Bitcoin Forum

Hello everyone...
 Seeing as the Blockchain industry and crypto-currency market are still running low on adoption.

 It prompted me to create this, as an Avenue to share our thoughts about how maximum adoption could be achieved in these industries.

What is your take on this?  Which better can we drive adoption to the blockchain and crypto-currency industry...
  Your opinion matters

 Hopefully,  a lot them will go a long way in boosting the participation in these industry.

There can be no adoption without regulations, so that's the first step. After that, the companies need to study the blockchain and see its advantages over old tech. And then, they need to feel the need to actually start using them to stay ahead of the competition, and ensure that they won't be left behind. Many are already exploring the technology and thinking about different use cases and its potential, but I don't expect many would actually implement it without it being properly regulated. They risk too much otherwise.

In line with your thought I am also thinking that the regulations set up by the government towards cryptocurrency is one big step towards bitcoin mainstreaming. Big industries and business centers would be awkward to adopt and accept such currency if it is not accepted by the government since this would mean high risk. If it is adopted by the government regulations and other requirements will be placed. When the government adopts such currency then big industries will no longer fear losing assets due to banning of cryptocurrency and this will drive bitcoin mainstreaming fast into the society.

Demanding for regulations is like asking for raising your taxes...
Guys you scare me, how can you seriously think that some lousy, politically driven law, will change something for the better?
That's legislative utopia. Any law that will happen to crypto, will harm it one way or another. <-- and that's a period, right there
We want big corporations and industries to join this crypto-experiment? Then let's just ask for it! Demand it and vote with your cash.
"Hey you, entrepreneur, look, I have piles of cash... want some?" Post about it, talk about it, let them hear you and will happen.
Call them fusty, old-fashioned or express your condolences for being "technologically excluded", SHAME them, and it will eventually happen.

Regulation, regulation and regulation!

These above things can only boost bitcoin/crypto adoption in a holistic manner! No other things! I repeat, no other things can help in bitcoin adoption at the scale that regulation can do! I know a lot of people are against any type of government regulation here! But if we want to see bitcoin being adopted in the mainstream economy, then government regulation is the only way to achieve this!

Take example of Japan!

Here's my point, adoption takes place when the number of individual uses or utilizes bitcoin. If we were to force people to use bitcoin, higher and higher possibility that they will reject. But if we will make them think how valuable bitcoin is, then they will be on our side. Take for example: you own a grocery store, just put an option for another mode of payment thru bitcoin and provide discounts. Through that, customers will feel forced, but to feel curious about what bitcoin is. It takes time, but even adoption is slow, it will surely hit its goal.

You have to qualify regulation. Regulation per se is kinda vague. Regulation will only be welcome and constructive if it is done within reasonable bounds. If not, regulation could actually mean killing the very essence or soul of Bitcoin/crypto and that to me is already bordering repression. Instead of mainstreaming Bitcoin/crypto adoption it could only push Bitcoin/crypto back to the underground and foment its revolutionary spirit against these regulating bodies.

It is also possible that beyond regulation is mainstream adoption. If Bitcoin/crypto is widely used, regulation will necessarily follow because a large portion of the populace is already using it as their currency. However, before hitting mainstream adoption certain developments will have to be installed first. Everything is like a domino effect now. 

I am more inclined to believe on this idea since once Governments formally recognizes blockchain technology and cryptocurrencies, I suppose there will be some form or type of regulations that will be imposed and I guess that would be okay for most people and in one way or another, will hasten general crypto adoption.

Even Japanese firms are entering into a consortium to create regulations for security tokens, thus formally recognizes the need to do so and in accordance with regulatory compliance on Japanese laws and regulations. Imagine once this regulatory framework is established, I think more companies would be willing to digitized / tokenize their securities without fear of Government interventions thus creating mass adoption across securities market.

Ignorance is the key reason why adoption of cryptocurrency into the mainstream financial ecosystem is slow.
People don't not really know and understand how cryptocurrency can transform the way people make transactions and also provide them with financial freedom. Once the world gains understanding regarding cryptocurrency, adoption will take place smoothly..
Blockchain on the other hand is massively used by the centralized institutions recording and keeping info. They accept blockchain technology as a public ledger but finds it difficult to accept it as a platform for decentralization of the financial  ecosystem.   

Your thread topic does not speak to the content of your thread, because it looks like you should have given the "better" options to speed up adoption, but then you ask how this can be done from the forum members.  ::)

In any way, adoption will increase when governments accept Bitcoin as a currency and until that happens most merchants will be hesitant to accept it as a payment option. People already in the Bitcoin scene should also actively spread the word about Bitcoin on social media platforms to create awareness.  ;)

Government participation. Really, the only reason why companies are afraid to adopt crypto is cause the government hasn't really accepted its existence as an independent variable in the market. Of course, accepting its existence and regulating itbare two different things. The government should adopt not to control but to become one of crypto and blockchain users. Government in normal situations would consider them being the higherups or those with power. But when they enter the crypto world, they would be equal to us users no matter how much their influence can reach to be.

