The rise of cryptocurrency has been one of the most debated technological innovations of the 21st century. From Bitcoin’s inception in 2009 to the proliferation of blockchain applications, the space has captivated enthusiasts and puzzled skeptics alike. This cognitive dissonance, however, is not without historical precedent. To understand the current societal mindset surrounding crypto, it’s worth revisiting the early 1990s, when the internet was still in its infancy.

The Internet in the Early 90s: Uncertainty and Skepticism

In the early 1990s, the internet was a fringe technology. According to statistics, the internet had just 16 million users globally in 1995, representing 0.4% of the world population. It was primarily the domain of academics, researchers, and technophiles. Skeptics questioned its practical applications, dismissing it as a niche innovation or a fleeting trend.

A 1995 Newsweek article titled The Internet? Bah! encapsulated the skepticism, scoffing at the idea that people would shop online, send emails, or access digital newspapers.

The cognitive barriers of that era stemmed from three main factors:

1. Limited Understanding: Few understood the technical workings of packet switching or domain name servers, which made the technology feel inaccessible.
2. Skepticism Toward Change: Human psychology is often resistant to shifts that disrupt the status quo.
3. Perceived Lack of Utility: Many failed to see how the internet could evolve from a niche tool into a transformative force.

Fast-forward to today, and the internet is ubiquitous, with over 5 billion users, or roughly 65% of the global population, depending on it daily. Yet, few people understand the technical intricacies of TCP/IP or how cloud computing works and we don’t need to. We trust the systems to function, focusing instead on their utility.

Crypto Today: Echoes of the Past

Cryptocurrency, much like the early internet, suffers from a perception problem. Despite over a decade of development, crypto and blockchain technologies are still seen by many as esoteric and overly complex. The parallels to the 1990s internet era are striking.

1. Limited Understanding: Blockchain, smart contracts, and decentralized finance (DeFi) remain arcane concepts for the average person. Just as understanding “hypertext” was unnecessary for the adoption of the web, comprehending “hash rates” or “proof of stake” is not essential for crypto’s mainstream utility.
2. Skepticism Toward Change: Cryptocurrencies challenge traditional financial systems and governmental control, provoking resistance. The idea of decentralized money is as disruptive to banking as the internet was to traditional media.
3. Perceived Lack of Utility: Detractors often argue that crypto lacks real-world applications, echoing the early doubts about the internet’s utility. Yet, blockchain-based innovations such as cross-border payments, supply chain tracking, and NFTs are beginning to demonstrate tangible value.

As of 2025, there are an estimated 420 million cryptocurrency users worldwide, representing 5.2% of the global population. Bitcoin, the most popular cryptocurrency, has over 44 million unique wallet holders. There are more than 19.4 million bitcoins in circulation, with a total market capitalization fluctuating around $500 billion to $1 trillion, depending on market conditions.

These numbers underscore the growing interest and adoption, but they also highlight how crypto remains far from reaching the ubiquity of the internet.

Why Crypto Is More Revolutionary

While the internet revolutionized how we share and access information, cryptocurrency has the potential to transform foundational systems of value, governance, and trust. Several factors make cryptocurrency more revolutionary than the internet:

1. Decentralization: Unlike the internet, which largely operates on centralized servers owned by a few corporations, blockchain technology empowers decentralized networks. This eliminates middlemen in transactions, making systems more transparent, secure, and resilient.
2. Financial Inclusion: Cryptocurrency provides access to financial services for the unbanked and underbanked over 1.4 billion adults globally who lack access to traditional banking systems.
3. Programmable Money: Smart contracts, a feature of many blockchain platforms like Ethereum, enable automated and self-executing agreements. This capability transcends traditional financial systems, opening possibilities for decentralized applications (dApps) in finance, healthcare, and governance.
4. Ownership of Digital Assets: Blockchain enables true ownership of digital assets, including property rights for digital art (NFTs), decentralized identity systems, and data ownership. This represents a fundamental shift from the centralized control exercised by internet giants today.
5. Borderless Transactions: With cryptocurrency, transactions occur without regard for national borders, reducing friction and costs associated with traditional banking systems. This innovation is particularly impactful for remittances, where high fees often burden workers sending money home.
6. Trustless Systems: Blockchain replaces the need for centralized authorities or intermediaries with cryptographic proof. This shift makes systems less prone to fraud, corruption, or censorship, paving the way for trustless ecosystems in finance and beyond.

By addressing systemic inefficiencies in governance, finance, and commerce, cryptocurrency has the potential to reshape how society organizes itself, much as the internet disrupted traditional media, communication, and commerce.

Overcoming Cognitive Barriers

The biggest hurdle for crypto adoption lies not in technological readiness but in the cognitive biases of the public. Just as the average person in the 1990s didn’t need to understand how the internet worked to appreciate its benefits, the average person today doesn’t need to grasp blockchain technology to use cryptocurrency effectively.

A Familiar Analogy: The Combustion Engine

Consider this: how many people can explain the mechanics of a combustion engine? Most individuals don’t know how fuel injection or catalytic converters work, yet millions rely on cars daily to commute, shop, and travel. Trust in the system has been built over decades, reinforced by consistent functionality and a focus on user experience.

Similarly, people don’t need to understand how cryptocurrencies are mined, or how blockchains achieve consensus, to use digital wallets or engage in DeFi platforms. Crypto’s future hinges on creating systems that are as seamless and trustworthy as turning the key in an ignition.

As we navigate the complexities of crypto adoption, we are reminded of the early days of the internet. The skepticism, confusion, and hesitancy surrounding blockchain today are natural stages of technological evolution. Over time, as utility becomes evident and trust solidifies, crypto will likely integrate seamlessly into daily life.

Much like how the combustion engine revolutionized transportation without demanding technical expertise from drivers, cryptocurrency can transform finance and digital interaction without requiring its users to understand every line of code. The lesson from history is clear: innovation becomes ubiquitous not through comprehension but through trust and usability. And in the case of crypto, its potential to democratize access, foster transparency, and decentralize power makes it not just another technological advancement but a fundamental societal shift.