Bitcoin Forum

I recently thought about what would happen if the majority of the world population want's to use bitcoin or is starting to using it.

With a high price there would be also a high delay with transactions.

Besides the technical problems I have more concerns. The people. The reason that bitcoin is very complex and for most people not very easy to use and to understand.

I tried to explain it to several friends, also with a bit very easy technical parts. They understood the advantages in bitcoin but not more. As said it's not an easy topic.

In almost everything, especially technical stuff the masses don't only know how it works they don't even want to. They just want that it works!

Most people will be able to install an bitcoin app but they won't know how to use it. Many will be scared by this long random characters string which they know can receive money.

Many have an solicited opinion when you ask them about bitcoin. It's foreign for most so they reject it. It would take a long process to show a normal person what bitcoin is and that it works.  

But let's assume that bitcoin is popular and everyone want's to use it.

Personal responsibility is for most people something they don't care about. I think many will be scared by looking after their bitcoins by themselves. Setting up an hardware wallet and writing down the seed is for most people way to too circumstantial and difficult.

And with this fear they will run to mainstream applications like PayPal (which already promoted this fear in their paypal bitcoin faq). Which hold and control there funds and money. Like the traditional banks...If there isn't a big change the cycle will start again. Of course you shouldn't keep bitcoins worth millions of dollars just on a recovery phrase sheet somewhere in your drawer but I think you know what I mean.

But of course you could thinks also the other way and people will get so interested that they will research by their own or educate in several ways about it or get educated. And everyone will one day be their own bank.

I'm interested in your thoughts about it.

Bitcoin as a whole world currency was 2017 bubble paradigm. Its 2020. Now we all know that its not gonna happend. Most likely not in next 10-50 years. For sure not now..

Most issues that you bring here will be solved in naxt 10-50 years (easy to use apps, easy to use priv-keys) so after this time bitcoin will be ready for mass adoption but ... majority does not give a f. about bitcoin. Not because they don't understand bitcoin ... its because they don't understand Fiats. All they know is that they have to earn it and spend it. 9 out of 10 people asked on street what inflation is won't be able to answer this question. I saw one such street poll in which a woman replied "I'm not interested in something that does not affect me".

I also thought about that. That user friendly apps are needed for this. And with user friendly I mean really user friendly. Similar to apps we use today. And that about fiat is a good point. Worth of fiat halves every year and as you said nobody cares. People think that goods the buy are more expensive than some years ago because it just all gets expensive. But it doesn't get more expensive, its just the currency which loses value. The will care more about when all there money is worth nothing. Something like that already happened in Venezuela. 

I'm still of the opinion that most people don't understand bitcoin and not only just don't care about at the moment. Back to the user friendly apps. You need apps which they don't have to care about how it works. It has just to be very very easy to use.

But I'm not sure if companies like PayPal or square doesn't play a big role in the beginning. But after more thinking I'm very confident that one day most people will be their own bank.

We'll see.

Many third parties have developed decentralized wallet which is faster and easier to interact with. This makes using bitcoin a piece of cake. However, the lack of funds and resources avoid their invention to go mainstream.

Moreover, I dont think mass adoption can happen in this decade or even the next decade. People right now are not responsible enough to control their money by themselves. They tend to trust a third party which stay at the middle and manipulate their current life. As long as we are controlled by these elements, bitcoin can not become a prime currency of our world

The growth of adaptation of bitcoin really increase in the past years and we can't deny that bitcoin is a lot of popularity today compared to the past years.

But people are just starting to know digital transactions because of the pandemic and not all countries are able to implement digital transactions because of the technology that is not introduced or they don't have in their country.

Probably after 5-10 years, bitcoin will be adapted in a lot more countries, and companies will be interested or consider cryptocurrency to be an asset because of the increasing market price.

For in my country people are just introduced to a digital transaction more like a Paypal, Mastercard thing. And hopefully will introduce cryptocurrency as digital money not just for investment.

