A technology qualifies as “disruptive” if it creates a new market that eventually disrupts and then displaces an earlier technology and that’s what’s happening with cryptocurrencies now.
Not surprisingly, Bitcoin technology received praise and investments from people like Bill Gates, Marc Andreessen or Richard Branson. Likewise, startups like Coinbase are nearing half billion dollar valuations, with Bitcoin startup funding in general growing at an unprecedented rate.
Cryptocurrencies are no longer unregulated. Depending on their status and location, digital currency apps may have to comply with rules such as Anti-Money Laundering Programs, Suspicious Activity Reports etc.
A key area where many cryptocurrency apps fail is the security. Building an app according to highest security standards is paramount to winning the trust of your first users, investors and employees.
While cryptocurrencies are showing exciting growth in many areas, the adoption of services is still slow. Great usability, simple design and straightforward value proposition are among the key factors of high adoption rates.
Market size, access to capital and market timing are the key elements that make it possible for innovative startups to succeed.
However, without a great product, all of these elements are irrelevant, as fast-growing markets require a product that can satisfy the rapidly changing customer need.
