The reason is very simple. It’s all about getting Bitcoin adopted, not about investments. Like I explained in a previous article, the value of a currency is based on trust and usability. And in the case of cryptocurrencies like Bitcoin and Ethereum, these two things are entirely created by adoption into the real economy. You need to be able to buy and sell something with it. I’m not just talking about buying an expensive car, but more about the daily necessities. That creates trust. If people accept your Bitcoin it means they trust it to have and keep the value. That goes for cryptocurrencies, but in fact that applies to every currency.
Think of it like this, in the real economy a farmer produces food. He wants something in return for this food. It doesn’t really matter if this is a dollar bill, a silver coin or a cryptocurrency. We can replace an entire financial market if the real producers and suppliers accept an alternative as having value. Bankers, investors, traders, they don’t have anything to do with this process. Trust is the only thing that’s needed. Without trust, the United States dollar is nothing more than toilet paper with a pretty picture on it.
Except for “meme coins” like Dogecoin which are really made to just make a quick profit, big cryptocurrencies need to be adopted to become “safe”. The positive thing is, that’s actually happening with Bitcoin. When we have a look at the Bitcoin ATM Map we find there are currently 25292 ATM’s in 74 countries, that’s a good amount considering there were about 550 in 2016. And it doesn’t end there. Big platforms like Paypal already accept cryptocurrencies for their United States customers and according to Yahoo News, Amazon will start accepting Bitcoin payments before the end of the year.
In general, adoption, as it relates to the technology world, is the process of something becoming more widely used and well known. Blockchain adoption has increased over the years since Bitcoin launched in 2009 as an asset running on blockchain technology. Distributed ledger technology, or DLT, has caught the attention of mainstream companies for various use cases, such as supply chain management, while many crypto native projects continue harnessing the tech. With about 130 million users, Bitcoin is now at a similar inflection point where the internet was in 1997. And Bitcoin’s mass adoption rate hints that the largest digital coin will hit the one billion user mark nearly two times faster than the internet did. The internet took 7.5 years to go from 130 million to a billion users. And bitcoin is projected to achieve that milestone in the next four years.