Bitcoin Forum

Hello,

I've came across that reply on "ZapChain" by "Elijah of Mt. Carmel" commenting about Mass adoption in regards of CEO of Lawyer.com about his Confidency in that Bitcoin Mass Adoption Is 5 Years Away.

Here is the reply :

I would say for real international mass adoption to the public would be more like 10-15 years. The main reason, is that it takes time to overcome prejudices and lack of sound economics that people have in order to make that jump. If by mass adoption, you mean using it without knowing about it. Very likely, some major industry players are going to disrupt traditional institutions, and once the infrastructure of Bitcoin is ready. Such as increasing transactions to up to 100,000 times per second or somewhere close to that, then I would say that bitcoin could truly serve as an international currency for sure. Up until that time, its simply not possible. I know that Bitshares has by the end of the year a new blockchain that can do up to 100,000 thousand per second transactions and they are working to get up to 1 million transactions per second. If that could be done in some alt-coin then I would have to argue that very easily Bitcoin will simply blow EVERYONE out of the water. The only way that it will go absolutely mainstream is when it is clearly superior to what we currently have. Most people tend to stick to what they know, and only when something is just beyond what they could do with any other service. Then and only then will it truly be used everywhere.

So there are several ways in which this prediction could actually come about quicker. International governments and regions, etc... Do mass adoption in their own countries, i.e. implement laws whereby all legal tender debts could be paid in a particular crypto. Once you have one crypto it is easy to interexchange all of them.

Governments adopt a colored coin, for their own national currencies. Regulation could be a great way to mass adoption. Most people stupidly, trust government. In an imperfect way, but they generally see them as legitimate players therefore, the only way to properly brainwash them is with players who already have their trust. There are also other multiplier effects to the crypto world.

Think of the one of the biggest charities, United Way in the United States. The reason why they are so successful is because they allow donations through payroll. If you can have real financial incentives to pay a good % of employees in Bitcoin, or some asset colored coin. Then I would argue that this would have a huge effect in merchant adoption. It is a bit of a Chicken and egg problem. There are simply too many combined elements that must be done in the right way, in order to have true massive international adoption. Another thing is hardware improvement, where you can have real extremely low cost solutions to global access to internet, sms phones etc...

I know for sure within 2 years, as far as pro bitcoin users are concerned it will be ready for them to start getting some of the action. I.e. set up their own p2p merchant to user accounts. Ditch Ebay, and other third parties in general. What you will see is the early adopters take advantage of the current infrastructure, and they will set the stage for future generations. We are a bit of the guinea pig generation, this is so bleeding edge that we are not totally sure what will happen yet, but everything signals to something amazing for the little guy. That is what is awesome about crypto, it puts the little guy, in the same playing field as major corporations etc... No need real soon to have to deal with them, not if you don't want to. There are enough people out there sick and tired of that, and when you have that fervor they are willing to put up with a few bugs here and there. Just look at the thriving linux community, it took a while, despite all the set backs, but now we are gaining real traction too.That is the nature of open source, it tends to get the ball rolling slow, but with bitcoin it is a real economically feasible reality. We can now have access to Venture Capital, without the capitalists.

100 000 transactions per second would make the block chain like 100 terabytes.. game over bitcoin.

We need the time to make side chains to handle small transactions.

The blockchain size would grow slowly.  Assuming we experience near the maximum amount of growth permitted by BIP101 (Gavin's proposal), the blockchain size wouldn't be 100 TB until the year 2025-2030.  At this point in time, 100 TB may be easily manageable.  

https://i.imgur.com/QoTEOO2.gif

That's a gamble..

Life is a gamble.

Storage will always be a piece of piss. I'm not so sure about bandwidth. I guess there will be pockets where it carries on rocketing but for most of the world it stays pretty static. My bandwidth hasn't increased in 11 years and there are zero signs of any plans to upgrade.

and, we, the people ... like this.

http://img11.hostingpics.net/pics/546632Image2.jpg

I agree, this is a really nice reply! I will be shring this everywhere! I also just got a bit more excited about the whole crypto scene!