Does Blockchain Technology Have A Trust Issue?
When blockchain technology was first created and unveiled to the world, it was prompted as a decentralized digital currency solution, with bitcoin at first, a solution that removed the middleman that we've become so accustomed to dealing with whenever carrying out financial transactions in our everyday lives. People could now send funds anywhere that they wanted without having to go through some intermediary.
The blockchain is a revolutionary information storage tool, enabling peer-to-peer transactions, that essentially isn't owned by a central party. The decentralized nature of blockchain technology is designed to be secure, reliable, and trustworthy, and doesn't rely on the trustworthiness of one actor alone to make it so.
Some have argued that the blockchain doesn't eliminate the need for trust. And they suggest that cryptocurrency and blockchain technology isn't more widely used today because of this issue that it has with trust.
As well, previous surveys have asserted that most blockchain users don't trust eachother and that this greatly stands in the way of the spread of adoption.
It's estimated that there are some 22 million bitcoin wallets that have been created and roughly 5.8 million or more active bitcoin users, this doesn't include many who are using other coins. And despite the bear market in 2018, it's reported that cryptocurrency adoption at least doubled last year.
The number of bitcoin users is optimistically expected to reach at least 200 million by 2024.
Several years ago we hardly ever heard about cryptocurrency or blockchain technology and today there are multiple mainstream news reports coming out almost every day on the topic. You can also find cryptocurrency machines at malls, coffee shops, grocery stores, and other familiar locations. Users can also use their cryptocurrency to pay for a variety of goods and services. They might even see it mentioned during their favorite cartoon.
I'd say that the growth has been rather impressive despite the fact that some believe there's still a glaring trust issue that's central to the blockchain and remains to be solved. While some think it hasn't grown enough yet because of this, others have been helpful to remind us that we are still in the early stages.
This chart above compares estimated crypto user growth with internet user growth to get a better idea of the success of the adoption thus far.
Magical Internet Money...
Whether or not someone is open to experimenting with cryptocurrency or not, they're likely still going to become more familiar with this technology going forward, even if they aren't trying to.
Pics:
pic 1- pixabay
pic 2- pixabay
pic 3-simpsons via ccn
pic 4 - medium
The lack of trust I think is one of the best parts about crypto. As long as we have lack of trust and people always being suspicious we can, for the most part, self regulate.
I just saw a bitcoin atm at a local mall the other day and almost fell over. The reach is expanding every day.
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I think growing awareness is underway. I saw a huge digital billboard right next to Detroit Metro airport on the interstate talking about where you could buy Bitcoin!!
Clowns that has wrote those texts are deliberately missing the point: Technology is implemented by the people. You can’t trust to those people — the user must verify that the technology is properly implemented. Education is key. But if you have properly implemented technology, then you have built-in regulation, far more robust and fair than a bunch of bureaucrats can ever provide.
the only trust issues are:
a) centralized exchanges
b) centralized government and regulators
the rest of it can be fixed easily
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