5 periods of Bitcoin adoption.
The stages of adoption contain 5 periods (counting from the bottom) and represent the changing understanding of Bitcoin. It is worth adding that according to this chart, Bitcoin is currently somewhere between the second and third periods:
innovation,
collector's item,
collector's item and store of value (SoV),
collector's item,
store of value, and mean of exchange (MoE) global money.
Understanding adoption.
No matter how accurate the data presented by Woo is, the topic of Bitcoin adoption is the subject of much controversy. There is no shortage of skeptics who say that cryptocurrencies are far from mass adoption and that it will be very difficult or even impossible to achieve. They point to the numerous difficulties that Bitcoin must first deal with, such as the issue of network efficiency and the increase in transaction fees, which, according to some estimates, may have cost users up to $ 500 million in recent times.
Others, in turn, are very optimistic about this discussion, arguing that the widespread use of cryptocurrencies is just around the corner. Among their arguments, they list, for example, the increasing share of institutional investors, who are to be one of the main catalysts for adoption. They often point to technological synergies between blockchain and "virtual banks" and elevate PayPal's recent decision to enter the crypto market to the rank of an adoptive gateway.
The progressive adoption of Bitcoin and other cryptocurrencies is a subject of controversy. While some say we are witnessing a massive, fastest-ever adoption of a new technology, others believe that cryptocurrencies are still a long way from it.
One of the most famous on-chain analysts, Willy Woo, in his recent Twitter post, has strongly sided with this first camp. Regardless of how the ambiguity of the term "adoption" in relation to Bitcoin should be understood, it must be admitted that the speed of development of blockchain technology and the multitude of its potential applications is impressive.
