The road to mainstream acceptance has been a difficult one for the cryptocurrency ecosystem, but 2023 begins with a new optimism that times, and more importantly, perceptions, will change.
But is mainstream adoption really achievable in 2023? Let’s look at the emerging technologies and challenges that could influence acceptance in the critical months ahead.
The rise and rise of Web3
Much has been made of the Web3 meta-universe as a core component of the next iteration of the Internet, but the new digital space is less relevant to the cryptocurrency connection.
Throughout 2023, we can expect to see Web3 continue to build its position, especially in terms of the number of decentralized applications it can offer to the cryptocurrency landscape. These apps will help see the discovery of new niches that cryptocurrencies have yet to penetrate.
With Web3’s proximity to cryptocurrency payments, the use of NFTs as proof of ownership for digital goods, and smart contracts will grow alongside the Web3 market, helping to put cryptocurrencies under the noses of new adopters.
Growth in the 5G Era
Cryptocurrencies’ reliance on blockchain technology will be helped with the advent of 5G data. Blockchain can help cryptocurrencies process real-time data, which relies on faster levels of Internet connectivity.
Thanks to the advent of 5G, we can expect to see faster speeds and security in cryptocurrency transactions. There are already a variety of cryptocurrency-oriented software companies in the U.S. and other countries looking to use 5G along with blockchain and cryptocurrencies as a means to provide users with a greater experience and privacy.
In addition, cryptocurrency payments will become more seamless due to the use of 5G technology. All payment portals used by cryptocurrency-oriented companies can benefit from greater connectivity, and 5G networks will benefit cryptocurrency companies and their investors on a global scale.
With the 5G smartphone market already swamped with competitively priced new handsets, it is clear that we have entered the 5G era – the onus is now on companies to adopt the technology and pave the way for greater cryptocurrency acceptance.
New regulations may help the adoption
The collapse of FTX will inevitably have far-reaching consequences. Stricter regulatory measures seem inevitable in 2023, but this may not cause too much concern among investors.
While cryptocurrency purists are convinced that regulation is at odds with the true decentralization that blockchain technology can provide, increased security could help restore some confidence in the cryptocurrency space.
While new regulatory rules may come with market volatility, they may provide a higher level of protection for investors and will bring more compliance and transparency to the entire cryptocurrency ecosystem.
Decentralization enters the mainstream
Cryptocurrencies aren’t the only emerging technologies racing to enter the mainstream in 2023. Decentralization will emerge alongside Web3, embraced by big tech companies for a range of different functions.
At the forefront of decentralization today is social media, with platforms like Mastodon expected to become a social network operating on a federated model – albeit not built on a decentralized technology like blockchain.
We’ve also seen other blockchain platforms like Lens Protocol and Minds emerge in recent years, and these early examples of decentralization could be the leaders of future companies following their key trends.
While the road to mainstream adoption can be daunting, the cryptocurrency space can rely on other emerging technologies and an evolving regulatory environment to help support its long-term growth.
While nothing is certain in the crazy world of cryptocurrencies, 2023 could prove to be an important year for the ecosystem to drive mainstream acceptance.
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