For Bitcoin To Become A Mainstream Currency It Needs To Be Understood
Today I am going to share my thought s on a post from the NYT’s(it’s below as usual) about the reason’s that crypto currencies like Bitcoin are still not used for everyday purchases.
J.P. Morgan Understands Crypto Technology
Big corporations are currently using or developing blockchain technology. J.P. Morgan is one such company that developed a currency called “quorum” that is used on a private blockchain for some of their clients transactions.
J.P. Morgan most definitely understands the blockchain technology, as does IBM, Microsoft and Dish Network. For big companies using the blockchain technology really does make sense.
The blockchain is a very secure way to privately control inventory, orders and payments. Everything is recorded permanently with in the code of the blockchain.
If any issues come up….well then you can view the blockchain just like you would a physical ledger. Most businesses are already familiar with a ledger. So adapting to this new technology is not much more then updating your employees training, most companies already keep their employees up to date on new technologies.
Now for the everyday consumer, I hate to admit it but….
Even after 10 years Bitcoin is still not a mainstream currency because the everyday consumer does not understand how to use it or how to view the blockchain to verify transactions.
I must admit that personally I have found that:
- You have to setup a Coinbase account. You need it if you want to convert your bitcoin to the USD and then transfer it to your Brick and Morter Bank account.
- You also should set-up an account with Coin Payments, that way you can easily send any bitcoin or many other crypto currencies to a crypto wallet that you have set up there.
- I also have a CoinPot Micro Wallet I use it to collect free crypto from all of the faucets list on My Free Crypto Faucets tab. I have to move my crypto from there to either ChillyBot or I can withdraw to a cold wallet for free.
- I also have a FaucetHub Micro Wallet , I use it to collect free crypto too. The thing with Faucethub is that you must link an existing crypto wallet to your account there in order to collect crypto for free, then you have collect a certain amount before you are able to with draw your crypto.
For the everyday user, crypto currencies currently require that you have several crypto wallets in order to be able to move your crypto around to a wallet that will allow you to convert it to the USD.
With that being said….I believe that the biggest problem for Bitcoin being able to go mainstream is that I/you have to open so many accounts just so I/you can use crypto currencies for everyday purchases.
I have found that depending on the merchant you are buying from, will dictate whether or not your crypto wallet is compatible with theirs.
Next, the everyday hard working person is not normally tech savvy like you need to be in order understand what your looking at when you view the ledger for said blockchain. Heck I know how to code some and I do not completely understand!!
Friends that I know want to get into crypto currency investing but the main reason that they don’t is because it is so hard to get it to an account that allows you to use it in the real world. Keep in mind my friends are considered middle class citizens, so for them it is a must to be able to use their crypto for purchases , that are as easy with a fiat currency transactions.
Unfortunately, Bitcoin is still hard to use everyday because of all the different accounts one must open just to be able to use Bitcoin for their purchases.
I believe that crypto currencies will one day become a mainstream method of handling financial transactions in our everyday lives. But it will not happen until it becomes easier for the everyday middle class citizen to pay bills and buy their groceries.
When this technology becomes easier to use, meaning a person can have just one or 2 accounts that allow them to make purchases any where they need to, it will then become a mainstream currency.
Right now bitcoin is still nothing more than an investment. For me I really do not risk any thing cause I get most of my crypto for free everyday from faucets and PTC’s sites.
Maybe in another 10 yrs this technology will be easier to use and understand, right now Bitcoin is still growing and is very confusing to grasp for the middle class citizen. Until the markets settle down and crypto becomes easier to use, only us crypto geeks will be using it to buy products and services.
Any ways that’s my thoughts on the subject…..below is the post that I read and it put me on this thought process…..Until crypto settles down and is more widely accepted it will remain a novelty investment and nothing more. Enjoy the post below and let me know what you think.
The Trouble With Cryptocurrency’s Viral Growth
When it comes to Bitcoin and the like, government oversight should be a feature, not a bug.