You’re Still Early: An Objective Look At Bitcoin Adoption

Cryptocurrency enthusiasts will tell you that Bitcoin is the future of money. And while that remains to be seen, one thing is certain–if you’re looking to cash in to the crypto craze, you’re still early. Let’s take a look at the current state of Bitcoin adoption.

Retailers & Vendors

  • It’s true that some major retailers like Microsoft, AT&T and Overstock now accept Bitcoin payments, but the list of mainstream stores still accepting it is meager. Most companies are waiting to see how things shake out before jumping on board.

  • The same can be said for online vendors where Bitcoin payment options are still uncommon and often require shoppers to jump through hoops in order to complete a purchase.

  • It’s also worth noting that since the fees associated with Bitcoin transactions can be substantial–sometimes as high as 5 percent–many vendors still aren’t convinced it’s worth the added hassle.

Investing Due Diligence

  • In addition to the lack of adoption by vendors, there’s also the problem of minimal investment due diligence applied to cryptocurrency purchases. While the coin weenies out there may see this as a minor issue, it’s still worth noting.

  • You’re going to need to do your homework before investing in any crypto assets, including Bitcoin. Without proper research, the odds of success are against you.

The Good News

  • The good news is that the cryptocurrency space is still in its infant stages. While there may be significant volatility, the underlying technology is still being refined and improved, so it’s reasonable to assume that adoption of Bitcoin and other digital currencies will increase over time.

  • This means there’s still plenty of time to get in early and take advantage of the potential upsides, but it’s important to keep your wits about you and maintain realistic expectations when investing in any asset.

Conclusion

The bottom line is that, when it comes to Bitcoin adoption, you’re still fairly early in the game. As such, it’s important to take the time to do your research and understand the potential upside and downside of investing in any asset before pulling the trigger. Doing so will help you make informed decisions and better prepare you for what lies ahead.