Several technologies influence our lives and one of the emerging technologies is Bitcoin. Bitcoin is being dubbed as disruptive technology as it touches our lives in several avenues.
Among other disruptive technologies, Bitcoin stands out differently because it has the potential to change the entire face of the global economy. It can alter markets and economies and can significantly alter the paradigms of businesses and trading and on this globe.
This disruptive technology or innovation can touch our lives in several aspects.
What is Disruptive Technology?
Experts articulate disruptive technology as an innovative technology that can alter markets, industries, and economics operations. It arrives as a superior stream that replaces the prevalent habitual patterns or systems and replaces them applying innovation with simplification.
Pondering upon the previous examples of disruptive technology, we can name televisions, automobiles in little older times and in recent times, streaming video portals, smartphones, and the internet, among others.
Under emerging disruptive technologies, we may include driverless cars, e-commerce, and the internet of things, virtual reality, GPS systems, and automated robots, also the blockchain technology behind the Bitcoin among several others.
Specification of Disruptive Technology
- Disruptive technology arrives as recurring and inevitable.
- It breaks old business models, conventional systems, and overtakes older practices, processes.
- It has superior features than established products.
- It is embraced as an obvious option by the early adopters.
- Generally, the startups or the innovators introduce it and adopt it earlier than the established entities.
Bitcoin Evolved as an Elevator in Recession
Bitcoin was invented by Satoshi Nakamoto back in 2008 to overcome the global economic crisis. People had lost their faith in centralized financial systems due to the fraud and economic crisis. The people wanted another safe currency option to invest and save their money. Bitcoin and its blockchain technology were then a massive breakthrough.
Bitcoin Perceived as a Temporary Rage
Initially, Bitcoin was perceived as a bubble in markets. Several market observers predicted that this bubble is volatile and momentary and will soon burst. Many compared Bitcoin currency with the historical Tulip Mania in 1634 and the South Sea Company of 1719. These illiquid modes of trading had swept the markets then, but their rage lasted as short as three years, whereas the influence of Bitcoin is growing profusely even after ten years since its inception.
Bitcoin’s Current Position
Regardless of its roller-coaster journey, Bitcoin has always been in the spotlight since its inception. Bitcoin fundamentals are influencing and dominant enough to it make sail through the ups and downs and now it is getting matured and robust.
Bitcoin is being used as a safe medium for digital transactions without interference of any central authority. However, Bitcoin is much more than just a money payment system. The blockchain technology behind it implies efficiency and privacy, which makes it unique and long running.
Bitcoin is the rage in today’s world; it can change the entire banking sector, financial transactions, and payment services. It’s astonishing to see that the market cap of Bitcoin has reached up to $100 billion and the daily volumes are worth billions of dollars.
Bitcoin Growing as an Alternative Currency Across the Globe
Bitcoin has been growing so rapidly that it has become one of the 30 top currencies across the globe in terms of market capitalization. There is still ample space for it to grow as a currency. Surprisingly it has surpassed many fiat currencies like New Zealand Dollar and Colombian Peso.
Bitcoin Under Safe Custodial Services
As Bitcoin now enjoys favorable regulations across many countries, it has gained a reputation as a safe digital asset. Masses are now adopting Bitcoin as a safer means to invest.
Regulatory authorities are now vigilant at the Bitcoin custodial services at secured platforms like Bakkt.
Bitcoin Future Trade Volumes Mounting Impressively
The steady rise of Bitcoin volumes in markets is making it more lucrative and promising. The latest official figures reveal that the average trade volumes have increased by more than 10% in the single financial year of 2018– 2019.
Bitcoin Growing as an Investment Option
Despite the fluctuating price moment, over the years, Bitcoin has gained a reputation as a solid investment option with assured returns.
Investing in disruptive technology-related enterprises is perceived as a risk and it takes years for many disruptive products to be adopted by masses.
However, in the case of Bitcoin, investments in 2012 have been multiplied within seven years. These enormous returns are much more than other reputed establishments like Uber, Snapshot, Twitter, Facebook, etc.
Though it is difficult to predict that Bitcoin will replace the fiat currencies and other traditional modes of investments at this time, Bitcoin is surely changing the markets.