Bitcoin Forum

Bitcoin has unique properties that no other asset has, I believe that these properties are the real value of bitcoin. Bitcoin does not need to be backed by anything except its properties. I believe that the main bitcoin purpose is a store of value. Many people say that bitcoin is not used as a medium of exchange and that's true, it's not convenient to use it because transactions are slow and fees are high for small purchases. People don't use bitcoin to buy stuff, people use fiat because it's more convenient, right? We have so many really good mediums of exchange, does bitcoin need to be one of them and compete with them? Hell no.

Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)

More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.

Trust is the main value of bitcoin.

Its characteristics and usefulness is not at all questionable in fact I create an entire industry called cryptocurrencies.

Adoption should not be a goal of bitcoin, it should be transformation revolution. And so it must be received.


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To be more specific, it's more of the fact that you don't need to trust anything at all. You just need to know the fact that a centralized authority can't fuck up Bitcoin's monetary policy even if they badly wanted to.

This is why the "don't trust, verify" quote is being used a lot in the Bitcoin space.

So, does that mean to say that when people start buying Bitcoin and HODLing them, keeping them for god knows when, that's enough to consider adoption? Or is it that when people start buying Bitcoin and then use it as a medium of exchange or as a real-life money, that's the time we can only say it has reached a decent level of adoption?

If I'm not mistaken, not once did Satoshi mention Bitcoin as a store of value. But then it has grown into it over time as its price value has shown some really great potential.

Come on, how many people have enough knowledge to verify something related to bitcoin?! The believe system is 99.9% based on the fact that bitcoin has never been compromised.

Bitcoin is also good for purchasing things we want, that is why there is already existing establishment that allows bitcoin as payment, they know how good and convenient the use of mobile devices as our wallet for payment. Fiat currency is good for daily expenses because bitcoin cannot use to buy small things or cheap prices, using fiat will be good for that. Maybe there are some things that will be suited for the bitcoin as payment.

Now, bitcoin is considered as a risky asset. Why is that? Is it lack of trust? There are lots of fears about bitcoin and its future. When bitcoin becomes less risky (in people's mind) or even reliable asset we can admit that it is more adopted.

Using bitcoin as a medium of exchange is just a small bonus that it provides, that's not important.

I believe that the price value growth is mostly related to the trust growth.

There are businesses accepting BTC not just online casinos therefore BTC can be considered money which is one of the most important properties of it that makes people see it to have a value. Some investors don't even learn what blockchain nor what is behind BTC, they just have to think its value will rise and watch the charts to trade it. Whether we treat it as investment or money, its still going to have value.

How is bitcoin better than fiat if we are talking about purchasing things we want? In what way is it better?

Lack of trust follows fear. Fear follows ignorance. The moment the majority of the people finally understands Bitcoin, not even all of it, just at least the most fundamental parts, their fears will surely begin to subside. And that's the moment that they begin to trust Bitcoin. But this does not take the risk away from Bitcoin especially in terms of its being a store of value. The risk remains there.  


I was taken a little aback with this statement.

Bitcoin as a medium of exchange should be the rule rather than the exception. I believe it is what Bitcoin essentially is. On the other hand, it is a tiny bonus that Bitcoin becomes a trusted store of value, although, of course, a good medium of exchange must be able to keep its value strong. Otherwise, if it loses value fast, it is not really a nice medium of exchange.


If by trust you mean people trust that its price is going to fly rather than dive. This should not necessarily be equated to trusting Bitcoin itself.

90% of the time you just have to understand how to sign message and confirm it, or see the wallet balance before you make a deal with someone claiming to have 100 BTC, or require proof for their claim etc. it's as simple as that. maybe you don't know how blockchain works, but at least you should know how to avoid scam.

For me, once we make the bitcoin's reputation good, we can achieve adoption that easily. The reason why people are not engaging into the use of bitcoin is because of those news that bitcoin was reportedly used in a scams.

How can we achieve people's trust with those kind of bad influence towards bitcoin? That's the reason why it should've starts with us, to shape the good reputation and benefits of bitcoin to anyone. Being ignorant towards bitcoin will lose a person's opportunity to adopt and grow as an individual who uses the best cryptocurrency, bitcoin, as his asset.

Adoption is confidence in manipulating a bitcoin and dealing with the market.

bitcoin is a store of value because it is a medium of exchange. otherwise you would be storing some virtual numbers in a very expensive database without any value.

bitcoin transactions are super fast. it takes literary 1 second, or 3 worst case scenario to propagate a transaction throughout the entire bitcoin network that is spread across the globe. and fees aren't that high most of the times  but i agree that they should be lower.

that is your assumption.
millions of dollars worth of transaction is being processed by BitPay alone which means people are using bitcoin "to buy stuff" and that is not even considering other payment processors such as Coinbase, etc or even the merchants that accept bitcoin directly both in online and offline shops.

I mean, verifying if a Bitcoin transaction is legitimate through multiple block explorers is easy enough(though of course it's not completely trustless unless you use a full node). Never said people need to verify literally everything in the first place.

