The Product - 2019 Hype Cycle

So, crypto was on the ‘trough of disillusionment’ part of the 2015’s Hype Cycle. This means that had an expected lifespan of two to five years. But, one of the terms was that the product stayed as it was intended. Cryptocurrencies where intended to compete with traditional banking. In those four years the product had some downfalls and went over the top.

Cryptocurrencies are still here in 2020. They are broadly accessibly by people. Companies like Bitwala, help people invest their crypto and get actual tangible money out of it. It’s safe to say that the product didn’t fail. Because the product stayed as it was intended, to take on traditional banking. It had some setback and ups and downs. On the other hand, there are, in a range of 300.000 – 500.000, daily active crypto users. And over 100 million of crypto owners (Buy Bitcoin Worldwide, Z.J.).

So, based on the previous stated facts and Bitwala’s product (the company that is being analyzed further in this report), crypto is on the Slope of Enlightenment’. More enterprises are understanding the value of crypto, as it has became a method of payment on a minor amount of websites. It has become a widly known product, which is still a bit hard to understand. But companies like Bitwala, have found a way to make crypto easier accesible. This company provided a technology that makes it possible to withdraw actual cash in the local currency, directly from your crypto account. So, third party products and innovations are created. But, traditional banks are still a bit hesitant. Since, the decentralisation technology can become a major competitor for banks around the world (Gartner, Z.J.).