BITCOIN’S BIGGEST BUSINESS HURDLE: RELUCTANT BANKS

LONDON (InsideBitcoins) – Way back in July when Inside Bitcoins reported on the state of the cyrptocurrency market in the scenic tax haven of Jersey, the state of the currency seemed unsettled. Several months on, we caught up again with Robbie Andrews, co-founder of bit.coin.je, and asked him how he thought things had progressed.
‘The main issue facing anyone globally remains unchanged; getting the discussion to be understood in terms of the benefits and advantages of the blockchain.’ He told Inside Bitcoins.
‘If you’re dealing with intelligent people, then after a while the discussion leads that way, and so there’s clearly no problem. If however, you’re dealing with people who aren’t familiar with the tech industry in general, you’re going to lose those people.’
Grabbing hold of a moving train
According to Andrews this is more than a simple case of technophobia on the part of the mass consumer; cyrptocurrency suffers from a unique disadvantage when it comes to proselytising its merits. Its pace is atypical.
‘The speed and scale at which things are changing is unique, crypto in general is moving at ten times the speed of the rest of the tech industry and so it’s like trying to get people to grab hold of a moving train. ‘

This post was published at Inside Bitcoins on Nov 10, 2014.