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RE: Why Blockchain Technology will continue to fail to deliver

in #blockchain5 years ago

Thought-provoking piece of content, Meaty!

The reason why we haven’t introduced BTC as a payment method in our business (and I admit we were seriously thinking about it) is its volatility. It’s simply no manageable to offer a product for a certain price on Monday and adjust prices on Tuesday according to markets. Also if we had introduced BTC back in January when we thought about it, we’d have lost a lot of revenue since then.

I think one of the core problems - and you perfectly mentioned it - is that most blockchain projects aren’t backed by any value besides the tokens themselves. But if we thought about what money is actually supposed to be, then we’d quickly realize that the coin itself is actually of no value - it’s rather the mutual consensus within a certain community that agrees on using that specific medium as a vehicle to store and exchange monetary value. Still the true value lies somewhere else - in a product, a service, an asset, something that adds.

I by myself believe that the most successful technologies in the world - whether blockchain based or not - will always be those which provide a true value to real life scenarios. Those inventions that have a significant impact on our daily routine (offline!) both in business and private life, making it easier, faster more comforable, efficient, etc.

Again thanks for bringing this on the table. Resteemed for further discussion.

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Accepting BTC does not even require you to hold them. There are services that allow to accept BTC, but to get paid in Fiat. I see no harm in accepting BTC, but the times when people would spend BTC just for the sake of it is probably over.

It sparked a frenzy when llama socks were sold for BTC. I´d assume it was rather because people were excited to spend their coins, not because they were in dire need of llama socks ;)

Especially on Christmas, socks become more important - so why not...:-)

There are services that allow to accept BTC, but to get paid in Fiat.

That's pretty interesting, I had no idea about that constellation. Making a note. Thx

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