Despite the fact that the price of Bitcoin exceeded $ 10 000 , less than one percent of the population from all over the world actively uses it.
Though about the digital currency a lot of talking, it still remains a small fish in the pond of the world economy.
Many have compared Bitcoin with the Internet bubble, which was formed as a result of the take-off of the shares of Internet companies. But Bitcoin is not a company, it’s technology, and she is “sitting on the precipice”, is like email in the early 90s.
Back in 1994, email was used approximately 0.25 percent of the population. Invented the technology was in 1972, the Arpanet network engineer ray Tomlinson. For a long time it was the only “killer app” for the Internet.
It all sounds pretty familiar. Bitcoin, invented in 2008, we can say, was a toy for technology geeks and anarchists, who saw in the collapse of the global economy monetary revolution. But this was just a hobby, nothing more. He then became the only “killer app” of the Blockchain and for some time single-handedly ruled over this area.
To e-mail is no longer just a toy for geeks in the space of mass commercial and retail use, she had “tick” opposite to three points.
Technology had to evolve enough to be comfortable and stable and, of course, useful for the users. Email had to be accessible for everyone. Finally, the user base had to grow, because it gave e-mail of its value.
If you imagine a graph-making, the similarity between email and Bitcoin becomes more obvious. In 2013, the first signs of the adoption of cryptocurrencies, as Coinbase has done a lot to open up the market with easy access and a good interface for any user, so that he could understand and use Bitcoin.
However, there were still many technological problems that need to be addressed: unintentional hard ppl were several user-friendly interfaces and minimal network effects, all rooted in the development and adoption of cryptocurrency.
In 2017, everything changed, as over so-called “civil war”, and the Protocol has become more stable in the face of most of the technological gremlins.
User interface and ease of use is so perfect that even grandma can use purses and to access your BTC, and even more to announced ETFs, futures and even ATMs. And finally, the Bitcoin, of course, valuable asset that challenges the dominance of the banking system.
Bitcoin entrepreneur Erik Vorhes said in 2014: “We have a long way to the absolute values” in response to the idea that Bitcoin has entered the mainstream. In April of that year he was worth from $340 to $530.
“Between that when people only heard what the Internet or PayPal and started to use these technologies, much time has passed.”
The previous Executive Director of the Bitcoin Foundation Patrick Murcus also said in 2014:
“Blockchain-products arise to address the real problems of people, and it will encourage the adoption of all of the Bitcoin community”.
Indeed, from 2014 to 2017, there was a jump, and relatively large. But on a global scale it is even unnoticed.