Undoubtedly, participating in the crypto ecosystem has never been easier. With the powerful central company Coinbase recently starting to allow its users to put a portion of their salaries on the exchange in the form of cryptocurrencies, more and more people are beginning to learn about the potential of the industry and participate in this ever-growing ecosystem.
But cryptography is often seen as fundamentally complex or has no correct interfaces, and rightly or wrongly, that has been the view for some time. Some people will always find the idea of digital currencies very complex. Recently, there have been easier ways to access the crypto space for those who want to learn more.
It is important to determine why people should consider getting into cryptography. As with other industries in the world, digitalization is revolutionizing every aspect of our lives. Being able to understand this early on will help more people understand the benefits of this technology in the financial world and get used to a future that is likely to include many cryptocurrencies.
Related: Building Madness! Coinbase will add nearly 100 cryptocurrencies to circulation by 2021
For this reason, he needs to make cryptocurrency entry points as accessible to all developers in this field as possible. But this does not detract from the fact that the industry has come a long way and continues to prove why decentralization is the key to a productive economic future.
What are the entry points for cryptocurrency at the moment?
Finding current entry points into the cryptocurrency industry is certainly easier than it was a year ago. However, much remains to be done to ensure that the existing paths to the initial space are maintained, continually improved, and brought up to the right people.
There are tools that not only help you discover and buy cryptocurrencies, but also applications that make these assets work. Revenue cultivation is a relatively simple approach to cryptocurrency: a form of highly lucrative income from your deposits that was once seen as a complex feature in decentralized finance (DeFi), but has evolved into a product nearly anyone can quickly grasp and get started. Earn money from your wallet. Once you have purchased a few tokens, you can put them into the liquidity or lending pool and allow them to accumulate value.
In addition, we now see the entry point of the newly known non-fungible (NFT) token. NFTs are “unique” assets in the digital world that can be bought and sold like any other property, but may not have any form of their own. The space experienced exponential growth in 2021, with $2.5 billion in NFT sales in the first half of the year alone.
Essentially, NFTs are new and weird in the mainstream. Since they have only recently become known to the ordinary public, they have a lot of punch and this increases the desire and demand. The “art” world is experiencing an explosion in the NFT sector where digital artists can reach millions of people/clients cheaply and instantly.
RELATED: 2021 ends with a question: Do NFTs survive?
Another reason for the growing popularity of NFTs is the sense of prestige they hold. Some NFTs have even created their own cult communities like Crypto Punks and Bored Apes and by owning one of them you are seen as a member of their very exclusive club, not to mention they are potentially very wealthy. We’re seeing some NFT art selling for huge sums and that’s just the start of a very small ecosystem.
What is the problem with these existing entry points?
To increase access to crypto, projects must be able to adapt as things like high gas prices drive people away from the Ethereum network. Due to the nature of this extortionate tax on gas, this has led many projects and users to other cheaper blockchains such as Solana, where the NFT boom has occurred recently with the launch of Solana Monkey Business, Degenerate Ape Academy and Meerkat Millionaires Country Club.
Work is needed to maintain access to cryptocurrency, and access issues, high gas fees, and a difficult user experience prevent new users from reaching their full potential. But more education is needed to help gain the trust of these new users so that they can use these products with confidence and not worry about losing money they might have invested in cryptocurrency.
Related: DeFi Gaining Momentum as Alternative Blockchains and NFTs Boom
There are notable advances in DeFi that are helping to create easier access points to cryptocurrency, but the NFT space is still a long way off.