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The idea of a digital currency that can be used for payments is a very compelling one. Financial inclusion has become a major focus of the developing world, and many companies are trying to solve the problem through digital currencies. The most well-known is probably bitcoin, but there are several altcoins as well. However, as with any new technology, there are two primary challenges: educating people about it and convincing them to adopt it. Educating people about digital currency is not so hard these days, thanks to things like podcasts and Youtube videos. It’s convincing them to adopt it that has proven to be the harder part—and the more important one as well. If you think about it, adopting new payment systems involves a lot of hassle for very little benefit. When you compare card networks where merchants have accounts in exchange for processing transactions on their behalf, or even cash where merchants don’t need any sort of account at all, it becomes pretty clear why adoption has been slow. However, when you compare these alternatives to cryptocurrencies, which offer total anonymity and make paying by phone or the internet much easier than paying with cash, adoption may seem more attractive. We’ll explore why digital currency adoption will fail without thinking outside the box and embracing some core concepts that are often overlooked.
Why Bitcoin Maximalism will fail
There are many reasons why Bitcoin maximalism will fail. Let’s explore why some will fail, and some will succeed at adopting digital currency. For starters, Bitcoin maximalists tend to focus on the wrong reasons for why Bitcoin is popular. They point out that the price of bitcoin is high and that it’s valuable. While these are both true, they’re not very compelling reasons. What people really want is financial inclusion and convenience—they want to be able to use Bitcoin to buy a coffee without having to take their laptop or smartphone with them or use card networks that are difficult to use for the unconnected. The truth is that Bitcoin maximalists often focus on the wrong reasons. They often talk about the power of Bitcoin because it sounds more powerful and important than it really is. Also, ignoring the development of altcoins jeopardizes the future of blockchain development.
What is the alternative to Bitcoin maximalism?
There’s been a lot of talk about the need for alternative digital currencies to Bitcoin, and many people have tried to create an alternative. However, not many have succeeded. There are several that have gained significant traction, but it’s still very much a minority market. The fact is that the Bitcoin maximalists tend to focus on the wrong reasons for why people use altcoins. They often talk about the power of technology because it sounds more important than it really is. The truth is that people use altcoins because they solve problems that Bitcoin doesn’t solve but could in the future.
Bitcoin and cryptocurrency don’t have to be mutually exclusive
The biggest fallacy that bitcoin maximalists employ is that they assume bitcoin is a must-have and all other digital currencies are optional. This is simply not true. For example, one of the most successful digital currency applications by far is the use of digital money for payments for goods and services.
The benefits of thinking outside the box: unbanked and underbanked
The biggest benefit that digital currency has over traditional payments is that it solves the unbanked problem. The unbanked are people who don’t have bank accounts. For example, let’s say that Alice wants to buy Bob’s house. However, she doesn’t have the money to buy it, and she can’t get a loan from a bank. In this scenario, she’s the “unbanked”, and Bob is the “underbanked”. Cryptocurrencies can help the unbanked to have their own bank and the underbanked to have sufficient funds in their banks.
Conclusion
The concept of digital currency is a compelling one, but the reality of adoption will depend on the benefits it provides and who is using it. Unfortunately, Bitcoin maximalists often focus on the wrong reasons for why Bitcoin is popular. They often talk about the power of Bitcoin because it sounds more powerful and important than it really is. The truth is that Bitcoin maximalists often focus on the wrong reasons. They often talk about the price of Bitcoin because it sounds more important than it really is. The truth is that people really want financial inclusion and convenience—they want to be able to use Bitcoin to buy a coffee without having to take their laptop or smartphone with them.
Reminder: I am not your financial advisor.
