>> April 20, 2020
>> Blog Post #61
I wonder what the world will be like in 10 years.
I was talking to someone I know today about potentially partnering as our two respective products would work well together from a user’s standpoint. It was fun to discuss a new partnership as the past few weeks we’ve been focusing on our main product and today’s conversation was a refreshing break from it.
I think I’ve mentioned it in this blog before, I run a bitcoin business, and therefore the use cases we discuss are always fringe to a certain degree as Bitcoin is certainly not a massively adopted product, at least yet. Maybe it will never be and quite honestly that doesn’t bother me at all as I am not necessarily routing for it to be. I am convinced Bitcoin can have a perfectly bright future without mass adoption.
One specific topic that I am very interested in is the frontier between bitcoin and FIAT currencies. I am of the opinion that any business sitting at that frontier is taking a lot of risks as governments can turn on them in a heartbeat and create nightmarish scenarios. I’ll define a nightmarish scenario one in which either all of your cash or all of your time are captured for a period longer than you can withstand as an entrepreneur. It doesn’t mean these businesses currently trying will not succeed, just that it’s not a risk I personally feel like taking. That’s why I do not want to sit at the Bitcoin to FIAT frontier.
For the same reason, as an individual, I think someone who would like to accumulate bitcoin has two good choices he can make. Either he earns bitcoin for his work or he buys them – for FIAT – from an individual, not a crypto exchange. What will that market look like in 10 years? I feel alternatives are starting to emerge that offer bitcoin on and off ramps, but they all seem too centralized yet. As people seem to be focusing on usability through UX and UI, I believe the core tenants of privacy and security first might be taking a backseat. I hope that is just an impression.
People are the layer that I believe will provide the next step of development for Bitcoin. People coming together and putting their separate pieces of code, products, networks together. Advancing Bitcoin together as a community that shares the same intentions and beliefs. I see signs of this happening. People rising up separately because they do not like the current situation and then look around at one another and join forces with people who they recognize themselves in. I guess only time will tell whether I was right or not.