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In addition to the lack of simplicity, the number of cryptocurrencies that compete to attract attention makes encryption too risky. Instead, traders should take a watch-and-wait approach, looking for three key signs that cryptocurrency is gaining traction as a payment option.
Because cryptocurrency functions as a payment, it will need to be distributed widely to consumers. In the world of payments, we know all too well that consumer demand drives merchants' adoption.
In other words, the average person will need the chance to earn crypto, either as an extra reward or as a payment for work, before traders will even begin to consider accepting it.
Traders will have to feel comfortable that a sufficient number of their suppliers will also accept cryptography. Likewise, consumers need to be sure that cryptography will be a viable payment form for key goods and services.
For consumers, these include housing, public services, food and retail. For merchants, add commercial properties, office supplies and inventory to that list.
Goods and services will need price tags translated into cryptocurrency. The price in the crypt will be a good indicator of the fact that the trust of the traders is sufficiently mature compared to the stability of the prices of a currency. Ultimately, everything within the market will have an encrypted price equivalent to the consumer's frame of reference.
These milestones require pioneers: the first buyers of merchants willing to bridge the gap between zero and mass acceptance. For this reason, there is a mandate for an intermediary to allow growth on both sides of the economy.
A transitional strategy would provide a mechanism that puts the crypt in the hands of the masses, protecting merchants at the same time from direct acceptance until there is sufficient demand for consumption. The first cryptocurrency to successfully execute an intermediate strategy will emerge as the first to become truly currency.