There are some interesting interviews on youtube with Michael Saylor from Microstrategy in which he talks exactly about that. It will be an treasury for companies and also peoples. Because their money they want to save loses every year value.

Examples: https://www.youtube.com/watch?v=Jb48Q5e4WVg and https://www.youtube.com/watch?v=V6J0hPCyN4Q

But don't forget that he has extremely self interests. 

We just really need to wait because technological development will really approach from time to time.

Also in my country, many people are already using those digital apps or platforms to make transaction, to store their money, and to buy things using it. It is not impossible for our community to engage in cryptocurrency as there are a lot of countries who already did it.

Even though bitcoin posted lots of gains and surpassed 2017 ATH this year, we all know that bitcoin is ready, though not even utilized to its fullest potential and most only use it as an investment. Companies ‘bought’ bitcoin but not accept it as a means of payment on what they offer to the public, and those are two completely different things. The structure is there, but the players? Busy playing with their other toys.

I’d say it’s simply not ready yet.

In terms of mempool congestion, we already have great lightning wallets such as Phoenix and Breez(that people refuse to try). We just need exchanges and other services to start accepting LN payments.

As for the current UX of Bitcoin in general, yea it’s quite tough. The technologically literate people are obviously going to adopt pretty quickly, while the less technologically literate people would get it significantly longer(with hopefully some techie friends teaching them), while the older folks, well, probably stick with Grayscale’s BTC trust or CashApp?

With that said, I’d like to take the optimistic approach and look into the future; hopefully with Bitcoin far easier to use and secure compared to today. Rome wasn’t built in a day, they say.

Mind you that it's not possible for Bitcoin to pique the interest of the entire globe and for everyone to all at once to adopt the technology, this will prolly never happen, and even if it will, it'll take so many years to achieve that, and as the years roll on, so will the network keep on developing and if even a time comes when Bitcoin is to be globally used, the network will be sufficient at the time; for now the network is serving it's users without too much of a hassle, as for the future, we'll have to wait and see what it holds for the network and it's then community of users.
The thing is, anyone who's scared of being their own bank ought not to be in the Bitcoin network or else there's a high probability of losing funds, such users are usually careless with seed phrases and private keys as well as end up using web wallets; this has been repeated time and again, if one must be in this Bitcoin community, you ought to come to the realization that responsibility rests on you and the best part of what comes with that responsibility is CONTROL (of your funds, no manipulations, no nothing).

The bitcoin mass adoption already starts a few years back, and it is still going on until now. But to see bitcoin become global, we need to wait for a while because we still have another problem, which is Covid-19, that is happening in many countries. We can hope that in the next year, we will see the mass adoption will grow more than today, and even we still have Covid-19 around us, it does not stop bitcoin from becoming popular. So until that time, we can try to have more bitcoin in many ways.

I don't think mass adoption is ready yet. Most people heard about crypto, but don't know how it operates and don't trust it either. Plus there isn't much infrastructure to use it in daily life like ATMs or crypto termi9nals in stores etc.

This pandemic maybe the key to that, people are now engaging more in the digital platforms compared before.

Bitcoin adoption is not impossible to become fulfilled around the world because advancement of technology is really approaching us everyday.

I'm thankful that I've already seen some impact or advantages of digital transactions to our lives.

Bitcoin can be also used to that so that's the reason why people are engaging on it besides as a source of profit.

Ask it in reverse.  The real question is, "Are the masses ready for Bitcoin?"

They're really not.  Most people can't recognise the importance of securing their own wealth and maintaining financial sovereignty.  And even if they could, most of them would probably do a half-arsed job of it.  Or would entrust their funds to a third party custodian, missing the point completely.

This is probably the last thing you would expect a Bitcoin user to say, but until people can change their mindset, mass adoption is a terrible idea.  We shouldn't be encouraging it.

There is a huge responsibility which is attached to Bitcoin adoption. Unfortunately, majority of the people are really not in the disposition to properly handle such responsibility. And I don't blame them. We all grew up not minding much about monetary safekeeping. We are used to only carrying a relatively small amount in our wallets, keeping a little amount as well in our homes, and the rest is in the banks. So we're only protecting small amounts. Those which are in the banks we don't worry about.

