Disruptive technologies improve at a faster rate than user needs. Computers, phones and even the Internet were initially discarded as toys.
In the decade of the 1990’s, people did not foresee that the introduction of smartphones, computers or Internet access would improve work and personal life considerably. These technologies have allowed communicating more easily, gaining access to new information instantly and making possible new forms of recreation. Today’s changes are due in part to the interaction that people have with these products.
However, people’s way of thinking and assessing technological advances has not changed. There are still people who consider having Bitcoin unnecessary if there are national fiat currencies or gold. This is commonly heard in family gatherings, social networks, or even from experts in any field. This is an evil that afflicts all disruptive technologies, according to the academic and business consultant, Clay Christensen.
Disruptive Technology that Arrives with a Delay
Christensen states that some technological advances are updated at a much higher rate than user needs, so they should be seen as processes. In this sense, at the time of its launch, a technology may not be accessible to everyone, its characteristics may be misunderstood, or its proposal may not solve some immediate problems.
Chris Dixon, investor and Co-founder of Hunch, says that this nature of disruptive technologies leads the Internet economy to change radically every decade. The most influential companies 10 years ago may not exist today or have been relegated by proposals not taken seriously at first.
The first telephone could only transmit voices two or three kilometers away, so the Western Union company decided not to acquire it due to lack of usefulness in the rail system. Although the invention was initially discarded because it was found to be like a toy, over the years it became one of the most important advances of the 20th century.
Christensen stresses that the key to success is how fast technology can improve and how versatile it is to change. If a product can constantly improve, it can be made more useful in users’ eyes.
Bitcoin Is Catching the Wave
It should be mentioned that Bitcoin emerged as a secret in 2009, and mining companies, along with startups and exchange houses began to emerge in subsequent years. The emergence of new sources of work confirmed that Bitcoin was ceasing to be a marginalized and unknown invention by 2012.
However, a good part of Bitcoin society considered (and still consider) it as a specially tailored toy for cryptoanarchists. As a utopian dream by someone who has not slept well and suffers from state paranoia, Bitcoin does not seem to be able to offer a solution to a tangible need. After all, there are still gold and fiat currencies, which continue to function as storage of value and exchange of value, respectively.
This technology has gained a step toward the future, since it has advanced to a need that many have not yet identified. In today’s society, authorities have lost their credibility and personal information is used as a weapon. For this reason, privacy and transparency are increasingly valuable assets. Therefore, Bitcoin can be used to store value and also as a currency; however, its strength is its ability to offer the transparency and privacy not found in other value exchange systems.
By Willmen Blanco