Having that model for spending bitcoin is a very nice balance, unlike other bitcoin purist who try to push bitcoin as the sole currency for any transaction, this thread is a nice breath of fresh air to all the other thread that are dominated by purist, I like this concept even more, maybe the mass adoption that we need is that bitcoin will become a nation's reserve currency aside from gold and USD. In my opinion, the adoption that we should aim for is free market and liberty to use cryptocurrency everytime we buy or sell things.

I will answer this number 2 first as that is the most important.
In order for people to trust bitcoin, it has to be safe and in order for it to be safe, it has to be regulated and we need the government to accept bitcoin not only in a certain country but it has to be globally as bitcoin is a global currency where we can use it to transact from border to border of the world.


With proper regulation, this would grow as people will be confident to use bitcoin, it will be like a digital currency that we can spend anywhere and anytime we want, of course exchanges are still very important as it's not possible fiat will be obsolete even with bitcoin's mass adoption happening.

adaptation is not really needed for bitcoin because it can support itself and not needed for the government in its operation. But the problem are those individual abusing bitcoin system. This is where the government could do something implementing rules and regulations needed for the safety of the consumers. This is where cryptocurrency could not be use in its full potential because it will become centralized in a way being regulated by a centralized system like government.

People trust bitcoin in the fact that there's no need for trust when transacting with it. Why? Simply because there's no power behind it, it's like that imaginary world where everyone is equal, the same idea is placed upon Bitcoin. It doesn't have to bow to anyone, nor does it need to lord above anyone, it's like its own separate world.

It's already safe without regulations of the government though. There's simply no need for government to even accept it, they just have to acknowledge it's existence and let it be that. It's not like they can arrest anyone that owns Bitcoin when they state that its usage is illegal when Bitcoin itself can be the definition of freedom. Even in the past, when the government didn't notice Bitcoin, global transactions were already made and the like.
it is indeed a negative influence, but honestly? They just stem from ignorance. Just a bit of studying would prove that the System of Bitcoin hasn't really been compromised in the past, most were just people entering the crypto scene blindly, believing it to be an easy way and their path to making money.

One thing I see bitcoin as a store of value is just like this:

I use bitcoin to store mainly some of my funds, but when I need money for daily transactions and needs, I am not directly transacting using bitcoin. That is because, the transaction fee of bitcoin is relatively high compared to other crypto, and there are some stores that could not accept bitcoin. Bitcoin as a store of value works just as simple as the term, Hodling, you hold bitcoin, wait for it's price to somehow give you profit and sell it. In reality, bitcoin doesn't really have a physical value, or what they called, intrinsic value, but as of today, many people are already treating bitcoin the same way as gold, thus, what the most important is that bitcoin has characteristics better than fiats that suffice its lack of intrinsic value.

Trust? I believe many people in the forum are misinformed about this.

Bitcoin's main value-proposition is censorship-resistance, which is possible only through decentralization, which is only be possible only through running full nodes.

Both are considered a form of adoption. Because if we try to look on its meaning, adoption only means the act of using something. So whether you use it for profit making or set as fiat alternative, you are adopting. However, the real essence of bitcoin must also based on its true objective according to whitepaper— a peer to peer transaction without using third party. For that being said, the latter one should be the answer and all of us supposed to follow (IMO).

Using Bitcoin as a medium of exchange is part of the "trust" that you believed as the main source of Btc's value, and It is important. For the adoption because, the more merchants/business establishments accepting Bitcoin, the more Bitcoin exposure.


It's not actually the trust, but it's because of It's decentralized feature, privacy, and full accessibility of funds. Do you think people would trust using a decentralized currency without it's interesting feature that a third party payment services or banks are depriving them for having full access of their funds?

Very good and informative post. As far as I know, transactions are broadcast over the bitcoin network “miners” to collect transactions into a group, known as a “block,” to be added to the block chain. Every block must
be accompanied by a hash (a string of characters of a fixed length generated by a set function) that depends on the list of transactions, the hash of the previous block, and a value called a
nonce, which is imputed by the miner. Miners work to find a nonce such that the hash for the block meets the requirements set out by the system. The hash serves as a proof-of-work, since it
is difficult to compute (the only usable method is simply to input values until a working nonce is found), but easy to verify using the hash function. Since, it is now a new and developing subject. Different essay writing service (https://www.essaywritingservice.college/) are now staring to write more about these. Successful miner broadcasts the block to the network, which is accepted as long as all the
transactions are authorized and the hash is valid. As a reward for the computer power expended to verify transactions, bitcoin miners receive newly created bitcoins. The difficulty of mining
adjusts every two weeks so that blocks are mined at a rate of one every ten minutes, thus controlling the rate at which new bitcoins are created.

I really hope that you are wrong about people's trust being the most important thing for Bitcoin. People's trust is the most important thing for a Ponzi scheme, which Bitcoin is not.

The most important thing for Bitcoin, in my opinion, is reducing transaction fees and increasing the number of transactions per second. When that is achieved, BTC can become convenient international currency, accepted by hundreds times more people than today, and the price of 1 BTC can rise accordingly. That's what many current holders believe in, and I think they have all the reasons for that.