There are a lot of premature entries to Bitcoin so to speak. This is primarily the reason why there's a considerable number of victims to Bitcoin scams, phishing, and other Bitcoin-related crimes.

What I worry about Bitcoin mass adoption is that everybody is a walking bank or a walking vault. If criminals are risking life and limb in robbing an armored van or a bank which are well-guarded, it would be a lot easier for them to operate with ordinary people functioning as banks.

For me, it becomes more complex because that's part of innovation. During the old days, when the technology is just starting, it's also complicated for other people but they eventually learned and adopted it so I think it's kinda similar. For now, not everyone is ready for bitcoin adoption due to several circumstances but I believe it only needs time for people to adopt because if people are interested, they will learn.

For bitcoin to reach a massive adoption scale, it might take three to four years if we are lucky enough else it could take a decade or two at least to reach that point mainly due to the reasons you have highlighted earlier. Besides the issues, you have mentioned the major hurdle are the govs who don't want to give away their authority to others.

That's the thing isn't it? People will learn when it becomes interesting. And then people will be fed that knowledge in schools when the tech becomes necessary to live in the adult world. I didn't learn internet or word processors in school, but I know it's taught as part of basic education now.

Bitcoin's already in some curriculums in lower/higher schools. It's really just a matter of time when it becomes "interesting enough" to be just part of regular life.

i do agree with this after paypal news and another elon musk news bitcoin going crazy  :o if you look ripple if im not wrong that put validator on big universty that study cryptocurrency

I think that in the future, Bitcoin will not be used by people, but by large corporations and states.  People will be using CBDC.  There are many reasons for this.

Bitcoin has 350,000 possible transactions per day.  This is very small for mass use.  There are several billion people on planet Earth. 

All the disadvantages of Bitcoin are advantages, if we assume that it will serve as the world's reserve currency and become part of the gold and foreign exchange reserves of states. 

Bitcoin is digital gold, however, gold is not currently an official and widespread means of payment.

Ripple was a scam and it's not comparable with bitcoin. Paypal has become the main reason why there are more institutional investors wanna try to buy more and more bitcoin. I have heard that about the rumour if there will be another big company will try to buy bitcoin. The instutional investors are starting to change their mind about bitcoin.
Bitcoin is ready for mass adoption.

Not sure if it's ready but bitcoin is already into a Mass adoption. Now a large number of people own and use bitcoin in such a small period of a decade. Even if they don't own it, most of the people are aware of it and consider it as an important aspect of new age of economics. Last day I was sitting in a training regarding cybersecurity and crypto regulation popped up as a hot topic of debate. I was so surprise that so many, specially the old people know about bitcoin.

As before I started to get into cryptocurrency many saw it as a scam.

As I being a whole new book on understanding crypto, it's really a wide book when you want to know more. So when you get people into bitcoin it a good start and those people who might get ideas from you who you see have less interest may slowly get into it as they become (possible) curious on their own.

Until today the number of people who get into bitcoin or cryptocurrency-related, increase but sadly there is still a large number who don't understand bitcoin so to those who understand bitcoin has the advantage to give to spread how cryptocurrency work.

Yes, it is ready(50%) but at some put, people should really get into it understand it and see that it is not a scam. That bitcoin is a big deal. Still, that big deal is still a good opportunity to let say "the least country that doesn't understand bitcoin" because it's free from government use plus tax-free. Just imagine if every foreign country uses paperless transaction bitcoin will not be bitcoin.

 

 

I don't think bitcoin is ready as you can see if all people will start bitcoin rather than USD they need to adopt those learnings first there are many things that needs to be done since fiat currency are controlled by the government since bitcoin currency is decentralize we don't want to have a government to manage bitcoin and manipulate many things if they considered it as is then maybe in the next 10-15 years since there are many application that involved bitcoin to make more transaction easier. Also as the if big companies will be start using bitcoin as their payment method or etc, since they will become a role model to open those eyes who don't believed in bitcoin.

the current problem that arises is that there are no people who want to learn more about bitcoin. This is of course hampering the movement of bitcoin adoption globally, because they are not interested. To be able to make them interested and discuss Bitcoin in their respective circles, at least there must be a special strategy.