It's hard to say what would be the best way to adopt blockchain and cryptocurrencies. Only testing different ways will give us the answer

it all starts from our various surroundings.spreading the word to those around us will be the fastest way to achieve more adoption

This is a new system, and adoption will be a gradual process, and the first approach is for more awareness to be created first, and for more people to be trained on the application of blockchain, because one thing is for people to pick interest In adopting it, another thing is to get blockchain developer.

I have realized that in my country, we have very few Blockchain developers, there are so many organizations that have invited  experts to give solution to one problem or the other, but because those people also lack the knowledge about blockchain, they will not be able to advise Blockchain technology as solution, and any of the organization that is aware of blockchain will have to hire an expert overseas which will make it more expensive to run, so I think there is need for more people to be educated on it first.

There are a lot of bigger factors that can help in achieving blockchain and cryptoccurency adoption. But we just don't wait for big and influential people to make action for the adoption. In order for us to achieve it, is to make everyone work for it. We as an individual may be small and weak but if we function all together, we can achieve it.

Just like what I have said, we just don't depend on the action of big people, we can also help in achieving adoption by just introducing it to people around you. It looks like it doesn't help at all, but if you're going to add everyone's acquaintance whom they have introduced crypto, then it'll be a big factor.

Cryptocurrency would start getting better adaptation when we start explaiing to others the other uses and functions of cryptocurrency other than just being a means of making extra money

Regulation as a major factor of adoption was already mentioned, but I don't think it's the game-changer here. Especially if regulations are strict, it can even have an opposite effect and draw people away from using Bitcoin. As for other things that can help with adoption, I think we should not underestimate the role of popular culture. I noticed that Bitcoin gets mentioned in mainstream TV series more and more often. Such mentions in movies and TV series, in fiction literature and depiction in contemporary art, Bitcoin as a part of board games and some Bitcoin-related quizzes - all of this makes people hear the word more, and when you hear it for the 5th time you might get interested in trying it out.

scam can spread the word for adoption too. they will start to use BTC if more people are getting scammed in paypal, they will start looking for alternative once they got a negative balance to it. merchants need to be scammed that would be a solution for them to start accepting btc. adoption is gradually happening but there is a price to pay for adoption such as that KYC and then tax, its just part of it so there is no escape to that.

For sure banks think about the adoption of blockchain technology in their system and they already collect a lot of study about blockchain technology in banking and how it works, so it can help banks in transparency of informations and the rapidity of transactions and the security of transactions.. Also it can help as to buy and sell any thing from the internet and to buy and sell stocks and many other thing.

My Wife is a huge Blockchain enthusiast, but she often tells me the treatment of women in this Cryptocurrency and Blockchain space is abysmal at best and that there should be a way to bring in more ladies into this niche if the majority of people involved, mostly Men, would behave better. Women love to shop and spend /save their disposable income, so they would make good spenders of Bitcoin and also good Hodlers, which would increase the Market Cap potentially to more than double we are at right now. So facilitating the entry of women into the world of Blockchain and make it more welcoming for them, would increase adoption much fold. It is the responsibility of menfolk to educate and assist their women and try to bring them into the fold, by perhaps opening a Bitcoin wallet first and giving them a gift in Bitcoin? Although with myself, it happened the opposite way, my Wife introduced me to to the Blockchain..

Producing content with images, videos, and text already helps make people inclined to research cryptos. Quality content is still needed for our community, and showing that cryptos can be used is another way to encourage their use.

You can make ads regarding the uses of blockchain technology, because many of them didnt know the advantages of our system. You mag create an artilcle to in whick you may tell what are the steps in order for them to create wallets, to trade and to earn. Proper knowledge that we will give to them is the greatest approach we can give.

The best way is to make people aware of bitcoin and crypto currencies is to spread out its knowledge. People should be made aware of the financial freedom they will be getting if they use crypto currencies. Again, they should be taught not to focus too much on the negative aspects of crypto currencies since the weight of positive aspects is higher than those of negative aspects. They should be shown all the advantages of using blockchain in different sectors. Finally, they should be taught how to use them (not a difficult task since using crypto currency is as easy as sending money from paypal).

The best way to make people aware of bitcoin and crypto currencies is to spread out its knowledge. How it may possible? Producing some content with images, videos, and text already helps the people to be aware on what are cryptos really is. Quality content is still needed for our community, and showing that cryptos can be used is another way to encourage their use.You can make ads regarding the uses of blockchain technology, because many of them didnt know the advantages of our system. Sharing some quality content about cryptos on your social media accounts could be a helpful thing to spread knowledge.