You think so? Why aren't other coins just as used as bitcoin when they have the same design and characteristics?
It's the trust that gives BTC the edge in both value and usage over other coins, and sometimes the trust is gained simply because others trust it, don't fool yourself into believing people are using BTC because of its decentralization or censorship resistance. If that would be the case the wouldn't store their coins on web wallets and be so keen on giving their KYC information to almost every service on the web. Trust that the coins are worth money and there will be always somebody to offer you something in exchange, this is the main thing now that keeps bitcoin on top.

People are not so idealistic about things like censorship, privacy, and others, what they care about is the ability to gain and spend.


Would you accept or advise anyone to accept zero-confirmation payments?  ;D

I think adoption can also be improved by reducing resistance from governments, corporations, and banks.

It seems that every couple of months or so, we get news that a government of some country is looking to crack down on the industry in some way. There's also regularly releases from banks stating specifically that Bitcoin and other cryptocurrencies are HIGHLY risky investment options but not money etc.

You even get paid campaigns from hedge funds shitting on cryptocurrencies—probably so they can manipulate the market while it's still young and net a ridiculous profit.

We need to work on breaking down these barriers, since we always seem to hit against one right when the market is on a big rally.

I think people have forgot about this thing called trust,,, they are more trusting of Twitter messages that tell them to buy something or to send them money and get back double.

The idea of trusting the network and not banks is still far away from the reach of people.

Our faith in the bitcoin is determining its value. More importantly, Bitcoin backed by a strong community which is one of the most important reasons why we trust bitcoin. Those peoples saying we don't need trust in a decentralized system like bitcoin, I wouldn't agree with them. Its because simply the creation of a coin like bitcoin wouldn't same value of bitcoin, the community will not trust them suddenly. Bitcoin hadn't come on current circumstances suddenly, it takes a long time to gain trust from the community. I trust bitcoin because I can use it online & real life. I have faith that bitcoin will be more potential in the future, when this belief will spread more and more then the community will be stronger. So it would be a great adoption really.

 If BTC won't function as a medium of exchange then what is the use of it?  Speculative investment?  Store of value?  Even before it become that one, Bitcoin must prove itself that it is a strong entry to being a medium of exchange.  Gold was once used and established as a medium of exchange before it became a known store of value.  Being a medium of exchange at its early stage established the importance of Bitcoin. Thus it is also needed to establish more trust from users and investors.

Still many 3rd party apps that uses Bitcoin for paying bills and buying merchandise.
How does government regulate these? KYC policies, of course.
It's not surprising since it is an online wallet anyway and it does undergo a payment system that is regulated by the government.
People would still adopt it whenever they want. It is just the Bitcoin "itself" is what government can't control no matter how they try it.

Let's go by parts, if you are going to quote me do it correctly, do not take me out of context, second the use of some simple "...".  Trust is the main value of bitcoin ... are required here.

The opinions on the subjectivity of some topics allow others to be opposed. simply because they do not read their own words in the opinion of another.

You Say:

Okay. Where do I find what I said:

___
"Its characteristics and usefulness is not at all questionable in fact I create an entire industry called cryptocurrencies.

Adoption should not be a goal of bitcoin, it should be transformation revolution. And so it must be received."
____

Understand me I do not directly share what you say, but in essence we are on the same side.

Trust:

Here I did get lost with your message, because we are in an implementation phase, still very far from the action in decentralization, outside the bitcoin ecosystem. In other words, they don't trust those who still do not understand or believe in bitcoin.

The bitcoin ecosystem is defined by BITCOIN CORE / bitcoin / users / markets and all the collateral effect it has caused. All this is maintained by something very simple, trust, somehow the trust that two people had at the beginning of all this is maintained.

Bitcoin requires other action people to do something in their environment, ventures of any kind, not only from the monetary point of view to receive an income, who really starts a project based on bitcoin does it out of trust.

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Exactly, all of us who are in Bitcoin believe in it, that is, there is trust.
the vast majority who do not trust is located in your comment.

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Regards.
GB.

 

When we are talking about how useful it is for buying/selling stuffs , we have to first think if the network is equipped enough to handle these kinds of transactions , we are not at that level right now that we will be able to use lightning network without being scared for the funds since it's not that safe.

In the meanwhile we will see some upgradations in the future too , the network will improve and we might have a system where we might be using Bitcoins in day to day activities .

But right now the main focus is Investment. Which depends upon the stability of Bitcoins and what it can offer that other cryptocurrencies cannot.

We have a cutthroat competition out in the market like ETH there it might be technically superior but at the same time Bitcoins is old and trusted by millions , it started the whole thing and it's not much about the competition as it's about the symbiotic relationship the coins have in the market , one coin very easily escalates the price of other because of the trading pairs.

So right now we need to have :

1. Good investment plans coming in the future related to Bitcoins
2. Possibility of options in the market related to interest rates in terms of Bitcoins given by a good trusted company
3. Legal issues being handled by a team so that we don't have any unfair war against the Government
4. Rights for the miners !!
This is very important what I realize is in most countries the government can very easily take over the Mining farms this would actually mean they are trying to dominate the Bitcoins .

