Although Bitcoin is the most popular cryptocurrency in the world, it is still far from being a currency or money in common use. This border still looks very distant on the horizon. However, as I mentioned in a previous article, the critical economic situation of some nations “facilitates” the adoption of even unknown alternatives. But while it is not the case; It seems not to appear as an option.
Adoption of Bitcoin in Ukraine
One of the countries that has greater openness towards the adoption of Bitcoin is Ukraine, and that is as one might expect, its economic situation is not to envy. Ukraine is at a crucial moment in its political and social life, as they prepare for their next elections in 2019 and with that they intend to leave behind years of corruption in their system and in a certain way change “order” in their nation.
And it shows that a few months ago, they demolished a statue of Lenin that could still be seen in the center of the capital Kiev. Now in that space, with the help of a smartphone and augmented reality technology “you can see” a hologram of Satoshi Nakamoto, the creator of Bitcoin.
This is because the Ukrainians, after overthrowing the government in 2014, saw their currency plummet, submerging the entire economy of their country. But for life’s situations, many American companies in Silicon Valley saw this as a great opportunity. Ukraine had many engineers willing to work for little money, something very attractive to let go.
And that is exactly what happened. According to Bloomberg Businessweek, Silicon Valley had around 100,000 Ukrainian engineers working remotely and thousands more freelancers. Many of which received US dollars as payment.
Before this, the Ukrainian engineers had a problem, they could not change their profits of dollars to their local currency, because of the crisis they were going through. It would not be very smart to change it for something that depreciates every day; and this is where Bitcoin appeared on stage. The Ukrainian engineers saw in cryptocurrency the alternative to store the value of their work.
And although today, according to the foreign press, Ukraine is taking its first steps towards the widespread adoption of cryptocurrencies by accepting payments with thirteen digital currencies (including Bitcoin) in one of the central markets of Kiev specializing in the sale of high-end fruits and vegetables.
Despite this, the reason why we do not use Bitcoin as a payment method yet; It is mainly because of two things. The first lies in its stability, because its price is very volatile, making it difficult to use as a means of exchange and the second being the confirmation time of transactions due to the blockchain processing capabilities, so if you go to the store through a soda you might have to wait 10 minutes to quench your thirst. Hence, the current fiat currencies work much better. For the moment.
If to the above, we add that “the mass of Bitcoin users” is small and that businesses that accept cryptocurrency are still a tiny part, because it gives us a clear idea that there is still a long way to go.
But every day, little by little the road is being paved so that its adoption happens sooner or later, by hook or by crook (referring to situations of economic crisis), something that could undoubtedly help is that they pay more salaries in Bitcoin, or that more retailers accept crypto currencies as a payment method. Like the example that Ukraine gives us. Learn from other people’s mistakes.
And to the crypto-believers, always keep in mind that:
“The essence of Bitcoin, is to give sovereignty and freedom to individuals over their money to control their wealth.”