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RE: The harshest critics of Bitcoin either don't understand it or work in the industry Bitcoin is going to replace

in #bitcoin6 years ago

Nice one.

As usual there's multiple aspects to this I guess:
You're right that most people openly criticizing Bitcoin don't really understand what its potential is and how it can disrupt. And I'm also a huge believer that Bitcoin has a bright future.
Zimbabwe got rid of their currency because of instability almost 10 years ago, and Bitcoin would be a great replacement.

However, we're yet to see an application on top of Bitcoin that provides value at scale. You can obviously send money across the border, but can you buy something with Bitcoin there, or exchange it (again, at scale) for local fiat currency.

Mass adoption comes with usable and valuable solutions, not with a protocol.

That said, the internet also took a while to mass adoption after TCP/IP and HTTP got created, so there's a lot of hope for Bitcoin and other decentralized protocols.

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Good points. Though gold is in a similar boat, IE basically mostly serving only as a store of value, albeit with a much longer track record. Which apparently is roughly a $7 trillion dollar market. Worst case scenario, bitcoin should be able to take a significant portion of that. With some meaningful upgrades, perhaps a lot more.