Strategy For Global Cryptocurrency Adoption

The need for cryptocurrency adoption can not be overemphasized if not properly brought to the bare knowledge of the intended users. As it is required, for mass adoption to happen, there are factors that need to be in place to achieve such an enormous goal.

Before Money Came

Prior to the genesis of money, most of the transactions for trade and investment were centered around the barter system, which involves the exchange of goods and services. This was very limiting in no small measure as there were major challenges associated with that method that included but were not limited to measurement and scaling of the quantity of barter to be exchanged.

This didn’t create room for people to exchange their goods and services in an equitable form, which in the long run led to alternative means for transactions to take place. These processes transformed from one form to another which basically translated from solid metal as a medium of exchange like gold and silver to coins, which were minted with precious metals and made available as a medium of exchange.

Other Forms of Money

However, in the 19th century, other forms of money were created that included notes. These all became legal tender for transactional purposes and accepted as a result of the measurements, quantity, and acceptability of the notes produced based on the fact that it was backed by gold.

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When central banks started producing an unlimited quantity of these notes, which until the end of the Gold Standard were backed by precious metals, faith in these notes began dissipating, as the value of these notes depreciated, becoming a concern for governments and inducing the higher risk of inflation.

Advent Of Blockchain

Blockchain technology was created and currencies were developed using this technology and that heralded the birth of Bitcoin (A peer to peer virtual currency developed using blockchain technology to facilitate instant payments in 2009).

This started with a simple transaction between Bitcoin’s pseudonym creator Satoshi Nakamoto and Hal Finney and in 2010 the famous Pizza purchase of 10,000 Bitcoins signifying the first transaction using BTC as a medium of exchange for goods.

genesis bitoin block

It was observed that the transaction speed and block confirmation times experienced a slow response time and other cryptocurrencies were developed using other algorithms with faster block confirmation times and transaction speeds, however, often sacrificing decentralization for increased speed and delivery.

However, the proliferation of numerous cryptocurrency coins and tokens has brought about a review of how to narrow down the quantity and perhaps focus on a few currencies for the purpose of adoption globally as most people, especially new entrants into the space get confused around what cryptocurrency to use or buy as a means of transaction.

Klever Pushing For Cryptocurrency Adoption

The global Klever community has taken the responsibility of educating the populace with a strategy of creating simple and educational content virtually from our various social media platforms.

These include twitter, telegram, discord, medium, GitHub and so much more, all with the aim of making the people more aware of the transformational power that is happening in the space on a regularly basis.

This has in no small way improved the lives of people in the Klever community and as such given them more insight in helping to spread adoption of the use of cryptocurrency.

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It is also pertinent to note that the Klever team has been engaging with numerous partners in real life business use cases for the use of cryptocurrency as a medium of exchange.

The recent feat achieved by Klever includes the use of KLV token in partnership with Travala.com as a means of payment for hotels, flights and resorts globally, where the users who request to book for these facilities can simply pay their fees using the Klever token and other cryptocurrencies.

This would definitely put the cryptocurrency on the lips and minds of over 1 billion users who are involved in travelling all around the world.

In order to spread global adoption & encourage the use of crypto, there must be a collaboration between key stakeholders in the crypto space in the form of education, training & development.

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The Author

tori4town

Tori4Town is the print name for one of the authors of the Tori4Town news platform. An engineering student who derives satisfaction writing about trending news stories.

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