 |
March 31, 2014, 10:34:24 PM |
|
Thoughts:
Gold. No, 'cause it ain't shiny. Most gold is for jewelry, and a watch for him, necklace for her isnt going to be replaced by a Bitcoin. Some cultures have large dowries or gifts expected in gold. For goldbugs holding coins and bars, nothing else will do and same goes for government reserves. Some might drop gold in favour of Bitcoin for investment, trading etc.
Credit cards. So much is made about the costs of credit cards... to the merchant. As a consumer I dont see that cost and i like the protection being offered. Unless someone makes it possible for Bitcoin trades to be reliably escrow'd, this is going to be very difficult to replace. Oh, and then there's the credit aspect (just a small advantage implicitly not possible with Bitcoin)
Micro payments. Here's a market ripe for exploitation. If people focused on this rather than the other "big" areas, it could gain a solid foothold in mainstream consciousness. Then it might be ready for...
Banking. Not as it is. So much discussion I see seems US in focus around costs and convenience of banking. In Europe and UK we have mostly free or low cost banking already. I transfer money to utilities, family/friends if required instantly with no costs. i can transfer internationally for a modest fee (about £15 iirc). Bitcoin doesn't offer the option of a loan if i need it.
Remittances. There's scope here, but the technology is too advanced for widespread use imo. A lot is made about use of smart phones in Africa fulfilling the technology side, but the phones are low spec and people share a phone owning only their SIM. Thats not going to work with wallets is it? Cant be dismissed but its not there, and technical hurdles need to be addressed. The phone compaies are already working themselves into this space and provide strong challenge. In other countries as technology improves, established banks can probably keep ahead of the market. It has potential, but i just not sure i see it happening.
|
