When Will Bitcoin Become Mainstream?

As the digital cryptocurrency continues to gain popularity, many users are beginning to think, “When will Bitcoin become mainstream?” Since Bitcoin is still in its relatively early stages, the future of Bitcoin’s mainstream adoption is uncertain. But with increasingly high-profile advertisements making waves during the Super Bowl, crypto is maximizing its mainstream appeal. And by collaborating with A-list celebrities like LeBron James and other superstars, crypto brands like FTX are on the way to becoming household names. As a result, many cryptocurrency experts and avid users argue that Bitcoin will become mainstream in the next decade. Still, there are many challenges that Bitcoin must face before being adopted by the mainstream.

Think of Bitcoin’s mainstream adoption like the Internet’s. When the Internet first emerged, the government mainly used it to communicate across departments. It wasn’t until two decades later that the Internet was simplified and introduced to the general public. Bitcoin is only ten years old, and its concept is still foreign to many people in society.

For Bitcoin to become mainstream, the cryptocurrency will need to fix some key issues such as volatility, security, and lack of regulatory guidelines, while people will need to build awareness, trust, and educate themselves on Bitcoin before they choose to adopt the cryptocurrency wholeheartedly. But meanwhile, ads, sponsorships, and other high-profile marketing campaigns are helping to smooth Bitcoin’s transition to the mainstream.

3 Key Issues to Solve Before Bitcoin Becomes Mainstream

Bitcoin is still very new, and while the number of users has grown substantially in recent years, the cryptocurrency has a long way to go and three main issues to resolve before society adopts Bitcoin as a mainstream financial option.

These issues can’t be resolved overnight, but time and clever marketing will play a massive role in achieving Bitcoin’s mainstream adoption.

LACK OF REGULATORY GUIDELINES

Since there are no mandated regulations for Bitcoin operations, major financial institutions are refraining from joining the cryptocurrency realm. Without clear rules to follow, customers are at risk of falling victim to fraudulent initial coin offerings (ICOs) unregulated cryptocurrency fundraising methods to support a new project through Bitcoin.

Large financial institutions would instead protect their loyal customers and wait for government officials to clarify rules and regulations for Bitcoin companies to comply appropriately.

VOLATILITY

The value of Bitcoin and other cryptocurrencies such as Litecoin and Ethereum is unknown to many people. This instability keeps people from using Bitcoin because the cryptocurrency can rise or crash at any given moment.

If people want to get an answer to the question, “When will Bitcoin become mainstream,” Bitcoin will need to be able to let users know exactly how much value their digital money is worth. However, volatility will decrease as the Bitcoin market grows, helping to soothe people’s anxieties about losing their hard-earned cash.

SECURITY

Bitcoin is the longest blockchain in the market. Blockchains are supposed to provide optimum security, but the cryptocurrency world is filled with hackers. These hackers and their advanced capabilities announced in headlines provoke the mainstream audience to keep their money in traditional institutions.

While Bitcoin itself cannot be hacked, users of the cryptocurrency can be duped, and institutions can be hacked. As a result, cryptocurrency operations are implementing new protocols, technologies, and processes to enhance the security of using Bitcoin.

Move to the Mainstream: Cryptocurrency Dominates Super Bowl Ads

If you were one of the millions of people watching the Super Bowl this year, you probably noticed a new contender dominating the advertisements: cryptocurrency. As one of the most viewed and most distinguished advertising events of the year, the Super Bowl is a major platform that can help push new products and ideas into the mainstream. Four different cryptocurrency commercials advertised Crypto.com, FTX, Binance, Coinbase, and eToro, marking crypto’s movement from the fringes to the most significant stage in the nation. Even Bud Light hopped on the crypto bandwagon, showing off its NFT-savvy in a short ad spot.

By framing cryptocurrency as both a sound investment and a craze that everyone should get in on, crypto advertisers struck a balance between informative and aspirational that got people curious about digital currency. One of the best examples of this was FTX’s Super Bowl ad. Starring beloved comedian Larry David, the ad shows David rejecting innovative ideas throughout history. David shrugs off significant inventions and landmark developments from the wheel to the Walkman in every age. So naturally, he brushes aside cryptocurrency, too, framing crypto as the latest installment in a cycle of big ideas. The ad is funny, encouraging everyday Americans to get in on the crypto craze before it's too late. The message of embracing the future appeals to curious and innovative viewers who have yet to give crypto a try, helping to push cryptocurrency further into the dominant culture.

