Bitcoin’s presence is becoming more visible in mainstream markets, as more and more consumers begin to adopt the digital currency. Despite several notable highs and lows in the past year, many experts still see potential in bitcoin.
Nicolas Cary, Blockchain.info CEO, shares his positive outlook on the cryptocurrency, stating, “Bitcoin will move beyond capturing the imagination of entrepreneurs to capturing the attention of board rooms. Companies will be asking themselves ‘what is our bitcoin strategy?”
2015 provides many opportunities for the industry to continue its expansion. In addition to businesses considering bitcoin-related services, state licensing can help streamline the new currency, making it more stable. Laws and regulations are essential to establishments heavily invested in bitcoin.
“This means that companies, having become aware that building a digital exchange, bank or payment processor is not the same as building a smartphone app, will need to get properly capitalized to meet regulatory and infrastructural standards and upgrade their management,” mentioned Juan Llanos, EVP of strategic partnerships and chief transparency officer, Bitreserve.
Another issue that analysts expect to be attended to is better development and support for end users. In order for bitcoin to be seen as a usable alternative to existing payment methods, it has to be simple.
For now, the technicalities of the online currency are a huge roadblock for consumers. As a result, companies are hesitant to offer bitcoin to their customers.
Mike Rotman, executive producer and host of the popular show “Take My Bitcoins,” hits the point directly when he says, “As long as it’s hard to get, hard to use, and not ‘dummied down for the mainstream,’ it’s not going to catch on.”
Though Rotman’s statements may seem harsh, it is a reasonable concern that has yet to be addressed adequately.