It has been some years since Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John's pizzas. It was 2010 and nobody thought that Bitcoins could have any value.
From that day, may 22, such an amazing amount of bitcoins had a value, the equivalent of 2 Pizzas. Laszlo lost some money, because 10,000 Bitcoins were worth, at the time, $41 and the 2 large pizzas only $25.
According to some estimations the Crypto market is nothing compared with the economy of the world.
Today, the crypto market is only 253 billion dollars and global economy is 40 trillion dollars (liquid money) ans over 100 trillion (broad money). In other words, a drop in a bucket. Bitcoin represents 55% of the crypto currency pie and the rest of the market, about 2224 different coins represent about 45%. https://coinmarketcap.com/
A group of reasons make Crypto markets difficult to access:
- It is not simple to understand what is a Bitcoin.
- When somebody wants to understand, they find a big obstacle, because things become very technical.
- It is very difficult for common people to understand, select a wallet and actually buy a Bitcoin.
- Things get worse when trying to understand what is a public or a private key, what is a blockchain, hash, fork, how, fees, a USB wallet, QR codes, POW, POS, variable prices, hackers, miners fee, conversion to fiat, token vs coin, ICO etc.
When you do not have a person around with the knowledge and the patience to teach others, the crypto market will continue to be an exclusive market for a few people. People who enter the market, hopefully are not surpassed for by the ones leaving if for good.
We have to simplify things if we want this decentralized, secure, fast and reliable system to replace the traditional banking system. Banks are improving each day, they have not stopped their technical resources to make money move faster cheaper and secure.
The crypto market developers are slow and extremely divided. It is getting into a vicious circle to create the "best coin in town" and then abandon it with no explanation. The Zoo we have just created, plays against the solidity of Bitcoin and other strong coins. Furthermore, hundreds of exchanges have been created only to scam people.
The way to go:
- Simplify the information to people. Easy to understand videos, leaflets.
- Work harder only for the strong coins. Make them available in stores.
- ATM everywhere to exchange easy fiat for Bitcoins.
As long as hundred of thousands of people use Bitcoins, for example, the harder it would be to generate ups and downs in the value, making a more stable electronically created currency.
For an estimation of the world money vs. cryptocurrencies go to this link
https://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18