2.2.0. Practical Lesson
(1). Based on the knowledge of the four phases of the growth of a technology, what phase do you think Blockchain technology and cryptocurrency is at right now?
Choose an Option:
A. Creation Phase
B. Denial Phase
C. Adoptive Phase
D. Regulatory Phase
(2). Most importantly, do you think it is early or late for you to make money from the Crypto Market?
Choose an Option:
A. Early
B. Late
2.2.1. Evidence of Rapid Crypto Adoption
The good news is that Blockchain is at its early Adoptive Phase. Meaning, you are still early and can make financial fortunes from it.
The adoption of cryptocurrencies is growing far more rapidly than we thought. Check out this latest news!
1. PayPal, the global financial giant, has already started using cryptos since 21st October 2020.
2. Elon Musk, the richest man on earth, and a South African, generated a cascade of events when he bought 1.5-billion-dollars’ worth of Bitcoin on the 8th of February 2021. He announced on the 23rd of March 2021 that his company, Tesla, that sells electric cars will start to accept Bitcoin as a mode of payment.
3. On the 11th of February 2021, Visa and Mastercard, the global financial giants, have decided to adopt cryptocurrencies as a means of daily payment.
4. The Bank of New York Mellon, America’s oldest bank, said on 11th February 2021 that it would begin financing bitcoin and other cryptos.
5. Also, on the 11th of February 2021, the global e-commerce giant, Amazon, decided to adopt crypto by creating a digital asset for transaction by its numerous customers.
Indeed, cryptos have come to stay. It is at its early stage of adoption. If you do not have cryptos in your financial portfolio, you may regret it tomorrow.
2.2.2. Duration of the Four Phases
The duration it takes for a new technology to move from one phase to another varies, and it depends on one factor – communication speed.
In the agrarian phase, the design of horse-driven wagons in ancient Egypt and Mesopotamia was slowly accepted in remote parts of the world because communication and transportation were slow.
It took the locomotive engine invention about 100 years (1814 to early 1910s) to reach the fourth stage, the Regulatory Phase. It took the internet technology about 30 years (1985 to 2010) to become well accepted. Now it takes Blockchain about 10 years to arrive at the third phase, and with the rapidity of the unfolding it will take less than 20 years to arrive at the regulatory phase.
Why is the duration of the phases shortened for Blockchain? The answer is because of the faster communication speed of our era. Rapid speed is one of the main characteristics of the emerging Digital Age.