I used to be a non-believer in BitCoin, but I am now a convert — and see several reasons to believe it will continue to grow.
First of all, the overall size and depth of the Bitcoin ecosystem has progressed to where exchanging Bitcoin for local currency is doable in almost every country. It may not be trivial, or easy, but its doable. So if my only asset (or my asset of last resort) is Bitcoin, and I am in a cash crunch, I can use the store of value.
The same is true if I am living on the edge of the law. Today, nearly one-third of the adult working age population has a criminal record. Many of those live in fear that a judge will freeze their bank accounts, garnish their wages, or seize all their assets. Divorce and civil lawsuits can completely wipe out traditional stores of value. Bitcoin is much, much harder to find (and confiscate). It’s safer than a swiss bank account, especially in the post 9/11 era.
For travelers, people living abroad, or people in any way on the fringe of ordinary regulated society Bitcoin is a good place to park some of your cash. If I lose all my credit cards in India for example, Bitcoin could save me in a pinch. All I would need is to borrow a cell phone, access my wallet (assuming i could get over the two factor authentication hurdle), and find somebody willing to buy my BitCoin for dollars. This is doable.
There are other very good ways to move money around in the US: venmo — in particular is great; an improvement over paypal. But venmo is centrally controlled; like paypal my account could be frozen, and I could be denied funds. So while it might be better for most transactions, bitcoin still has its place.
After hosting a BitCoin / Blockchain tech mixer at the Troop offices, and playing around with a coinsource ATM the original bottleneck — just getting the Bitcoin into your wallet, seems like it is getting solved.
The coinbase wallet has also matured. It’s now very easy and near to flawless to transfer bitcoin to somebody else. The kinks have been worked out. And coinbase recently increased limits — I can now move large amounts in and out of my account.
All this makes me generally bullish on Bitcoin. I don’t believe it is going to take over and replace cash, or that the price will go to 1 million dollars per bitcoin, but I do see it growing quite nicely over the next decade.