In the first quarter of this year, the virtual currency market appeared to be headed for doom after Twitter, Google, and Facebook banned all Crypto ads. For a long time, many companies dealing with altcoins had been relying on these popular websites to reach their potential investors. Social media was one of the most powerful tools that new Crypto products could be presented to a large audience. The industry was shocked, and there was that fear that other companies may follow suit, making it hard for Cryptocurrencies to grow.
The Fear About Cryptocurrencies
Many people in the Crypto sector and digital coin enthusiasts approached these giant tech companies to give their reasons to take this action. Scott Spencer, Google rep said that they were unsure where Cryptocurrencies were headed. He added that they had seen the harm on consumers and would not allow that to continue. A few months later after these bans came into effect the existing and potential investor in the sector sadly watched the ads disappear.
Cryptocurrencies, just like most new technologies have been met with strong resistance and skepticism, partly because of lack of knowledge about the innovation. It could be logical to compare the stages that an innovation or technology goes through before gaining mainstream adoption to the one altcoins are taking.
The Four Stages To Maturity
Before a technology is embraced and adopted, it has to go through four stages. Cryptocurrencies could be said to be going through the same process as explained below.
Mystery: This is the first step and it involves public conversation. When the first Cryptocurrency was created around a decade ago, there were many unanswered questions about it. Due to the lack of enough information then, some people attributed Bitcoin to illegal activities. Not many people saw the viability or the true purpose of the technology.
Buzz: In this stage, the number of people adopting a technology increases. After the introduction of Bitcoin, there were discussions everywhere about the technology creating a buzz. Despite the presence of many challenges, especially on regulation, the popularity of the coin increased tremendously.
Clampdown: This stage involves suppressing the technology. Bitcoin and other Cryptocurrencies continued to experience an increase in their value until they reached their highest prices at the end of 2017 and the beginning of this year. ICOs also became increasingly popular as they made it easy for businesses to raise capital. However, some consumers started to lose their money especially through cash-grab schemes in the sector calling for the need to scrutinize the sector. This even saw giant tech firms ban Crypto ads.
Maturity: This is the final stage which includes the adoption of the technology. Although it feels unconvincing to say that Cryptocurrencies have reached this stage, there are certain factors showing the sector is fast-approaching maturity. Google and Facebook have already lifted Crypto-ads while introducing more conditions.
Cryptocurrency Adoption Growing Every Day
More businesses around the world are getting into the Crypto sector each day. Whereas some traders are now supporting Cryptocurrency payments, others are producing products that are making it easy for people to get into the sector. Although regulations are different in different countries, many are creating legal frameworks that will enable Crypto firms to operate effectively.