The Bitcoin has already come an extraordinary way since its creation in 2009. Starting from nothing, Bitcoin currently has a market capitalization of nearly 190 billion dollars. More and more people are realizing that Bitcoin is a technological revolution comparable to what the Internet was when it was launched. Beyond the technological revolution it embodies, Bitcoin is also an ideological revolution. Bitcoin has proven that a Peer-to-Peer payment system without any central control authority was possible on a large scale.
On a social level, Bitcoin is already making a big difference in protecting the populations of the poorest countries who have to face the monetary oppression of their leaders but also of the United States which uses the American Dollar as a weapon.
Despite all the success of Bitcoin, you should know that Bitcoin is still only in the early adopters phase if we refer to the adoption cycle of a technology.
If you decide to buy Bitcoin today, you will still be among the early adopters with all that that entails in terms of risk but above all potentially very important reward.
Many people do not yet really know what Bitcoin is
At the start of 2020, Bitcoin’s position vis-à-vis the general public is completely different from that which it had at the start of 2010. At the time, Bitcoin was really confidential and only a few cypherpunks were experiencing it.
In 2020, everyone has heard of Bitcoin at least once.
The euphoric end of the year that Bitcoin experienced in 2017 is no stranger to this.
At the time, the media widely embraced the phenomenon which allowed Bitcoin to make a name for itself with the general public.
However, many people do not really know what Bitcoin is.
Most people just remember what the media and politicians have put forwardt in order to leave them in a form of ignorance that benefits them.
For a majority of the general public, Bitcoin is an instrument speculative which promotes criminal activities by facilitating the laundering of dirty money.
This is a myth that is completely untrue, but one that opponents of Bitcoin frequently use to belittle it.
All this indicates that we are still in the early adopters phase of Bitcoin technology.
The big evangelistic work that will be done over the next decade will therefore benefit Bitcoin and its adoption by the general public.
The more the general public understands what Bitcoin really is and what it can bring to the world, the more the adoption of Bitcoin will increase and its price with it.
Adoption from merchants is still limited
Bitcoin has already managed to establish itself as a store of global value in my opinion. The latest events between Iran and the United States at the start of 2020 have shown that Bitcoin is a safe haven just like gold.
However, the adoption of Bitcoin as a means of exchange and means of payment is still struggling to develop.
In developed countries, Bitcoin is only too rarely offered as a payment solution by merchants.
The situation will improve in the coming years with more and more merchants starting to take an interest in Bitcoin and seeing an important opportunity to support it before their competitors.
The current low adoption of Bitcoin by merchants as a means of payment shows you all the exceptional growth potential that awaits Bitcoin in the future.
Indeed, what payment technology can afford to have a market capitalization of nearly $ 190 billion with as many growth prospects with merchants around the world?
The answer is simple: none apart from Bitcoin.
Bitcoin media coverage is very negative
The phenomenal surge in the price of Bitcoin at the end of 2017, with a record price of $ 20K reached, obviously did not leave the media indifferent. Very quickly, the mainstream media took up the subject of Bitcoin and that of cryptocurrencies.
Media coverage has been generally very negative around Bitcoin.
The media has repeatedly warned the general public only about the risks of Bitcoin without even trying to explain all the benefits it could bring to the world.
Since then, the situation has hardly changed, and media still prefer to give voice to opponents of Bitcoin always inclined to launch polemical little sentences hoping for a viral effect.
Bitcoin has been announced dead 379 times since its creation.
All of these Bitcoin reviews must finally be seen as a good thing.
Bitcoin is still in the early adopters phase and to reach the general public, it must be talked about.
For good or for bad, the important thing is that we talk about Bitcoin to the general public.
Time will then prove that Bitcoin is resisting all these criticisms and whatever happens, Bitcoin continues to move block after block in building a fairer system for the whole world.
The user experience can still improve
Many people criticize Bitcoin for saying that it is far too complicated to use for average people. These critical people must have been stuck in the early 2010s in my opinion.
In recent years, the user experience around Bitcoin has improved significantly.
Not everything is perfect, but it has become much easier to carry out Bitcoin transactions for the general public.
Despite all these advances, the user experience can still improve significantly.
This is great because it opens the way for a whole bunch of startups to come up with major innovations around the daily use of Bitcoin.
This potential for improvement promises great growth opportunities once again, with the result of greater adoption of Bitcoin, and a price necessarily rising.
Bitcoin price volatility is very high
Bitcoin is such a phenomenal success that many forget that it is only 11 years old. People who criticize its excessive volatility should realize that it is completely normal given its youth.
Bitcoin price volatility will stabilize in the future.
When Bitcoin price volatility has stabilized, we will have reachedt adoption by the greatest number.
The fact that it is always present is a risk, but also an incredible opportunity for you.
If you haven’t embarked on the Bitcoin train yet, you can still get on it before it takes full speed and leaves you on the platform, full of regrets.
No one knows how far the price of Bitcoin will go up. However, it is almost certain that with the continued reduction in the production of new Bitcoins in the years to come, demand will be stronger and stronger.
If you have to discover Bitcoin and buy it, now seems like a good time with a price still around $ 10K (and believe it or not, it’s not expensive to pay).
Bitcoin scalability is a big area for improvement
The sharp increase in the number of Bitcoin transactions at the end of 2017 showed that the Blockchain Bitcoin had to make big strides in terms of scalability.
Bitcoin can validate 7 transactions per second currently.
This technical limit is a weak point of Bitcoin to which the community is trying to find a technical solution.
Indeed, Bitcoin cannot become a payment system used by all with so few valid transactions per second.
For comparison, PayPal is approaching 200 transactions per second and Visa claims 24,000.
Comparison with these systems is not really appropriate in my opinion because they are completely centralized, while Bitcoin offers total decentralization.
The solution that the community has been working on for many months now is the implementation of the protocol Lightning Network.
The Lightning Network would make it possible to unclog the Bitcoin Blockchain via the creation of micro payment channels, the final result of which would then be reflected in the Bitcoin Blockchain.
The generalization of the Lightning Network is more complicated than expected, but things are moving at their own pace.
Buying Bitcoin before its scalability is maximized is a risk because you might think it will never be enough.
However, you can judge this risk as sufficiently limited and buy Bitcoin now. When its scalability has been significantly improved, its price will be increased tenfold and you will be rewarded for being one of the early adopters.
Bitcoin is already a phenomenal success when it has just celebrated its 11 years of existence. Its success is all the more phenomenal since it is still in the early adopters phase of the technology adoption lifecycle.
To be more precise, Bitcoin is in the middle of the “The Chasm”, the “chasm” phase, and the way in which it will manage to get out will determine whether or not it will reach the stage of mass adoption. .
On your side, you should be aware that it is not too late to buy Bitcoin. By buying Bitcoin now, you will still be one of the early adopters with the risk but above all the reward that this represents for the future.
It’s up to you to decide what you want to do now.
A developer by training, I discovered Bitcoin in 2014 but I did not immediately understand the importance it could have for the world of tomorrow. I got into it more deeply from the start of 2017 and since then I haven’t given up on the business.
Passionate about Bitcoin and the new system it is trying to build for the future, I decided to participate in its evangelism at my modest level by writing on Bitcoin, Blockchain and crypto currencies on different supports.
It is with pleasure that I publish some of my texts in French on The Coin Tribune.
I also write a lot about personal development and self-improvement.
Do not hesitate to exchange with me via social networks or in comments on my articles if you have questions about my articles.