Bitcoin is never going to fade away for many years to come but I doubt it will beat or eradicate fiat, in the next 20 years to come there will still be many people who will refuse to use bitcoin, mass adoption is going to take many years to atleast get better

The person that will surely refuse to learn Bitcoin or other crypto currency is the older person .it is hard for them to understand it mostly if you are not into technology which is understandable they are prefer to use Fiat instead of crypto currency. It is also harder for them to teach even you want since most of them will have a problem in their eye  sight and it's normal if you are older, other reason is they can easily be fooled unlike young people .

Yeah, there were exclusions when it comes to this matter or age bracket of people on where they would really be having a hard time on understanding everything but there are
some elderly which are really in with the tech which means they can still adapt but let these things do stick out on younger generation.Im not saying that they shouldnt get involved
but its up to someone if they choses for it to do so.This market is free and doesnt limit out on whose people would gonna engage nor tend to learn on it.
Adoption is on the move as the years goes by and we would see on how crypto will be having its role in the entire society.

And the more years go by, the easier it becomes to make an old man understand today's tech as generations also renew. But I doubt the elderly are the main issue of Bitcoin's adoption. Because again, even if everyone on this world would've known how to use a mobile phone, from phones and computers to Bitcoin it is a very big leap.

It takes years as a tech geek to learn most stuff about Bitcoin, and even then you still have lots of things to learn about. The main issue we have is the impossibility of offering a very easy, user-friendly experience. If we can ever achieve the creation of a wallet which could easily be understood by anyone without any kind of crypto knowledge, Bitcoin would be adopted way quicker.

What we see with PayPal, Revolut etc seems nice at a first glance, but if you think about it.. it's not really Bitcoin adoption because people aren't using the real thing. They're in just for the profit. Once we can get at least 1% of the world involved in Bitcoin transactions, BTC will become a very big thing.

Massadoption will never happen.

Two many barriers, the first one being the lack of ergonomic of the user experience.
Private key are not user-friendly, fees are higher than other payment services and so one...

Paypal or whichever 3rd party they may use I think will not matter, they will still be utilising BTC in the end and in the process these people will learn the value of owning the BTC in their personal wallet. A year or two they will get out of that paypal or whcihever because they will learn its not good for them.

You have a point, but you have to understand that bitcoin it's a revolution so obviously, there are a lot of things that out of norm, like private keys and fees. But if people are going to understand the logic or the reasoning behind, well they can appreciate it more. It's not that simple but that is our protection and we need proper education on how to handle it.

So I must say again that we are closer to adoption that we have never been in the past, specially in the bull run of 2017.

A central currency will only be possible if there is only one government which is close to impossible because China, Russia and US exists and they are both on a stalemate which is a good thing. I do not think that mass adoption will be the answer to the problem, if possible I think the best is mass introduction, if they have a knowledge then they might consider. Sadly, people do not care about economics because it does not affect them directly which is understandable, but that is what keeping those in upper class in power, they rely on the ignorance of the masses.

Bitcoin is ready for mass adoption and becomes mainstream, but it will not happen fast because people still need to convince themselves about the benefits of bitcoin to them. Perhaps, if they can learn more details about how to use bitcoin, and how they can take the chance to make money, they will start the race of buying more bitcoin before the price increase. But many of them are not yet open their mind to accept bitcoin's existence, and they still think much if it is better to use bitcoin or need more time to consider. But who knows, when the bitcoin price jump high more than $50k, people will see how they can profit from bitcoin.

I think it's not the question whether it is ready for mass adoption, year by year bitcoin is really getting closer, but are there people willing to try it out? Paypal still is the top choice for online payments, but since they have somewhat join the bandwagon this year so it is just a matter of time before people realised what bitcoin can bring in online payment as well as cross border payments.

