According to Coindesk, there are some who believe that the money system which is in place now is the primary cause of the wealth gap. This is why the concept of money that is not controlled by the government or banks may sound very attractive.
With gold and silver continuing to drop in value, a money reform may need to happen in order to change the current situation and that could be achieved through technology.
Steve Job’s and Jeff Bezos’s emphasis on consumers is a good example of how focusing product improvement makes people more brand loyal. The focus with Bitcoin thus far has been the quality of the technology, rather than the consumer.
IPods were a new and better way to listen to music, iTunes a better place to store it. Amazon is a great place to buy stuff. The Kindle is a fantastic way to read books. Websites and blogs are better places to consume news. YouTube and Netflix are better ways to watch videos. And so on. Bitcoin needs to do the same.” – Dominic Frisby, Coindesk.
It is no mystery that using Bitcoin can significantly decrease the amount of transaction fees made by individuals and on a worldwide level. Bitcoin has a lot of potential, the problem may be people’s lack of willingness to transition. Bitcoin’s growth has been stagnant and may even go into the negative. This decline in growth can also be seen in several countries like Japan an Britain. The reasons for this may be anything from an increase in taxation, aging of the population to increasing housing prices and other reasons. Currently, the sector with the most potential is technology. Technology companies like Google, Amazon, Facebook, and others are all examples of organizations that generate actual cash flow. Tech stocks are also expected to grow, according to Coindesk. Therefore, Bitcoin can utilize these market changes to its advantage. Transitions to Bitcoin can be made inevitable if it becomes part of the technological revolution. Frisby closes his article with,
The talk might win the argument. But the tech will win a great deal more. Remember the mantra: ‘Cypherpunks write code’.”
Read more here – “For Bitcoin, It’s the Tech – Not the Talk – That Really Matters,” (Dominic Frisby, Coindesk).
Anna is a current student at The George Washington University in Washington, DC with a concentration in Marketing and Communication. She specializes in social media outreach and has experience working in government contracting.