Why am I writing this article? because something very troubling happened yesterday. A family member asked me if I could help him understand and start investing in Bitcoin. This was preceded by a similar event, with an acquaintance of an acquaintance about a week ago.
A Bit of Background
I have been in the bitcoin movement for about two years. The funny thing is though, I didn't think of Bitcoin as a mere investment. I was attempting to do my part to make bitcoin a world currency. The same reason I'm here on Steemit, YouTube sickened me nearly as much as the dollar. In the interest of all of your time, I'll simply say, I came for the idea.
*Don't get the wrong idea of me though, this is not altruism, bitcoin has the potential to stop or greatly complicate taxation for governments and eliminate central banks' ability to inflate money. Among other things, let's say I have my selfish reasons for taking to bitcoin. *
Back to the point though:
Bitcoin is now "real" in the minds of so many, but they don't see it for what it is.
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They see a pirate ship on the floor of the sea and are hoping to wrap their hands around that undiscovered treasure. They don't realize though, this isn't a sunken ship. This is Atlantis under construction with the promise to one day rise out of the depths of the cold dark sea and rival all other cities. So what's the problem you might ask? Why am I worrying? I worry what sort of damage these treasure hunters may cause as these blunder through what they believe to be a sunken ship. How many walls will be smashed through on their search for a chest of doubloons.
How Do We Ensure Atlantis Survives the Plunder?
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Goal: Show the value of making transactions with bitcoin over fiat currency.
Startup companies that want to achieve this should consider the following:
Quickly allow bitcoin users to spend bitcoin anywhere using credit card equivalent technology. In essence these must seem identical to bank accounts. Wallets and addresses are too confusing.
Create incentive: Accounts must allow laymen users choice when determining risk. Think 401k bank account
Change human understanding of money: Zero incentives exist using fiat currency, inflation always wins. Bitcoin transactions have every incentive, the more you save every month the greater the growth. Remember when banks paid you interest? Probably not, welcome to Bitcoin, where you actually earn interest on your unspent money.
In Closing
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To allow this on slot of investment without making a clear connection between bitcoin and currency has the potential to turn bitcoin into a plundered shipwreck. The masses need help understanding that Bitcoin is not a mere investment, Bitcoin is the new currency. Where we go from here though, depends on our ability to look beyond the buried treasure and see that glorious city rising from the sea.
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