Gone were the days when business meant big corporations with lots of money and clout. The advent of internet and easy access to knowledge and technology has levelled the corporate playing field. People with entrepreneurial tendency are taking a bold step forward to start their own companies where they make ground breaking products. If you know about Uber, Airbnb even Facebook and Telegram messenger then you will know how they came about. They were all start-ups that were born in small places with a small team. These companies are examples of some of those which became big and famous really fast.
There are many entrepreneurs, young and old alike who have stopped following the age old tradition of working for a company to start their own venture. Thanks to such people we have a prolific start-up community across the world. Few countries like the United States, United Kingdom and India are full of thousands of start-ups, with more waiting to follow the path.
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Start-ups usually keep up with the emerging trends to develop new products that addresses the needs of ever changing society. They bring about disruption in tried and tested business models to offer something which is completely new and more effective.
Bitcoin for example is one such area which is seeing a lot of start-ups emerge. Ever since Satoshi Nakamoto introduced Bitcoin to the world in 2008 it has grown exponentially leading to wide spread adoption of not just bitcoin as a digital currency but the technology behind bitcoin, namely Blockchain as well. Technology enthusiasts and entrepreneurs have taken to this technology like fish to water. This has led to development of a wide range of Bitcoin based applications that can be incorporated into our day-to-day life. Some of these applications have the potential to bring about drastic changes to the existing systems, especially in the banking, finance, record management, governance, law, intellectual property and many other sectors.
Creating new technologies and applications related to these technologies, especially if they can bring about a huge change in the existing system is not an easy task. There are lot of challenges and roadblocks that these start-ups have to overcome before their solutions are accepted universally. For Bitcoin related start-ups and applications, these hindrances take the form of governments, big corporations and regulations targeted towards Bitcoin as a digital currency and technology.
Starting with the initial fear of the unknown concept of a digital currency not backed by any governing authority to banks and governments fearing loss of control over the economy and population have been playing a role in hindering the pace of growth and development of Bitcoin applications and businesses. Take New York State’s BitLicense for example, a set of rules and regulations that has got many cryptocurrency start-ups and businesses rethink their markets. Some of these companies like ShapeShift.io and Eobot have pulled out of the State of New York because of BitLicense.
READ MORE: How Will BitLicense Pan out for New York?
If it’s any consolation, we can be sure that the development will go on, people will find ways to circumvent or overcome these challenges and continue working on creating new applications and improving the technology itself. It is because of such perseverance on the part of entrepreneurs and start-ups we are seeing the technology outgrow these fears and making itself heard. Bitcoin and the companies that work on/with Bitcoin and Blockchain technology which has forced the banks and governments to acknowledge its potential. Banks, financial institutions and governments are now embracing Bitcoin and Blockchain after realising that it is that time when you either hop into the bus or miss it. Missing the Bitcoin bus is no longer an option as it may result in them becoming obsolete.
The day is not far when Bitcoin technology, which is simple yet advanced becomes part of everybody’s way of life.