According to blockchain.com there was about 45 million blockchain wallet users by the end of 2019.
That’s over a 400% increase from quarter three of 2016 where there was less than 9 million blockchain wallet users.
With the current world population approaching 7.8 billion people, that means less than 1% of people have a blockchain wallet (0.005769% to be exact).
At only a decade old, the industry is still extremely new. The growth has proven that blockchain technology has great potential. Transparency, security, borderless, open source are some of the great features that make up blockchain. Currently, sending Litecoin across the globe can be done within seconds for pennies. This is something the legacy system cannot do.
The growth has been exponential but to date the technology has been difficult to use for the average person which is a huge issue if the industry wants to go from less than 1% to 50% of the population with a blockchain wallet. Many challenges come up for new users such as:
- Sending to the wrong key address
- Sending to the wrong wallet
- Not being able to possess it in physical form
- Usable technology not simple enough
It will take a lot of time and possibly new generations growing up with the technology before the world has a blockchain wallet. The main thing that can speed up the adoption process is new innovations from entrepreneurs that meet the needs of everyday users.
Cryptocurrency Wallet Ballet
Recently, early Bitcoin advocate, entrepreneur, and investor Bobby Lee went on our show ChainTalk to discuss his new cryptocurrency wallet, Ballet.
Ballet was created for the everyday user in mind. It is a physical wallet that supports Bobby Lee’s theory of possession equals wealth. With Ballet the user doesn’t have to worry about pin codes or long pass-phrases any longer. This cryptocurrency wallet was meant to be the opposite of a Trezor or Nano Ledger device in that it’s meant for the entry level user.
Here are some of the main features for everyday users:
- Each card holds a specific coin which is made obvious by the logo on it
- Coins can be easily received/sent using the QR code and mobile app
- Coin holdings remain whether Ballet does or not
- Stainless steel physical wallet
- No setup, passwords, or KYC
- Similar to holding physical assets like gold, silver, or fiat
The physical aspect may sound counterintuitive to what blockchain represents but we must consider the progression of adoption. Ballet offers users, particularly less tech savvy people, another option. Just like Bitcoin is another option on the legacy system, Ballet is a user friendly option for cryptocurrency wallets.
There has been criticism from crypto enthusiasts accusing Bobby of storing the private keys himself. The reality is that with new innovations like Ballet, there will be features specifically for non tech users that may not align with the needs of more experienced blockchain users. Booby addresses these criticisms in the interview. Hope you enjoy.
Ballet Wallet Secret: Scratch the QR code for Ballet authentic scent to confirm it’s a real Ballet wallet.