Bitcoin and troublesome innovation
As bitcoin went over highly advanced computer systems and technology, there is a new phone every new day. You will see that there is no shortage of new ideas and technologies that change people’s lives every day. Also, Blockchain and innovations exist in everything and the future; they will be remaining at the forefront. Also, apart from all this, many proposed Blockchain applications will promise you disruption of everything, and hence, they are nowhere close to being the future. It has been almost three years since a person first created bitcoin, and we cannot find a single disruptive innovation to date. Have you ever thought about what is replaced from the very beginning? You will see that even though there were many plans, applications and opportunities have failed, and this is the harsh reality. Also, cryptocurrency investors have more tweets than the transactions they make every day.
Innovation and disruptive innovation
If we take into consideration the general definition, innovation is no invention at all. You need to know that innovation is undoubtedly the process of making opportunities for the existing idea and then implementing it into commercial practices. Also, there should be an ability to drive innovation to take up the opportunity and exploit them to get the most out of it. Also, one way of innovating something is by getting to know about ways of establishing a new market. On the contrary, new operational efficiencies and their research is the way towards profitable innovation. However, it is not something at all that is Promised by bitcoin.
When it comes to disruptive innovation, it is not providing innovation to the general masses. It is the history of transforming all the expensive and complicated products into something possessed only by the lucky or few wealthy people. These are the products available on a far broader market, and therefore, the general population is not capable of procuring them. Some disruptive innovations include changing the mainframe computer into a compact PC and a whole building camera to Digital small cameras. The video rental shops have also been shot down into online streaming platforms, all started by providing services to a small niche market. Clayton Christensen was the one who had a brilliant mind and made the definition of disruptive innovation. He gave examples from utilizing the steel industry.
If we look around ourselves, we will find no shortage of any example for disruptive innovation. It can be radical or incremental similar, or heterogeneous relative advantage and also compatibility. Still, we can only remember a few cryptos when it comes to comparing the meaningfulness of disruptive innovation with the help of bitcoin.
When a person first created BTC, people could experience the trialability of transferring these simple tokens. In the early times, people could send it within every couple of seconds to some people. People who have used that bitcoin in time will remember the same thing. There was an excitement of proving the possibilities of innovation that were observable within a couple of seconds. Bitcoin has proven to be a stunning example of innovation with time, and still, people believe that it will be a disruptive innovation in the future. Some countries across the globe believe that bitcoin can still not support the country’s financial system, but that is entirely wrong. Bitcoin is and definitely can be the medium of exchange for any primary currency as it possesses the required capabilities and potential.
Nowadays, things are entirely different. Earlier, people could quickly transfer bitcoins from one person to another, but now, the BTC core base innovations also have links and sign up on an exchange. The user must also know your customer authentication to get funding from the Fiat currency and purchase bitcoins from Cryptogroupsoftware . Therefore, we can say that the cryptocurrency exchange we are dealing in coins on is commercial practice, and it also makes the whole process exciting. Therefore, it is very far from disruptive. Also, if you look around, the case of bitcoin is even worse, and the bitcoins are used only through a third party which can be the cryptocurrency exchange. However, if someone is willing to use the BTC code, he does not even have any capability to do so in today’s cryptocurrency market.
On November 25, 2021, when you make a bitcoin transaction every day, you have to pay if it’s over two dollars. However, it is something that ultimately reduces the travel ability of BTC. Also, as the market is significantly less demanding, people cannot even enjoy the same. It also reduces the possibility for the people trying to make very small transactions as it was the primary purpose of introducing bitcoin. Back in time, bitcoin had a minimum transaction size of 0.0 0000546BTC, which equals $0.22.
It was the price when crypto came, but things have to be taken seriously now. We can see that because of this enormous change from the beginning of bitcoin to date, it is a disruptive innovation that is completely changing its purpose, and people are not getting any benefit from it. However, the players playing between the users of cryptocurrencies like bitcoin are making huge profits by charging fees.
Story by Jean Nichols