The co-founder of Ethereum, Buterin Vitalik has expressed his grief in his recent tweet about the ways cryptocurrencies are perceived. He said the crypto community has diverted a maximum of its attention towards ETFs. It should rather focus on the methods to make mass adoption of cryptocurrency in everyday purchases using payment cards.
Mass Adoption matters
I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
One of the tweeter users said that a lot of inconveniences is caused while converting the cryptocurrency to fiat. And this process could make it easier for the consumers as the cryptocurrencies could be earned directly, thus, encouraging adoption. Many of the tweets replied by saying that using crypto for retail transactions would have no advantage. However, another tweet said that the previous attempts of making cryptocurrency usable for retail transactions were stopped by regulatory concerns from issuing cards. He also added that in the current time, such effort could be fruitful.
This was attempted 2013-2015 but the market wasn’t there and regulatory fears prevented companies issuing the cards from getting bank accounts to collect the fiat. There were a few companies who where able to get cards out. Perhaps now is better timing…
— David Moskowitz 🖖 (@david_mosk) July 29, 2018
The US Securities and Exchange Commission (SEC) clarified that ethereum and bitcoin are not a part of securities and this news was a good prediction for cryptocurrency ETFs thus, was accepted well by crypto advocates. This decision by SEC also has good predictions for industries as it can influence mass adoption. Coinbase recently took a move to support ERC-20 token standard and the SEC’s clarification was viewed as the validation of the same. Coinbase general manager and vice president Dan Romero said in June 2018 that it is important for the company to integrate digital assets that can’t be segregated as securities, at the current phase of cryptocurrency regulation. Many believe that Coinbase’s move of integrating more tokens will motivate more users to adopt tokens.