Bitcoin

I always find it interesting that Bitcoin is something almost anyone I speak to knows about in some way or another, but very few actually know what Bitcoin is. What I find worse though, is that even less people have recognised and are prepared for the disruption Bitcoin will have on global systems that have been around for centuries. This disruption will come, and very soon.

Over the last couple of years, while regulators, lawmakers, governments and individuals have been seeking to ban, regulate, destroy and reject bitcoin and everything that comes with it, Silicon Valley has embraced it. It’s invested heavily in it, and we are starting to see the results of that this year. It’s only the beginning.

I’m happy to say I would probably class myself as one of the people who doesn’t understand much about Bitcoin, it’s origins, and the technical logistics of it. At inVibe HQ though, the adoption of Bitcoin can’t come soon enough. For us, and many other startups working with payments in emerging markets, Bitcoin represents a solution to many medieval issues still present in this region that is holding back growth in many sectors.

As with anything coming into the region, this will take time. But the long standing issues here such as monopolistic acquiring banks and the ridiculous prices and incompetence of local payment gateways, a future with Bitcoin seems a lot nearer to me than any changes coming to solve the issues mentioned above.

As with anything new, people are scared of what they don’t understand. Bitcoin has been carrying a negative connotation for a while, but as with the invention of the Internet (and I’d categorise the invention of Bitcoin as being at that level of importance) it will create a new wave of innovation and disrupt many sectors which have long needed it. And I’m not only looking at the payments sector at all, currency is needed to purchase anything in this world, the scope and effects of this are basically unlimited.

What I can hope for is that people should start understanding Bitcoin fast. It could be the answer to many future founders’ dreams, and will solve many issues we’ve had to endure as first movers. We have been working behind the scenes to start accepting Bitcoin on inVibe very soon, we will be ready for it, and I hope many more people will be too.