Even though blockchain technology is still relatively in its early stages, it seems as though huge advancements take place on an almost weekly basis. The crypto world moves much faster than the ‘normal’ world!
To date, most of the blockchain world is thought to be inhabited by those who are enthralled by this technology, otherwise known as the ‘early adopters’.
Early adopters are a group of people who are the first to embrace a new technology ahead of the general population. It’s only when those early adopters achieve a level of success do the rest of the ‘mass market’ follow suit.
Early adopters make up approximately 14 percent of the population, according to the Diffusion of Innovation (DoI) theory, which was formulated by communication scholar Everett Rogers.
Early adopters are the ones who mostly dictate the acceptance of a product for the early majority, the late majority and even for the laggards (the very late adopters). What was once an outlier or anomaly becomes the norm. What is at first considered odd becomes normal.
So what would you think if I told you that you can pay for your next beer with bitcoin?
That’s exactly what BrewDog has done. I was thrilled to reach that one of Britain’s best-known breweries is welcoming Bitcoin Cashers to its new bar in London’s financial hub of Canary Wharf.
The bar will be accepting BCH (and BTC) as payment and is considering accepting BCH at all 38 of its UK bars. The first 100 people through the doors will be given a Bitcoin Cash wallet pre-loaded with a random amount of cryptocurrency between £12 and £100.
“Over recent years a band of dedicated people have challenged the mainstream and worked from their homes to craft a new way of doing things,” wrote BrewDog.
BrewDog is a rags to riches story powered by its founders, James Watt and Martin Dickie who started the company by hand-bottling their beers and driving bar-to-bar, selling them out of the trunk of their car.
The founders are also known to be welcoming of new technologies, and Martin Dickie is known to maintain a particular interest in cryptocurrency. So perhaps it was just a matter of time till they introduced payments in Bitcoin for their business.
It is also pertinent to point out that it’s not a random decision to launch this ‘cashless’ bar at their Canary Wharf branch.
Canary Wharf is the heartbeat of London’s financial sector crammed with the largest banks and financial institutions and with thousands of people working and living there.
More importantly, these city folk could potentially have been identified as ‘early adopters’ and could help to encourage more mass adoption and normalization of crypto payments.
I always think that mass adoption of blockchain and cryptocurrencies will happen when ordinary regular folk can pay for a coffee or beer with crypto and not think twice about it. I thought this concept was still at least a year away but how delightfully wrong I was!
‘’We are embracing the fluctuating fortunes of the city traders (both historic and financial) with a very special beer tap. Whichever of our beers is on the Hop Exchange will vary in price depending on how the markets are doing. As the FTSE falls, the Hop Exchange beer will become cheaper by the same percentage difference and vice versa!’ Wrote BrewDog.
With traders and brokers most frequently being seen around Canary Wharf, perhaps BrewDog knew these customers would be their perfect early adopters. It will be interesting to see how this branch performs and how customers respond.
Mass adoption will happen when we are no longer surprised to hear you can pay for your weekly grocery shop or a pint of beer using crypto.
Now, where can I get a cup of tea with bitcoin?