Bitcoin is struggling on the front of public relations, as many people around the world see the popular digital currency as a payment method used only by criminals on the Internet. Over the course of the past six years, Bitcoin has moved on from being a niche product to something that will change the world of finance forever. However, changing the public perception will be quite difficult, and take time to boot.
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Even though more and more companies and individual start to see the benefits of Bitcoin and digital currency, there are still some key issues that need to be addressed in the near future. Despite the amazing technology powering the Bitcoin network, certain limitations may prevent the network from growing.
Seven transactions per second, combined with half an hour of verification time to get some confirmations on every transaction, can be seen as major drawbacks in the eye of the public. Even though Bitcoin payment processors will work with zero-confirmation acceptance most of the time, speeding up network confirmations would give the digital currency a more legitimate appeal.
Addressing the transaction limit is currently being done through the Bitcoin block size debate. Depending on which solution ends up being implemented by the Bitcoin developers, more transactions can take place per second, effectively competing with larger payment networks such as Visa and MasterCard.
Bitcoin’s colored past is not helping matters much either as far as public perception is concerned. Many people still associate Bitcoin with Mt. Gox, Silk Road, and other shady platforms that all played a role in the history of this digital currency. The fact that mainstream media likes to overdramatize these events, and hammer on them at every possible turn, is not helping matters much either.
These problems transcend the consumer space, though, as businesses are hesitant to accept Bitcoin as well. Without a proper PR image, growth in the digital currency space will be difficult. Any service or product associated with the term Bitcoin is met with lukewarm reception business people and consumers right now.
One notable trend to emerge throughout the year 2015 is how people have suddenly started to take a liking to the term blockchain. Keeping in mind how the blockchain is the foundation for every type of digital currency, it seems to be a preferable starting point when it comes to striking up a conversation about cryptocurrency in general.
Fixing Bitcoin’s public perception may very well come down to the usage of the term blockchain, rather than Bitcoin itself. Blockchain is the buzzword right now, which might eventually lead to people coming around to using the term Bitcoin as well. Only time will tell, but for now, blockchain is the proper terminology.
Source: Forbes
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