Bitcoin has matured over the course of 10 years, it has converted a lot of skeptics to (if not believers, at least) being open towards having a rational approach towards it in the recent days, including, Warren Buffett, Jamie Dimon, etc. In addition, the government has come to accept that Bitcoin cannot be banned altogether, hence leading them to regulate it. The institutions have changed their tune, as they are starting to invest in Bitcoin and the best example is Bakkt.
Bitcoin has solved a lot of problems it had, however, there are still a few problems that are yet to be addressed, one of that includes, scalability and transaction time. Although Lightning Network has been mildly successful, it hasn’t erased the scalability problem, both of which are perhaps, the most important ingredients for the adoption of Bitcoin.
Tone Vays, Jeffrey Tucker, and others discussed the adoption of Bitcoin among other things with Naomi Brockwell at Porcfest on June 22. Tone Vays, a prominent trader and a Bitcoin enthusiast, said that he was happy with how Bitcoin has turned out over the past years but was sad about the developments in the past 5 years as people were focussed on making money with altcoins and that people were no longer unified and trying to get rid of fiat.
Vays further added:
“… it’s fractured the community a lot because everyone wants their own money to succeed and that’s not what a protocol is so I’ve been really disappointed with the community”
Jeffrey Tucker disagreed with Vays as he added that the outcome of the development of cryptocurrencies, including Bitcoin, couldn’t possibly be dictated. Tucker added:
“We now have choices in currency and we now, have brought market forces to the topic of money, which I never believed would happen in my lifetime. I think that is a good thing.”
The above statement is true, because, before Bitcoin, we all had one choice: which was fiat currency of one’s own country and other assets; however, the inception of Bitcoin has broken this figurative “wheel” and has given us choices and economic freedom and financial sovereignty.
Speaking about adoption, Tone Vays, said that the adoption has not quite reached the level that he had expected. He also mentioned that his business, back in 2014, gave users the option to pay in Bitcoin, which didn’t quite catch on. This was because people back then had less exposure to Bitcoin. Vays additionally explained that the adoption of Bitcoin will eventually come and that “unless that a business itself understands Bitcoin, they shouldn’t be accepting it”.
The intention of accepting Bitcoin for services was to hodl it, said Vays, and until they realized this and stopped immediately converting Bitcoin into fiat, they were hurting the Bitcoin ecosystem.
Many institutions in cypto ecosystem have realized this, Kraken is one such exchange/institution that offers an option for its employees to accept salaries in Bitcoin.
We respect the quest for sound money but @PeterSchiff is wrong when he says "there is no way that people are going to work for salaries paid in bitcoin". Kraken paid 250 salaries in bitcoin in April and more employees are opting for crypto every month. https://t.co/OZuh4gcbfw
— Kraken Exchange (@krakenfx) May 23, 2019
Although a lot of people attribute speculative trading as a form of Bitcoin adoption, Vays strongly disagreed and added that trading was not a use case. He elaborated:
“I’m a trader I worked on Wall Street, people like me were demonized and I’ll be the first to admit, I’m sorry, trading is not a use case. It’s a way to make money, it’s a way to make a living, it’s a way to speculate, it’s a way to have fun, it’s a casino; a casino is not really benefiting the society all that much”
Adoption might come in the near future for Bitcoin, it might not, however, one thing is sure, Bitcoin has created a big impact on the world as a store of value and some people argue it is Gold 2.0.
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