In 2008 when Satoshi Nakamoto proposed an electronic mechanism that can function without relying on trust, did not see this coming. Today bitcoin ecosystem has been victimized with lack of faith in its systems since that very day. There is no doubting the technology behind Bitcoin which is robust and scalable to great levels. However, some individuals in the system that failed to keep their side of the bargain or did not live up to their legal obligations has tainted the image of Bitcoin in the market and has also resulted in burning of proverbial bridges with their customers.
Bitcoin needs to build trust from the scratch
The bitcoin technology may be risk free. However, the economy and community tied to this technology is highly dependent on the integrity of individuals in it.
As this concept has grown exponentially within the years, so have the number of bad actors that continue to plague the system from inside. This is the reason the bitcoin community needs to adopt smart measures to temper risk and restore trust in the ability of this technology. They need to reduce the entry barriers and need to open up the sector to new opportunities proportionate to their responsibility and integrity to the entire network. They must also establish common set of boundaries and best practices to encourage similar standards across the industry.
Build safe and trustworthy international remittance network
What brought Bitcoin to the world map was its ability to transfer international remittance at very low prices. So far, the industry incumbents charge large amounts of fee to make payments internationally which gave new firms the opportunity to leverage bitcoin blockchain. However, fees is not the only criteria that the customer considers while make international payments. In this case, trust plays a much larger role.
Lack of trust in Bitcoin transfer of funds
Recent study revealed that there is a very small percentage of customers that are open to using Bitcoin technology for remittance. However, the companies that are looking to build their business on money transmission across the globe using Bitcoin network still have great prospects as there are also people who do not trust the traditional means either. Bitcoin’s blockchain technology helps in easy transfer of money using networks of computers, also known as miners, and is just as instant as the conventional methods and cost far less.
Regardless of how elegant the Bitcoin technology is, the customers don’t care about the technicalities. What they care about is the benefit that they get from each service. Above all of this lies the trust they need to have on the service provider who handles their money. People need trust on the operators not on the technology!
Unfortunately for bitcoin, the media has fostered distrust in this service. While the technology certainly holds a promising future, the consumers will only choose to work with businesses that they trust will deliver as promised.