Imagine a world where users would transfer Bitcoin from their e-mail, as each e-mail address would be linked to an online portfolio. The Coinbase plan and the "drawbacks".
One major problem responsible for the spread and adoption of Bitcoin is the difficulty in acquiring and storing it. Not that it is unbelievably difficult. However, it is definitely different from the way we know and treat the euro or any other conventional currency.
In the past it was even harder. Just like with the Internet. Even sending an e-mail, which today is used by even the most irrelevant in computer science, was not so simple and easy at first. And here's the great investment opportunity. Because when (and if) it becomes very accessible and everyone can use it, then the value of Bitcoin will be found ... in the stratosphere.
When that happens, they may be much shorter than most optimists suspect. Yesterday reports from American media report that Coinbase CEO Brian Armstrong received a patent from the US agency for an idea submitted in 2015.
The patent describes an innovative system where users will move their Bitcoin from their e-mail, as each e-mail address will be linked to an electronic wallet. The big disadvantage is that the transaction confirmation will take 48 hours. Much more than the few minutes it takes today.
If it does, it will cause a real revolution in the way we do business. Does such a scenario seem unlikely? Not so, as there is enormous scope for improvement. Bitcoin is in the corresponding initial phase of the Internet. What has the Internet been doing since the dial up period? Proceeded. So why not assume that blockchain complaints won't be resolved? Why do we stay in today, as if their evolution will stop here?
Those who claim this are clearly ignoring the dynamic nature of Bitcoin. Its ability to evolve is not a static technology. No one has any idea what changes will occur in the cryptocurrency market in the coming years. It is most likely to change so dramatically that we do not recognize it.
The Internet a few years back was just for crackers. Fearful of those who heard it for the first time, they feared being used by perverts to distribute child pornography or criminals and terrorists to communicate with one another. And suddenly they started seeing cute babies and puppies playing on Youtube, being given the opportunity to buy books or gadgets from other countries, interacting with friends they had lost at school.
Not too long ago, in 1995, most doubted that the Internet would eventually spread. No one could have imagined its evolution to this day. They argued that there are not enough programming skills, that it will be blocked if there are many e-mails circulating, that we cannot watch videos. However, a technology never fails when there is demand. It fails only for lack of interest. As long as there is demand, the solutions are in one way or another.
As if that weren't enough, we had a new record of contract volume from Bakkt! To new readers of the column let them know that this is a sign of the growing interest of institutional investors, as the clearing is not in dollars, but in Bitcoin.
In the very near future we cannot know where the Bitcoin price will go. The chances are shared. But where they rise dramatically, they are in the distant future.
Only 0.003 Bitcoin accounts for each person. How does this 0.003 come out? Because only 21 million Bitcoin will be manufactured and the population is 7.5 billion. If you own over what is today only worth € 20, you will be above average. There is an unlimited supply of fiat currency on the planet where the offer from the Central Banks is unlimited, while Bitcoin has a limited and strictly defined offer.
Perhaps this juncture is the last chance for the last hesitant to set foot before heading for the good of the moon, as they typically say in the crypto area.
Whatever the case, whether Bitcoin is heading towards the moon or lost in the depths of the ocean, it's exciting to see.