Bitcoin Adoption Oscillating Between Outdated Traditional Banking System versus Underdeveloped Future Digital CurrencyJanuary 13, 2019
Bitcoin adoption and trading volumes in Bitcoin have increased drastically in Venezuela. There has been a lot of panic and rejection of government currency in Venezuela due to inflation and unsustainable government policies.
Venezuelans have been trying to find their resort in the USD ever since inception. However, they were attracted to Bitcoin. Not only Venezuela, but several developing countries like Columbia and Peru were also attracted to Bitcoin.
With this being the case of developing countries, the fate of Bitcoin is completely different in India. The Banks in India are requiring their customers to sign up terms and conditions that require them not to use Bitcoin. Thus, discouraging adoption of cryptocurrencies.
The new terms of service agreement are made in a way to force customers to choose between the bank and the cryptocurrency. This is a very difficult decision to take for those who support the cryptocurrency. Several investors are hoping to see cryptocurrency take over traditional banking one day. However, the current behavior of the banks in India makes the adoption near impossible.
In cases where the customers breach the terms, the bank reserves the right to close their account. Similar warnings are also published in ATM services. Thus, Bitcoin or any other cryptocurrency does not have protection or regulatory permission in India. The Indian Central Bank have cited issues of security and volatility related to cryptocurrencies. Though the Reserve Bank of India has not outright banned cryptocurrency, they are contemplating between the outdated system of banking and a weak system of future banking.
And, Bitcoin is in a very early phase of adoption. There is a belief in a greater purpose for Bitcoin. The mainstream adoption for several reasons will take time. The acceptance at the official level is pretty low.
While the initial use case for cryptocurrency has been related to negative use, with regulatory authorities stepping on board, people are beginning to realize the potential of Bitcoin as a global digital currency. Before Bitcoin can make it to the mainstream everyday life, there will be a requirement for a lot of screening and rules.
People are way too confused differentiating between Bitcoin and Altcoins. Most of the Altcoins are meant for speculation. People who are new are having a difficult time differentiating between use case currencies and speculative tokens. They also have a hard time differentiating between a scam and legit transactions. People are looking at a clear line that will help them differentiate between what is good and what is a scam so that their energy and money goes into the right token.