Different Views on Development
What Is Moving the Industry
Views in regards to Bitcoin’s future development are vast and varied. They include forecasts, opinions, actual market factors, and finally a base consisting of three critical elements; consumers, merchants and commerce, and entrepreneurs. These are the industry’s most common denominators are forming their own ecosystems. They are dependent upon and affected by the other.
Consumers determine demand, growth and commerce is dependent upon merchants. Entrepreneurs continue to invent products and services that move the industry forward. Certainly minors and regulatory factors play a major role, but these are static elements that either improve or hinder growth.
We could devote an entire chapter to the subject of Bitcoin and the consumer. However, let’s start with the most obvious areas of interest. Note that the main idea behind Bitcoin was to enable quick and cheap online payments without the need to use traditional banking channels. Today’s consumers, compared to three or four years ago, hold higher expectations when it comes to options, service, and capabilities.
Exchanges must be faster and current with market trends, wallets more diverse in their adaptability to popular alternative crypto currencies, and everything must be mobile. Thanks to the , most consumers are making a choice to HODL (a purposeful misspelling that stands for “Hold On for Dear Life”) Bitcoin during periods of depreciation. Of course, they’ll eventually need to spend Bitcoin, and there’s speculation that Millennials will do just that, particularly for large transactions where the benefits of paying in cryptocurrencies become more obvious.
Adoption by Retailers
In the blink of an eye, a merchant drops or changes its service while another announces its membership. Today’s traveler can book a flight, hotel, and rental car to just about anywhere on Expedia or CheapAir, but has tapered off. Still, there is an expectation the marketplace will grow as Bitcoin gains in value and the millions of consumers currently in possession look for places to spend.
For retailers that want to accept cryptocurrencies in spite of the risks, setting up a digital currency payment option as a merchant is straightforward. First, set up a secure wallet through which you can receive crypto, Second, share and display your QR code with patrons. Third, market to crypto enthusiasts to let them know you’re in business. Whether or not retailers are yet ready to accept digital currencies, one thing’s for certain: it is important to stay apprised of this rapidly growing industry.
Opportunities for Ecosystems
Finally, merchants have already established their product or service and can simply adopt Bitcoin as payment. In the meantime, many entrepreneurs are creating unique products and applications entirely devoted to the industry. Sustainable entrepreneurial success stories almost always involve seeing and getting “into” large new ecosystems. Today, the best entrepreneurship success rates are global, and they can still be executed by small teams of people with good vision.
The world’s largest ecosystems opportunities seem to be in China, India, and Africa, where more than three billion people with recent access to mobile communications are building much larger than those in the US and Europe. In line with this, all will require global electronic currency systems that do not yet exist. Ecosystems will decide the direction of the industry, drawing a new consumer base. They will cause merchants to scramble for those products and services, lest they lose the competitive edge.
Bitcoin Is The Standard
Today, Bitcoin has reached critical mass, penetrating governments, Wall Street, and the free market. The US and European financial systems are rigid. They cannot meet the financial needs of three billion people emerging from poverty on high tech systems. And they are emerging far faster than most people realize. Besides, Bitcoin is, and will remain the gold standard to which all other cryptocurrencies are measured. So, for now, it has a place in the future. And then, there is the blockchain and its emerging technology to consider, but those are stories for another day.