactions across borders, social media applications, communities, businesses and much more built on the blockchain.

But what's stopping crypto from going mainstream?

One of the biggest impediments to this mainstream adoption is the costs to do so.

More specifically, transaction fees on blockchains. 

If crypto were to become mainstream, decentralised apps and protocols would likely build on the most established and secure blockchain - Ethereum.

However, today's transaction fees are still rather high on Ethereum.

For decentralised apps to build and operate fully on Ethereum, users would have to pay high costs, even to do simple actions.

Would you pay $3 and up to just transfer virtual items from one account to another?

This would simply make it unsuitable for mainstream adoption at this point.

How will crypto go mainstream?

But there will be help on the horizon.

With rollups, sidechains and sharding on the way, transaction throughput would be greatly increased in the future.

With this, use cases for blockchain can be expanded - with both financial use cases we are accustomed to, to non-financial use cases as well.

Personal note: Of course, this does not guarantee mass adoption.

There are other important roadblocks to solve for as well, such as product market fit, UX, security and more.

But lowered transaction fees would be a great first step to make adoption much more feasible.

Enjoyed this summary? Read the full Bitwise article here.

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