What he argues is that many of the reasons Bitcoin core developer Mike Hearn says Bitcoin has failed are prematurely spurned indicators that Bitcoin is actually succeeding. Cary points to some signs of hope for the future of Bitcoin in his piece, taking aim at traditional banks and contrarians who believe Bitcoin cannot and will not be able to disrupt the status quo.
Using a phrase often reserved for huge banking institutions, Cary refers to Bitcoin as “too big to fail.” Pointing to Bitcoin’s growth trajectory and steady adoption over the past 5 years, Cary concedes that the overall system which Bitcoin runs on needs upgrading to continue to function well, however, he also asserts that it’s a good problem to have.
“What began as a small experiment is now a rapidly expanding ecosystem. There are so many people using it now that we have to plan for more capacity. It was never a secret that the software powering Bitcoin would have to get upgraded occasionally—just like the software on your iPhone.”
While some in the cryptocurrency industry have angst around the 20-30 minute delay surrounding transfers and confirmations of transactions surrounding Bitcoin, Cary has a bit of a more optimistic viewpoint in that established and traditional banks can still take several days to transfer money overseas and the costs can be high as well. Cary believes that Bitcoin’s place in the market will drive growth in both adoption and innovation in the coming 5 years.
“The Bitcoin blockchain will catalyze innovation over the coming years. As citizens of the internet we demand transparency and ease of use. In 2016 people expect to be able to send money over the internet as quickly and cheaply as sending an email. The fact that it still takes several days to send an international money transfer is a throwback to yesteryear. Bitcoin solves that problem.”
Cary’s place at the head of Blockchain.info certainly makes him a person who has a vested interest in Bitcoin succeeding, but as seen in his writing, many of these reasons seem to be as much tied to larger social issues as they are financial. As he references a Bloomberg article saying Bitcoin was the “best-performing currency of 2015,” it remains to be seen how the positivity that he and other influencers who remain at the helm of the Bitcoin movement will guide the currency into 2016 and beyond.
Featured image from Shutterstock.