Preparing for bitcoin mass adoption
The world of cryptocurrency is on the constant expansion with new blockchain protocols and cryptocurrency mushrooming every day, each one of them is coming up with promises to offer unique experiences. There are more than 2,000 existing cryptocurrencies and each of these competing currencies is striving to gain a big chunk of the user traﬃc. This competitive spirit is good but unfortunately, the whole cryptocurrency world has not yet presented itself in one binding form for mass adoption. Bitcoin has a long way to go if it wants to escape the niche adoption among tech geeks and libertarians and be a more global artifact.
To scale up bitcoin use and make it suitable for mass adoption, the following things should be considered.
1. Customer protection through the involvement of intermediaries
The general public notion about bitcoin is a bit hostile. Most people see it to be too technical. Some regard it as a money laundering scheme. There are also those who adopt it with great suspicion as they are familiar that the whole process to buy bitcoin often involves placing a great deal of trust to the selling merchant. Only a few buyers and sellers hire escrow agents to mediate the business, which then again raises the expense and complicates the whole process. Read More...