Thu Nov 12, 2015 12:38 pm

Although progress had not been very encouraging on the ground I have come across enthusiasts everywhere doing their very best to initiate or support a "Bitcoin Economy". Ubud in Bali Island is a very good case study where a group of Bitcoiners has managed to build the Bitcoin ecosystem involving local merchants there. It needs patience, persistence, consistency and certainly takes time to get something like that to really take off.

One thing's for sure though, is that the adoption of Bitcoin will spread like wild fire when its price goes up. It seems the general public is only interest in its price as they equate it with value. The higher the price, the higher the value, means more people are using it, which is partly true.



We use to think that a merchant must accept Bitcoin to be a Bitcoin accepting merchant, not true. As long as services like Tinkl can be popularised, one needs not accept Bitcoin to be accepting Bitcoin as a mode of payment. Visa does not have a Visa Dollar, Mastercard does not have its own Mastercard Coin. Similarly Bitcoin can purely act as just a mode of payment as long as the conversion process can be operated smoothly within an hour when the price does not fluctuate that much (most of the time).



Debit cards also help a lot in helping more adoption which will eventually contribute to a Bitcoin Economy. However a GENUINE Bitcoin Economy will only exist when there is a general Paradigm Shift from thinking and transacting fiat currency to cryptocurrency, and this takes time, so no, not in the near future, meaning within 2 to 3 years.



As I have always believed, if only very smart people are involved in bitcoin then it's a failure, more ordinary people like me should be using it on a day to day basis, even if just trading.