No, by trust I mean that bitcoin will keep its properties forever, that it does not have vulnerabilities, that having/using bitcoin won't be considered as a crime.


I agree, being able to send bitcoin directly it is important but it is not important how often people do that.

Do you know what proper regulation means from the government perspective? It means transaction control and taxation. We will have to declare all our wallets and all transactions higher than certain amount.

You underestimate people's nature, we need to believe that bitcoin is reliable to use it. It has been around for about 10 years, why would people trust it?

That's not important at this moment. There are many cryptos with less transaction fees and much faster transactions but why do you think bitcoin is more popular/valuable?

I can only hope so, that the price increase of Bitcoin is mostly due to people trusting its properties and that such properties will be kept for the longest time possible. However, my observation is telling me that there so many people buying Bitcoin, thereby causing its price to increase, without even knowing the fundamental properties of Bitcoin. Furthermore, there are so many people who've got Bitcoin but are not even touching them because their sole purpose of having them is to make money.

Now, there's definitely trust in it. Trust, not because Bitcoin doesn't have vulnerabilities-- it always has-- or that using/having Bitcoin won't be considered a crime-- there are many Bitcoin owners in countries where having/using Bitcoin is illegal-- but because despite all these they still trust that Bitcoin's price is still gonna soar in the months and years to come.

I do not really get your idea here but to sum up with I guess your were talking bitcoin to be develop that would enable users to acquire a safety and comfortable bitcoin system.

Adaptation is really not that easy especially government is one of the agency that will scrutnize for the betterment of the community. This is why bitcoin is still not approved foe the community consumption but in our place if it is allowed but should agree with the terms and agreement before using bitcoin.

Bitcoin has a comfortable system and  also well developed,maybe what he says is more development because since the creation there are no development
happen,but how can we  do this when Satoshi is not available now.
actually there are already some countries that let bitcoin to be consumption materials,like South Korea and  other country in EU.
what matters here is our contribution to this adoption happens soon,we are the most important part by spreading the goodness of bitcoin and not just a profiting material.
Totally agreed  on this ,trust is still what the most important part because in this way we are staying here longer  than  what we expect.

Telling someone about the use of bitcoin is not that easy because they will not believe you unless you show them that you are successful enough when you promote it. They will become more interested about the benefits and good effect of bitcoin once you show them real money from hardwork and good control on bitcoin. By that, i can say that adoption is a process where you should let them know how bitcoin can change someone's life. Also, us ing digital money in a pandemic is not really a hassle.

Bitcoin is more popular/valuable because its blockchain is much more secure than that of other alts. Many people opt to sacrifice a cupla bucks for security. But when BTC is fast and its transactions are cheap, who's gonna use other cryptos? Nobody, except for the criminals who will still want Monero and Zcash to hide their identities, but I'm sure all those "Private Cryptocurrencies" will be banned by most governments sooner or later.

I don't really think the adoption of Bitcoin is based on the level of trust people have for Bitcoin. Adoption will come when people understand and know the true nature of Bitcoin. Trust comes into place when people have sufficient knowledge about Bitcoin. Without knowledge, people can not trust the outcome of something. What is actually delaying the adoption of Bitcoin is based on the fact that majority of the people living in this  world do not really know what Bitcoin is and come to think of understanding its decentralized  nature.  Knowledge and understanding is the only way to get people to adopt Bitcoin.

Bitcoin adoption is all about the increase in the usage of bitcoin on daily life same as that we use the traditional currency at present. As of now through the word of mouth spreading bitcoin has now reached a higher level of acceptance. Years back people weren't aware of such a technology based development, but things have changed and more and more newcomers can be seen using bitcoin. This is the real growth.

Bitcoin serves different purposes, you can’t say that it is not a medium of exchange when that was the main purpose it was created for. It’s up to us, the way we understand it, because our perspectives on what this digital asset is about differs.

Okay, you have said that it’s not a good option when you are making small purchases. But what about sending a huge sum of money abroad, can you compare Bitcoin fees to banks? Bitcoin is a medium of exchange and also a store of value, use it for what suits you best. I have been using it for transactions, and till now that has been the main thing, and I am also investing in it, because it’s an assets that’s profitable.

Bitcoin right now is very popular there are a lot of people makes an investment regarding with this coin even some of them does not have enough knowledge but still, they do the basic earning which is the buy low and selling high some of the reason why the bitcoin becomes popular is in the news some of them become millionaire by just investing on it so some of them right now are hoping they will earn this too by the time goes by even the popular person into the world of sports and entertainment recently there are a lot of threads created into our board and shares they are now supporting the use of the bitcoin which is a good thing to have.

With more people being exposed online due to this pandemic, those who doesn't have any idea about bitcoin will start to recognized it as part of digital money, a good sign that it will exist together with more other types of digital money.



Both have it's own shares for adoptions, storing bitcoin as valuable assets gives potential growth in value while using t for payment process adds
usages and more adoptions to take part.

