Cryptocurrencies have come a long way over the past few years with numerous projects initiating technical evolutions aimed at better and widespread utilization of this digital currency. However, it is undeniable that this concept is far from mass adoption. Looking at the empirical scheme of things, it is high time to accept the fact that, this boom around cryptocurrencies will not prevail for long, unless the technology is crafted in a manner which benefits the common man at a very basic level, irrespective of their age, gender or geographical boundaries.
The fact that, such an advanced technology hasn’t disrupted the mainstream to positively impact the lives of commoners, is quite amusing. But the reasons seem to be pretty obvious. If we point out the reasons, why the common people have been neglected by the crypto world, these three would top the list.
Awareness and usability: Most people are completely unaware of the word ‘cryptocurrency’. This suggests the lack of effective promotion and knowledge sharing by the think tanks of the crypto world.
The remaining few who wish to invest in cryptos and use it as a transactional medium are reluctant to do so, as they are not comfortable with its complexibility, attainability and scope & method of use.
Accessibility: Due to certain regulatory mechanisms, cryptocurrencies aren’t generally being accepted as a currency at most places like medical stores, shopping malls, restaurants and the like. This hinders the moral of the common people in embracing cryptocurrencies. Moreover, not many ventures offer wallet integration with credit/debit cards which further complicates the usage of cryptocurrencies.
Security: A large section of the society is still in two minds regarding the security and transparency which cryptocurrencies offer while being used as a transaction medium. Most people prefer anonymity while transacting over the Internet and the prevalent scams within the crypto world have dented the adaption of cryptocurrencies.
A team of developers based in the Czech Republic has launched a project named CitiCash to address these issues and push forward the concept of cryptocurrencies to enable its widespread adoption.
The CitiCash platform presents a solution which can help the lay-man to cross these above-mentioned hurdles and spend digital currencies as a regular practice.
CitiCash improves the usability by implementing a user-friendly interface.
The platform also offers a solution where the user’s crypto wallet is directly integrated with a CitiCash credit card. This will help people to convert crypto into relevant fiat currency and spend it from the wallet itself, without having to navigate to any other platform.
The implementation of RingCT makes transactions on the platform safer, quicker and untraceable.
All in all the CitiCash solution is quite promising and looks to solve the most fundamental issue with cryptocurrencies: Mass adoption.
Read the CitiCash whitepaper here to know more about the solution.