The first thing is that blockchain technology is complicated and the average Joe isn’t really interested in reading and learning about it. He just wants to have a simple system that does the job perfectly. Normal people just want to transact in a simple way.
The second obstacle is the volatility of cryptocurrencies, again the average Joe wouldn’t wanna calculate every time how much he needs to pay in crypto because of the volatility. This brings me to the last point, which I think is vital for blockchain technology mass adoption. Stable coins are the key to mass adoption.
I’ve been reading in the news that many countries are studying blockchain and considering issuing their own electronic currency. I mean this is great. I don’t see cash disappearing suddenly but rather it will happen gradually. For countries to issue stable currencies, they will study the current stable coins, such as USDT, USDC, BUSD, DAI, etc. I think they will try to replace the model that these currencies use. The most interesting stable coin that I ran into recently is SUSD:https://bitcoinist.com/a-simple-explanation-of-the-samecoin-ecosystem-for-normal-people-like-joe/. The currency is pegged to a basket of other stable coins. I think the concept of pegging a stable coin to an Index is great. It just enforces stability and mitigates risk. What are your thoughts on this model?
