Is Crypto Going Mainstream? A Discussion.
The crypto market has been finally introduced to the mainstream market due to the growing demand for digital assets. The pandemic is the main reason for booming growth as the use of cash declined and 40 to 70% of the public turned to crypto to avoid handling cash.
Hygienic purposes are one of the reasons why the crypto market faced exponential growth, the other being the sudden inflation that took over the world. Now that the financial market faced inflation and a pandemic in hand, they turned their eyes towards the crypto market.
Another reason for the sudden shift is the need for decentralization.
Decentralization is a process that has been adopted by multiple crypto projects to
dismiss the power from a central authority. Over the years the public grew frustrated with the constant management of the centralized authority and the fees they charge. Crypto meets this disadvantage by removing the central authority and intermediaries such as banks etc with a blockchain system. It also allows the crypto users to lead transactions in a direct and secure manner. Such crucial disadvantages to the system resulted in a rise in demand in the crypto market.
It is also no secret that the crypto world also suffers from volatility and the users will be constantly exposed to hackers and thieves. Polkacover’s platform will be uniquely positioned to bypass the traditionally long and expensive consumer
acquisition journey by tapping directly into a consumer demographic which is willing to go above-and-beyond to contribute to the success of the business itself. Secondly, our strategy to convert a demographic unfamiliar with blockchain technology into loyal users represents a significant untapped opportunity. PolkaCover believes that the sector lacks in protection against such threats and is now in the process of creating products that bring security back into the crypto market.
For more information on DeFi and PolkaCover read our whitepaper on our website and learn more about how we’re changing the insurance industry for our crypto users
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