Cryptocurrencies are rapidly gaining more and more interest as a technology that is potentially groundbreaking and disruptive for the whole payments industry on a global scale. However the future of cryptocurrencies is very unclear as there are many different usage scenarios and different stakeholders have different needs.
There are some barriers that have to be overcome in order for cryptocurrencies to be adopted on a large scale. The three main pillars which are important for future mass adoption are:
1. Ease of use: at the moment there is a lack of user - friendliness when using bitcoins. Sending and receiving bitcoin is still cumbersome and holding bitcoins is prone to many risks. Users need to be able to have more confidence in the safety of their funds. 2. Price stability: the current price volatility driven by speculation and a lack of liquidity makes that it is very risky for a user to keep his funds in cryptocurrency as the value varies wildly. This undermines the function of cryptocurrency as a store of value. 3. Governance: the current bitcoin foundation undermines ideological aspects of cryptocurrencies by being very centralized and intransparent. There is increasingly less democracy in the bitcoin ecosystem with large mining companies entering the system and big investors holding large amounts of bitcoin. Solutions to future problems as scalability and the height of transaction fees are not being dealt with efficiently and no clear roadmap to solving these problems is available.