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2022 Prediction
2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
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DAO The Way
DAO The Way Part 1
DAO The Way Part 2
DAO The Way Part 3
DAO The Way Part 4
DAO The Way Part 5
DAO The Way Part 6
DAO The Way Part 7
DAO The Way Part 8
DAO The Way Part 9
DAO The Way Part 10
DAO The Way Part 11
DAO The Way Part 12
DAO The Way Part 13
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Learn How To Defi
Learn How To Defi Part 1
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Crypto Comics
Crypto Comics
Crypto Comics - PoW
Crypto Comics - Who is Satoshi
Crypto Comics - What is Token
Crypto Comics - What is DeFi
Crypto Comics - What is Wallet
Crypto Comics - What is HODL
Crypto Comics - What is Coinbase
Crypto Comics - What is PoS
Crypto Comics - What is DAO
Crypto Comics - What is A Block
Crypto Comics - What is NFT
Crypto Comics - What is Fork
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Crypto Comics - What is DeFi-2
Crypto Comics - What is Yearn Finance
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Crypto Comics - What is Bagholder
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Crypto Comics - What is ApeCoin
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Crypto Comics - What is Tokenomics
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Learn Web3 in 100 Days
Learn Web3 in 100 Days - #1 What is the Internet and How Relevant to Web3
Learn Web3 in 100 Days - Day 2: What are the Browsers and Servers
Learn Web3 in 100 Days - Day 3: What are HTTP Status Code
Learn Web3 in 100 Days - Day 4: HTML and CSS and JS
Learn Web3 in 100 Days - Day 5: What is programming
Learn Web3 in 100 Days - Day 6: Markup, Elements, Tags, and Hyperlinks
Learn Web3 in 100 Days - Day 7: Style Your Web
Learn Web3 in 100 Days - Day 8: JS
Learn Web3 in 100 Days - Day 9: SQL
Learn Web3 in 100 Days - Day 10: Front-End
Learn Web3 in 100 Days - Day 11: Front-End Framework
Learn Web3 in 100 Days - Day 12: More HTML
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Modern Economic Nonsense
Modern Economic Nonsense - Inflation and Incentives
Modern Economical Nonsense - The Astrologist's Way
Modern Economical Nonsense - The VUCA World
Modern Economical Nonsense - Zug Tax and How to Run your Own Monopoly
Modern Economical Nonsense - Participatory Economy
Modern Economical Nonsense - Economic Models
Modern Economical Nonsense - Tokenomic Models
Modern Economical Nonsense - Design A Reputation-Based System
Modern Economical Nonsense — The Money Problem
Modern Economical Nonsense — The Treasury Problem
Modern Economic Nonsense — Bitcoin vs. Real Estate
Modern Economic Nonsense — A very long term view
Modern Economic Nonsense — Banking Collapse
Modern Economic Nonsense — A Wall Street Legend
Modern Economic Nonsense — A Modern Alchemy
Modern Economic Nonsense — Founder goes ghosting
Modern Economic Nonsense — Anonymous cool or fool
Modern Economic Nonsense — The market volatility
Modern Economic Nonsense — The money shortage
Modern Economic Nonsense — The web3 scams or not
Modern Economic Nonsense — All about debts
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Modern Economic Nonsense — A Show of Recession
Modern Economic Nonsense — A Myth of Valuation
Modern Economic Nonsense — Inflation becomes irrelevant
Modern Economic Nonsense — A journey of money laundering
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Modern Economic Nonsense — Is payment technology still relevant in high inflation environment
Modern Economic Nonsense — Recession is coming
Modern Economic Nonsense — We are at the bear market, now what
Modern Economic Nonsense — Invest like a cat
Modern Economic Nonsense — Bitcoin leads the market recovery
Modern Economic Nonsense — The dollar is dying slowly
Modern Economic Nonsense — The current stock market wants to go back to 2019 but ignore the technological solution of the future
Modern Economic Nonsense — Today's fear, tomorrow's cheer
Modern Economic Nonsense — An engineering recession
Modern Economic Nonsense — The market is broadening rug pull everyone
Modern Economic Nonsense — The self-fulfilling recession
Modern Economic Nonsense — Crypto is changing the advertisement business
Modern Economic Nonsense — Blockchain phone
Modern Economic Nonsense — Next generation of wealth
Modern Economic Nonsense — Crypto winter prolonged with high inflation persists
Modern Economic Nonsense — The era of currency debasement
Modern Economic Nonsense — What if the Fed gets inflation all wrong
Modern Economic Nonsense — The Bitcoin apocalypse is coming
Modern Economic Nonsense — The Bitcoin reserve is coming
Modern Economic Nonsense — Payment apps move away from the fiat currency
Modern Economic Nonsense — Web3 continues building despite the bear market
Modern Economic Nonsense — Banks are seeking shelter in cryptocurrencies
Modern Economic Nonsense — Inclusive blockchain
Modern Economic Nonsense — Time to reinvent cryptocurrencies
Modern Economic Nonsense — Crypto companies' bankruptcy wave is healthy
Modern Economic Nonsense — The Bitcoin mining company is not profitable
Modern Economic Nonsense — Crypto attracts more talents in the current market
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Yearn Finance Comic
Yearn Finance Comic - Part 1
Yearn Finance Comic - Part 2
Yearn Finance Comic - Part 3
Yearn Finance Comic - Part 4
Yearn Finance Comic — Part 5
Yearn Finance Comic - Part 6
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Curated Lists
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Curated Lists - Crypto-enabled Communities
Curated Lists - Crypto Philosophy
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Defi 101
Defi 101 - Part 1
Defi 101 — Part 2
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Thoughts
Thoughts about VC and PleasrDAO x BitDAO
The Crypto Market has Changed
The Myth of Inflation Hedge
The Myth of Stablecoin
The Myth of NFT
End of the Crypto Market?
The End of the Stablecoin?
Terra-UST Saga - How to repair the trust when there is no trust built on
How to deal with negative market sentiment
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Crypto VC Thoughts
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Crypto VC Thoughts: Crypto Business Cycle
Crypto VC Thoughts: Crypto Business Cycle 2
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
