Product Management Intern
One of the big gray areas around crypto, especially for outsiders and newbies to the space, is the looming question of where can you spend your currency? Once you own some bitcoin/ethereum…what do you actually do with it?
And though there are lots of individual investors “HODL-ing” until the end of time, surely there are use cases (especially if things in the space go “well”) where cryptocurrencies are far more than an investment vehicle — but rather an entire new medium for exchanging and transacting.
Many do not think our current economic infrastructure, here in the United States, is in place to support any sort of “currency revolution.” At least not yet. Since the technology is still developing, we are sitting at an interesting period of hurry up and wait, as the framework and infrastructure of this new financial world is still being built.
Today, the process of purchasing cryptocurrencies (like Bitcoin and Ethereum) is cumbersome and difficult. Unless you use a service like Dether — that lets you buy and sell your ether coins for cash — you have to register for an exchange, deposit money, verify your information, wait a few weeks, and then, after all that, you can finally withdraw your currency.
On top of that there are fees. Outages. Slow downs in the market place.
And even then…
Once you have your digital currency. Where do you go spend it?
It is not like you can walk to your local grocery store and exchange your bitcoins for a banana.
I guess the good news for crypto enthusiasts is that the list of merchants that accept bitcoin is expanding…but still, how soon will that pick up to be practical for the masses?
Today, the number of merchants hovers somewhere over 100,000.
What is perhaps even more exciting to me than the revolution that *could* take place in the first world is the opportunity to bring modern financial services to not yet developed countries who lack essentials like banking and financing.
Literally billions of adults still are void of services like these. Billions.
Who will be there to serve this untapped market?
Create your free account to unlock your custom reading experience.