Bitcoin emerged after the development of the internet. Until its emergence, the internet had reached a certain stage. However, after Bitcoin’s introduction and adoption, a parallel emerged between the adoption or use of the internet. Frankly, this parallel surprises everyone. I wanted to touch on some key points in the proliferation process of these two technologies.
Internet Usage Increased with Bitcoin Adoption
If you have Bitcoin, it would be difficult to obtain it without the Internet. Both the internet and Bitcoin were initially adopted by people open to innovation. While the internet found a place especially in academic circles and government projects, Bitcoin was discovered and used by technology enthusiasts and cryptography experts.
Today, while commenting on the graph shared by Kashif Raza, it is inevitable to mention the network effect. Undoubtedly, the adoption of both technologies accelerated with the network effect. As more people used the internet, more content and services were offered, encouraging more people to join the internet. Similarly, as the Bitcoin network grew, more people and businesses started using Bitcoin. This situation increased the reliability and value of the Bitcoin network.
Reasons for the Parallel Increase
Another reason for the increase in both, as shown in the graph, is related to their usage areas. Initially, the internet was limited to basic functions like information sharing and e-mail. You might remember how long it took to connect in those early days. However, its usage area changed so much over time that it began to be used in e-commerce, social media, entertainment, and many other areas.
Bitcoin, in its early years, was seen only as a digital payment method, but today it is seen as an investment tool. On the other hand, it is also used in various areas such as a store of value and decentralized finance (DeFi) applications.
Social and Economic Transformation
With the proliferation of the internet and Bitcoin, we have seen the regulatory framework of both technologies shape over time. At the beginning of the internet, legal regulations were lacking in many countries, but over time issues like security, privacy, and copyright were addressed. A similar process is happening for Bitcoin. There are still legal gaps. The law on the subject has only recently started to form. In our country, as known, the issue has only recently come to the agenda of the TBMM.
Finally, another reason justifying the lines of the graph is that the proliferation of the internet has led to profound changes in the social and economic structure. The world has become a global village with the internet. A transformation has occurred.
Similarly, Bitcoin and Blockchain technology have transformed financial systems, trade methods, and even some business models. Especially in terms of financial access and freedom, Bitcoin’s potential impact is seen as significant.
