Accessibility continues to be the major barrier to crypto adoption.
The US government has lately acknowledged this concern, as Treasury Secretary Janet Yellen discussed during her statements on cryptocurrency policy and regulation. There are various hindrances to cryptocurrency adoption including a lack of financial education and technology resources, and developers and leaders in this revolutionary business have the responsibility to overcome them.
Recent studies reveal that only 33% of persons around the world are financially literate. This is a significant factor for many projects in the decentralized finance (DeFi) space, whose target is to provide those without access to traditional financial institutions with tools for earning, saving, and trading.
The wealth gap creates several barriers to entry for lower-income persons. Limited liquidity is another major obstacle to admission, besides the lack of access to and time for education.
Solutions To Break The Barriers
As developers make user convenience and simplicity their priority, their platform must represent these features.
Sign-on is a great way for the developers to make an impression since onboarding is the first step for any interested new user.
Numerous complicated processes to set up an account, make users lose interest or make them hesitant. One way projects might enhance their onboarding experience is to use simple Know Your Customer identification instead of arduous methods.
Establishing a strong network of collaborators is another step that projects should take. Compatible blockchains, integration with decentralized applications, or participation in projects like Celo’s Defi for the People, which aim to enhance real-world use cases, are all possibilities depending on the project. Because there are so many projects in the sector, many of which have limited compatibility, users must juggle many accounts and applications. Making your platform as vast and interoperable as feasible implies giving people a plethora of methods to access it through compatible apps, encouraging them to take advantage of your services.
The constant growth of the blockchain industry needs a constant flow of new users within the space. The developers in the industry need to realize that they develop projects keeping in mind the users. The first step to making a foundation that would help in revolutionizing the economy.
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Source: https://www.thecoinrepublic.com/2022/05/15/heres-how-developers-can-break-the-accessibility-barrier-in-crypto-adoption/