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If you are old enough to remember what it was like when fax machines first came out… Do you remember what the biggest problem in the early days of fax machines was?
It was that your company might have a fax machine, but if other companies didn’t have one, you were stuck… unable to send the fax.
But once more and more people started getting fax machines, suddenly the utility of your fax machine went up… because you could send faxes to more people.
This is called a network effect…
It’s when the value or utility of a thing you own goes up because other people are now able to “interact” with it.
This kind of thing exists everywhere… In the early days, email addresses were only for hobbyists, but as computers became more popular and internet connections reached every home, suddenly everyone had an email address.
The same thing is happening to Bitcoin as we speak.
We’re currently in the “early days'' of Bitcoin, where the infrastructure that supports it is patchy and difficult to navigate. But the day is coming when Bitcoin could be ubiquitous.
And that day isn’t far off. With big financial players finally jumping on board, it might not be long before everyone and their grandma is using Bitcoin.
And it’s at that point that I expect its value to soar astronomically.
— Jeffry Turnmire | | | | |
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