What Is Missing From Bitcoin In Order For It To Be More Adoptable For The Masses?
The Bitcoin economy is evolving at lightning speed. In recent years, a basic knowledge of Bitcoin has become commonplace. Many companies have been following the progress of Bitcoin and the Blockchain
"Bitcoin needs mass adoption." This is a phrase you see very often on Reddit and in Bitcoin conversations all over the world.
There are lots of discussions on the internet and a lot of thinking on the part of basic internet users as to whether they should adopt Bitcoin or not. Many companies have built themselves a future in the economic sector with Bitcoin’s technology, raising millions of dollars, having followed the age-old saying, “If you don't try it, how could you know it?”.
Our correspondent, Marinos Kokkinos, reached out to Mr. Kevin Barnes, the Chairman of Playcoin Entertainment Corporation, a Blockchain solution provider.
He has a clear view on the matter and said:
“Adopted like a commodity like gold, it will take time to prove itself. Adoption as a currency for transactions, it will have to be adopted by most all merchant processors like visa and mastercard.
Just my opinion :)”.
Most of those in possession of Bitcoin are of this same mindset.
Recently, it was announced that Bitstamp added a new option to all their user accounts - a new withdrawal option! You can convert USD to physical gold, and have it delivered to your door in a fully insured shipment.
On the same topic, our correspondent, Marinos Kokkinos, reached out to Mr. Tim Frost, VP of Marketing and Business Development at e-coin. He is inspired by the Blockchain’s decentralised technology. His company is dedicated to growing the popularity and usability of cryptocurrency, trying to make the transactions simple, safe and hassle-free. His view on the matter is:
“I feel it’s still very difficult to buy, sell and acquire Bitcoin. I believe a larger percentage of the public is interested in having Bitcoin, but it’s still difficult to acquire and use it. I believe companies such as ours who offer the ability to use Bitcoin anywhere with our E-Coin Bitcoin debit card is helping it become more practical and useful. As companies continue to merge the divide between traditional finance methods and Bitcoin adoption will increase. Until Bitcoin is widely accepted I believe we need to continue to build on existing infrastructures.”
Mr. Goutama Bachtiar, adviser, consultant, investigator and auditor with global exposures in Fintech realms, made a clear statement on the matter, offering a different point of view to many others:
“From what I’ve been observing for quite a while, I see Bitcoin as more of a framework, rather than merely a currency or even a payment network.”
“To drive it to become adoptable, the mainstream must perceive Bitcoin as much (not only) better service than those alternatives out there in the aspects of usefulness, simplicity, liquidity, safety, and being less volatile – all unveiled in chronological order based on their weights.
On the other hand, as time flies, such a big hope that we need to see (more and more) governments to acknowledge it as their official currency.”
Finally, another point of view from the depths of development is from Dr. Gavin Andresen, well known in the world of Bitcoin. He shares his thoughts on the matter:
“The biggest problem of Bitcoin is: how do people get it as part of their everyday life? I don't know the answer: I received my wages in Bitcoin, but most companies will not be paying people in Bitcoin any time soon. And if most people don't have Bitcoin to spend, how will it become a major payment system?”
To conclude, while it is very important that people not involved in the world of Bitcoin spare a minute to consider its possibility and think of it as a new kind of approach, skepticism for its adoption on a large scale is bound to occur, meanwhile only a few people involved in Bitcoin have the knowledge and responsibility to drive its future. However, we must also recognise and praise the enormous gains we have made in the legitimization of Bitcoin and the Blockchain. Not only that, but the ways in which it has changed our very way of thinking.