The success of bitcoin – what did they do right?
The only people who would ever use bitcoin are tech nerds and criminals. Some of the earliest adapters of bitcoin may be techies and dark market shoppers. But the same could arguably be said about the internet and look who uses that now. Adoption takes time and regardless of how the bitcoin community was then looking where it is now.
Initially many of Bitcoins backers saw it as a simple global payment system for anyone to use rather than what it is now a financial asset for investors to trade.
Some of bitcoin’s most obvious benefits are its low transaction fees. Typically, transacting bitcoin saves merchants compared to transacting credit cards. And bitcoin is clearly superior especially for sending money abroad.
Bitcoin is more than a speculative investment you can buy anything practical with bitcoin. It can actually be used to pay for everyday goods and services. And this was an added bonus once people realised that bitcoin can, indeed, be used to buy real things, such as real estate in the United States.
As entrepreneurs in the space continue to build consumer-friendly apps with bitcoin and awareness of the digital currency spreads. An even more diverse crowd will come to use it in their everyday lives, if they haven’t already.
There’s also another important demographic that many forget about: that Bitcoin has catered to the millions of unbanked people throughout the developing world. They rely on mobile phones as their computer, bank and communication device all in one.
In addition, PayPal has announced partnerships with bitcoin. And Microsoft recently began accepting bitcoin for a host of digital content like games and videos. Add in the countless small businesses that accept bitcoin either online or in their brick-and-mortar locations, and it’s safe to say there are options when it comes to spending your bitcoin.
Bitcoin has never been this popular. Sure, there’s still plenty of controversy surrounding the cryptocurrency, but that hasn’t stopped thousands of businesses all over the world from accepting Bitcoin at checkout. It also hasn’t stopped millions of people in emerging markets from using it to replace their national currency.