When will Bitcoin reach the masses?
Everyone here on Steem has some kind of relationship with Bitcoin. Maybe we are holding it, maybe we are trading with it, or maybe we just held it for a few seconds in order to buy Steem. No matter what, we all have some sort of relationship with the biggest of all cryptocurrencies. But, when will Bitcoin reach the masses? When will it be just as normal to hear about Bitcoin as any normal FIAT currency?
Source: Pixabay with modifications
My Bitcoin prediction!
To be honest, I love Bitcoin and what it has done with finance, trading, and technology. But, have you ever thought about the concept of how two words can have a different weight? Stretch out both your hands and imagine you are holding sorry and fear in your right hand, while holding laughter and joy in the left hand. Which is the easiest to carry?
Now in the same way, imagine that you are holding the word feather in your left hand and the word gold in your right hand. Which is the heaviest?
When I say Bitcoin, it feels much heavier than if I say Litecoin, Steem, or even Bitcoin Cash. It is more delicate, it is more like a gem, a precious stone... to be honest, like gold! And yes, that is what I feel when I think of Bitcoin - it is gold!
If Bitcoin is gold, will it ever reach the masses?
That leads to a following question - if Bitcoin feels and is like gold, will it ever reach the masses? In my opinion, no! It is too precious, and too "luxury" for everyone to keep it. There is a psychology to it as well. If you go into the store and decide whether you should buy 1/10 of a chocolate bar that is luxury, or buy a big chocolate bar that will give you joy as well, for the same amount, most people will pick the big chocolate bar. The same is happening with Bitcoin. If you plan on investing 1000 USD in crypto, you are more likely to purchase 20 Litecoin instead of buying 0,1 Bitcoin. It might be a stupid way to think, but it is just the way we are.
Source: Pixabay with modifications
As a result, I don't believe Bitcoin will reach the masses, in the sense that the average people will own and deal with Bitcoin. In fact, I believe Bitcoin should be considered more like gold, something that you keep, and not for daily activities. If I had to buy a coffee with crypto, I would for sure use "easier" currencies like Bitcoin Cash, Litecoin, Steem (which is superneat, fast, and cheap), or some other currency, much rather than Bitcoin which is "big and slow." It simply isn't meant for daily usage. It is also complicated for an average person to keep track of the value of Bitcoin, so if someone tells you that the price is 0,000214 BTC, then you really have no clue what you are paying. Once again, Bitcoin is already and will be so even more in the future, an asset that you keep and hold, not one that you use on a daily basis!
The Bitcoin technology - to be used by the masses!
I don't believe Bitcoin itself will be used by the masses, but I do believe the breakthrough it brought along when it comes to P2P money transfers and being your own bank, that is something that will be used by the masses! The fact that I can pay you directly, without involving any bank or any 3rd party to supervise and control my transfer, that is revolutionary.
When I work, people pay me with bank transfer for the services I provide. This money can be followed easily, as the bank is in total control of what is happening. They can even stop the transfer if there is something they don't like about it. Earlier this year, my account was frozen for a month because I didn't hand over a paper on time (well, I did - but, they didn't have time to look through it, so they froze my account while waiting for them to actually check the paper). So, that was one month without access to my bank account! Do you see that? I couldn't use my money for one month, because a 3rd party decided to block access to it! That is what makes Bitcoin and the blockchain technology revolutionary! I am in control of my own money and I can transfer it to whomever I want whenever I want. And the money isn't even located in a country, it is online! So, making a transfer to my neighbor or to a friend in Argentina will take the exact same amount of time.
The technology is fantastic, and I believe we have only seen a tiny little part of the puzzle yet. The picture is about to get more and more beautiful and bigger and bigger for every single day and year passing by!
In other words, Bitcoin - I Love You! :)