Bitcoin’s Biggest Question Isn’t Ease of Use, It’s ‘Why Use it?’
Very interesting read on one of the fundamental problems I see regarding Bitcoin adoption. I recently read another article I am going to dig up about users simply putting aside Bitcoin as there is no real incentive to use it. Acceptance even though increasing is not universal. Go out to the street and try to use Bitcoin as easily as you could use a Credit Card or Cash. Now, on top of that, why use it if it’ll probably result more expensive?
“Bitcoin is probably worse than existing solutions for all the things most people and firms care about but vastly better for one single use-case (open access to value transfer) that could be very useful for some people,”
So really what Bitcoins needs is a value proposition for the 99%. If the savings on transaction costs could be transferred to the consumers, if you could have a physical plastic card that would allow you to spend your BTC as economical as Fiat on a Debit Card, we might be on to something more.
Don’t get me wrong, clearly I am excited about Bitcoin and I believe digital crypto currencies hold a great promise. We have seen how it has enabled many individuals without easy access to financial services transact, transfer value cheaply across the globe, and provide certain level of anonymity to a digital transaction. But this is just the beginning, if you want broad adoption there has to be a clear and simple advantage everyone can see in it. And not because you see value means the rest do, which is another huge challenge. The Bitcoin community is full of people convinced it is great and don’t understand why people are not just flocking to Bitcoin. Empathy to understand others and find compromise between the founding values and what will really drive adoption and use cases seems to be in short supply. This is no easy feat but it is one that must be overcome so that Bitcoin does not end as a failed attempt to become the de facto substitute for fiat worldwide.
Nevertheless I am excited of what’s happening and what’s to come. I hope things will work out for the best. Like the author of the article said:
“[…] it seems at least a change of conversation is needed – the industry is so caught up in being what’s next, it’s forgetting to emphasize what’s happening right now.”