While a year ago, the average person couldn’t name even one crypto brand, the dominance of crypto ads during the Super Bowl signals a move to the mainstream. With Coinbase becoming the official cryptocurrency of the NBA and WNBA and Crypto.com slapping its name on the former Staples Center (home of the Los Angeles Lakers), cryptocurrencies like FTX are quickly becoming household names.

What You Can Do to Help Bitcoin Become Mainstream

While Bitcoin corporations continue to tackle these hurdles, the mainstream audience can do their part in helping Bitcoin become mainstream. As Bitcoin and other cryptocurrencies become more widespread through branded partnerships and other innovative marketing techniques, it will open up more education opportunities. Through awareness, education, and trust the average person can take Bitcoin’s mainstream adoption one step closer, convincing friends and family that cryptocurrency is the future of investing.

AWARENESS

The first step to the mainstream adoption of Bitcoin is awareness. Unfortunately, people tend to have normalcy bias when it comes to Bitcoin. Normalcy bias is where people think that whatever is happening now will continue to be that way, making it difficult to see a progressive future.

The mainstream audience needs to know what Bitcoin is and how it’s progressing with the digital future. Although the number of Bitcoin is limited, the future of Bitcoin is not, and one day the cryptocurrency will be a mainstream form of payment, investment, etc. One day, digital currency may even become the default.

A common misconception is that Bitcoin is for the tech-enthusiasts but can quickly become helpful for the mainstream audience if they knew even just the basics of Bitcoin. That’s why Bitcoin’s ad spots are so important. By advertising on mainstream media and explaining the purpose and usefulness of Bitcoin to the average viewer, people will more readily adopt it. This will also generate productive conversations about the currency.

To learn and become more aware about Bitcoin, read our blog on How Does a Bitcoin ATM Work.

EDUCATION

Once people become aware of what Bitcoin is and how its value can redefine the way people invest their money, you need to educate yourself and others on the subject matter. It’s great to know the basics of how Bitcoin works but to understand its value; you need to dig a little deeper.

While Google and YouTube are common ways to learn about the intricacies of Bitcoin, one can also experience the world of Bitcoin by using a Bitcoin ATM. Bitcoin ATMs allow the mainstream audience to witness the thrill that all Bitcoin users enjoy. Not only are they simple to use, but Bitcoin ATMs such as Pelicoin, the Gulf South’s largest cryptocurrency ATM network, are conveniently located in friendly and secure locations.

Some of the greatest lessons are learned through experience, and when you turn cash into cryptocurrency, you open the doors to new opportunities. You’ll be able to teach yourself, friends, and family the best practices and functions of Bitcoin, all while entering the helpful, close-knit Bitcoin community.

TRUST

When people become aware of Bitcoin and educate themselves on the matter, they now need to trust the concept and engage in the buying and selling of Bitcoin. Trust is why many experts believe that the mainstream adoption of Bitcoin will take time.

It will take a while for people to build a sound foundation of trust for Bitcoin, especially if they’re going to be using it to store and invest their hard-earned money. Bitcoin can gain the trust of the mainstream audience by working on resolving the critical issues mentioned above, and one of the best platforms for this education is primetime advertising. Not only will high-profile ads spread the word, but they also present an invaluable opportunity for education. Knowledge builds trust, and primetime ads with big-name sponsors are poised to launch Bitcoin into the mainstream.

While it will take time for Bitcoin to become mainstream, with the diligent work of both Bitcoin operations and the mainstream audience, Bitcoin will be adopted into mainstream use in no time.

Pelicoin Answers “When Will Bitcoin Become Mainstream?”

Consistency and time can only answer the question, “When will Bitcoin become mainstream?” Until then, people everywhere, no matter their level of Bitcoin knowledge, can participate in the exciting world of Bitcoin when they use Pelicion’s Bitcoin ATMs.

As Bitcoin works to smooth out the kinks, you can find a Pelicoin Bitcoin ATM near you and start educating yourself and others on the future of digital money.