Bitcoin is a completely new technology, although the underlying concept has been around for decades. The dual spend problem has been solved: you can use a digital certificate as money and be sure that no one else will spend it while you have it. There has been an unprecedented paradigm shift and its implications are not yet fully understood and tools to get the most out of the new idea are not yet in place.
Developing a business based on this new technology requires a fundamentally new way of thinking. Just as the first e-mail service providers have long misunderstood what they offer. A new, correct view of Bitcoin is required so that it can reach its full potential and become ubiquitous - and such a view will certainly appear.
The original interface of the Hotmail mail client. Source: Medium
The Hotmail service applied familiar technologies (browser) to improve access to and delivery of email. Email clients like Outlook Express have been replaced by web interfaces and mail in the cloud, which has many advantages compared to a single software client that stores mail on a local drive.
Bitcoin, which is destined to completely change the money transfer industry, should be understood separately, not just as money on the Internet. To talk about Bitcoin as about money is as absurd as to talk about email as just a new way of sending letters: one does not replace the other, but fundamentally changes the way people send and read messages. These fundamental innovations are not just replacements or one-dimensional improvements to existing ideas or services.
Bitcoin is not money. Bitcoin is a protocol. If you look at it from this perspective, using the right assumptions, you can put it in the right context to make rational assumptions about possible profitable services based on it.
Every part of Bitcoin is text. It is always text, and never ceases to be text. It's a fact. And as a text, it is protected under the freedom of speech provisions of the constitutions of civilized countries. Source: Medium
If Bitcoin is not money, but a protocol, then trading on exchanges mimicking conventional currency, stock and commodity markets should not be the only way to determine its price. The cost of electronic mail services is not determined at stock exchanges, and the same rule should apply to Bitcoin.
When you type an email into your Gmail account and click "send," it goes through your ISP, the Internet, and the recipient's ISP, and is then displayed on the recipient's device - from a smart clock to a laptop, smartphone, or desktop.
The same with Bitcoin: you enter the amount of money and send the bitcoins to the recipient without any intermediaries. Once your money is delivered to the recipient, it must be "counted", i.e. converted back into money, just like an email is displayed on the recipient's screen.
In the case of emails, when the transfer has taken place and the email has given you its information, it no longer performs any function other than as an archive (account). Bitcoin maintains this account on a block list, and a good service based on it will store advanced transaction details for you locally. However, the recipient must have some product or service.
This will be the case until Bitcoin becomes preferable to fiat money because of its greater utility. Such an event can be called a "transformation".
The true nature of Bitcoin is instant payments (though not money) anywhere in the world. It is not an object of investment, and holding Bitcoins in the hope that they will become more valuable is like holding email or PDF files in the hope that they will become more valuable in the future: it makes no sense. Of course, bitcoins can be held and their value will rise, but you have to be patient to survive the rough waves of sales and purchases as you move toward a fully Bitcoin-based economy.
Remember also that businesses that need to keep bitcoins should worry about their value if their model is open and dependent on the market. For Bitcoin-based closed-loop models, prices on stock exchanges do not matter because they have everything under control. Such business can move unlimited amounts of fiat currency with just a few bitcoins.
Despite the uniqueness of each coin and the impossibility of double spending, bitcoins do not have their own value, unlike a book or any other physical object. Their value cannot grow; they remain as constant as the laws of mathematics, no matter what anyone thinks of them. The misconceptions about Bitcoin are related to the fact that he behaves like money because of the impossibility of double spending. Behind the misconceptions of Bitcoin lies his duality: digital nature and not...
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