Since its creation in 2008, its users have dreamed together of a goal: a globalization of Bitcoin and Blockchains. However, this has been a bit complex to achieve, which is why the world’s most influential crypto continue to debate the possibility of this scenario. Therefore, the fundamental question of this debate is focused on whether the mass adoption of Bitcoin is possible.
This December 7, the first day of laBITconf talks took place. Where different topics of multiple degrees of knowledge of the crypto world were carried out. It was divided into a main stage and one for the Latins. In which high-level speakers discussed high-impact issues for the ecosystem.
Therefore, it is not surprising that high-caliber members of the cryptocurrency such as Diego Gutierrez Zaldivar, Erik Voorhees, Peter McCormack and Rodolfo Novak were responsible for answering the question of whether a mass adoption of Bitcoin in society and in the global economy.
Mass adoption depends on there being a massive awareness
Peter McCormack was in charge of starting this panel. Thus, his first words on this question of whether mass adoption is possible, set the pattern for discussion. “More than a matter of mass adaptation, there needs to be a massive awareness of Bitcoin. And that’s something we’ve already been observing.”
His example of this growth in knowledge and mass adoption of Bitcoin in society was based on the fact that now, there is no individual who does not understand what Bitcoin is. So, in the most basic way, everyone knows what it is.
For Erik Voorhees, this massive adoption of Bitcoin consists of 3 states, the first being the awareness of society. The second is a step that is still growing. Well, Voorhees believes that it is necessary for at least 1/3 of the world to have this type of digital currency.
In addition, it is important that they accept it as a digital currency with a lot of value to invest. However, his hopes remain and he assures that in the next 5 years this second step will soon be completed.
The third step will be when Bitcoin becomes the world’s monetary standard, surpassing the dollar and any known monetary pattern. This is the true mass adoption that Voorhees considers. This is the final scenario to aim for.
McCormack also added that the possibility of Bitcoin users reaching 3 billion people was a dream scenario, but far from it. Thus, he made the comparison that it has not yet reached one billion people, but they aspire to do so soon for the world of digital currency.
The adaptation goes beyond accepting Bitcoin, it is back to our daily operation
Rodolfo Novak differed a bit from the other speakers and explained that his concept of adapting Bitcoin goes further. So for him, the possible massive adoption of digital currency could be compared to the “like” button. A virtual technology protocol that has now become part of the paradigm of society today.
And Novak says that Bitcoin should also be adopted globally. Let it be an inherent factor of our society.
In turn, Novak used the example of the gold standard, mentioning that gold ceased to be used as a currency when fiat money appeared due to the improvements and efficiencies that this new system presented. Bitcoin and digital currency must also be for society.
In this way, he assures that sooner or later the world will realize that Bitcoin is the next step in finance. Because that’s what works most efficiently now.
It should be mentioned that he explained that now the next step to take Bitcoin closer and closer to this massive adoption, is for the former colossus of the dollar to finally fall and allow the rise of the new champion of finance.
The year 2021 will allow the frictions of the crypto ecosystem to decrease, giving way to the advances that are needed
After listening to the debate among the speakers regarding the future of Bitcoin, Diego Gutierrez explained that he already considers that the crypto ecosystem is very close to ending all these frictions that the crypto world handles.
Thus, he explained that 2021 is the year where more progress will be seen in this area. And Bitcoin’s growth will be massive, leaving behind the rubs with other digital currencies.
In turn, he explained that these first steps will be the guarantors that in the future Bitcoin is balanced. And also adapted to global financial technology, in conjunction with other digital currency in the ecosystem.
The institutionalization and regulation of digital currency and Bitcoin
One of the last high-profile topics the speakers touched on was regarding the legislation of a standard. This is so that states and institutions have control over the rules that should govern Bitcoin and the crypto ecosystem. Preventing a possible mass adoption of Bitcoin.
McCormark started this point by explaining that many people are still afraid of Bitcoin because of its decentralized, non-physical characteristics. He explained that the first impact that new users bring is Bitcoin is not a currency that can be palpable. That is, it is not physical.
But that’s just why many don’t understand the amount of benefits this feature would bring to the world.
He also took advantage of and used the example of Argentina, saying that if in the country of the silver chimera Bitcoin were the official currency, there would be neither inflation nor depreciation. Because this cryptocurrency does not allow these negative mechanisms.
However, he added that if this were to be formalized in countries such as the United States or the United Kingdom, a kind of institutionalization would be observed on the part of these states.
In turn, Erik supported Peter’s idea regarding institutionalization, asserting that in the US and Europe there is a kind of blind faith towards institutions and a fervent trust in government authority. And how money is the duty of the state.
In addition, there is a certain power that society gives to the dollar, as this legitimacy that government entities give it, gives individuals confidence in its value. Therefore, when presented with the opportunity to open up on Bitcoin, they prefer to dismiss this lack of government approval.
Bitcoin is the last step in the personal responsibility of your finances
Rodolfo Novak added that for him, people are afraid to completely adopt Bitcoin because it means challenging and completely changing human nature.
So he explained that people don’t like having to assume that their money and finances depend intrinsically on them, and the fact that a higher entity controls their money is something they like.
That’s why you can’t force people who like this autonomy.
In turn, he explained that this transition of fiat money and the dollar to Bitcoin en masse could cause many people to end up hurting their finances in the worst way.
Because, understanding how to be self-sufficient with your finances and carry the weight of this responsibility is not easy, and only the wealthiest in the cryptocurrency have managed to handle it perfectly.
Finally, the key to this whole thing is that the day will come when people will become aware of this sovereignty that Bitcoin allows. They will be able to take advantage of the value of controlling this responsibility and realize that everyone has access to it, and it is free to decide.