Though it is increasingly acknowledged by major business, investors and governments that bitcoin has the power to enable potentially world-changing financial innovations, fundamental issues are still holding back adoption. One of the most prominent, around the world, is the lack of consumer understanding of the subject. For all its development, it remains difficult to explain to the average person just how bitcoin technology can impact their lives – today.

This begs the question: in its current form, is bitcoin, both the technology and the wider industry, evolved enough yet to solve real problems for the mass market?

The answer, according to experts in the industry, is not yet, though scores of entrepreneurs and startups are working toward this goal, use case by use. Vinny Lingham, CEO of mobile gift card provider Gyft, for example, enables bitcoin to be spent on gift cards – a mainstream use for the bitcoin currency.

Even so, Lingham believes many of the strongest use cases for bitcoin have yet to be developed: “I think there are a multitude of use cases for bitcoin that are going to be very regionally specific. The beauty of this technology is that it’s not a one-size-fits-all technology.”

News on Bitcoins

Bitcoin awareness in the US is growing, with the latest polls showing that more than 50% of consumers have heard about bitcoin. Still, the majority – 65% – said they are unlikely to buy the currency. This statistic doesn’t bode well for US startups, most of which are focused on making buying and using bitcoin easier, not applying the technology to more specific use cases.

People in more established financial hubs like the US or the UK see the long-term promise of bitcoin and have, to date, treated it more like an investment or a tool capable of cutting costs associated with payment. Outside of these nations, however, many in the bitcoin and wider payments industry believe there is opportunity for the technology to empower financial independence with new products that tackle problems in ways the industry hasn’t yet conceived. One of the major global use cases for bitcoin is the ability to send low-cost, near real-time cross-border remittances.

Bitcoin Financial News

The takeaway for entrepreneurs is that having that mindset, and focusing on a particular problem that bitcoin can solve, may be the best way to get a bitcoin company off the ground.

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