Are you optimistic about Bitcoin's "Fantastic Four"?

Scattered building blocks

There are many fascinating things about Bitcoin. It can provide a safe and portable online payment option for people all over the world when the security of traditional payment systems is questioned. Traditional remittance systems take several days to process transactions, while Bitcoin can be completed in just a few seconds. It even limits its own number to reduce the enthusiasm of people who want to achieve success through it. Bitcoin solves many stranded problems, but it obviously has no perfect explanation for its own "existence".

The mainstream public is still not ready to accept it, and only some of the most avant-garde technology companies and elites in the field of Bitcoin are "playing" with it. But it seems that this embarrassing situation will soon disappear. Recently, the chief cultural officer of BitPay seems to have his own way. He wants to strengthen the public's impression of Bitcoin by establishing an alliance and release the potential of Bitcoin to a wider space.

Bitcoin’s Fantastic Four

Sonny Singh, CCO of BitPay, wants to change the way people think about Bitcoin. Venture capital is pouring into the Bitcoin industry, with total investment now doubling from last year. It has attracted some of the brightest minds in technology, finance, and business. But it will take time for the mainstream to accept it. But Singh wants to shorten that time.

He said: "The way is to establish a Bitcoin alliance. For example, in the United States, in order to make everyone accept milk, they put up the slogan 'Milk is good for the body' and invited celebrities from all walks of life to conduct commercial publicity to raise public awareness of the benefits of milk. I think this is a very smart approach. I think now, the four major Bitcoin companies, Coinbase, BitPay, Circle and Xapo, should unite, work together and share what they have."

If Bitcoin is to be mainstreamed, its biggest weakness is precisely its strength, namely the lack of a central leader (Bitcoin advocates "decentralization"). A suitable leader can give the public an image guide. The government is not a military strategist or an economist. In most cases, it adheres to the principle of "people-oriented". Therefore, no one is promoting Bitcoin to the public. No one is doing educational work.

However, from the perspective of the security of the Bitcoin system, the lack of leadership is precisely its advantage, as it avoids the generation of corruption and hidden interests. In short, this is a double-edged sword.

Singh said the alliance was “not about corporate interests, but about the greater deployment of the entire Bitcoin market share. It’s about getting people to understand how to use Bitcoin. It’s about using the power of four companies, using the money of four companies, to raise awareness of Bitcoin.”

Visa and MasterCard have been competing for 30 years, but they also found a way to cooperate and save the entire bank card industry. A few years ago, MasterCard and Visa in Europe used Chip Card technology to embed it into cards to enhance people's anti-fraud awareness. This case was later seen as a successful cooperation between two enemies, which benefited the customers of the two card issuers and the entire industry. Bitcoin should be the same.

“In the bitcoin industry, it would be great if companies like Coinbase and Blockchain could work together. Even though Visa and MasterCard are competitors, they still found a basis for cooperation.”

Unfortunately, despite the talk of Bitcoin’s “Fantastic Four” concept, nothing has happened so far. This can be said to be an idea expressed by Singh through mainstream media. However, we can also see this as something that will happen in Bitcoin’s near future.