Part 3. People who are motivated to use Bitcoin as a currency will drive innovation
Bitcoin is the disruptive third wave of Fintech:
- Wave 1 was adding a better front end UX to legacy systems, with a natural exit to legacy finance for not big sums.
- Wave 2 was a full stack regulated threat to legacy finance. Once again the natural exit was to legacy finance, but for much bigger sums than in Wave 1.
- Wave 3 is a disruptive threat to legacy finance, which cannot adopt Bitcoin until it becomes legal tender in the jurisdiction of their regulator.
Wave 3 is totally open source and decentralized, which also makes the revenue model more challenging. So many traditional VC struggle to invest in Bitcoin ventures.
People in the West are NOT motivated to use Bitcoin as a payment currency. Their credit cards and Fiat currency work well. This is not the case for People in the Rest who have been excluded by legacy finance; they will use Bitcoin no matter how imperfect it is.
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