We want to see more of that.
As of now, I am still converting my coins to digital cash just so I could pay my bills.
Although I am paying it using a bitcoin online wallet, there is still the indirect payment that is happening.
That conversion. Might as well pay it with bitcoin to avoid necessary fees and also escaping the lower sell rate from online exchange.

Sadly, it is still largely known as an asset.

No matter how Bitcoin is going to be used, Bitcoin adoption comes from the fact that the community grows.
If we manage to increase the segment and the people who use the network - each one of them for their different reasons - then we are going to say that we achieved Bitcoin adoption...

Bitcoin is not really meant to be a store of value, it is created for peer to peer transaction so the real adoption is more people willing to choose decentralised payment modes and there are people who is willing to accept it as form of currency.Bitcoin is trustless since we don't need to trust anyone for using it so trust is not really a problem but we still don't have much people to understand how the bitcoin works.

There will be trust in bitcoin only if people invest on it knowing how it works. The issue nowadays is that many adopters hear about bitcoin and invest on it thinking they will get rich in few months and actually what they have in few months is a loss, as it's very usual to see a dump in bitcoin price on short run.
So while adopters misunderstood bitcoin concept, usage and risks there won't be any trust *relationship* built around it. And to revert this situation is only possible through education of bitcoin adopters.

I prefer this concept, maybe the mass adoption that we need is that bitcoin will become the country's reserve currency apart from gold and USD. In my opinion, the adoption we should aim for is the free market and the freedom to use cryptocurrency every time we buy or sell goods. Having a model to spend bitcoin is a very good balance, unlike other bitcoin purists who try to push bitcoin as the only currency for each transaction, this thread is a breath of fresh air for all other purist-dominated threads, I prefer this concept, maybe the mass adoption that we need is that bitcoin will become the country's reserve currency besides gold and USD.

It's a shame that Bitcoin is still rarely used as payment, most people use Bitcoin as digital assets, like gold which is considered
good as a store of value. Therefore the development of Bitcoin adoption is fairly slow, I can't do much for Bitcoin more widely
used as an alternative payment. Because people are still doubtful about the price of volatile Bitcoin and also Bitcoin payment
transactions it can't be as fast as fiat.

That what we are looking for but we can't deny that more people are out such confident as they know and heard about scamming here and everywhere. Only those individuals have their guts will trust crypto and we can't drag people in here just to pretend. Most of us are here for a reason and the majority is for an investment not for buying goods or any stuffs.

I'm not closing this somehow, trust could be build up soon stronger if all countries will support crypto and no banning happening. It gonna be another decade or more, keep waiting then.

It will happen soon, and it's already happening in some country which people in that country try to use bitcoin or altcoin for the investment thing. But if the government makes it legally, people will use crypto as the new payment system. The adoption still on progress. With so many advertisements out there on the internet, people will see the benefits from the crypto, so they will start to use crypto. If that is happening to many countries, the adoption process will explode, and we will see a new era in which digital payment will be available in many places.

It is undeniable that right now bitcoin is more appropriate to be called an asset, I am a bit in agreement with the OP which from the perspective of the user at the time that bitcoin is slow and expensive fees. What I do not agree with is the level of trust, user confidence is changing, as evidenced by market demand and volatile values. We cannot guarantee that in 20 years bitcoin has a higher level of trust than this year. So do not be as if what you say is certain, where all you say is a prediction

True, but the good news is that it's not like we should push it on others to increase adoption. It happens by itself because Bitcoin is the money of the future, and more and more educated people are beginning to see it. Maybe it won't be the only money in 10-15 years, but it will be among the most used ones for sure.

Btw, when we try to impose the idea BTC usage on others, it can often have the opposite effect.

I don't think that way nor to see that Bitcoin is being useless. Only a few have used bitcoin as a currency it is clear to see that is because only a few establishments have accepted it, in fact, the majority of the people have never known about Bitcoin especially in the 3rd world country. Crypto adoption won't work that fast and not even people have to use either. We can only tell that we are in full market adoption and consider this as a currency if people will never think that they can make money from it instead, they buy crypto because they want to spend it, not for investment.

But since we still have FIAT and some cashless payment options, we can't expect that it makes possible at a very short period of time. We are truly far from that.

I thought of it too, but it is clear to me now that bitcoin is heading to be an alternative investment and trading material with its volatility and ability to go up and down through speculation. I dreamed that we will use bitcoin in the future to spend just like a fiat currency but that ain't happening 90% of the chance. As you notice now, many government are creating their own digital currency to solve the convenient that most of the people wants to have. Bitcoin adoption isn't really a currency adoption I guess.

There is a growth indeed, but the growth is not into the one we thought of a few years back. But still who would know the future ahead of us? just a maybe.

Bitcoin, to me, can be anything but a store of value.

People keep Bitcoin not as a store of value, rather they keep for speculative motives. Bitcoin is hardly stable to be a store of value.

In one word Fully acceptance including the blockchain technology and become accessible everywhere, that is mass adoption for me. But it's difficult to happen. Why? Because government is the antagonist in bitcoin development and adoption.

