Mobile Technology and Bitcoin Adoption
Bitcoin adoption is moving faster, edging out even mainstream global technology infrastructure like mobile phones, the internet, and electronic money service providers. Some analysts argue about 30% of the worldwide population would own Bitcoin within the next four years if its adoption continues to rise as per the current rate. Bitcoin’s adoption by mainstream players would even drive the curve upwards much faster.
Bitcoin’s continued growth also impacts several economic sectors and, mobile technology is among the primary beneficiaries. Mobile technology has been essential to the promotion of tech products over the past decade. A good example is with regards to the rise of digital banking. Korea’s famous mobile banking service, KakaoTalk, attracted over 300,000 subscribers within the first 24 hours of its launch. The platform’s user base had surpassed 2 million in the next two weeks, with more than 10 million customers today.
Although digital banking is a popular strategy for cutting operational costs, Kakaobank’s remarkable success is primarily due to its ingenuity in leveraging mobile technology. Another good example is China’s WeChat mobile app that now has over a billion monthly active subscribers, using it to communicate, shop, play games, send payments, and even make doctor’s appointments.
Today, even leading crypto exchanges such as Crypto Trader are increasingly developing mobile apps as a strategy to promote their products and widen their customer base. Integrating mobile technology allows them to create robust platforms customized to meet the changing customer demands.
How Mobile Technology Could Impact Bitcoin Adoption
The above examples prove just how powerful mobile technology can be in driving the adoption of tech products. Mobile technology can transform Bitcoin’s adoption in various ways since it is a virtual financial instrument. Here’s how mobile technology could influence Bitcoin’s adoption.
Increased Access to Bitcoin
Mobile technology would be instrumental in driving Bitcoin’s adoption to more extraordinary lengths. Bitcoin is a decentralized digital currency that people use to send and receive payments worldwide. Thus, integrating Bitcoin into mobile technology platforms would make it easier for populations in un-banked areas to access funds. It would also contribute to greater convenience for businesses to process Bitcoin payments.
The ease of accessing Bitcoin through mobile technology would also convince many people to start investing in digital assets. That would enable Bitcoin to rapidly acquire mainstream adoption since people will increasingly use it to pay for goods and services and acquire wealth.
Mobile technology would also enable crypto service providers to improve customer interactions, promptly responding to customer’s questions. Service provides could also use mobile platforms to educate the public about Bitcoin and how to use it. That would further facilitate Bitcoin’s awareness, encouraging adoption among new populations still skeptical about using it.
Improved Digital Assets’ Management
The blockchain is Bitcoin’s most essential component that ensures top-notch security and transparency. Thus, integrating Bitcoin into mobile technology would also mean implementing blockchain. That would significantly improve the way people invest and manage their digital assets.
Today, many mobile technology firms are developing crypto-based smartphones. Mobile phones have specialized features for securing digital assets like Bitcoin. That would promote the public’s perception and trust in Bitcoin, thus, increasing its adoption.
Several crypto exchanges and investment platforms have taken the challenge head-on, developing mobile-based platforms with OTC capabilities, futures, and spot trading. A single mobile app can integrate various features and functionalities, allowing users to perform different transactions on one platform with greater transparency.
Overall, mobile technology will be a crucial driver of Bitcoin adoption, rapidly increasing its accessibility and usage in mainstream industries. Its current applications and performance prove that proposition.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes