Hamster

Ethereum

Bitcoin

Billion

There has been a huge debate on what could be the best approach to bringing the first billion mainstream cryptocurrencies. Expert opinions indicate that this move will require more than mere beginner-friendly applications. Sources say the current user onboarding process is the core of the problem, as users have complained of complicated onboarding with friction points. Experts, such as Chintan Turakhia, senior director of engineering at Coinbase Consumer Apps, believe this is the main issue for mass adoption. 
At EthCC, Turakhia said: 
“If our goal is to bring in the next billion users — and let’s start with just 100 million — we have to take all those friction points out.” 
<h2 id="b-key-friction-points-b">Key Friction Points</h2> 
Experts have identified key friction points that limit the mass adoption of coins like Bitcoin (BTC) and Ethereum (ETH); some of these points include the complicated setup required for the wallets’ seed phase. Paying charges and transaction fees and purchasing blockchain-native coins to transact on a network are also limitations that hinder the massive adoption of mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Coinbase Consumer apps aim to solve these issues by simplifying the user experience and removing obstacles to entry. 
<h2 id="b-coinbase-consumer-apps-role-in-simplifying-crypto-b">Coinbase Consumer Apps – Role in Simplifying Crypto</h2> 
Coinbase Consumer apps make up part of the world’s second-largest centralized crypto update by market volume, trading a whopping $1.86 billion. This is a crucial step in making transactions easier for users. Once these problems are addressed, users will seamlessly onboard and participate in blockchain activities with ease.&nbsp; 
<h4>Coinbase Consumer Apps: Smart Wallet</h4> 
Coinbase, in an attempt to rally mass adoption, <a href="https://www.coinbase.com/wallet/downloads" rel="nofollow noopener" target="_blank">Coinbase Consumer apps</a> launch a smart wallet that takes a more beginner-friendly approach by integrating features that allow for a more simple onboarding. The new wallet introduces nuances that replace the complex seed phases that were part of the earlier sign-in options, such as passwords and account names. Turakhia mentioned:&nbsp; 
“Things that many of us who have been in the industry have become used to — paying for gas, having a native token… That’s not a normal sort of logic when you’re trying to pay for a cup of coffee.” 
To facilitate the onboarding process, Coinbase Consumer apps cover the gas fees on the new wallet. The wallet can be secured on the Ethereum (ETH) mainnet and is available on all blockchains compatible with the Ethereum Virtual Machine (EVM). The wallet’s availability is also a major factor that may lead to massive adoption.&nbsp; 
<figure id="attachment_21530" aria-describedby="caption-attachment-21530" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-21530 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/07/zumaamericasthirtytwo342702-scaled-e1632426928691-800x450-1.png" alt="Coinbase Consumer Apps" width="800" height="450" title="Crypto Needs to Remove Friction for the Next Billion Users - Experts 24">
 <figcaption id="caption-attachment-21530" class="wp-caption-text">
 Coinbase Consumer Apps
 </figcaption>
</figure> 
<h2 id="b-the-path-to-mass-adoption-b">The Path to Mass Adoption</h2> 
The final goal of Coinbase Consumer Apps is to create an app with daily usage potential with improved blockchain technology with better utility and functionality. The attempt to build a user-friendly wallet goes beyond just the interface; it concerns accessibility and security as well. Turakhia explained 
“The path to mass adoption is consumer apps… Something fun, something that doesn’t feel technical or crypto-like, but actually fun.” 
<h3 id="b-example-of-successful-adoption-b">Example of Successful Adoption</h3> 
The latest crypto news has captured that apart from Coinbase consumer apps, other platforms have taken an approach to rally massive support from users. One such example is the mass adoption of crypto on Telegram. Telegram-based mini-game <a href="https://hamsterkombat.io/" rel="nofollow noopener" target="_blank">Hamster Kombat</a> has garnered a whopping 239 million users in the span of 81 days. The telegram-based app has a daily traffic rate of at least 4 million–5 million new users. This has become one of the fastest-growing crypto platforms in the world. The support from Pavel Durov and the recent announcements made on YouTube have led to an increased level of activity.&nbsp; 
<h2 id="b-conclusion-b-span-style-font-weight-400-span">Conclusion&nbsp;</h2> 
Coinbase Consumer apps have attempted to make things easier for users. This is an essential step that will lead to a massive adoption of mainstream crypto like Bitcoin (BTC). With the Telegram-based crypto game Hamster Kombat gaining a massive user following, the number of crypto users is expected to increase dramatically soon, leading to massive adoption. Stay informed with <a href="https://thebitjournal.com/">The Bit Journal</a> for expert analysis and insights on these pivotal events. 
&nbsp;

Crypto Needs to Remove Friction for the Next Billion Users – Experts

Table of Contents

The Bit Journal

Další články publikované 10. 7. 2024

Ethereum Faces Critical Test as ETF Launch Date Approaches

Solana Flips Ethereum: Surpasses DEX Volume for First Time

BlackRock Spot Bitcoin ETF Returns Positive With $121.3M Inflows

API3 (API3) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Web3 Enabler Brings XRP Payments to Salesforce Platform

Malaysian Crypto Miners Stole $722 Million in Electricity from 2018

Join our free newsletter for daily crypto updates!