There is a tangible reason that can be seen as a quick way to adopt bitcoin, and it is with countries with high inflation, since the local currency of countries with weak economies are the ones that have the most adoption today, such as the case of Venezuela, Argentina, where The volumes of Bitcoin purchases and sales at least at localbitcoins.com are very high, in fact for those who know about the technology they see bitcoin as safe savings.

Bitcoin as a store of value is pure an added advantages of bitcoin because when you go through the official whitepaper of bitcoin as published by satoshi Nakamoto more than decade ago, the true purpose and value of bitcoin is a decentralized digital currency that give true freedom to people over their financial activities but sadly, majority only cares about bitcoin as a store of value in prder to gain when it experience price increase

Yes it can be a store of value, although I have seen people who argue that it can’t be a store of value.
It’s all about what you want to be using it for. But, as for me it can be a store of value and can as well be used for transactions.

As for using it as a store of value you will have to be ready to hold it for a long time just like you will do gold. If you’re going to be going short term, then it’s best that you go for it as a trader. And by the way did any of you see a news that was telling people to start selling their coins now ? Lol. I really don’t get why the media likes to put fear in people all the time, it’s really annoying.

From how we are seeing it right now, investors more likely hold this assets believing that the value will increase

even there's no specific time frame.


Yes! It's how the end users will take side, both ways can be done to this investment currency.


You need to be patience if you are aiming to hold this assets, volatilities needs to be overcome to avoid losing much money and time.
Without patience you'll be losing your money in the short ride.


Big chance that those who are telling this to people either haters or people who wanted to enter with much
cheaper entries.

gold is more useful than on bitcoin on a daily basis you can sell gold for money or make it to something or produce another product  .

there are demands for it but on btc people will think twice to spend it , its price is the reason why  but when it comes to trust both btc and gold have it .  i can say that trust on btc is more stronger than on gold because btc value is also more higher but who knows maybe gold can catch up in the future

Adaptation is not about for a.country to.solve the rise of inflation rate. Inflation rate could be solve by growing the economy of that certain country. Besides bitcoin has bad reputations on other side knowing that it has been tag from the scam activity. Bitcoin was being made as a medium or tool for scamming or doing fraud. Here in our place it is likely not being diacussed because the government has no interest but it is still open for greater opportunity. It just need some time for the government to realize the importance of.bitcoin system.

Many people believe that bitcoin can't be decent store of value because of its high volatility, its price widely oscillates throughout a day. What it really means is that those many people are wrong. Volatility of bitcoin has been decreasing since the inception. The more people start using bitcoin, the less volatility it has. The less volatility it has, the more people start recognizing bitcoin as store of value, and vice versa. And so on. Until bitcoin price is stabilized forever. You can say that bitcoin is wholly adopted when it is no longer fascinating to speculate on bitcoin's price. It is very interesting to observe the formation of new type of money, decentralized programmable money. We have never seen that before, because gold was the only true money for a long time and now we have digital money that has the same characteristics. The only thing left is to make bitcoin adopted.

There are statements that I somehow disagree. Because a lot of online shops accepted Bitcoin directly now, like amazon and eBay. And it can also be use on selected hotels or even donate on charititable institution. So you see, we can actually buy some stuffs online using Bitcoin and its features is so reliable and convenience especially in this Pandemic time. I guess, a lot of people now trusted so much on Bitcoin because it helps our lives to be more easier dealing our financial transactions with the comfort of our home.

This already creates its own identity.

ANd there are many adoptions coming from online businesses, so yes I agree with your statement
this adoptions is really ongoing and we more and more newcomers and businesses to adopt and
start using it both by means of investment and payment process.

You are very much right. Bitcoin can only be used on selected establishments that accepted it. It cannot be used on our daily spending, like buying goods in the market. Fiat will always be the traditional way of doing that.
I believe that the people who trusted so much on Bitcoin and believe its store value and convenient features are of course those people who lives in the city and same as the businesses that are mostly online and highly digital.

Wait, but isn't that what's happening now: cities become bigger and denser because more and more people have been moving there, and more and more businesses have been going online? And the process has started long before the current pandemic, and will not stop when the pandemic is over. I believe that in the near future buying goods and services with BTC will be not only possible (in fact, it was proved to be possible long time ago, when Laszlo Hanyecz bought 2 pizzas for 10,000 BTC), but millions and millions of people will be doing just that.

The problem for the merchants to starts accepting the bitcoin as a payment is that in certain countries it is still neither accepted nor banned. So, in order till the clarification is made people do not want to make it a hassle and land in trouble unnecessarily. Thus, the bitcoin adoption in buying/selling across globe is very less. Hopefully in coming years we will be able to buy stuff with bitcoin a s payment option for many of our daily needs in many countries.

Local exchanges are also used during these lockdowns.

Some of the transactions I've made these lockdowns are through these local exchanges using Bitcoin or Ethereum to pay. It is convinient and very easy but the problem is that it is limited to certain platforms. I just hope that some platforms also accepted so that people could use more Bitcoin or other cryptocurrencies or just use these local or mobile payments to reduce the contamination of the virus. 

