Ever since the cryptocurrency markets gained mainstream attention towards the end of 2017, there’s been a lot of talk about integrating cryptocurrency into day-to-day transactions. Even though we’re currently experiencing a boom in blockchain development, cryptocurrencies are still looked at as more of a niche investment than actual money. In fact, less than 20% of North Americans who own cryptocurrency use it for ecommerce; and slightly more than 30% of Europeans and Asian holders use cryptocurrency to buy things.
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The problem is that cryptocurrency is still targeting a very specialized group of people, many of whom invest in coins and tokens rather than use them as fully-functional currencies. Cryptocurrency needs to be rebranded and marketed to a general audience before it reaches mainstream appeal, but in order for that to happen, the cryptocommunity needs to first become more inclusive. Currently, there are a number of barriers that discourage cryptocurrency usage by contemporary society. Some of these barriers include:
- Understanding wallets – For people with no experience with blockchain and cryptocurrency, learning how to use wallets and keeping private keys secure can be overwhelming and hard to understand.
- Purchasing cryptocurrencies – While there are a growing number of platforms that let users buy crypto with bank wires, credit and debit cards, and ACH transactions, many first-time buyers have a hard time navigating these platforms or they’re skeptical of their authenticity.
- Security concerns – Unfortunately, the cryptocommunity has a “Wild West” reputation that’s closely linked to illegal activities and scams. This can be discouraging for a lot of people.
OPEN Makes Crypto Adoption Easy
OPEN encourages wide-scale crypto adoption by creating an intuitive platform that everyone can use. Its blockchain agnostic approach to cryptocurrency makes it easy to use cryptocurrency payments to purchase applications, manage subscriptions, and make in-app transactions, even for people who’ve never managed cryptocurrency before.
Through a process known as Scaffolding, developers can benefit from smart contracts without the need to use blockchain programming languages like Solidity. This means that all developers can integrate OPEN’s blockchain-based payment solutions, not just programmers with experience writing decentralized applications (DApps).
For users, making cryptocurrency purchases is a painless procedure. Since OPEN’s payment gateway is built into the application, users don’t need to worry about dealing with cryptocurrency exchanges – which can be difficult for beginners to navigate due to unfamiliarity and complicated interfaces. OPEN enables users to pay using any type of cryptocurrency, and transactions over OPEN Platform are immediately validated. In other words, the money immediately goes to the developer and the digital assets are immediately made available to the user.
Like purchases through centralized payment-processing solutions, OPEN Platform issues receipts for all purchases in the event there’s a need for a refund. This means that beginners don’t have to worry about looking up wallet addresses and tracing transactions over a blockchain explorer.
OPEN helps spearhead crypto adoption by making blockchain technology available to everyone using and developing applications.