Yes, we may say that bitcoin's drawback is that there is a learning curve, but if it blows in the next 10-20 years then I guess everyone should adopt to it, whether they like it or not.

"Bitcoin is complex" argument has no merits at all. Everything else people are using in their day to day lives is complicated, some of them are even far more complex than bitcoin. For example the computer you are using, the operating system, ... is very complicated and yet millions of people are using it every day some of them don't even know what an OS is let alone know how it works.
Bitcoin is just new and being new is scary to some people so they claim it is "complex". Otherwise why would regular users want to know how bitcoin works when they don't care about how everything else works?

The learning aspect of this technology should be taking serious by adoptors becasue without the right knowledge people will still continue with the negligence which always lead to them be prey to hackers and scammers. Those who are serous about the technology will learn before make investment. Reasons why we are not seeing mass adoption in Bitcoin as we expected is solely becasue of it unregulations, if the government  start it regulation many hands will flow into this industry.

Lol how come that ripple is scam?

Your just looking for news but are those a legit ?or Fud to make the coins looks scam?

Better make your own research and not just jumping because it was been told.

The fact that Bitcoin is a currency with a very volatile price and irreversible transactions scares a lot of people into entering the crypto world.The vast majority of the people want stability,convenience and the ability to refund transactions that were sent by mistake,or payments that were sent to products or services,that eventually turned out to be a scam.
Bitcoin and all the altcoins are not ready for global mass adoption,but I'm pretty sure that Bitcoin will improve and will become more user-friendly.

The moment the price goes at this level means that people just want it more and more; not because its convenience, its usable, or it is the money of the future, neither a technology nor the peer to peer payment but because it is trending. Trending due to its price which of course attracts people to invest. Imagine from 0.24 usd to 25k for only 10 years. It even competes on Dow Jones index in the stock world. Thus, people wanted it more, again not because of its purpose and application but because its price attracts people... and as to mass adoption, people are not ready yet....

Bitcoin is still at its early stage and mass adaptation is not yet possible. Knowing that Bitcoin is an internet currency, we can't expect everyone to be in since there are still large number of people who doesn't have access or has access but not good enough to handle this kind of system. I believe that we are going and nearing to mass adaptation since we are seeing large companies and institutions coming in. Few years from now, that would be possible.

If you look at the increasing popularity of Bitcoin, mass adoption should be ready to happen. But as told by the opening post,
most people find it difficult to understand about Bitcoin. Maybe because blockchain technology is still sophisticated,  it is difficult
for some people to understand it. The conclusion is Bitcoin mass adoption will occur with a long process, because it requires a lot of
education to ordinary people. Especially for people who do not understand technology.

It's not totally ready some of the countries see it as threat but some big company like Paypal already accepted cryptocurrency and some big investors look forward to the potential of the blockchain and cryptocurrency, we can say that this could be the start of the Bitcoin's mass adoption.

The delay in transactions is not due to the high price, but do to network overload with transactions. It can happen both when the price is high, and when the price is low. Whatever triggers peole to make more transactions works here.
As for the complexity of Bitcoin, I don't think it's a problem. Of course, understanding all of the specifics of how Bitcoin works is difficult, but so is tons of other stuff we have a vague understanding of, but use without hesitation (laptops, microwave ovens, cars etc.). And understanding Bitcoin on a basic level that allows using it and avoiding dangers is not that hard.
But it is true that there are serious adoption challenges nevertheless, and I think that as of today Bitcoin is simply not ready for mass adoption. Even a small town switching fully to Bitcoin for a day would probably trigger a collapse due to too many transactions being stuck and the fees hitting ATH.