I absolutely agree! I think we should lobby our Government specifically our local politicians to promote and embrace blockchain technology and cryptocurrency so that once its utilized inside Government processes and functions, people will naturally adhere and adopt it also!

Let us think that the Government will play a key role in promoting and bringing about adoption of these wonderful emerging technologies and without its support, a genuine mass adoption will never be truly achieved. Imho.

If you want something to be adopted quickly give it a use, show that what we have is better than what is already used. Bitcoin's great difficulty with mass adoption is its difficulty and the laziness of people leaving the comfort zone

Aside from spreading the many good things on Bitcoin and even cryptocurrency in general, we should also focus on the needs and wants of the merchants or the business community so that we can bring more and more enterprises to accept Bitcoin and even encourage them to use Bitcoin in the conduct of their day-to-day business. There are many concerns that businesspeople must voice out so that solutions can be found.

Another thing is to get the endorsement from popular personalities like entertainment star, welll-followed politicians and leaders of different countries and also sports stars whop are admired by millions. The more we can get to understand and promote for Bitcoin for free, the more that people will be noticing Bitcoin. We should be asking different big exchanges to also start advertising their business with Bitcoin as the secondary message.

I think there are a lot of ways we can do and help to achieve more adoption and sue of Bitcoin even if this whole thing is decentralized and has no definite advertising and PR budget.

Bitcoin is going to be widely adopted if people will start spending them and business establishments will start accepting them. That is one ideal state of Bitcoin being a currency. If that happens, Bitcoin has already reached its objective. That is what Satoshi Nakamoto wanted. But before that happens, certain hindrances have to be ironed out first. One of these is the fact that Bitcoin is still not legal in many countries. Another would be the fact that Bitcoin at this stage is not yet capable of processing thousands or even millions of transactions at the same time.

Adoption for cryptocurrencies is possible with regulations. If governments decide to regulate Bitcoin or all the cryptocurrency market in the future, the adoption will be more easy compared to now I think.

Given those points that you've mentioned, bringing blockchain being used around financial institutions together with establishments and financial institutions will be the trigger point to attract more people to use this system not just for store assets but probably to serve the real intentions of
this chain.

Though not being recognized by most countries around world and having problem dealing with numbers of transactions that can  process is really  a big concern which needed to resolve to build strong foundations and trust from the community.

We have the same thing in mind. Most people don't have enough knowledge about cryptocurrency yet. They are still clueless about the blockchain technology. I guess it's better if people will have enough information and knowledge about crypto. Usage and adoption will follow if they would know the importance of it. Even huge companies aren't well informed about it yet. If Bitcoin would be on the mainstream again and there will be lots of advertisements, people's curiosity would bring a big impact in crypto industry.

There are some serious problems that need solutions and we should overcome some hurdles like:

1) Pools and large operations centralize the mining power in the hands of a few. This is troubling and someone needs to solve this by providing proper incentives for being a solo miner and not joining pools
2) Price stability for 5+ years in a row
3) Hyperinflation of major currency
4) Small country adopts Bitcoin as their currency
5) Public keys, private keys, QR codes, and technology like “Minting”, “Staking”, need to go away. It is currently too difficult and scary for someone with average technology knowledge to use comfortably for serious transactions. Think mobile app that requires no skill and it just works.
6) Small country with high inflation rates starts using Bitcoin as means to pay for food/goods/services
7) Major retail stores start accepting Bitcoin for payments

Mass adoption is very difficult to achieve because not all countries have the same resources. There are developing countries that instead of surfing the net, are only focused on their daily lives doing their physical jobs. Also, Government and big companies will be a factor. It is if government will adopt it, then there will be regulations, and that is not a good thing because why do we use crypto?  We don't want our transactions to be monitored. The companies that think bitcoin is a competitor would also make big moves just to stop it.

Promotion at the Federal level, here's what can really promote blockchain and crypto

There is no way  there  will be adopting without  education .  what  need  most  is  education people need  to understand  the blockchain and its  use-case. I  See allot of people saying there should be a regulations which is also right but there  is no way we can regulate  something without having proper understanding towards it.  Those  regulator  dont understand  it, do how  do you want them to regulate  it.  So lets  educating people first  that's the only way to go.

Yeah, this is serious problem which needed addressing. Due to increased competition and concentration of mining power in pools, there is a sort of monopoly developing in this area. During the period of increased number of transactions, people have to face very high fees.
There are several issues which have to be rectified before we think about increasing Bitcoin adoption but I doubt it is possible to rectify in Bitcoin Core.

true education is needed to facilitate adoption in general use. So far, regulations have always been blamed, but how can a regulation be softened if the regulators have not fully understood the benefits of cryptocurrencies. I strongly support if cryptocurrency developers prioritize education over adoption.

