Hi everybody. I wanted to start a thread exploring different ideas for the mass adoption of crypto currencies and as a result litecoin itself.
First we should look at the major hurdles hindering adoption. As far as knowledge of the existence and maybe a basic understanding of crypto, I feel like that has been accomplished to a fair extent. From my personal viewpoint I feel like a large hindrance is the lack of places cryptocurrencies are accepted. Small to medium sized businesses will be key for more major adoption, because without an outlet to allow spending of btc, ltc, etc. It will remain a niche speculative investment in the eyes of the average person instead of a currency they can spend. Cryptos have a lot of utility and advantages over fiat, but until it’s seen as currency instead of an alternative to stocks, adoption will be slow. As a small business owner myself I am hesitant to accept cryptocurrencies due to the volitility. Leaving my margins in the hands of the market is not a good feeling.
As for solutions, this is where we can discuss possible remedies to the volatility issue. One that comes to mind is maybe a system where for example, ltc is converted to a stablecoin and that is what the business collects (rather than a direct conversion to fiat) and maybe this conversion could be optional on the business side. This may or may not be a good solution but it’s just the first thing that comes to mind. In any case, the larger crypto userbase will inevitably bog down btc. When looking for alternatives that are faster with cheaper transactions, ltc will inevitably take the stage.
Thoughts? Opinions? Possible Solutions?
Let me know if I’m on the right track here.