Bitcoin works for a variety of purposes, most people use Bitcoin as a digital asset, they use it as a medium for investing and transacting. Many recipients nowadays hear about bitcoin and invest thinking that they will get rich in a few months; But with the rise and fall of Bitcoin prices, in reality, many have suffered losses in a short period of time; However, it should be invested for the purpose of long-term investment. While Fiat is better at making small purchases or transactions than Bitcoin, large ones are more convenient to use in Bitcoin. I have personally used Bitcoin as a medium of investment and transaction.

Bitcoin adoption based on my opinion is that Bitcoin has started to be trusted by many people to be used as a means of payment.
But everyone must have their own opinion regarding Bitcoin adoption. We should not have to debate which opinion which is true,
as long as the goal is positive in my opinion there is no need to question it.

That's exactly, we are here for a reason and we want to promote crypto space as a new form of payment. However, many people had mistakenly understood it because of what they heard about scamming and fraud. We can have this Bitcoin fully adopted once we all done with the doubts but openly see the best and possible benefits that we will get from this new technology.

Anyway, will that to say that Bitcoin adoptions take time, not just a year or a decade but, it is more than that as what we imagine. We can certainly think that people will all adopt bitcoin for a reason and it depends on what it is in their mind, the same thing as not all people used USD.

I don't think that there are any offical figures about Bitcoin adoption. Everything is based on subjective impression and evaluation but according to that the level of real acceptance is quite low. In the future that might change but the whole process is going rather slow and somehow I have the feeling that Bitcoin isn't following the path of other new technologies that penetrate much faster into our society.

Bitcoin has grown trust from people over the past years, it just shows that people need enough knowledge and understanding about bitcoin to fully realize what bitcoin can do, either for payment, as a store value, or any other benefits of bitcoin.

Doubts about bitcoin are inevitable since scamming a and fraud will always be there. But even with people doubting bitcoin, I believe that we can still achieve mass adoption. And I also agree that we just need enough time for mass adoption since we are still at the beginning of it.

Store keeper : What you want
Me : One pocket milk powder
Store keeper : It is here, anything more?
Me : That's enough.
Store keeper : Scan my BTC Address and pay it.
Me : Bill paid
Store keeper : Received and thank you.

When this conversation happens with each and every store without looking for an alternate. The store keeper asking whether you're paying with cash, card, wallet or any other needs to change as scan the address and pay it. This is what the adoption of bitcoin reaching the base level.

All the money in the world means money, dollars or any currency has a regulatory body. This work is usually done by the government. But you would be surprised to know that Bitcoin has no such company. Bitcoin is entirely public. No one controls Bitcoin. Bitcoin continues to do its own thing. When you have bitcoin, this bitcoin will work just like the valuables you keep in your house. With Bitcoin you can send money anywhere. Bitcoin will reach the recipient within minutes of processing. The biggest thing is that no one will ever be able to cheat with Bitcoin.

If bitcoin will become use to buy our daily needs  without question mark and Using it freely like how we can use fiat money but without the control of the government,that is bitcoin adoption for me. We have different view and opinion about it but we do not have to argue as long as our goal is for the good of bitcoin for all of us.We should accept and respect everyone's opinion.

But people are using it to cheat.

Cheat I mean do some illegal transactions, scam other people, I don't know if there are but even money laundering. That is how they use to cheat Bitcoin. You know why Bitcoin because it is close to being anonymous. And in some parts of this world, that is the reason why the adoption of Bitcoin is slow, heck, it might not happen but we all know it will, it will happen.

I guess I would say that it is adopted if we are not really asking questions like this. We don't ask whether people actually know bitcoin or anything like that, it is accepted by anyone and any stores in the world no questions asked.

1. There are some exchanges and sites where we can considered as convenient where we can buy and sell Bitcoin there. With regards to accessibility, as long as you have an internet connection, an app to be used/site and you know the basics of buying and selling then you can have access on it.

2. Back in the old days people are using a paper when they are trading and on that note, there is an agreement that the paper is worth X amount of X.
When fiat has been introduced, people have trusted the paper currency and they agreed that the paper has a value of X.
Same with Crypto. You must trust the coin itself or you will not use it ever and not using it may affect the adoption of it.

Without government control, such bitcoin adoption would have a bad impact on the economy, especially on FIAT. The correct adoption of bitcoin is with regulations set by the government. There must be someone who regulates it so that it won't become a problem that will destroy the country's economy itself.

It will be easier to find the people who are laundering the money if governments regulates the cryptos as a money because once there was a transaction made then it is impossible to remove it from the blockchain.But yeah it has value so it can be used for illegal purpose but as bitcoin it is impossible to counterfeit it or enters into someone's wallet without their private keys gives better edge over the fiat.

Literally, the Bitcoin Price is determined by traders all over the world who conduct trading activities on all exchanges. The price of Bitcoin exists because the Bitcoin network continues to grow as more and more people invest in Bitcoin to deposit value. Well, the adoption of Bitcoin as an asset for investment is of utmost importance.

The problem here is that there are ways for these people to be untraceable.

