Bitcoin Mass Adoption Will Happen Naturally
Bitcoin mass adoption, contrary to popular belief, will not occur by educating the public. Instead, this transition will happen naturally as young generations become increasingly familiar and confident in this technology.
Not Understanding Bitcoin is Their Job
Lets face it. Bitcoins biggest naysayers are typically in their twilight years, unlike most Bitcoin users and investors. Paul Krugman, Warren Buffet, the head of the Bank for International Settlements, Agustin Carstens, for example, are all over 60 years old.
But dont hand them a copy of The Bitcoin Standard just yet. You see, not only is their time running out, but their credibility actually depends on them not understanding Bitcoin.
It is, therefore, doubtful that these geriatric gentlemen will change their minds anytime soon after they called it everything from a Ponzi to rat poison squared.
Cryptocurrencies do not fulfill any of the three purposes of money. They are neither a good means of payment, nor a good unit of account, nor are they suitable as a store of value. They fail dramatically on each of these counts, Carstens said in July, warning young people not to create their own money.
Yes, Bitcoin is a Threat
But every new disruptive technology has faced harsh criticism from incumbents whose predictions now seem so obviously wrong in retrospect. Some notable examples include William Orton, President of Western Union, who stated in 1876:
This telephone has too many shortcomings to be seriously considered as a means of communication.
President of the Michigan Savings Bank who advised Henry Fords lawyer, Horace Rackham, not to invest in Ford, said in 1903:
The horse is here to stay but the automobile is only a novelty — a fad.
Even computer pioneer Bill Gates, Microsoft co-founder, said in 1981:
No one will need more than 637KB of memory for a personal computer. 640KB ought to be enough for anybody.
With each day, Bitcoin is becoming an increasing problem that just wont go away for the old guard. Nor is it a static technology. It has been running 24/7 for over a decade now with 99.98% uptime. And the longer it exists, the more people will start to question the credibility of these money magnates.
Yes, Bitcoin undermines banks by empowering individuals to be their own bank. But Bitcoin takes it even further. It completely separates money and seignorage from the state and central banks. The implications of this idea are just as groundbreaking as the separation of church and state.
So despite cryptocurrencies still being only a drop in the global economys ocean, it speaks volumes that the old guard is scrambling to plug the cracks in the dam.
At ten years old, Bitcoins fundamentals areRead full story on Bitcoinist.com