They will prefer to adopt blockchain technology but I don't know they will interest to adopt cryptocurrency. Such as in my country, there are many start-up who use blockchain as their main system which is mean my government has open mainded into blockchain. But so far, they only accept cryptocurrency as an investment place only and they won't take any action when there is someone who lose a lot of money on it.

Blockchain is an useful technology in my opinion and the government has known it. So, they won't ever have a reason to ban it or prohibit their citizen to use it. I don't know where exactly did you live and why your government still decided to not adoption this technology. But I'll agree if your country still ban cryptocurrency and I think blockchain and cryptocurrency is really different.

Investors, ordinary users and wider communities shouldn't just wait for another hype and instead learn more about the true state and merits of blockchain technology We should explore how it could be used to solve problems. It is important to demonstrate that the value of blockchain is more than currency speculation through development. Or at least spread the word about it. Without millions of people using crypto every day, it will be impossible to keep the industry afloat. In time and with solid development, trust can then be slowly built up.

The very best way blockchain and cryptocurrencies can be well adopted is in its demonstration of effectiveness by those agencies, government, companies etc that had already adopted it, its very obvious this technology has a wider range of application and its usefulness in areas such as chain supplies, medicine, election etc however the crypto system will be widely accepted if those aforementioned organizations came out publicly and demonstrate it more so there is need for broad-base orientation and public enlightenment about the use of this technology.

There was plenty of adoption without regulations.  Decreasing regulation is one key to adoption

Adding more regulation will only slow adoption.

Adding more anonymity will be helpful to adoption.

Information about bitcoin, this is probably one of the reason people avoid bitcoin thus slowing it's adoption. people have no idea what bitcoin is they are clueless about it and even
if they have heard about it they only know that it is a digital money and has been used for illegal activities(this is what I saw/heard from the mainstream media) if people
were informed properly about its system/process it's purpose etc... people might consider trying it.

the development of the blockchain industry is increasingly massive, we see in several countries governments must be able to collaborate with blockchai and other cryptocurrency technology developers to encourage the adoption of blockchain that can be applied in various industries to make it easier for them. Blockchain can benefit the industry along with transparent and efficient business processes.

Basically, cryptocurrency and the blockchain technology is mostly connected, so whenever in case that a cryptocurrency will be adopted in a particular point, its blockchain technolgoy will be then adopted as well. Another thing here is that, people. if they are interested in a coin or crypto, they will do their research about it,  and if so, they will figure out, what the blockchain technology of that crypto is.

Lack of promotion is the reason why peoole have still lack og knowledge about what is blockchain technology. They can be aware if we will inform them, people in my country became aware to what it is after our government regulate it.

Recently, the Japanese crypto trading giant called coincheck cooperate with some gas companies in Tokyo allows the consumer to pay their gas bills in bitcoin and get rebate promo. That's one way to promote bitcoin, however, it can be done if the government regulates bitcoin utilization.
But there are some countries banned bitcoin being used as a currency but allow to trade it, citizens still can use it to pay something under the radar though. Exchangers and bitcoin users can promote bitcoin through community gatherings.

when every store or service accept payment use crypto, i think this is the fast adoption we have. its all about habitual, you can change your mind, your daily, behavior, act, becausr of habitual. to whom you met, where you are, and crypto can apply if like some service accept payment use this method. people that dont know about this will ask, and maybe learn little by little, and as time goes by people get used to crypto as payment method. but dont forget how government act to crypto, they accept or reject it

Yep, I did see that in the news, it's quite interesting that there are programs for companies and more initiatives that some countries implement to promote Bitcoin adoption.

I do think we need to see more of these promotions occur in other large countries (looking at china and America) - otherwise there's really no point for these companies to start accepting and dealing with something most of them don't know about.

Honestly this is an interesting topic of discussion, I have read some replies, and varied information according to their respective opinions. In my view, what should be done to increase adoption, because there are still many who are blind to digital technology and many who do not know anything about the concepts of cryptocurrency and blockchain, I mean here they know only a bitcoin name. Many assume that bitcoin is anonymous, anonymous here is like a taboo concept, whereas if we see anonymous can help us to make freedom of transactions and no other party can interfere with our transactions. The first thing to do is to change the mindset of the people and the government itself, that cryptocurrency is highly favored especially with its technology,

Yes, I think you're right, we need government regulation so that adoption of cryptocurrency and blockchain technology can be realized. with the existence of a regulation will be able to reduce the fraud that often occurs in cryptocurrency. and with the regulation of investors and large companies will feel safer. because someone is protecting them. but the regulation that I mean is regulation in the transaction process. not  regulating and controlling the value of cryptocurrency.