The 5 Unexpected Ways Crypto Adoption May go Universal

Could people be courting the wrong ideas and expectations of how universal crypto adoption should occur? Could there be other unexpected ways in which universal adoption will be achieved? Read on to learn the five unexpected crypto adoption ways that make it go universal.

Web 3.0

According to Worldbank data, the global internet penetration rate stood at 60% in 2020. The number of internet users has averaged a growth of 10% since 2005. All the current internet usage is based on the second generation of the worldwide web (Web 2.0), with all the current big tech firms.

Web 3.0 can best be defined as the next evolution of the internet and the third generation of the world wide web. It aims to develop a more intelligent and better-connected browsing experience for users. 

It will employ machine-based deep learning of data based on concepts such as decentralization and token economics. In short, blockchain technology and crypto tokens based on Decentralized Finance will form the basic building blocks of how everyone browses the internet in the future. Universal crypto adoption can't get any better defined than that.

Bitcoin as a Global Reserve Currency

As much as people see the US dollar as having been the undisputed reserve currency forever, it has held the position for a short period. The last 700 years have had six different national currencies as the reserve currency. They last on average 100 years, with the US dollar having officially played the role for the last 77 years.

Going by the historical timeframe, the USD is nearing the end of its lifespan as the global reserve currency. But that's hardly enough reason. The US has gradually engineered the demise of its currency's status as a global reserve currency via uncontrolled money printing. The dollar is rapidly losing purchasing power from the post-2008 series of Quantitative Easing to the post-Covid helicopter money printouts. And so goes its reliability to other governments as they have also to devalue their currencies to maintain exchange rates.

While it's possible for another Fiat currency to replace the dollar, the US and other governments' actions have demonstrated its flaws. Depending on a central authority to manage a reserve currency is unreliable. Gold is a top candidate and has the experience, but lab-made gold means it could be easily subjected to supply-side hyperinflation.

Bitcoin is left as a more probable solution. Various large institutions have bought it, with two countries accepting it as legal tender. Its potential acceptance by all nations as a reserve currency would make crypto adoption universal, even though it might not be in everyday use.

Play-to-Earn Games

Some 3.24 billion people worldwide participated in video gaming in 2021, which translates to 41% of the world's population. The activity is a hobby, so the norm has always been people either pay for the game or gaming with no financial benefits.

The rise of crypto's NFT-driven play-to-earn games changes that. All these people can play the same games they have all been enjoying and yet get an income from it. Awareness is growing fast, with the reception being solid. About 56% of people aware of the play-to-earn game's favor making the switch to get an earning. Gaming will even be attractive to people who despise gaming as time wastage since there's money to be made.

Supply chain Management

Supply chain management is very under-explored but potentially crucial crypto and blockchain application. The status quo involves logistics firms and firms with significant fleet operations requiring heavy investments in managing logistics. They range from expensive accounting and data management software to costly security systems to prevent data tampering to data.

Blockchain's immutable ledgers provide a tamper-proof system of tracking goods in real-time. Blockchain entries can be queued to match scheduled supply activities for better organization. All the while, the firms still benefit from generating crypto assets. It may be a matter of time before firms worldwide explore the option and drive a universal crypto adoption.

PFP NFTs

PFP simply implies a profile picture, and almost everyone with a social media account has one. There has been a surge in PFP NFT usage since they make for the perfect digital avatar and representation of personalities. A question that immediately comes to mind is; why buy an NFT as a profile picture?

Well, they offer an income-generating stream. Minting a PFP NFT for sale is one way; the other is purchasing several at the first mint. The fact that everyone with a profile picture out there could soon convert them into a financial asset could attract billions into crypto.

Take Away

Cryptocurrencies are, first and foremost, a form of money before anything else. In people's minds, the expectation for crypto adoption is that everyone pays for goods and services using cryptos. The notion is just part of an otherwise diverse story behind cryptos.

While everyday trade may be possible and a good way to drive crypto adoption, the list of possibilities for blockchain is long and growing. The five aforementioned unexpected ways in which crypto adoption may go universal are a testament to blockchain's versatility. The versatility is the reason why cryptos and blockchain tech are among the most disruptive technologies of the 21st Century