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In December 2024, the price of Bitcoin (BTC) passed $100,000 for the first time. This surge, driven by optimism about a US pro-crypto administrationit marked a historic moment. Yet despite the excitement, it also highlighted an ongoing problem – cryptocurrencies are not ready for everyday use.
Bitcoin and other cryptocurrencies have become popular as investments, similar to shares or as some experts call it-Bitcoin is the “digital gold”. But when it comes to being used as real money, they are lacking. High fees, slow transactions, and often overly complicated systems prevent crypto from being practical for most people. If the industry wants to see mass adoption, it must solve these problems and focus on making crypto easy to use and accessible to everyone.
The old blockchain systems kept crypto
When Bitcoin launched, its decentralized design was revolutionary. It has shown the world a new way to secure and transfer money without relying on banks that are prone to external factors such as inflation and geopolitical restrictions. Yet, more than a decade later, his original system is struggling to hold up.
Bitcoin’s block creation process, which happens every 10 minutes, limits how many transactions it can handle. During busy times, fees increase, and transactions take longer to confirm. This makes using Bitcoin for small daily payments inconvenient and expensive.
L2 solutions like the Lightning Network try to make Bitcoin faster and cheaper, but such solutions still depend on the same slow base layer. This means that the heart problem remains unsolved. As a result, Bitcoin is mostly used as a store of value or an investment rather than a way to pay for everyday products. For crypto to be widely adopted, it must move beyond this basic limitation.
Crypto needs to scale for everyday use
If cryptocurrencies are to work as money for everyone, they need to scale in a big way. Today’s major flagships such as Bitcoin and Ethereum (ETH) cannot handle the volume of transactions that a global payment system requires. Congestion and high fees make it impractical for daily use.
Traditional payment systems like Visa and Mastercard, on the other hand, process millions of transactions every day with ease. For competition crypto, it must match or exceed this level of performance. Small improvements are not enough. The industry needs bold new designs for blockchains that can handle massive transaction volumes without breaking a sweat.
Without this kind of scalability, crypto will remain as a niche tool – good for speculation, but not to replace traditional financial systems.
The case for hybrid models and stablecoins
One way forward could be through hybrid systems that combine the strengths of crypto with the stability of fiat money. Stablecoins, which are tied to fiat currencies like the US dollar, are already showing promise. They provide the speed and privacy of crypto while avoiding the price changes of coins like Bitcoin.
Stablecoins are gaining traction in countries where local currencies are unstable, offering people a safe and convenient way to store and transfer value. However, they are only part of the solution. The industry needs a seamless system that integrates stablecoins, traditional cryptocurrencies, and even digital fiat currencies.
Such a system would give users the flexibility to choose what works best for them, while maintaining the key benefits of decentralization, speed and security.
Changing how people see crypto
Another big obstacle to the adoption of crypto is the way people see it. Bitcoin is often called “digital gold”, which makes people think of it as an investment to keep rather than spend. While this idea has helped Bitcoin grow in value, it has also hurt its potential to be fully integrated into daily transactions for smaller commodities.
For crypto to succeed as money, this perception must change. People should see it as a tool for everyday transactions, whether buying coffee or sending money abroad. This requires not only better technology, but also better communication and transparency from the industry. The message should be clear – crypto is simple, reliable and ready to use in the real world.
The road ahead
We must, of course, consider that the industry continues to focus on speculation and address the crypto as a stock exchange while playing with price gains, in this case, the industry and the crypto will not reach its full potential and remain as a niche tool. But if priorities are to turn into practical solutions, crypto could really become the money of the future.
The road ahead is not easy, but the goal is worth it. Crypto doesn’t just need new technology – it needs a new mindset. The question is not whether crypto can change the world. The question is whether we are ready to make it happen.
