|
December 20, 2014, 08:08:34 PM |
|
Cool article, with some interesting data.
However there are slight differences with the technologies described in the article, and Bitcoin. In my opinion, people in general will be far more wary of converting their wealth to Bitcoin, than they would be of purchasing a TV/cellphone/Internet connection etc.
The benefits of these new technologies are blatantly obvious, (viewing TV channels for entertainment, voice or text communication nearly anywhere on the planet, access to unlimited information/video/other resources at the touch of a button). So when someone spends say £500 on a new TV or phone, even a 5 year old knows exactly what services and benefits they will receive.
With Bitcoin however, it's a little trickier. First off, you are exchanging your hard-earned money for something intangible and virtual, with no obvious benefit (people will pay for many "virtual" things, such as PC games, movies, porn etc, but these do have an obvious benefit). Yes, as bitcoiners we can see the benefits of this system and why it is superior to our current economic system, but most of us did quite a bit of research before we bought in, and we probably have a greater than average understanding of the flaws of fiat currency.
Another hurdle is the fluctuating price, and the lack of official support. To Joe Bloggs, buying it or spending it can seem like a gamble in which he could lose money. If the price halves, or you don't receive your alpaca socks through the post, you're on your own.
Although I do believe that Bitcoin is likely to be mass-adopted in the long run, I think it will take quite a long time (probably >10 yrs from now), or require a major economic crisis. I just feel that it's much harder for people to see why they need it, and why it's better than paypal or visa...
We shall see!
|