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Bitcoin is like E-mail revolution of the 90s

Dec 01, 2017 Posted /  8026 Views

Bitcoin is like E-mail revolution of the 90s

There is no doubt that Bitcoin has been the talk of the masses around the globe and many regards it as one of the most preferred inventions that will change the world scenario in coming times. However, there are some people who continually compare it to “Tulip Mania” of the 1630s or the “dot-com” bubble, which was responsible for destabilizing the business models in the 90s era. But it is essential to remember here that Bitcoin is not a mere propaganda or a promotional strategy, it is a technology with an extensive range of applications.

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It will not be a mistake to compare it with Email during 1994 when almost 0.25 percent of the population started using the application. If you will evaluate Bitcoin’s relation to email you will certainly discover quite a number of similarities. Since its creation in 2008 Bitcoin has been in reconnaissance with only the inventors and technological nerds. But many researchers have asserted that the Bitcoin has dominated the space among all the Blockchain technologies that are yet in the market.

Diffusion of Innovation

Everett Rogers a communications professor presented a theory, which elaborated how the innovations are adopted by the masses. He emphasized that it is useless to expect that solely publicizing cannot convince the people to adopt the controversial new ideas. He suggested that for the diffusion of innovation or mass adoption following elements are needed:

• Researching and popularizing characteristics of Innovation that can become the deciding factors in adoption.

• Strategizing about the decision-making process of the average user.

• Defining the characteristics of the target audience.

• Deciding the channel of instruction or the medium of mass communication.

E-mail too was fundamentally a functioning apparatus for the tech-savvy who saw an opportunity and made it commercially viable technology. But for that to happen, it needed to evolve and progress through various stages. The theorists are recommending the same pointers for the Bitcoin.

• The volatility must be replaced by stability in the market and utility for the user.

• Understanding of the mass thinking process and user-friendly approach should be adopted for promoting the technology.

• Mass adoption is the result of the constant growth in the technology itself.

The Hegemony challenge

It is significant to note here that the only war that Bitcoin is fighting here is not the mass adoption rather it is fighting the hegemony of the traditional banking and monetary systems. The centralized models are not comfortable in decentralizing their power and giving control in the hands of the populace. It is a disruptive technology in the sense that it can totally transform the outlook and structuring of the current systems.

Though few banking corporations are realizing that it is more of an opportunity rather than a threat to the world. But most of them fear that Bitcoin will supersede the tremendous power of the central monetary institutions of the world. But then Internet had the ability to engage the population of the planet on a single platform. The distribution of the information induced by the Internet lead to a revolutionary change in the perception of the people. Will Bitcoin and Blockchain will be able to do, only the time will tell. However, it will surely reconstruct the social and political arrangement very soon.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: bitcoin E-mail revolution

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