The contributors of an Article declared that “Bitcoin is Just a new Apple.” They described how the price of BTC (Bitcoin) could outreach nearly £47,415 in the year 2023. Bitcoin drapes near the gap of the adoption curve at times. The amount of Bitcoin looks similar to Apple’s stock as was in 2008, before breaking out with a 520 per cent gathering.
By the year 2008, Apple smartphone insight was hindered at approximately 11 per cent. Still, it is waiting to reach and cross the gap between the two stages, early adopter and the early majority. So, there was a need to pass that level, and Apple is stalled at that chasm. Bitcoin today is doing well at the same place.
However, the above comparison results in rising of some questions on BTC. Is the BTC even a part of technology as smartphones are? Is global penetration of BTC close to putative penetration rate? As Apple technology has crossed the gap, so how can one compare future price with BTC?
A professor of communication, Arvind Singhal, has focused on the spreading of innovation in his research. Adoption of BTC has to face tremendous barriers on individuality basis for running in the community of similar currencies.
According to Michel Rauchs, who is the head of a consulting firm for cryptocurrency and Blockchain, Paradigma, “Bitcoin itself is not a technology, so its comparison with other technologies like Apple is a misguidance.” “Rather it is a socio-economic system, which needs technology to show the units of accounts as a financial order,” he added.
Users and Efficiency: An Enigma
The CEO of BCB (Digital Financial Services Group), Oliver von Landsberg-Sadie, accepted the irregular adoption cycle of BTC. He agreed with the fact that if there are more users, the Bitcoin, as a currency, will be less efficient. If there are more users in the Bitcoin network, it will self-regulates by increasing the fees. At higher taxes, fewer people will use Bitcoin as a transaction way and as a result, its efficiency will decrease.
For solving this Enigma, several technical solutions were suggested in different forms. The solutions include forks and lighting network project. This network project uses a second layer, and none of them stuck in the Bitcoin protocol that used to be the slowest for evolving.
Current Stage of Bitcoin: U.S. and U.K.
According to Rauchs, Bitcoin has entered the regular adoption as measured from its awareness, i.e. knowing its name. From a Blockchain capital survey performed in the U.S., it was reported that about 89 per cent of the citizens are aware of the term Bitcoin. Additionally, a financial study conducted in the U.K. said that 73 per cent of citizens have heard about Bitcoin (crypto).
If we discuss the ownership of BTC, 9 per cent of the U.S. community owns Bitcoin that was from the firm corrected later. However, in the U.K., about 3.86% of the population owns Bitcoins currently. It projects to nearly 2 million adults in the U.K. community.