Mass adoption will take a long time but it is really achievable. I don't think we can really talk about Bitcoin mass adoption without bringing in the human factor, that is, are we humans ready for it? Are we ready to know about it and are we ready to give the neccessary supports? This is the main question that needs to be answered. Going this way, many have heard about Bitcoin but yet to make a move maybe because of doubt, many are yet to hear about it maybe because they haven't come across anyone knowledgeable enough to explain everything to them. So in every aspect, we can't talk about Bitcoin mass adoption without making more people to understand the importance of it and potential it holds. If you also check carefully, you will realise that, top organisations are busy implementing Bitcoin services in order to serve their users well, but another question is, why aren't more people using Bitcoin in their startup shops, it still brings us to understanding it.
So in my own opinion, until more people are ready for it and ready to know about it, mass adoption will still take a long time.

It is way more complex than more convenient ways such as creating a PayPal or a bank account. When you have an easier alternative, you go for that one. It's why between purchasing a loaf of bread and baking one yourself, most people prefer the latter.

Otherwise, why are there so few people who know programming languages compared to the no. of people who are using computers? No. of Linux users vs Windows ones? People tend to go more after newbie/user-friendly stuff as a priority. Bitcoin is not an average Joe's priority because the average Joe doesn't need it yet. And when CBDCs go mainstream, it will become even harder to convince someone to get into BTC unless they truly care about freedom more than convenience.

When privacy and surveillance becomes a widespread issue and a significant number of people start acknowledging the need of a less-controlled and monitored life, Bitcoin might become a priority in their lives. But until then, unless people wake up to the reality (and I don't think they will, because the transition to a Surveillance State is so smooth you don't even notice), Bitcoin's complexity will be a blockage for mass adoption.

If we're talking about Bitcoin lightning network then I'd say it's definitely ready for mass adoption, but that's not the only thing that is needed for that.

Crypto after almost 12 years still is fairly new technology and many still don't have a clue about what they are and how they work, some of it is because most governments trying their best to not educate people on crypto so that they keep getting their share of profit out of their banks, we also have less educated people that will have a very hard time using Bitcoin on a daily basis to pay for stuff even if their use case is just limited to send and receive Bitcoin and knowing some other basic functions.

I'm not really sure, maybe crypto should step towards being even more beginner friendly which could ultimately help with mass adoption.

First of all I'll say that most people noe using bitcoin as mean of investment, they still comfortable to using money as a mean of payment as you mentioned because the transaction fee and also its complicated to use. So as I just think that if many people tend and know how bitcoin can give them a lot of profit they will buy it as an investment place.

That is the important thing to be done, they having bitcoin by using their money and after they will be aware to find more information how to hold it safely. I don't care they use paypal and another platform because if they already know they will move it to the place that can be managed by themselve, no one who will know where they store their bitcoin. Some instutional who accept bitcoin (as we called as mass adoption) is good for bitcoin. At least the people who reluctant to having it will open their mind and start to using it.

Im not sure that real mass adoption for btc is possible without l2 or even l3 soltuions

Just one thing in here. I doubt that bitcoin will even become a global currency (never said that) but even if ... it will be not because of creation of "one government" as you said. It will be because people will just simply stop to use fiats and start using bitcoin. It will be after global reset and biggest crisis world even seen. We will have lack of trust in banks, luck of trust in governments.
Just like we have social media leader - Facebook - global firm, just like that we may have global currency - bitcoin. All bitcoin needs is people that don't believe in governments and toilet paper they print with fancy faces and call that money and let monkeys in the circle (aka us) fight for it on the street.

The popularity of  BTC help the cryptocurrency market but its not going to be easy for BTC  to get used as money for everyday use. What might happen in the  future  will be a lot strange than  what we expect  but there are glimpses that we can see by now knowing that the government is already developing digital fiat and China is already up to it.

Recently there is a news about EUR in on stellar blockchain and  it sure intended for its citizen to use. What adoption will be like is that we are all equal in having access to investments like BTC, DEFI and other coins.

It is not ready for mass adoption and never was. If you want fees to rise to $100 then perhaps it will be. The adoption is from some funds that grayscale convinced to buy and from Venezuela that is trying to curb the sanctions and bypass the embargo. It won't be mass adopted for a method of transactions but will be used along with other cryptocurrencies when the fiat currency in any country suffers from hyper inflation.

