by Brandon Glier
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To really understand the power of Bitcoin, you need to think about it as 3 things: (1) a protocol, (2) a commodity, and (3) an ecosystem.
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Bitcoin has taken a very hard problem — how do you facilitate and record transactions online — and solved it for anyone to leverage for free. This capability may have profound implications that are not yet well-understood [...]
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It’s important to keep in mind that it takes time for the true market use case of a commodity to be developed. [...] Like oil, Bitcoin can be refined and put to use in novel and yet-to-be imagined ways.
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According to the GSMA 1.7 billion people have a mobile phone and no alternative to the cash economy. As digital cash, Bitcoin appeals directly to consumers as an accessible payment alternative without the risk and fees associated with existing credit and debit networks.
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For the first time in Internet history, settling transactions between multiple parties can be dictated and applied directly through open-source software and not through (largely) for-profit 3rd party institutions.
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Bitcoin has taken a very hard problem — how do you facilitate and record transactions online — and solved it for anyone to leverage for free. This capability may have profound implications that are not yet well-understood [...]
-
It’s important to keep in mind that it takes time for the true market use case of a commodity to be developed. [...] Like oil, Bitcoin can be refined and put to use in novel and yet-to-be imagined ways.
-
According to the GSMA 1.7 billion people have a mobile phone and no alternative to the cash economy. As digital cash, Bitcoin appeals directly to consumers as an accessible payment alternative without the risk and fees associated with existing credit and debit networks.
-
For the first time in Internet history, settling transactions between multiple parties can be dictated and applied directly through open-source software and not through (largely) for-profit 3rd party institutions.
- http://medium.com/editors-picks/1a812f8fa7cd