Bringing Bitcoin to the masses is a much harder task than most people, at first, anticipated. Despite offering a multitude of advantages compared to the current financial infrastructure, a lot of people are wary of Bitcoin. The regulatory uncertainty around the world isn’t helping, either, in that regard. There is a lot of venture capitalist funds flowing to Bitcoin as well, more so than ever in fact.
The Bitcoin Killer App
When trying to explain Bitcoin to novice users, it’s hard to dance around the technical aspect of this disruptive digital currency. And that is made even more difficult when taking into consideration that this very technology is Bitcoin’s “killer app” in order to take it mainstream. But, what efforts are being made in that regard?
You have to keep in mind that Bitcoin technology is still in a very early stage right now, and we are only slowly discovering the tip of the iceberg regarding its potential. More and more Bitcoin startups – all of which are looking for VC funding – are focusing efforts on tapping into this unknown potential and build applications “for the future”.
In an ideal situation, all of these funds put towards the creation of multiple tools will make it easier for everyday people to trust a form of money that is not issued by a bank, nor regulated by a central government. After all, does one really need to understand how Bitcoin works in order to use it as a currency? The answer to that question remains up for debate at this point.
Trust Issues With Digital Currency
Trust remains a key factor before everyday consumers will flock towards Bitcoin and digital currency. Considering the entire process is computer-generated – with some top notch security layers, mind you – people automatically distrust the entire idea and the recent number of hacks, scams and Bitcoin funds being stolen, isn’t helping either.
Building additional security measures can not trump the ease-of-use associated with Bitcoin and other digital currencies. In recent times, we have seen many tech giants sacrifice security in order to increase usability, which usually leads to user data being stolen. Needless to say, creating such a snowball effect is the last thing Bitcoin adoption needs right now.
“When it comes to getting normal consumers to use Bitcoin services, the biggest near-term opportunity is likely in certain developing countries where people are either ‘unbanked or underbanked,’ or, where the local currency is even more volatile or less reliable than Bitcoin is, “ Xapo Chief Strategy Officer Ted Rogers told DigitalMoneyTimes.
Bitcoin has all the tools needed to become a disruptive force in the financial world, as we know it. There are quite a few hurdles that need to be overcome before we can start dreaming of “mass adoption”. However, this also opens up a lot of doors for new people willing to hone their skills in any area relating to digital currency. And that is something worth even more than an increasing Bitcoin price.
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