It can be difficult to get oriented in the cryptocurrencies if you are not an IT specialist and you make your decisions only on facts that are provided by people on the internet. Let’s have a look at what is wrong with people talking about cryptocurrencies and why adoption is so slow.
How quickly have been significant technologies adopted
The adoption of new technologies is often straightforward. New technology appears and if it gives people a benefit they will adopt it if the price is reasonable. New products using the technology are expensive at the beginning but the price will decrease over time with higher adoption. Thus, inventors and producers are well-paid for bringing new technologies to the world. People adopt new technologies quite quickly and the tempo usually increases. For example, the telephone was invented in 1877 and the adoption took over 100 years. The adoption of smartphones, which is a similar technology, has taken not more than 10 years. The adoption of the automobile started somewhere in 1910 and took also over 100 years. The adoption of a computer started in 1990 and nowadays it is a standard in many households and you can have it on a smartphone.
Blockchain technology is often considered as a fundamental technology that, as the internet did, could reshape the world. Blockchain is basically a distributed network that is based on the internet. The speed of internet adoption could help us with the assessment of how fast blockchain technology will be adopted.
Let’s start with the year 1974 when Vint Cerf and Bob Kahn develop a communications technique called TCP, allowing multiple networks to understand one another, creating a true Internet. The concept later split into TCP/IP before formal adoption on Jan. 1, 1983. In the same year, 1983, Domain Name System (DNS) was proposed and suffixes such as “.com,” “.gov” and “.edu” came a year later. In 1990: Tim Berners-Lee created the World Wide Web (WWW) and 3 years later, in 1993, Marc Andreessen and his colleagues at the University of Illinois created Mosaic, the first Web browser that was able to combine graphics and text on a single page. Thus, the world of the Web has been opened to the world with software that is easy to use. Amazon came into the world in 1995. The famous dot-com bubble burst in 2000…