After the advent of Ford in the automobile industry, seldom have innovators matched its success. As per a legend, its owner exclaimed people’s demand for “Faster horses” at his time.
Ford was a company that brought about a new class of innovation in society and changed the entire thinking and outlook demands of the same. Along with these, it has also been able to keep up with the public markets.
This mindset of Ford matches that of Cryptocurrency. Crypto came into being when there was an increasing distrust for people on the worldwide banking systems. It all happened after the Great Recession. At that time, Cryptocurrency came and became a huge asset because of its low fees, tight security, and futuristic investment scope.
Both Ford and Cryptocurrency weren’t naturally able to take on the conventions in a fortnight. It took a revolution to churn from within, touching every minute of the market and getting on the worldwide chains.
This type of progress, obeying systematic procedures, gave rise to worldwide fame to Crypto and Ford, compared in parallel. The revolution brought about by crypto in finances is just like that brought by Ford’s Model T in automobiles. There’s something that we can get to know from these past time references.
The Trouble With Transitions
It is not mentioned in textbooks that the shift from horses to automobiles wasn’t overnight. It took almost five decades for machine vehicles to replace horses. But once it changed, there was a considerable alteration in the entire country’s face. Starting from means of transport and maintenance, it all went through thorough modification.
This is similar to the transition of conventional cash to crypto. Today, the Government is implementing rules to monitor transactions using Cryptocurrencies. But it still requires thorough studying and knowing about the whereabouts and possibilities. Cryptocurrency is a new system that will enable online payments. It is still under continuous up-gradation and filters. But the shift from conventional currency to Cryptocurrency is still a slow process. More information on this on .
New Industries Born
As the automobile industry came into being, subsequently several smaller initiatives came into existence. It included fuel stations, stereos, spare parts like tires, etc. The arrival of just one innovation paved the way for an entire community of industries.
Though Bitcoin is still new, the advent of exchange websites, wallets, and various Cryptocurrencies has shown the scope in this sector. But it is estimated to be just the tip of the iceberg. It is predicted that with the progress in time and more companies accepting bitcoin, several more industries could come into play.
Competition Breeds Further Innovation
Many at once thought that the owner of Ford built the first car himself. Also, he might have contributed to their first big project. But he didn’t do any of these. He did just one thing- he thrived on the competition that was at that time. He just pondered over ways to do better than his competitors. And his story inspired all upcoming innovators even after 100 years of his time.
The same story is with Cryptocurrency. Generally, when we think about crypto, we think about bitcoin only. It is because of its sky-high rise in the past decade. But along with bitcoin, several other Cryptocurrencies have come up along the line. And these projects have nurtured the competition down the line.
The primitive model of Model T and present-day Rolls Royce are both cars overall. But with the progress of time, every component of the interiors and exterior designs have got updated. All these designs were never thought of when Ford first came on the run.
Conclusion
The initial journey of Cryptocurrencies and automobiles is almost the same. And both are facing the same transition. It’s just a matter of time that governments worldwide accept bitcoin; conventional finances get eclipsed by Cryptocurrency.