Which team would win?
Technological innovations usually follow a certain pattern of development, especially at the early stage. Naturally, almost every invention encounters initial resistance and criticism from the wider society. Even after proving their initial levels of sustenance, being isolated is a common dark hole that must be overcome for innovations that seek to become a part of the world system.
Despite the increased awareness of Bitcoin and its associated technologies, a huge part of the human society is still far from appreciating this development. It is common to still find people who see Bitcoin as a concept that is strictly reserved for geeks and computer gurus. A lot of people will affirm to have heard about it as an online currency that could offer some value, while others see it as some sort of technological opportunity to make some money.
Bitcoin is still an infant
President at Crypto Consultant, Jason Cassidy likens the growth and global adoption of Bitcoin to a baseball game.
Currently, at the start of 2017 we are basically at the top of the first inning in a nine inning game that can go into extra innings.
Said another way, 2009 is not that long ago at all, according to Cassidy, we are still very much in the infancy of this financial paradigm shift. Perspective is important as it helps us stay grounded when taking a bird’s-eye view of the industry and where we individually fit into it.
Many developments have already taken place that has accelerated the awareness and adoption of Bitcoin across the world. ATM’s, new currency exchanges, Bitcoin debit cards, educational programs, financial products being launched en masse and sensible regulations are all playing big roles in ramping up Bitcoin’s adoption.
Another milestone, another leap!
The next major event in the Bitcoin world identified by Cassidy is the Winklevoss ETF, which is expected to have its long awaited ruling come down sometime this Spring. Already the market is abuzz with speculation on how high the price of Bitcoin will go should the ETF be approved. This is because of the de facto statement of acceptance its approval will bring the entire industry.
There is a lot of money sitting on the sidelines waiting for the official “green light”. This event may prove to be the single biggest development in the space this year, given how long the market has been waiting for an answer
Cassidy concludes by predicting the likely arrival of a “Killer app” that completely shatters the technical barrier to acceptance of Bitcoin as being right around the corner. “Whether this is some type of wallet or consumer utility that bridges that gap to true mainstream awareness, it is on its way” he says.
The Internet went through a very similar evolution so as always, to help understand where we are going we must always understand how we got here. The bottom line is the future has never been brighter for the Bitcoin industry as 2017 promises to hold a lot of surprises for everyone within the ecosystem.
Moving from the known to the unknown
Basic human education involved the gradual transition from the known to the unknown. Throughout history, there has always been a link to previous systems as money changed from one form to the other. From barter, to coinage, and then to bank notes, every new form of money started via a gradual introduction of elements of its preceding system.
The development of Bitcoin has not been in anyway different. This is made even more necessary as we are yet far from the full adoption of the cryptocurrency by the general public. Being that most Bitcoin holders will have to exchange it for some form of fiat currencies in order to spend it, already existing systems are being connected to Bitcoin. This has been observed to greatly encourage the fungibility of the cryptocurrency and making a huge impact towards the growth in acceptance that has been very evident within the ecosystem
One of such existing technologies which brings Bitcoin home to common reality is Cryptopay’s Debit Card which offers is a convenient way to spend your bitcoins both online and in stores. The Cryptopay Debit card is a full blown VISA debit card which can be topped up instantly from an individual Cryptopay account. This card is accepted anywhere VISA is accepted, and can also be used for ATM withdrawals.
Indeed, the question has long moved from whether Bitcoin will eventually go mainstream to when the inevitable mainstream adoption of Bitcoin will happen.
Do you also think Bitcoin is an infant or consider it as a grown-up? Leave your opinions and comments below.