Vik Sharma, the CEO of Liberty Steel, has a mission. He wants to make cryptocurrencies easier to use and to help speed up mass adoption without compromising privacy. Cake Wallet aims to enable people to send, swap, and hold cryptocurrency, just like using PayPal or Venmo.
Speed and Convenience is Key for Mass Adoption
If it is easy to use and much simpler, cryptocurrency could be adopted widely. Sending crypto should be as easy as buying something online, or putting money into a digital wallet. The casino sector is a prime example here, of how payments can be made more user-friendly, without compromising security. If you play live casino games such as Mega Wheel or Stock Market, you’ll need to send funds to your digital wallet.
Your deposit is kept secure through the centralized platform, even though you’re playing live with a host. Furthermore, two-factor authentication and electronic verification checks boost security.
You can draw on your deposit at any time to place a bet. However, note that the wallet is separate from the live experience. Bets can be made instantly, but this is the one thing that’s holding Bitcoin back.
Visa can process thousands of transactions per second, whereas the blockchain can only handle around 7. Although cryptocurrencies tend to be more secure than centralized networks, speed is an issue. Moreover, changes are required to enhance convenience, which is key for mass adoption.
Simplifying the Complexity of Cryptocurrency
Concepts like seed phrases, wallet types, and private keys can prove overwhelming for beginners. Such advanced security measures are ideal. However, cryptocurrency needs to be simpler for people to use, without compromising them.
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There are already several companies that are working on this too. Vik Sharma has his own project, Cake Wallet. Also, the existing Argent Wallet is already working hard to explore different alternatives to seed phrases. This is to simplify the technical side of things for new users.
Exodus and Electrum are also working to suggest fees based on network conditions, streamlining the process further. ZenGo, another wallet, is integrating biometric access. Biometric accesss is commonly used with Visa to make the money transfer process faster and easier.
This would help align the process of paying with Bitcoin, similar to that of making a payment, or deposit online.
Cryptocurrency is a phenomenal concept, however, complexity is holding it back. For mass adoption to occur, the UX has to be simpler.
We might not be that far away from a future where sending Bitcoin is as easy as sending a PayPal payment. Although integrating this universally does come with its own challenges, it shows how rapidly the cryptocurrency market is evolving.
If certain hurdles could be overcome, companies across the world would be better off. Ultimately, it could lead to a complete overhaul in the way online payments are made.
