The Fundamental Chaos of Crypto
Nothing is perfect
Nothing is perfect because there is always room for improvement. Same rule applies to the new things. I am not talking about walking into a shop and purchasing a new item, of course that should be perfect or close. I am talking about new ideologies, discoveries, methods, technology etc. Just like humans, everything needs time to go through a learning curve or a growth phase.
Crypto
According to Investopedia, crypto or cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology — a distributed ledger enforced by a disparate network of computers.
The first crypto (Bitcoin) was created in 2008 and it has gone on to excite the world. It has also caused disruption across the world and has consequently birthed many other cryptos. According to an article posted on cointelegraph In September 2022, it was stated that there are more than 21 thousand different crypto currencies already. Zipper.com reports that there are over 300million users of crypto in the world today. While coin market cap (CMC)say the crypto market cap is $855 Billion as of November 29th, 2022.
My point is that this market has made a lot of progress in such a short period of time. But here comes the real question, could it have done better?
The chaos
There is one fundamental problem with crypto today. It is too complex and intimidating for its new or intended users, the common man, rural people etc. I believe that this singular problem have reduced the exponential growth rate of crypto(i don’t have any data to back this up).
In crypto you will see words like cex, dex, dexes, mint, trade, dyor, hodl, wallet, Fud, Fomo, LFG, farm, APY, Yield, Moon, Normie, OG etc. These are just a few none-technical ones.
Personally, I think money is simple and should stay simple so everyone can understand and use it without any particular knowledge or skill. Same should apply to crypto. This way, financial inclusion is easier to achieve.
The Good News
The crypto community has recognised this problem. Hence, more projects are coming up that are built to tackle this problem.