Sometimes it can be difficult to change. We are all set in our ways; we all have certain methods of performing tasks and tending to certain needs, and as a result, when the world introduces new ways of doing these tasks, it can be hard to just make the switch overnight.
Bitcoin is a perfect example. How long have banks been in business? How long have we relied on traditional banks to secure our funds and keep us informed about financial activity? The answer is a long time, and ultimately we’ve grown to accept the idea that traditional banks are the primary (and sometimes the only) way to flow through the financial universe.
Bitcoin has sought to change all that. Money in binary code? Who would have thought? Well, someone did think, but while bitcoin and digital currency may bring a fresh perspective to the banking world, it would appear as some still haven’t opened their hearts to it. Whether it’s because of the media continually linking it to illegal activity or the fact that it’s still relatively new and has been the subject of various kinks, not everyone is willing to accept it.
My prognosis, however, is that this will change over time. Look at email. How long did we trust our post offices to send letters? How long did it take letters to be sent and delivered? How long did it take to earn a response? Someone finally had to say, “Enough with all this waiting” and invent email, and let’s be honest. Without email, the world just couldn’t function.
Bitcoin challenges the banking world the same way email challenges the US Postal Service. Email has thrived, so let’s wait and see if bitcoin does the same.