The cryptocurrency market has been quiet for the past week and trading volume has been drifting lower since mid-August.
Most people are simply waiting for a reason to buy or sell and other than traders trading around the fringes there hasn’t been much activity in the past week.
As we deal with the continuation of the crypto bear market there are many wondering how to entice more people into the market.
The biggest problem continues to be adoption of the many crypto coins. While cryptocurrencies are a medium of exchange they have not been convenient to use.
When it becomes easier and cheaper to transact in cryptocurrencies than in fiat currencies we’ll start to see massive adoption.
The mobile phone will be key in making that happen.
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In China, mobile phone payments currently account for more than 80% of all payments, up from less than 4% in 2012. The majority of Chinese use mobile payments in place of debit and credit cards.
They have accomplished this through WeChat, a multipurpose messaging, social media, and mobile payment app.
The platform is expected to double from its current 1 billion active users in the next two to three years.
We have not seen comparable adoption of mobile payments into the popular North American or European messaging apps, but it’s only a matter of time before the same adoption starts to happen.
Telegram is one of the first large social media and messaging organizations to launch a private initial coin offering (ICO), raising nearly $2 billion this year.
Major investors in this ICO believe the ability to make cryptocurrency mobile payments will make Telegram a killer app.
We’re hearing lots of noise from Mark Zuckerberg about incorporating cryptocurrency within Facebook to make mobile payments. That’s about 2 billion users.
Add WhatsApp with their 1.2 billion users and you get an idea of how many people have, or will soon have, the ability to make mobile payments with cryptocurrencies.
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It’s going to be a significant catalyst for massive worldwide adoption and it’s just another reason why I say we’re still in the early innings of this game.
Interestingly, the fiat currency problems that I’ve been discussing in recent newsletters are also sparking adoption of crypto payments.
I’ve discussed the fact that many people are shifting their fiat currencies into bitcoin and other altcoins in hopes of protecting the value of their savings.
Protecting one’s savings from corrupt, dictatorial governments and the massive devaluation of their fiat currencies is one reason for adoption of cryptocurrencies.
And now companies are figuring out how to sell their services when the government tries to block their businesses.