Scammers and hackers in the past did it so that they would be untraceable. By using mixer, that Bitcoins used to launder the money will just be gone. There are still ways to track them but unless they are stupid enough to leave some traces, it will not be that hard. Some countries regulated Bitcoin so that they could protect those people using it in their country but the adoption there is still not that great.

Hi, every currency, or more specifically digital currency actually has some advantages and disadvantages. So the existence of different types of digital currencies is to complement the features that economic players want.
For international transactions, credit cards are easily accepted. At least you know that credit cards in an era like this are very prone to hacks. Carders are very good at hunting someone's CC data which will be used for shopping without the knowledge of the credit card owner.
Then, transactions on the deep web or other transactions that concern someone's privacy, of course we really need a wallet that concerns privacy too. This is bitcoin-owned land, where creating a wallet is not difficult and sending it even without banking intermediaries.
So in essence, when bitcoin is still recognized as a medium of transaction, then bitcoin is still needed as money works

Variation isn't generally required for bitcoin on the grounds that it can uphold itself and not required for the legislature in its activity. Be that as it may, the issue is those people manhandling the bitcoin framework. This is the place where the legislature could accomplish something by actualizing rules and guidelines required for the security of the buyers. This is the place where cryptographic money couldn't be utilized in its maximum capacity since it will get concentrated in a manner being controlled by an incorporated framework like the government.

It seems to me that bitcoin will be the best asset to invest in because all other assets are worse than it.

1.Commercial real estate has value when the global economy is booming.  

2. Gold is a very good investment asset.  However, gold is difficult to store, it is difficult to organize its transportation.  

3. Interest rates on deposits in banks are below the inflation rate.  The banks themselves are unreliable.  

4. The stock market is overheated.  

5. National currencies are depreciating due to high inflation.

People will buy Bitcoin in order not to lose their money (to preserve their capital).  At the same time, the price of Bitcoin will rise.  The rise in the price of Bitcoin will make it an even more attractive investment.

This will ensure that Bitcoin is accepted first as a store of value and then as a medium of exchange.

will be the worlds store of value

Being cashless in terms of payment is good, it is just sad that they uses the name of bitcoin in wrong way, that's why it creates bad impressions to many people. but let us consider that no all the country all over the world has an internet connection. bitcoin and other altcoin can only be use with internet connection so having no internet connection can be the hindrance to mass adoption.

And it shouldn’t be a system that will be limited due to people storing too much of it. There should be more of it circulating than being stored away, that’s not good for the Bitcoin, it will be affecting the BTC wrongly.

It’s not wrong to make use of Bitcoin mainly for transactions, that’s why it was made in the first place, so people can use it for that. And I think it will even be better if there are many bitcoins being used mainly for transactions than when they are just being bought up in bulks by whales and stored away. Being used for transactions will benefit the community more than when it’s being put away. Just my own piece though.

Adoption happens from those we come to encourage inside the forum and market,some of them are Wanted to buy and Hold(though hesitant) and others are here to gamble as this forum has the finest online casinos in the world.
while others are just bounty hunting that seeking for a chance that 1 day they will find a Mine of gold inside the projects.

Talking about trust, bitcoin has the potentials to make anyone who comes across it and know how it works will surely trust and hold on to bitcoin, it's value keeps increasing and even if it drops it still bounced back, the problem with adoption is that government are against bitcoin because it can't be controlled by anyone, and there see it as a threat, and also many people around the world haven't got to know about bitcoin.

So actually the adoption of Bitcoin for shops, restaurants or cafes is pointless, because Bitcoin was not created to compete with FIAT in terms of transaction speed at the cashier. That's right, it is impossible for us to pay for $ 2 coffee using bitcoin which will at least charge a network fee of $ 5 - $ 10.

And if the most important point is trust, then someone who uses Bitcoin as a tool to make money online, must be raised to the surface, this of course will be a promotional medium to gain the trust of new people (who don't know about Bitcoin). That way, the level of public trust will increase as they become literate in understanding the ecosystem related to Bitcoin.

I think yes, trust is only fact for BTC nothing else as it has no physical existence. But the technology that uses BTC that helps to everyone to believe on BTC so that market going up day by day. The growing market that is really adaptable for market and hope it will continue with high speed.

thanks.

Bitcoin being convenient to use along with its transparency is one of the best thing that a currency can have as a trait. It would also be possible that with people's trust, the supply and demand for Bitcoin can be determined greater and as long as people keep using it, the tendency for it to be further developed and be adopted will be greater.

People are finding ways to transact freely and that's how bitcoin works, no limitations if you'll going to deal with peer to peer.
There are people who loves how bitcoin works now, after this pandemic transferring or transacting using this system are being
acknowledge by people who learned the benefits.

Absolutely, bitcoin has been made a long time ago, until now many countries are adopting the use of it, we all know that cryptocurrency makes every transaction easier by just using an internet connection and your device, especially at a time like this pandemic we can maximize the use of it sending money without hassle and in just a little time. Not only that, we can say that bitcoin is a good investment that many investors are studying every project that they want and supporting that particular project to gain income.