Cryptocurrency is juicy, but the entry barrier stops the majority

It’s hard to find someone who hasn’t heard cryptocurrency in 2020, but it’s also difficult to look for people who has crypto asset. Why? just log into any famous cryptocurrency exchange and you will know. Even more and more countries are opening their regulation for acceptance of crypto currency, still, the majority is refused to be inside of the crypto world for reasons.

The entry process for newbee is painful. Let’s take an example of Binance, the biggest cryptocurrency exchange in the world currently. If you want to reach the goal of owning bitcoin from the beginning, the whole process will take you about 1 or 2 hours to do so. Yes you may say it takes the same time to open a credit card in bank. But as an emerging investment field, the procedure is still a bit unacceptable.

By registering an account — upload personal ID — waiting for verification — linking with credit card — deposit fiat money into account, now you finally have your first bitcoin. But don’t be too excited about it, cause there are still a long way to go.

Back to the concept of cryptocurrency, even we call it currency, but we know at least for now it can’t be used as real money. Then here comes the problem, what if I want to withdraw my bitcoin and change it euro? It’s relatively easy if you do all these within one platform, but it’s harder to perform between different ones.

For example, you have some bitcoin in a small cryptocurrency exchange, which doesn’t support euro withdrawal. Then you need to move your asset to those big platforms and withdraw from there. Within the process, you need to figure out how it works for hot wallet, and the transfer policy between exchanges, more importantly, the transaction fee.

See? It’s not even close to convenience and fast. All these barriers stop majority out of the crypto world and will keep doing this way. Furthermore, the turbulent market and frauds make the situation worse. Initial Coin Offerings are full of traps and can be out of control. This also is another reason why majority are bit afraid of entering the field.

There must be a change, starting not only from the platform side but from users and project party sides as well. I’m pretty sure they are digging a new method of customer acquisition and majority as a huge cake, there is no reason they miss it. Under the bottom line of security and decentralization, the iteration of entry procedure should be not many steps before us.

Direct link from bank? Unique account assigned by organization? Offline crypto market? There are possibilities and I’d love to see them.