Yes, there is such a thing that for many people the blockchain is something incredibly difficult to understand. When I first encountered bitcoin, I also did not understand a lot, so I had to learn a lot of new information, after which I came to a clear understanding of what cryptocurrencies are and how to use them. For the majority of the world's population, a simplified version of a bitcoin wallet is needed, as PayPal has done. Users wrote that bitcoins on the PayPal wallet can only be stored and nothing else can be done with them. Thus, we can conclude that the introduction of a system of easy-to-understand bitcoin transfers will be a historic moment for bitcoin, as this will cause a great adaptation of bitcoin among the masses, which will definitely lead to a strong increase in its price.

I agree with OP.
I have also had your same concerns. As we are not all the same and the world shows you different nuances.
When more people want to have bitcoin they will resort to the easiest and most convenient method.
That is why PayPal took a step forward because it is a giant in the industry and it needs to continue to be. PayPal executives realized this and launched their app to maintain their niche and gain more users.

Even very elderly people can learn how to make Bitcoin transactions. Modern cryptocurrency wallets have an intuitive interface.

If elderly people (old people) know how to use a computer, then it will not be difficult for them to send a bitcoin transaction.

An example is the Electrum wallet. A very simple and convenient wallet.

It should not be forgotten that both banks and large Internet providers educate people on the use of financial software products. For example, digital payment cards are replacing traditional plastic bank cards.

Everyone using bitcoin for transactional payments in place of banks are the adoption that the blockchain has been emphasized on; so if everyone uses bitcoin; then it all makes it easy to do transactions involving payments either you are home or awayy. But bitcoin is not ready yet, with the influx in gas fee when theres congestion; there is certainly more to do.

Was kinda hopeful it was gonna happen last 2017, since bitcoin is still not that too high and is readily available for the people to take their chances on. Unfortunately I came into the harsh realization that thid may never happen soon, at least not in the next 10 years or so. Being an investor/trader myself, I don't want my assets to lose value, which is actually the first thing bitcoin must do in order to become a bonafide currency that everyone can use. Not too many mind you, mainly for transactions that would require a great deal of security or anonymity that they'd rather pay a huge transaction fee than to reveal themselves in the public. So bitcoin is definitely being adopted, just slow and not something we expected of years ago.

"Bitcoin Massadoption - Is it ready?"

Not even close.
Let's ask the question again when all bitcoins are mined and people stop calling it "an investment".

Why do you want to wait till all the bitcoins are mined to get to that position. Hope you are aware that the development team is trying to fulfill what Satoshi started out and it is possible that we would see mass adoption if a solution is possible to send millions of transactions per day and the fees can be controlled.

Just imagine, an asset which is limited in nature and it has valuation. Do you think that people will not view that as an investment :P.

Bitcoin adoption has been happening for years already. But yes, it is not that massive but we are heading into that direction. Remember, bitcoin is just more than a decade in the market, whereas, fiat system has been here decades and decades already. So it is understandable that adoption is not that big yet. But with this pandemic, I believe the adoption is going stronger.

The massive adaption of Bitcoin is not yet ready for people are still not ready yet to fully use Bitcoin's capacity for people are just after the benefits they can gain but still not interested on fully understanding its whole nature. Also, the technology that people possesses right now in each and every part of the world are not all the same to fully cater all people to use Bitcoin. What I mean is that not all people are still being capable to have the technology to cater owning or having Bitcoin. Also, people do still not entirely understand how to fully use and execute operations with regards to Bitcoin usage making them afraid to adapt on using Bitcoin. But we do still have plenty of time to get prepared or ready for it.

Big companies are into accumulating right now in preparation for the surge of Bitcoin use but how about these small businesses? The market is ready but to assess people, they are still not at 100%, too many were still living that kind of doubts and worries.

To have that mass adoption if we can see that half of the total global population are using cryptos already IMO. I don't think we are already on that level but probably below.

We still need more time for this adoption to take place, we wait until such time that people will be open-minded and appreciate crypto.

