Bitcoin Early Adopters: What Advantages Do They Enjoy?

Bitcoin Early Adopters: What Advantages Do They Enjoy?

Many experts have likened Bitcoin mining to a contemporary gold rush. Towards the end of 2013, Bitcoin’s demand increased significantly, prompting the general public to notice this innovation. Some people even argued that Bitcoin would eventually become the mainstream currency of the world. Nevertheless, Bitcoin’s price fell afterwards, losing the interest of some users. However, early adopters still enjoy several benefits for purchasing or investing in this virtual currency.

Who Are Early Adopters?

Early adopters are businesses or individuals that use new technology, product, or innovation before others. In most cases, early adopters pay more for innovation, technology, or development than late adopters. But they accept the premium, believing that its use brings several benefits. For instance, early Bitcoin adopters believe that this technology brings efficiency and cost reduction when transferring money. They also believe that Bitcoin’s value will increase as miners near the cryptocurrency’s supply limit.

In most cases, early adopters enjoy a prestige period for owning the innovation. Nevertheless, they are also susceptible to some drawbacks. For instance, early adopters could use a service, technology or equipment that may become obsolete in future iterations.

Due to the fluctuating value, Bitcoin’s widespread adoption remains uncertain despite the increasing number of organizational adopters. Nevertheless, early adopters still stand a chance to enjoy numerous benefits from embracing this virtual currency.

Early Adopters Advantages

Before understanding the advantages of early adopters, you should know something about technology, bubbles, and hypes. For instance, the World Wide Web began in 1983 with the initial protocols. However, Tim Berners-Lee introduced the WWW in 1990. This protocol and its network availed information to anybody who connected to it. It made the world an oyster with accelerating speed, and the excitement eventually sparked a bubble.

At that time, everything was about developing websites and creating content. Early adopters raised significant venture capital from simple things like pet food websites. Everything about the internet was exciting and new. Being an early adopter meant becoming a developer, a programmer, or a website builder. People bought into these ideas to invest in the information revolution. And this enabled them to participate in shaping the future.

But things changed during the March 2000’s bubble burst. Google introduced changes that altered everything, with the DOT.COM crash following and lasting until October 2002. The early adopters’ advantage began immediately after the bubble burst.

Currently, open-source coders and blockchain developers compare to JAVA programmers and website developers during the early era of the internet. The Initial Coin Offerings mark the almost end of the Crypto Bubble Burst. People are rushing to go to different platforms to purchase this virtual currency. Everything about Bitcoin is exciting and relatively new. Scammers are also everywhere looking for opportunities to steal from unsuspecting Bitcoin users.

Opportunities for Early Adopters

Like with internet technology, coders and blockchain developers have many opportunities they can exploit. Blockchain technology could infiltrate different society levels and industries. This technology compares to the database revolution, and these ledgers are the backbone of the information society. Blockchain databases will most likely not go anywhere since they bring significant efficiency gains by eliminating expensive intermediaries. Thus, early adopters are people that adapt their skills to this technological revolution.

Since the world is exiting a cryptocurrency bubble burst, investors could have significant opportunities ahead of them. Thus, investing in Bitcoin could mean investing in the future. Nevertheless, investors should be keen to identify profitable and genuine investment opportunities in the crypto world. Essentially, research is critical when investing in Bitcoin because the industry has scammers that want to steal from unsuspecting investors.