Bitcoin is a cryptocurrency that is now about five years old and there are more than a few experts speculating whether or not Bitcoin is ready for the Big Leagues or whether Bitcoin is robust enough to handle the workload of an entire national or global economy. But before we can answer that question we must first determine the hurdles still in front of the nascent digital currency. If Bitcoin has what it takes to overcome these challenges, then it could very well be ready for the spotlight.
Meeting the ChallengesThere are a couple of important points that we need to remember. If Bitcoin is ever to become a mainstream currency at least one of the major economic nations will have to accept it as such and the truth is that this is not going to happen without regulations being attached to that recognition. There are several reasons for this:
- The government has a duty to protect consumers
- The government has a duty to prevent crime or criminal activity
- The government has a need to track money for tax purposes
But there is another reason as well. Regulations, especially in the financial industry, are often a matter of who has the best lobbyist. Laws are passed almost daily that favor one part of an industry over another or one industry over another. One of the main reasons for the 2008 economic crisis was the US deregulation of the banking industry, a problem that still has not been fixed.
The financial industry might see a way to make money with Bitcoin, but on the other hand if allowed to remain as is, Bitcoin could cost supplant the industry costing it tens of billions annually in transfer and account fees.
The Propaganda WarsIf you want news about Bitcoin you have to search for virtual currency focused media outlets. While the mainstream media certainly dabbles in Bitcoin, their coverage usually focuses on the negative aspects of Bitcoin’s growth such as criminal activity or a big loss by customers from a failed exchange.
A March poll by an online survey taken by Harris Interactive on behalf of California-based Yodlee, a self-described personal finance data platform, revealed that only 48% of American adults know about Bitcoin. And it is no secret that most of them get their news only from the major news outlets. Bitcoin’s public image will certainly suffer if this trend continues with only one side of the story is being reported.
A recent article in Bitcoin magazine illustrates the point perfectly:
“[…] We are distracted. Of 100 people personally polled, most people could not actually explain or define Bitcoin to me, but they could tell me all about how it “went bankrupt in Japan,” how “Bitcoin’s CEO committed suicide,” and how “the bank got robbed and they went under.” Like it or not, the majority of people are still convinced by 30-second television bits that focus on the 1% of “bad” news. And why would these news clips focus on anything else?”
But many Bitcoin startups are engaging with their communities. The Bitcoin Cup for instance is a charity centered at the 2014 World Cup that raises money for local communities by taking Bitcoin donations. Bitcoin clubs are springing up at universities all over the world, as are Bitcoin ATMs and this is before any countries have backed Bitcoin officially.
As Bitcoin gains in popularity, the corresponding news will also shift towards a more positive tone, which we are already seeing with headlines announcing major companies accepting Bitcoin and venture capitalists pumping money into the new economy.
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http://cointelegraph.com/news/112259/op-ed-is-bitcoin-ready-for-the-major-leaguesbitcoin is kind of ready for the big leagues. it is but it isnt at the same time. some changes could be made to confirm transactions faster, i understand though most vendors accept 0 confirms which is a fine way of doing it, but even then sometimes the nodes dont broadcast as fast as they usually do. a 0 confirmation transactions for me one time took a few minutes somehow.
