Invest in Bitcoin Today and You Are Still an Early Adopter
Bitcoin has already come an extraordinary long way since its creation in 2009. Out of nothing, Bitcoin today has a market capitalisation of over 200 billion dollars (~£160,000,000,000). More and more people are realising that Bitcoin has started a technological revolution comparable to what the internet was doing when it was launched. Beyond the technological revolution it embodies, Bitcoin is also an ideological revolution. It has proven that a peer-to-peer payment system without any central control authority is possible on a large scale.
Socially, Bitcoin is already making a big difference in protecting the populations of the poorest countries who have no choice but to face the monetary oppression supported by their leaders, as well as the United States, which uses the American dollar as a weapon.
Despite all of Bitcoin’s success, you should know that Bitcoin is still only in the early adopters phase, according to the adoption cycle of technology.
If you decide to buy bitcoin today, you will still be among the first to invest in Bitcoin, which, of course, has its fair share of risk but too massive rewards.
Lots of people still don’t really know what Bitcoin is
The public’s attitude towards Bitcoin in 2020 is completely different to that of 2010. At the time, Bitcoin was not known by anyone, bar a few cypherpunks who were just getting to grips with it.
Fast forward ten years and everyone has heard of Bitcoin at some point.
This is in part thanks to the euphoric latter part of 2017 that Bitcoin experienced.
At the time, the media widely embraced the phenomenon, which allowed Bitcoin to make a name for itself globally.
That being said, many people do not really understand what Bitcoin is.
Most people have simply accepted what the media and politicians have put forward, with the view to leaving them completely oblivious to its benefits.
For the majority, Bitcoin is a speculative instrument that promotes criminal activity by facilitating the laundering of dirty money.
This is a myth based on no facts, 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.
“You are here”
The huge amount of evangelistic work that will be completed over the next decade will therefore benefit Bitcoin through 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 Bitcoin will be adopted, and with it an increase in its price.
There is still limited adoption from merchants
In my opinion, Bitcoin has already managed to establish itself as a store of global value. The recent events between Iran and the United States at the beginning of the year have shown that Bitcoin is a safe haven just like gold.
On the other hand, the adoption of Bitcoin as a means of exchange and means of payment is still yet to be heavily developed.
In developed countries, Bitcoin is only too rarely offered as a payment solution by merchants.
The situation will improve in the future as more and more merchants start to take an interest in Bitcoin and see it as an important opportunity to gain a competitive advantage over their competitors.
The current low adoption of Bitcoin by merchants as a means of payment shows the exceptional growth potential that awaits Bitcoin in the future.
In other words, which payment technology around the globe has a market capitalisation of over £160 billion and such impressive growth prospects (with merchants)?
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, reaching its all-time high (ATH) of $20,000 (~£15,000), obviously did not leave news outlets indifferent. Very quickly, mainstream media took up the subject of Bitcoin and that of cryptocurrencies.
Generally speaking, the media coverage surrounding Bitcoin has been negative.
The media has repeatedly warned the general public only about the risks of Bitcoin, without even trying to explain the benefits it could bring to the world and them personally.
Since then, the situation has hardly changed, and the media still prefers to give a platform to the opponents of Bitcoin, who are always inclined to launch short provocative phrases hoping for a viral response, rather their supporters.
Bitcoin has been announced dead hundreds, if not thousands, of times since its creation.
However, ultimately all these criticisms around Bitcoin must be seen as a good thing.
Buried 1000 times but still with us
Bitcoin is still in the early adopters phase, yet to reach the general public. For that to happen it must be talked about.
For better or for worse, the important thing is that we talk about Bitcoin in a dialogue that includes the general public.
Only time will then prove whether Bitcoin is resistant to all this criticism but regardless, Bitcoin continues to move block after block in building a more equitable system for the whole world.
The user experience could be improved
Many people criticise Bitcoin by saying that it is far too complicated for the average person to use. These critics must be stuck in the noughties!
In recent years, Bitcoin’s user experience has improved significantly.
Of course, not everything is perfect, but it has become much easier to carry out Bitcoin-based transactions for anyone.
Despite all these advances, the user experience still has room for significant improvement.
This is great because it paves the way for a whole bunch of startups to come up with major innovations around the daily use of Bitcoin.
This potential for improvement, once again, promises fantastic growth opportunities as this is the key to a wider adoption of Bitcoin and a subsequent price rise.
Bitcoin has very high price volatility
Bitcoin is such a phenomenal success that many people forget that it is only 11 years old. Those who criticise its excessive volatility should realise that it is completely normal given its youth.
Bitcoin’s price volatility will stabilise in the future.
Once Bitcoin’s price volatility has stabilised, we will have reached peak adoption rates.
Volatility is as much a risk as it is an opportunity. If you have not yet boarded the Bitcoin train, you can still hop on before it goes 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 Bitcoin over the years to come, demand will increase.
Now seems like a good opportunity to discover Bitcoin by buying it at a relatively reasonable price of £8,200 (seems like a lot but you can own parts of a bitcoin).
Bitcoin’s scalability needs a lot of improvement
The sharp increase in the number of Bitcoin transactions at the end of 2017 showed that the Bitcoin blockchain had a way to go in terms of its scalability.
Currently, Bitcoin can validate seven transactions per second.
This technical limit is a weak point of Bitcoin, to which the community is trying to find a solution.
In fact, with such a low transaction per second capacity, it is impossible for Bitcoin to become a payment system used by everyone.
In comparison, PayPal is approaching 200 transactions per second and Visa claims 24,000.
Nonetheless, I do not believe that comparing these systems is really appropriate because the latter are completely centralised, while Bitcoin offers total decentralisation.
The solution the community has been working hard on for many months now is the implementation of the Lightning Network protocol.
The Lightning Network would make it possible to unclog the Bitcoin blockchain with the creation of micropayment channels. The final result of which would then be reflected in the Bitcoin blockchain.
The rollout of the Lightning Network has been more complicated than expected, but it is still progressing – albeit at their own pace.
Buying Bitcoin before its scalability has been maximised is a risk, as perhaps it will never be enough.
However, this risk can be seen as limited enough to not stop someone from buying Bitcoin now. When its scalability has been significantly improved, its price could increase tenfold and, if you are already in possession of Bitcoin, you will be rewarded for being one of the early adopters.
Bitcoin has already been a phenomenal success just 11 years into its existence. Its success is made all the more phenomenal by the fact that 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’ phase, and the way it exits this phase will determine whether or not it will manage to reach the stage of mass adoption.
What should you take away from this? That it is not too late to buy bitcoin. By buying bitcoin now, you will still be among the early adopters, which means you take on a lot of risk but above all future reward.
It is up to you to decide what you want to do now.
Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l’image, le digital et la blockchain sont mon dada.