With all the talk of cryptocurrency, it is obvious that certain types of catalysts are needed to push the democratic technology forward. Despite the benefits, people do not want to download a cryptocurrency wallet and make the effort when it is not universally accepted, and also using a credit card is easier. But if cryptocurrency is tied to new technology products with built-in wallets, then it could serve to aid the transition from centralized fiat to decentralized crypto.
Web 3.0 browser initiatives are one way to facilitate global crypto adoption. The ease of having a built-in wallet for crypto transactions is a major benefit. People would be able to make purchases from their browser without going through the messy credit card system with its added verification. It will also be more secure.
Opera is one of the first mainstream browsers that recently launched support for a native cryptocurrency wallet. It currently supports Ethereum (‘ETH’), Bitcoin (‘BTC’), and Tron (‘TRX’). Because Opera already has a large market, it is easy for people to gain exposure to cryptocurrencies. It also removes the added difficulty of people having to try and locate a good wallet and set it up.
Brave is another browser that is implementing cryptocurrency. Brave is one of the best privacy-based browsers on the market right now and delivers a faster browsing experience than mainstream browsers such as Chrome, Safari, or Firefox. Brave rewards users in the Basic Attention Token (‘BAT’). Brave has 9 million active monthly users, while Opera has 350 million active monthly users.
Browsers such as Opera are popular in developing markets, such as Africa. Historically, it has always been an issue as third world participants did not have access to a bank account. A social security number and permanent address are needed for this, and banks are now charging for accounts, giving little or no interest in return. But impoverished global citizens can now simply use a browser with a cryptocurrency that acts as a bank account.
It is not just Web 3.0 browsers that will help to facilitate crypto adoption in 2020 and beyond. There are many initiatives in place to integrate blockchain wallets into existing products with large user bases.
Foremost amongst these would be Facebook’s Libra, which will most likely gain approval from US regulators next year. In September, Argentina-based IOV Labs acquired social media platform Taringa, which has 30 million users. IOV Labs sees an opportunity in tapping into data from the social network to build, test and distribute decentralized products based on its smart contract platform and its native RIF token.
2020 will be a year where we will see cryptocurrency products integrated into many different markets. But it is easy to get overwhelmed with all the cryptocurrencies entering the market, and with the Bitcoin price being in decline.
The Bitcoin price has declined over 25% in the past 4 months. Despite the drop, it is best to stick to decentralized currencies that have good fundamentals – such coins include Monero, Bitcoin, Ethereum, Litecoin, and the Basic Attention Token.