Article About Bitcoin and Success of Cryptocurrencies
I wrote this article about Bitcoin back in 2014 and emphasized that unless Bitcoin is being accepted as a payment method in real life situations, like paying for groceries, it would have a hard time competing with mainstream fiat currencies.
The Future of Bitcoin Depends on Developing a Real Life Ecosystem
Analysts believe that the large price swings happened due to the lack of real life Bitcoin ecosystem in the beginning. Former Senior Fellow at Harvard Law School’s Berkman Center for Internet & Society, James F. Moore defined a business ecosystem as “an economic community supported by a foundation of interacting organizations and individuals.” Similar to a business ecosystem, the Bitcoin ecosystem also consists of suppliers and producers who are ready to accept Bitcoin as a viable payment option, as well as consumers who would choose to buy the products and services from them by transactions made in Bitcoins.
You can read the full article here.