"You'd be forgiven for thinking that technological development was following a predetermined trajectory. In the past few decades, we've seen the rise of personal computers, the internet, mobile devices, and now, the advent of Bitcoin. It's already well-established that bitcoin is the best asset. That's just a matter of basic financial literacy. If you can read a graph, the evidence is obvious."
"Beyond its properties as an asset, which are getting most of the attention and recognition, Bitcoin is a way to move value. That's its core utility. And it's not about buying coffee or underwear (at least not yet). Since it's a currency designed on and for the internet, retail adoption will likely come after it goes mainstream online. And how it will go mainstream online is by commoditizing value transfer - letting anyone move value anywhere for any purpose without intermediaries."
"The scale of the transformation will rival that of the internet itself. Physical books were hard to obtain and easy to ban (and sometimes burn). The internet liberated information, giving far more people access to far more ideas than we had ever had before. Conventional money is locked in the walled gardens and preferred pathways of market incumbents. Bitcoin represents the end of this system and the beginning of another."
Technological progress produced personal computers, the internet, mobile devices, and Bitcoin. Bitcoin serves as an asset but primarily as a method to move value across the internet without intermediaries. Retail adoption will likely follow mainstream online use as Bitcoin commoditizes value transfer and lets anyone move value anywhere for any purpose. Broad portability of value will erode borders and incumbent control, shrink banks' central roles, and create new economic connections and behaviors. The internet democratized information; Bitcoin democratizes value and signals a shift from fiat-based payment systems toward native internet money.
Read at Bitcoin Magazine
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