As the next step in the evolution of money, Bitcoin is superior to traditional currency in many ways: it’s trustless, private, irreversible, efficient, and deflationary. However, even the best technological invention is useless unless it is being used, and at present fiat currency still holds the title of “real money” in the minds of the general public. In order to reverse that, greater adoption is needed on the part of Bitcoin. To accomplish this goal, though, not any haphazard strategy will do. Simply saying: “Here, Bitcoin is better, start using it instead” will produce limited results. Instead, by establishing the cryptocurrency’s use in the global economy one step at a time, each phase of progress becomes much more manageable and realistic. Step 1: Bitcoin as useful (currency → Bitcoin → currency → destination) The first step is to establish Bitcoin as an intermediary device to improve regular financial transactions. This can be buying gift cards through eGifter or Gyft , buying from Amazon through Purse.io , sending a remittance payment to another country, or paying an unbanked contractor. Neither party to these transactions wants, or has, Bitcoin, but acquires and uses it nonetheless to perform a specific function. A user buys Bitcoin to save money on gift cards or Amazon purchases, cheaply and efficiently send a remittance, or pay an unbanked contractor who otherwise would have limited options for receiving funds. What this does is show that Bitcoin can be a useful tool in certain circumstances. Someone who does not view Bitcoin as money, or even as something valuable, will nonetheless see its usefulness in achieving certain aims, and, as such, will be willing to buy some for certain select purposes. This plants the idea in the consumer’s head: “Bitcoin can be useful.” Step 2: Bitcoin as valuable (Bitcoin […]
