The 21 Million Bitcoin Question
Whether you’ve been into Cryptocurrency for a while, you’re a Crypto Master, a sceptic, or a complete newbie to the whole idea, but thinking where does this go?
One thing that is probably the most speculative is…when will Cryptocurrencies become “the norm”? From its inception in 2008 to implementation in 2009, Bitcoin and the Blockchain were met with an appraisal by many Internet groups, hackers, deep web communities and technology experts as the next best thing, if not better than cash and the FIAT monetary system. Being worth almost nothing (to non-adopters), the technology and overlaying currency was initially touted as an “Internet craze”, in the general and soon after mainstream media. Banks, online merchants, traders, retailers, financial experts and the general public either had never heard of it or passed it off as another “fad”.
When hearing first about Bitcoin, I was drawn to a similar conclusion myself, however, lack of understanding and knowledge left me to continue for some time on this belief. Maybe that’s why I decided along with my long-term friend and business partner Jonathan, to eventually start a company educating and consulting on all things Crypto. Anyway, back to the subject Fast-forward to 2013, Bitcoin is now listed on the Mt. Gox exchange and it rockets, making it worth $22 (thanks to Coinbase), then $74 and rising to over $250 per Bitcoin, before dipping again and settling at around $48. A wealth of millionaires across the globe were made, however, the question seemed to still be the same. When will people be using Bitcoin, or Cryptocurrencies in the same way as cash?
I first became seriously interested and involved in Cryptocurrencies at the start of 2015 and along with Jonathan, we started to see just how things worked and how much the entire world could benefit and be changed through the use of Bitcoin, the Blockchain and Cryptocurrency. #Thought… If only it was mass adopted… we first started by looking at mining and algorithms, how the Blockchain works, how Cryptocurrencies are denominated, how they are valued and more…
After stacking up amounts of Satoshi, Litecoin and Dash we started looking for ways to make more…and how to spend it. At the time there were not many services, or ways to use Crypto in the UK apart from peer-2-peer, which I suppose is the point anyway, however, we still were researching and mass adoption seemed like light years away, maybe even a far-fetched concept altogether. We stuck at it though and after missing out on the near cost double of Bitcoin around the halving in 2016, we certainly knew mass adoption was imminent… errm…maybe Move on a bit further and we are in 2017, insiders of the Crypto-communities have seen Bitcoin grow and the community along with it. Bitcoin’s growth over the past year, or so alone has been from just over $300 to over $450, over $800 then over $1000 (in 2016), now as we are only a few months away from the close of 2017, Bitcoin rises ever so slowly to the $5000 mark.
It seems everyone and their granny is excited, the “Cryptopians”, the hackers, online groups, even the banks and governments. There are now tons of Cryptocurrencies, with 200 ICO’s a week being created, government bans,
groups on Telegram, or decided to jump into a Slack channel for a project you hold of interest, then I’m sure you would have seen the question being asked by newbie’s, genuine adopters and fly-by-night crypto-crazed investors alike…”When mass adoption?” To which the reply is normally, but justly, “Read the whitepaper”. I mean, what kind of answer do people expect, asking major money laundering, bad headlines (despite the good ones of lives and livelihoods all over the world being totally transformed). Crypto has made miallionaires, changed complete monetary and technological systems, gave people a financial standing and created hundreds of thousands of jobs across the globe, with further changes to come. Still, the one thing that we see is a PATH to mass adoption, however, we’re still not quite there.
I mean if you’ve milled about in the Crypto forums, joined a few about mass adoption is almost akin to asking for the time, date and place of judgment day.
Despite the growth of the communities and recent publicity, the majority of the world still seems to be totally clueless about Bitcoin, the Blockchain and Cryptocurrency. The average person may have heard something about it on a news report that they incoherently took a keyword or two from.
This tells us that mass adoption still is not here, but could actually be implemented at any time, seeing as Blockchain technology is already being implemented in the back end of life itself, going by the large corporate and government interests.
Personally, I think a state of mass adoption better applies to Cryptocurrency on a whole rather than just Bitcoin, being that only 21 million will ever be created and as I believe that between 2020 and 2025, it is most likely that we will all be using a Blockchain based system and, or Cryptocurrencies in some fashion.
Taking all of this into account, many still believe that mass adoption will never occur. Crypto-communities and insiders know it will, or do we? When it comes to the crunch and mass adoption is almost certain, will it all go wrong? Would all of our endeavours be wasted following a flawed “leap” in technological boundaries? Will we all just be 50/50 on the subject in time to come? I guess even then the question will still be asked, “When mass adoption?”