“Anyone who truly spends the time to understand Bitcoin is guaranteed to understand the significance of its potential to change the world”. -David J Cooper 2013
Where is Bitcoin, 2015 Edition
What happens with Bitcoin long-term is anyone’s guess. But here are our latest thoughts on this exciting cryptocurrency.
The only thing we are too concerned tracking in the news at the moment is whether major exchanges start trading it and how far regulations go. Check-out this article on “Fed Reserve needs control over Bitcoin”.
We do not see major adoption happening this year as was so highly anticipated by many, I see minor innovation and lots of squabbling – take the latest hoohaa over forking for larger/faster transactions .
The main point for me personally on this new currency/commodity was and is the following:
Major adoption can only take place when it is made accessible and easy to use. Having a 30 character BTC address your friends need to know in order to transfer Bitcoin to you is not accessible for the public. If only nerds can use it is it done for.
I do not see enough innovation is such areas as this of the Crypto to see public adoption. (Yes there are projects surrounding accessibility but I cannot see enough traction and public interest, adoption). Therefore, these days I am leaning on the side of institutional adoption.
By that I mean Banks, Currency Exchanges, Primary core institutional banking/commerce services using the technology behind the scenes for their own infrastructure of handling and dealing with data (Payments) electronically and more securely.
By 2020 I would guess we will all be using Blockchain technology from this crypto but will be completely unaware of it – as our banks and favourite companies perform tasks using it behind the scenes.
I hope I am wrong, I really do. Perhaps next year will change our views. again and I will pivot when I see public adoption increase. Right now I can’t see being at the pub and overhearing someone saying they just booked their summer vacation on Expedia using the cryptocurrency.
And p.s. Could everyone stop using a bloody image of an actual Coin to represent this virtual currency/commodity please?! It is confusing the hell out of all newcomers.