Thought-Process

 

Thought Process

Thought process refers to the way an individual is wired to think on a regular basis, influenced by unique personal experiences. The thought process is classified as either conventional or unconventional.

Conventional

They are tried-and-tested-focused thinking people who tend to follow solutions that are already proven to work. They tend to be organised, consistent, persistent, predictable, logical, rigid, and self-disciplined. They tend to use associations from past successes as the foundation of confidence for solutions to present situations.

Unconventional  

They are creative-focused thinking people who tend to think outside the proven solutions to create new solutions or improve the existing ones. They tend to be spontaneous, creative, imaginative, novel-oriented, unpredictable, inconsistent and revolutionary. They tend to talk about positive possibilities as the foundation of confidence for solutions to present situations.

BUSINESS APPLICATION

A LOOK AT THE TWIST IN BITCOIN

There is a major misconception surrounding the use of thought process trait in business application. Many people thought that the business itself must be either one that has a long and colourful history to attract people who are CONVENTIONAL or be very innovative to attract people who are UNCONVENTIONAL, the truth is not the case. In this short section, let us take a look at BitCoin and how this very new form of currency is gaining traction and support from CONVENTIONAL and UNCONVENTIONAL people alike.

First things first, what is BitCoin? BitCoin is a form of digital currency. It is created and held electronically, meaning it is not printed like dollars or euros. It is first proposed by Satoshi Nakamoto in SourceForge in 2009 as a form of electronic payment system based on mathematical proof. While conventional currency are backed by gold, BitCoin is based on mathematics. Currently as of 2017, the value of all the BitCoin in the world is $41 billion.

Relatively small in comparison with the total amount of money in the world, which is roughly $84 trillion. But how does this less than 10 years old currency attracted investors from all over the world in the first place?

CONVENTIONAL THOUGHT PROCESS

CONVINCING THE TRADITIONAL THINKING

The trick to convince conventional thinking people requires a form of reference to things or situations or events that had happened before. In the case of BitCoin, there are lots of similarities of BitCoin and gold, hinting that the currency that had been in use for thousands of years had a 21st century successor. Such as the ability to mine for BitCoin, which is the same as gold. There is also scarcity in both gold and BitCoin. Gold is estimated to be 171,000 metric tons whereas there can only be 21 million BitCoin that can ever be mined.

 

The present development appears to be recounting the early history of gold rush. In 1848, an American carpenter called James W. Marshall caught sight of gold shimmering in a California river. By the following year, the news had spread all over the world and hundreds of thousands of people rushed to California. Also known as the “Forty-Niners” (1849, the first year of California Gold Rush), the waves of immigrants had hopes to strike it rich.

All these are references to make conventional thought people to understand what this new technology is and allow a context to be visualised in their mind, making them easier to understand and accept the idea.

UNCONVENTIONAL THOUGHT PROCESS

ATTRACTING THOSE WHO ARE UNCONVENTIONAL

Crytocurrency is in the first place, an idea that will entice people who are more open-minded. The similarities and comparison of BitCoin and gold further makes people who are unconventional thinks that electronic currency will eventually takes over physical currency in the future. Making the big leap forward, people who are unconventional accepts and believes that BitCoin or crytocurrency is the future.

 

To attract those who are unconventional in thought takes some explanation on how crytocurrency works. The first is to highlight the fact that it is decentralised. Meaning, there is no one central authority, no banks or government controls the currency and hence, cannot tinker with monetary policy and cause a meltdown, or even simply decided to take the currency from people (yes, this happened before recently in 2013 Cyprus from Central European Bank in the Cyprus financial crisis).

Further encouraged by experts speaking out about blockchain and currencies of the future, investors who are unconventional in thought jumped onto the BitCoin bandwagon with more courage and faith in the technology of the future.

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