What is the smallest thing you can do with the largest commercial and social value, for the largest number of people in the world, with “near zero” cost? Bitcoin (BTC) can do it but there are challenges it’s facing. A lot can be said about Bitcoin (BTC), the fever of it in Africa is so much large and blockchain is performing better too. Though there are challenges in the market about the acceptance of the new currency, the new currency can be ranked as being more important than gold.
In Africa, Bitcoin (BTC) has been very high as youths and tertiary student involve themselves in the use of Bitcoin (BTC) and blockchain. Peer to peer is like a virus without a cure in African countries such as Kenya, Nigeria, South Africa and Ghana and Bitcoin (BTC) investment is really growing.
BITCOIN AND ENTREPRENEURS
The most interesting aspect of cryptocurrency industry is the many mainstream applications the technology can be used for. Though it seems Bitcoin (BTC) is performing well in the market, there are more competitors yet to come. Bitcoin (BTC) is just eight years old among other cryptocurrency’s, and it has gain lot of trust from all form of business and investors.
Entrepreneurs who are jumping into new businesses must be creative and innovative in order to fit into the competition. Though the media is blowing a lot of whistles about the new currency, we have not seen businesses stop venturing. Fear, Uncertainty and Doubt or FOMO can’t be left out, but many are enjoying the benefits of the coin.
Investment
Most people do not build wealth solely from their salary. In order to achieve true financial freedom, they need to understand that investing is critical to their success and have access to quality investment options. Blockchain’s decentralized system allows developers to create financial tools that diversify power and eliminate overhead, making it easier to empower success in finance.
Payment processing
Some of the greatest limitations for cryptocurrencies involve the lack of available options for consumers to actually utilize the currency. Overstock.com (NASDAQ:OSTK) and other platforms are aiding consumers to now utilize the currency by accepting Ethereum (ETH) for payment, and this has been a major positive force for the crypto industry. Once more retailers start accepting the currency and easy payment processing is developed, consumers will see more value in possessing the currencies.
Wealth management
Turing Capital, founded by entrepreneur Michael Karnjanaprakorn, has raised over $1 million to invest in various cryptocurrency assets. Since many individuals are not able to conduct financial analysis themselves, it can be advantageous to invest with an expert initially. Funds such as Turing Capital will likely encourage more risk-averse investors to enter the cryptocurrency industry.
Security applications
While these applications require a strong understanding of security, software and the potential weak points in crypto networks, it boils down to this: If you are able to improve the security of blockchain networks, then you are able to create massive amounts of value for consumers. No matter what products are unleashed for optimizing digital security, there will always be a need for better and more secure versions of the products. Since cryptocurrency lacks the backing of government insurance programs and holds massive amounts of wealth in digital form, people place enormous importance on security.
CONCLUSION
Entrepreneurs of all ages need to begin looking at blockchain as a technological building block, as disruptive in its field as Uber. These technologies all have unique elements that make them advantageous, but mainstream market adoption relies on successfully making consumer-friendly products.
I would ask entrepreneurs to look beyond Bitcoin (BTC) to the rapidly emerging billion-use systems in Asia that are almost certain to produce many more, and better, Bitcoins for a very long time. Entrepreneurs should keep a close eye on emerging entrepreneurial ecosystems which will require global electronic currency systems that do not exist yet and are emerging much faster in Asia and Africa than other parts of the continents.
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Disclosure:
I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive Content