I will clarify my definition of Mass-Adoption as being: when average everyday people transact with it to do everyday things... purchase goods, pay bills, ect.

As someone who has mined, traded and transacted: "everyday people" are not ready for the effort it takes to use it and the risks that come with the fluctuation of price.

I don't consider the printed money in my wallet as an asset, it's a tool I utilize.


We don't have to imagine assets that are limited in nature and have value; precious metals are a good example.

For sure, I agree, it's a revolution. I'm convinced by the potential of the product. Nevertheless, what I'm saying is that the bitcoin experience lacks of ergonomic and isn't compatible with the world's need for easy-to-use interface/experience.

Though Bitcoin was created as alternative which I think make mass adoption somehow impossible/hard to achieve but there is always a solution to very problem.

This issue of been discussed several time but i can assure you if all governments around the world supported digital currency a solution will be created, we have good thinking experienced Dev within the system.

The last time i checked the TX fee of cryptocurrency is not higher than payment services if you know how to do it professionally and if private keys are not friendly to you, you can make use of the custodial wallet but the fee is ridiculous sometimes.

Bitcoin has gained a lot of popularity in the last two years. But I think we still have a long way to go for Massadoption.
We can think about it if Bitcoin is accepted in public/private ways. It would be great to use Bitcoin in government transactions such as paying government taxes, paying electricity bills, etc.
If public/private banks accepted Bitcoin, it would play an important role in the case of Massadoption.

Of course bitcoin is not ready for mass use! It's hard to imagine how the mempool would be full of transactions if even a few percent of people started using bitcoin! And what commissions will have to be paid... No, massadoption is still a long way off!

Yes, as you mentioned, there are solutions.
But once again, we are talking about your average neighbour, they are not easy-to-use.
Of course, you could use Coinbase, which makes everything easy. But what's the point to use crypto? Might as well use Paypal...

Yes. It's technical way more far away from mass adoption than from the user side.

I do think about this a lot of time whether bitcoin will be able to handle heavy loads of transactions if there should be so many people around sending and receiving money with it every seconds. Even at its earlier stage we had to face the slow rate of transactions with Bitcoin, and a lot of people had to complain about it, and they have all been complaining about it from then till now and still nothing has been done about it.

When you talk about it some people will say that the devs are waiting for the right time to fix the issues, like when exactly are they going to fix it since we have waited for long?

There are some theories about that. Here some links:
https://www.youtube.com/watch?v=2vYRep9ggVE
https://www.youtube.com/watch?v=0BZoKH-hX_o

But these videos are 2-3 years old so I don't know how current this situation is. I would have to check it more closely but it looks like not much has changed...

Scalability is a complex issues. Any one solution will no doubt bring about a plethora of repercussions which makes it difficult to garner enough support or make it viable to implement. There are plenty of solutions being proposed, with Segwit being the notable on-chain optimization with Taproot and Schnorr due to be live soon. Off-chain wise, we have Lightning network which helps to alleviate the problem to some extent.

Most of the other solutions will bring about drawbacks and it's not easy to balance the benefit/cost. If you're able to come up with a solution that doesn't pose any drawbacks, you should try drafting a BIP and we can have some meaningful discussion on that.

Currently lightning network is in my opinion not a great solution. The general idea of it is good but the way its designed and implemented doesn't work in practice (completely p2p). I see the risk of centralized and regulated payment hubs, where most of the payments of individuals get routed through, very high.
Which takes away the original ideas of bitcoin: peer to peer electronic cash system, without governmental control and regulation and no banks. When millions of people are using lightning network the only people who can run such a payment hub are people with a high bitcoin stash or financial institutions like banks which are buying high amounts and running such a hub. This will of course will raise attention of regulators.

I also don't know anyone who's using the lightning network. It's making using bitcoin even harder.

We have alot of cryptocurrency mobile wallet that are created purposely to make crypto payment seamlessly unless "they are not easy-to-use" you said mean another thing entirely cause crypto is easy to use since it have nothing to do with programming/coding language and coinbase is an exchange not a wallet service provider and it shouldn't be used as one.