Longtime Bitcoin core developer Jeff Garzik acknowledges Bitcoins’ branding problem. “The bitcoin name, in terms of marketing, is something that larger institutions are somewhat reluctant to deal with, related to the history with Mt Gox and Silk Road, most notably.” Garzik bemoans how this reputation follows the word Bitcoin. Luckily, it doesn’t follow the technology. And, that’s how he plans on getting some of the largest multinational firms in the world to adopt not only blockchain technology, but Bitcoin as well.
“It’s a very simple psychological trick: you switch out ‘Bitcoin’ for ‘blockchain’ and then, suddenly, they are very interested,” Garzik told CCN . Garzik believes it is very important to make Bitcoin a part of the blockchain discussion again. “In my view and my mind,” Garzik said, “it’s absolutely critical again to get that public network software, that Bitcoin or Ethereum software, into these private networks.” Garzik calls it “Bitcoin with a training wheel.” He goes on: “The private networks, once you get them on Bitcoin technology, it’s very easy to upgrade them to a public network from a private network. That’s my halfway stealthy strategy to get Bitcoin into large institutions. And it’s an amusing game where sometimes you have to just change the name from Bitcoin to blockchain and all of the sudden they’re happy again.” For now, large institutions have not shown much interest in the Bitcoin itself.
“It’s more of an interest generalizing the blockchain to tokenize their own assets,” Garzik elucidated. “They aren’t really touching Bitcoin at all.”
He added: Part of my strategy is to introduce them to Bitcoin by enabling their private blockchain on Bitcoin software. Then they are automatically able to experiment with Bitcoin. Bloq , Bitcoin developer Jeff Garzik’s blockchain company, announced at Consensus 2016 this week that his firm’s first […]
