Who Needs Bitcoin The Most?
Bitcoin, the pioneer of the cryptocurrency market was introduced to the world back in 2009 as a peer-to-peer cashless network. The modern-day payment system was aimed towards developing nations where the banking facilities are only available to elites. The aim behind the invention of Bitcoin was to make people financially independent, self-sufficient and end the monopoly of centralized financial institutions.
10 years down the line, the use of Bitcoin has flourished beyond the certain sections of the internet and has carved a vast market of its own. As of today, Bitcoin is being used as a mode of payment for a number of vendors both online and offline, used as a store of value, trading, and hedging. Not only that, but Bitcoin has also fulfilled the vision of providing financial independence to the people of developing nations like Zimbambe, Venezuela and many other African nations.
However, despite the significant progress that Bitcoin has made in such a short period of time, it is yet to become a financial force to reckon. For any business or new technology, the biggest challenge is to find and build the right market for the product.
The cryptocurrency space is currently fragmented into tore of value versus medium of exchange versus a unit of account versus smart contracts and world computer arguments. In order to build a peer-to-peer cashless network as intended by Satoshi, the crypto space first need to find the rights space where it is most needed. If Bitcoin or any other crypto is going to boom, people first need to use it and incorporate it in their lives which is going to give it the real-world value.
Bitcoin Beyond Hype And Speculations
Bitcoin first gained worldwide attention during the 2017 bull run, which saw its prices climb to near $20k. It was known to the world for quite sometime before that, but being a new technology which was built on trust and technology did not have many takers before that. However, the phenomenal rise got everyone quite inquisitive about the new tech.
The 2017 bull run brought Bitcoin and crypto market to the center of world attention, with almost everyone wanting to be a part of the phenomenon which rose from absolute $0 to an unbelievable $20,000 price tag. The sudden uprise resulted in small block sizes led to congestion due to small block size, long waiting times, high transaction fee, but despite all the shortcomings, it brought decentralization and blockchain tech at the center of everyone’s attention.
While the crypto space has matured a lot since the 2017 price rise, still the main focus is only towards the monetary aspect of it, as most popular crypto services include trading, hedging and using it as a store of value. The actual motive of making Bitcoin and other Altcoins as a daily driver of use like buying your grocery or paying taxes which are still not at a scale where many crusaders of the decentralized tech or crypto proponents would have liked.
Blockchain Has Found Its Niche, Bitcoin Needs To Follow The Same
While the underlying tech of Bitcoin which is Blockchain technology has found many takers, with several tech firms and government implementing the tech in their system to scale their system better, Bitcoin and crypto haven’t faired with the same popularity. Most of the government are quite passive over the use of Bitcoin in their financial ecosystem, and even those countries which have allowed the use of crypto in some form have kept it limited to the trade markets or crypto exchanges.
While 10 years is still a small time frame to measure the future of new technology, it is to be seen whether Bitcoin and crypto can penetrate through the current resistance it is facing from the regulators and become a mainstream form of the payment system in future.
- Source: First Appeared Here
- Published Time: 2019-05-20 18:32:44
The views and opinions expressed in the article Who Needs Bitcoin the Most? Crypto Podcast Examines Which Parts of The World Most Need BTC do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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