Andreas Antonopoulos: Bitcoin Must Scale Before Mass Adoption
Andreas M Antonopoulos has been in the news within the crypto community several times for his predictions and analysis. The influencer literally wrote the book on how to master Bitcoin, and Mastering Bitcoin has been hailed as one of the most direct and legitimate sources on the potential future paths the cryptocurrency could take to the revered position of mass adoption. In a question and answer session with representatives of ambcrypto, the expert let loose his opinions on how Bitcoin might (or might not) be able to assist in changing the current financial payment system in countries like the United States.
Andreas was clear in his belief that there are select cases where cryptocurrency has been used successfully to subvert troublesome financial systems, citing a very small portion of the population in Venezuela as one example of Bitcoin’s use to the public benefit. But for the most part, he said that he was ignorant of any large-scale uses of Bitcoin to make a monetary system more efficient, secure, and fair. He responded to the interviewer’s invocation of M Pesa, a Kenyan money transferring platform set to allow impoverished Kenyans to use crypto using cheap phones. But according to this author, the system is still “strictly controlled” and moving any money remains “very difficult.”
The key contention of the interviewee was that Bitcoin “simply isn’t ready” to help out on the traditional financial setup. According to him, Bitcoin will be able to exert serious change on the existing financial system only after the current technology matures and the scalability problem is definitively solved. Overall, his view is that the current Bitcoin network simply does not have the efficiency to compete with—and to change—platforms acting in the traditional fiat sector.
Beginning Days For BTC
Antonopoulos believes that the developmental state of Bitcoin is comparable to the beginning days of the cell phone. When the cell phone was around as old as Bitcoin, it was enormously expensive and large, unwieldy, and inefficient. It would take quite some time and some significant developments before the technology became appealing enough to convince the average phone user to pick one up and abandon their old landline.
Similarly, Bitcoin is in its beginning stages. It is important to remember that, despite the massive increase in interest and technology over the past decade, Bitcoin is still less than ten years old. This means that the technology is still in the beginning stages of its long-term development. For Andreas, this means two things. First, speculators need to recognize that Bitcoin is not yet at a place where it can safely revolutionize and assist the growingly global financial systems of the world. But second, investors should be excited about the future of the currency as it continues to develop.
The road to revolution and mass adoption will not be a particularly easy one. But just as the cell phone had to become smaller, more efficient, and more appealing before the masses began to grab onto the bandwagon, so too must Bitcoin wait for its prime time to step up to the plate.