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Why are companies not adopting Bitcoin?

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Tokeneo
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4 min reading

Blockchain is said to be a great revolution, even compared by some to the invention of the Internet or computers. Indeed, the block technology is innovative and brings more possibilities, but it is not massively introduced and implemented in companies. Why is this happening?

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Bitcoin and cryptocurrency adoption

Bitcoin and the blockchain itself - these are primarily new technologies that are basically just being discovered. Every week there are more and more ideas for using it. New block-based start-ups are being established. New projects and research stations are created. This is precisely the place for innovation - new companies whose operation is Blockchain-oriented from the beginning and which take the form of research. Well-known brands can't really afford it. The unexplored technologies could only harm them. They have their old but successful business models that are profitable, so from the owners' perspective, why risk it?

Blockchain as an opportunity

Blockchain is a huge opportunity, but its implementation is very expensive. Not only is it a technology that is still unknown to the end, but it requires specialists who are very few and require high remuneration. So why change something that works, something that is not entirely certain, the implementation of which will require a lot of money and time.

It should be remembered that a well-developed model in a large company consists of hundreds of people, each of whom has a precise task and knows what to do. Changing this requires retraining or teaching hundreds of employees new functions, which, apart from costs, entails time in which the company would certainly be much less effective. This does not mean, however, that well-known brands or companies will never introduce block technology and will not invest in it. In fact, they are doing it now, just in a different, safer way for themselves. They establish cooperation with start-up companies expecting a ready solution. In this way, with a small investment outlay, by shifting the responsibility to start-ups, they can acquire block technologies. On the other hand, start-ups are better adapted and are probably able to research new technologies and adapt them to a given company much faster. The second option is to create research units within the company. They work in the same way as start-ups, but they are fully owned by the company.

When will blockchain be fully accepted?

Full blockchain adoption seems possible only after getting to know it more fully. However, this should not be surprising, because even based on the examples of computers and the Internet, it was similar. First, computers were in strategic places and a few had access to them, then they were an expression of luxury that the richest could afford, until now we cannot imagine our life without them. The Internet was also a research experiment, was to be used by the military and was top secret in the initial stages of its creation. Later, when people discovered its possibilities, the commercialization process began, and so after a few years the Internet became present all over the world, and after another turbulent years of development, it is even said that whoever is not on the Internet is not in the world. So wait calmly and give block technology a chance.

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