A handful of early-adopters and notable entrepreneurs can’t all be wrong. Richard Branson holds over $30million in a bitcoin payment processor. Li Ka Shing also has his hands on a large and undisclosed chunk of bitcoin. Many major corporations including Microsoft and Amazon have started accepting bitcoin as a form of payment.
Even the Winklevoss twins who allegedly came-up with the notion of Facebook have invested their lifesavings into bitcoins. In an interview conducted by TechCrunch, Cameron Winklevoss said “We don’t just have our skin in the game, we have our whole body in the game.“
The quick answer is: NO! Only if they don’t adapt should they be worried. They could choose to accept bitcoins and other popular new currencies. A number of multi-national corporations including Virgin, Bloomberg, and Dell are already doing it. Western Union and HSBC could too. And they will be fine if they step up and adapt. If they don’t step up and adapt, then YES, they should be worried!
Crypto-currencies – including the bitcoin – give power to the people. They are universal with no domicile. They offer free and instantaneous transactions. Generations Y and Z are accustomed to all-things-digital. As they age and start earning more, old-fashioned institutions will become less valuable, unless they adapt. It’s already happening; one example is the shift from TV to online streaming. How many young people growing up today will ever even want to use paper-money? Not many. They may even be trading in Bitcoin from the age of 7 years or younger!
Numerous officials have worried about the transparency of bitcoin. Yet, their anxiety is speculative. Bitcoin has proven to reign in terrorists and criminals. Silk Road and Mt Gox are examples that it is not a free-ride in that regard. You can also note that the preferred means of transferring money for criminals and terrorists is CASH, fiat money. It is much less traceable than criminal proceeds via bitcoin. Even if people use pseudonyms, they can be tracked down because it is NOT anonymous. Developers know that doing no harm is essential to maintain the private realm of cryptocurrencies. In all likelihood, bitcoin will help rein in the worst criminal activity while allowing the petty criminal to exchange BTC for a joint. 😀
Here’s what Ilya Pozin at Forbes had to say about Bitcoin:
Is The World Ready For Bitcoin To Go Mainstream?
[box type=”shadow” align=”” class=”” width=””]”Bitcoin is changing the way people pay for things and the larger economy overall. Although bitcoin remains mysterious and confusing to most people, there are signs nearly every day that bitcoin is gaining more and more legitimacy, not only in technology circles but also amongst the mainstream.”[/box]
And here’s a list of 7 senior managers attending 2015’s Bitcoin related Consensus organised by CoinDesk:
- Vice President of American Express
- Director of Citi
- Head of Design of IBM
- Vice President of MasterCard
- Executive Director of Morgan Stanley
- Vice President of PayPal
- Project Manager of the World Economic Forum
RichTopia too is involved in mining bitcoins …
We are part of an operation that now mines a total of 2% of the world’s Bitcoin and this will be going up. This is the only chance you will have to be part of a compounding bitcoin future. Each day you wait is a day you don’t earn bitcoins. This bitcoin will be mined by someone no matter what. Either you are a part of it, or you are not.
With 21,000,000 being the cap for mining, your window is closing fast and as the demand grows for bitcoin, the price could show supply and demand. Only about 8 million people in the WORLD are on to this revolution, and you can be one of them. That is out of about 7 billion people mostly who have cell-phones and no bank accounts (the biggest market of all).
We have Bitcoin landing in our account daily. Click here to get yours!