4 signs that crypto is ready to enter the mainstream

May 21, 2019
OpenLedger DEX

If you owned cryptocurrency in 2018, you may be losing faith in the nascent technology. ICOs died, cryptocurrency markets plunged, scams ran rampant and it all resulted in the loss of billions of dollars. Can cryptocurrencies continue to survive? Is the idea of a decentralized currency just a pipe dream?

If we are looking at market figures, it appears so. Cryptocurrency values are not as high as they used to be at the beginning of 2018. However, unlike the stock market, a drop in cryptocurrency value does not necessarily mean they will fade from public view.

In fact, the data will show you quite the opposite. The number of cryptocurrency wallets in use now in comparison to a few years ago, the increase of real-world uses, cryptocurrencies showing up at the major events, such as Consumer Electronics Show (CES), and companies like Facebook creating their own cryptocurrency — all will tell you that the world is headed toward cryptocurrency mass adoption in 2019.

Cryptocurrency at the 2019 Consumer Electronics Show

The Consumer Electronics Show (CES) is one of the largest technology-based conferences of the year. Over 182,000 people attended this year’s event, and there were more than 20 separate keynotes dedicated to cryptocurrencies and blockchain technology, concerning their use in games, media, and advertising.

The popular electronics show also featured exhibits from multiple companies working in the cryptocurrency industry, including Ledger and Trezor. Both cold wallet hardware companies put their newest wallets on display for potentially more than 180,000 people to see.

Hundreds of cryptocurrency and blockchain conferences are held throughout the year, and more seem to pop up as cryptocurrency adoption increases.   

Rise in wallet addresses

Instead of looking at the market trends to determine cryptocurrency’s future, we should instead focus on crypto wallet adoption. Between 2016 and 2019, the amount of cryptocurrency wallet users grew from about 5,000,000 to 38,000,000 wallets. That means in the span of about three years the number of wallet users increased by 500%.

Although the value of cryptocurrencies has dropped, the number of people adopting cryptocurrencies increases constantly. Each new year brings with it a cryptocurrency more useful for real-world cases than the last. As cryptocurrency use cases increase, so will the number of people adopting the technology.  

An increase in cryptocurrency transactions

EOS on-chain transactions, meaning those conducted on the blockchain rather than trades on an exchange, grew from 10,000 transactions per day at the beginning of 2018, to about 6.7 million transactions per day toward the end of 2018. TRON on-chain transactions grew from less than 1,000 transactions per day at the start of 2018 to about 600,000 per day at the end of 2018.

Both EOS and TRON were developed not long ago, so the number of people making transactions on the platforms grew at an alarming rate. These are not people trading cryptocurrencies on an exchange — these are people conducting transactions over a blockchain either for a product or service.

So, not only are we seeing more people adopting cryptocurrency through the number of new wallets. The amount of people actually using cryptocurrencies for a service is also rapidly increasing.  

Facebook working with crypto

In 2018, Facebook developed a whole division dedicated to cryptocurrency and blockchain led by David Marcus, the former president of PayPal as well as a former board member of Coinbase. Due to “a conflict of interest”, as reported by Coindesk, Marcus felt it was necessary to leave Coinbase in order to concentrate more fully on his role at Facebook.

Facebook recently registered a new company in Switzerland that is reportedly working on its own cryptocurrency Intended to be used with its popular messaging service, WhatsApp. The social networking site has over 2 billion active users, meaning potential 2 billion adopters of cryptocurrency. This means we could see cryptocurrency adoption on a massive scale in 2019.

Cryptocurrency adoption in 2019

So, with all this in mind, 2019 will most likely be the year in which we see cryptocurrency adoption accelerate more than it ever has in the past.

The number of cryptocurrency wallets is increasing, which means more people own cryptocurrency than ever before. As shown by EOS and TRON, the number of real-world transactions is also increasing. Cryptocurrency products and keynotes are now becoming major parts of leading technology conferences, like CES. Facebook’s plans to release their own form of cryptocurrency is possibly the largest indicator that cryptocurrency will be adopted on a massive scale.

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