The crypto has been around since 2009, but has been slow to achieve mass adoption. For analysts, the massive adoption of this technology is delayed by the fact that all the conditions are not met to convince a larger number of users. Recently, during an interview with Scott Melker, Kevin O’Leary of Shark Tank presented 3 key elements for broad adoption.
Easier to use wallets
In his interview with strategist Scott Melker, Kevin O’Leary discussed how to get 1 billion people to invest in crypto. The top manager nicknamed Mr. Wonderful indicated that improvement of digital wallets is essential for mass adoption of crypto technology. According to him, the current wallets are far from easy to use.
“The wallet must work whether you are decentralized or centralized (…) Unfortunately, most wallets are crap. They are not safe. They are difficult to use“, hammered Kevin O’Leary.
Mr. Wonderful explained that it is difficult for beginners to get into crypto wallets. He assures: “We always start with $250 and lose it immediately. You are being cheated“.
Cryptosecurity and regulation
For O’Leary, the other essential condition for the widespread use of cryptos is security. The tall frame calls for one strengthening global space security crypto. He explains that this is the key to getting consumers to trust cryptos as much as traditional assets.
“We need security. You need much better security when hoarding assets, even if it’s just stablecoins“, he clarified. He recalled that companies such as Schwab, Fidelity and Interactive Brokers have solved the problem related to security. As a result, consumers have full confidence that they are building a portfolio and investing part of their savings.
Mr. Wonderful then adds: “We need to solve this problem in Web3. You need to feel that there is security where your assets are kept“. “Finally, and just to support the other two points, we need regulation“, he concluded.
According to Kevin O’Leary of Shark Tank, there is a need to improve digital wallets, strengthen the security of the new industry and regulate it to achieve mass adoption of digital currencies. The CEO claims that regulation is a must to reach 1 billion different crypto users.
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Far from dampening my enthusiasm, a failed cryptocurrency investment in 2017 only increased my enthusiasm. I therefore decided to study and understand blockchain and its many uses and with my bullet to pass on information regarding this ecosystem.