3 bitcoin years is like 30 stock market years. Since 2011, bitcoin has died many times and resurrected many times as well. Regardless of all the events that occurred, bitcoins are starting to go mainstream.
3 years ago, if you want to know what bitcoin is, your friends may refer you to the video below.
In 2014, things are a lot different. Notice the changes in the tone and in the jargon.
Here are some of the differences we see:
- The fees displayed in the 2014 video compared to the 2011 video are very different, indicating the rise in price of bitcoin since 3 years ago.
- In the 2014 video, bitcoins are stored in mobile devices. This shows the change in norm of how bitcoins are stored.
- 2011 video mentions the words “anonymous” & “transparent” whereas the 2014 video only mentions “transparent”.
What’s our point? The bitcoin economy has matured and even the community itself is still learning about the potential and opportunity that bitcoin can bring to everyone in the world.
There is another video made by The Guardian earlier this year.
The video explains the problems merchants and consumers face today, in particular the “Double Spending Problem”, when making transactions in a very simple way and then discusses how bitcoin can solve many of these. But at the same time, it also shows the problems and challenges that people face when using bitcoin. Hence a very balanced view. Most important of all, it is The Guardian, a British National Newspaper, trying to explain bitcoin to the masses.
Whatever it is you think of bitcoin, it is moving, it is changing, and its adoption rate is faster than what many people imagined it to be.
Marc Andreeson says,
“What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.” New York Times
Is it? We certainly think it is.