This article is relevant if you are making assessments about Bitcoin’s Market adoption.
I belong to a great Los Angeles CTO group, led by Tony Karrer, called the LA CTO Forum. ¬†I highly respect the members and have learned much about the latest in technology innovation and how to bring software leadership to organizations. ¬†I consider the group a source of power for making market assessments and to understand new capacities in the computer science domain.
Since my practice is about NetSuite Systems Integration, I would speak mostly about the power of the NetSuite Platform and how it can be used to integrate CRM, Accounting, Order Management and eCommerce operations into products and services that my fellow CTOs were leading in their respective organizations.
Approximately 18 months ago, or March 2013, I proposed having a meeting to discuss the Bitcoin and the Crypto Currency breakthrough and how we have produced leadership by integrating Bitcoin into the NetSuite system (if you are interested, have a look at http://www.btc4erp.com). ¬†But to my surprise, the CTO members quickly discounted (effectively laughed) at the idea. ¬†I knew at that time that it was simply too early — all things Bitcoin were “too early”.
Recent CTO Enthusiasm
While our team members quickly kept their heads down and focused on how to help NetSuite customers accept Bitcoin in their respective business, I received an email from fellow CTO, John Shiple, that the August 2014 CTO meeting was on Bitcoin! ¬†He had invited another respected CTO member, Mark Jeffrey, to give a talk to the group. ¬†Apparently, I had missed a couple of previous meetings and members have been enthusiastically looking to learn about Crypto. ¬† Mark published a book, “Bitcoin Explained Simply” to help many understand Bitcoin’s nature and he was in a great position to make the offer for an educational talk.
Mark did a great job helping the members understand Bitcoin. ¬†Given I have been tracking Bitcoin since March 2011, and enthusiastically since June 2011, ¬†I supported Mark by offering clarifications on some of the finer points. ¬†The meeting helped me reflect on the current state of Bitcoin adoption:
- Most technology oriented people have heard of Bitcoin and now are open to understanding it. ¬†The laughing has died down and the “Oh Wow!” is more frequent.
- The regular public may have heard about it but they are still confused about it. ¬†Joe Six Pack is noticing that Bitcoin comes up in the news frequently but he doesn’t know how to act with it. ¬†Meanwhile, Bitcoin adoption grows at a fast and steady state worldwide.
- Leading organizations are watching others, like Dell and Overstock, accept Bitcoin with success and are interested in learning how to also accept Bitcoin in their respective businesses.
What’s Next For Bitcoin Adoption?
In my mind, I am preparing for expanded Bitcoin adoption. ¬†So long as the technology continues to be reliable, then I believe we will see continued adoption — perhaps at a faster state. ¬†I believe we are moving into another wave of new Bitcoin offerings as many technology enthusiasts have been and are gearing up to bring new capacities to disrupt old world practices. ¬† It’s an exciting time!