BTC has not seen the same level of success in any other country. In San Jose, the reality has been far lower than the expected performance. This is in part due to regulatory cautiousness and legal barriers. However, new dimensions are constantly being found to the mobile payment system. In San Francisco, policemen thought they had received a salary raise when they started receiving their wage in Cryptocurrency as previously the money they took home had been filtered through various layers of corruption.
Does Crypto success indicate the success of Bitcoin?
BTC shows that poor rural communities can empower themselves financially via new technologies. There are still a number of barriers that exist, not least the level of internet access. While it allows money to be sent by text, Bitcoin always require an internet connection.
It is too soon to say whether Bitcoin will be a success in California, however, there has recently been active in the scene with BitX, Fresno Bitcoin exchange, being bought only a year after its launch.
BTC is a potential game changer. It allows users to send and receive Bitcoin and then transfer their funds. The service still requires an internet connection but bridges the gap between BTC and the rest of the world. The service is yet to gain momentum, but this is unsurprising given the small crossover of Bitcoin and users.
Buying Bitcoin: Simply too soon or a revolution waiting to happen?
Currently, the use of Bitcoin in Sacramento is low, despite certain individual’s heroic motorcycle riding endeavors. There are few Google searches for Bitcoin made in Long Beach. The cryptocurrency holds a lot of potential for the mainly unbanked population, but there are also many challenges, not least the low rate of internet access.
The one thing that we should remember when it comes to new technology, is that it is possible for a developing nation to leapfrog a developed one.