"I see eyes in my soup": How Delivery Hero implemented the safety system for ...
Where will Bitcoin boom next?
1.
2. Bitcoin is a virtual currency that doesn't rely on a central
authority for bookkeeping but instead is completely
open-source, peer-to-peer network for money,
something unparalled in the history of human
economics. But are the people, their representatives
and businesses ready for this new form of currency?
3. Bitcoin can take off in some places and countries sooner
than expected depending on the political climate. If a
government destroys and debases its currency, then
it is bound to grow in popularity. That's what
happened in Argentina when the government
converted local currency denominated bonds into US
Dollar denominated bonds at an exchange rate that
was fixed by the government. Bitcoin use in the
country shot through the roof following this, and it is
still accelerating (measured in terms of wallet
downloads per month).
4. Cyprus was another good example - when the
government tried to seize people's money, Bitcoin
took off in the country because it is far more fluid on
a world scale and can be sent instantaneously to
another person anywhere in the world without the
need of any government intervention. This also
means that realistically, the government cannot
control the supply and demand of Bitcoins within its
borders.
5. Of course poor governance is only one side of the
equation. Economics dictates the other. Bitcoin takes
off in places that thrive on entrepreneurship and
where the policies are favorable. Business owners will
find the use of Bitcoin to be incredibly more efficient
than the existing payment system that the world has
that is based on credit cards, because merchants
need to pay the credit card companies anywhere from
2-4%. If all transactions were purely in Bitcoin,
without any conversion to fiat at all, then the
transaction fees for the business is zero. Literally
zero. You can send and receive money for free
through the Bitcoin network. That's what makes the
economics of using Bitcoin so powerful.
6. Some of the cities that are ahead in this innovation
include the familiar names like San Fransisco and New
York but also the lesser known entrepreneurial cities
like Berlin, which has a huge thriving market for
Bitcoins.
When people in a city or country see Bitcoin as a store
of value and simultaneously see it as a payment
system that eases the current burden on merchants,
Bitcoin has the potential to take off. It has happened
in the past and it is likely to happen in the future. Of
course you always need the entrepreneurial spirit and
risk-taking to dethrone a decades old existing
incumbency, but the good news is, it is happening all
over the world simultaneously.
