Bitcoin’s disruptive innovation

The birth of every disruptive new technology can give rise to some applications that were completely unrealizable before, and it is these applications that prove the power of this new technology. For example, the Internet, because of the Internet, there are search engines, SNS or IM. It is precisely because of these disruptive innovations that human life has been greatly developed and changed, and our previous fantasies have become reality. Now, Bitcoin will also become the next driving element to transform the world. It has the same characteristics as the Internet, so what applications that could not be realized before can it give rise to?

To sum up, we believe that Bitcoin's blue ocean will likely occur in the following five areas:

1. International microfinance

The popularity of mobile phones is much faster than that of banks. In a few years, there will be 5 billion more smartphone users in the world. They do not have bank accounts or credit cards, but as long as they have a mobile phone that can access the Internet, they can participate in the global economy through Bitcoin, and cross-border microcredit will become easier to do.

2. Bandwidth, storage and computing power allocation

Bitcoin technology can create a whole new way to share and exchange network resources. For example, people have been trying to build mesh networks for many years, but they have rarely succeeded. The possible reason is that there is no suitable mechanism to encourage people to share resources. Bitcoin provides a protocol-level mechanism for network nodes to pay for resources.

3. Payment Market

Market operators have always had a headache about payment. Users with bank accounts have to pay high fees, and they have no profit after paying. Users without bank accounts cannot complete the payment at all. With Bitcoin, as long as you have a smartphone, you can participate in crowdfunding or crowdsourcing markets.

4. Micropayments

In-app purchases on iOS and Android platforms are the first large-scale micropayment experiments, which have been very successful and have spawned many large game companies. Through Bitcoin, we can bring micropayments to the Web, using the uniqueness of Bitcoin to accelerate the currency circulation speed, thereby helping users to better realize the payment experience.

5. Internally driven social networks

SNS is a great invention, but up to now, the community still relies on spiritual "currency" (such as likes, fans or upvotes) to maintain itself. Bitcoin can truly introduce monetary incentives into the community, such as using Bitcoin as rewards.

Due to the special properties of Bitcoin, it has been proven by more experts and users that it will act as a changer in the future Internet and life. It can help us improve and even innovate many current user areas. The subversive existence is the biggest expectation of Bitcoin today, and it is also its mission since its birth. Xu Mingxing, founder of OKCoin, the largest Bitcoin trading platform in China, said: Bitcoin is the biggest innovation in Internet finance, and it will bring many new concepts about the Internet and financial industry to the world. As for the Bitcoin industry itself, the upgrading of technology and the improvement of the ecological chain will make Bitcoin easier to enter the mass users. In addition, the improvement and innovation measures of Bitcoin service providers and regulatory authorities will also make it easier for Bitcoin to go mainstream. Secondly, as far as the situation in China is concerned, from a simple part of people "speculating" on coins to allowing more people to experience the use of Bitcoin, more people in the Bitcoin industry will drive the development of their industry, thereby greatly promoting the development of Bitcoin.

The author believes that with the participation and efforts of more and more Bitcoin practitioners like OKCoin, the Bitcoin industry will continue to amplify its own value, guide and promote the healthy development of this emerging industry.