RESEARCH - Target clients of Bitcoin?

[sani]

For research purposes which may bring to help a lot of businesses.

How do you think, or may have discovered from your research, what and/or who are the target users/customers of Bitcoin?

The target client may be a human being as well as an industrial sector.

Would be interesting to identify the regional context and details inherent to these stakeholders.

Anyone having tangible information is welcome.

[Meuh6879]

better luck to find block ... instead of valid address (even with recent activity).

[sani]

Thank you for considering my post but your answer is not really constructive! Merci beaucoup même si je ne comprends pas ce que tu veux dire...

[czechkid]

Revolutinary people in my opinion. anyone who is against world control. Gamers and internet users that enjoy buying or trading stuff online. Money laudering aka drug dealers and basically black market. Just quick answer of my mind

[Herbert2020]

people who are using bitcoin are many different sorts of users.
i think they can be categorized like this:

• those who are interested in bitcoin technology (nerds ) and find it interesting. or those who want to be separate from banking system and government
• those who are investors in bitcoin. whales, speculators, small time traders, etc trying to earn a buck
• those who are using bitcoin for games mostly gambling
• those who are using it because it is anonymous, drug dealers, criminals, etc
• others who are just making money (bitcoin) through different ways

i should add that one can be a part of multiple groups and not just one. like gambling and trading and also be a nerd

[peligro]

Not to forget that bitcoin tech is slowly recognized as a great tech with a big future. Banks and entrepreneurs start to build things on the blockchain more and more. And investors help them.

Saying that, bitcoin is now an area of high risk investments but great possible returns too, some kind of top of the development of fintech.

So everything developed in there might bring big new usergroups to bitcoin. And target clients i would say are high risk investors and inventors too.

Backpage.com lately was thrown out by creditcard companies. They now use bitcoin. There you have your users.

[RussianRaibow]

The following sectors, I think, are going to use bitcoin in future...

i. Remittance

ii. Online Gambling

[Possum577]

Sani, researchers come to this forum all the time asking for our time and insight. However they rarely share their findings with us (or pays us).

I refuse to complete this survey unless you guarantee this community that you will share your findings once your research is complete.

Will you commit to this agreement?

I encourage all other community members to make the same requirement/request.

[pooya87]

Sani, researchers come to this forum all the time asking for our time and insight. However they rarely share their findings with us (or pays us).

I refuse to complete this survey unless you guarantee this community that you will share your findings once your research is complete.

Will you commit to this agreement?

I encourage all other community members to make the same requirement/request.

very good points indeed.

i have been seeing a lot of these questionsand some of them are without any explanation on even why they are asking it.
like this one: https://bitcointalk.org/index.php?topic=1126399.0

i am all for participating in surveys if it is going to be constructive to them and especially if they report back the results to the community.

[Daniel91]

I will share my personal opinion here (if will be great if you share your final results with us).

Who will be interested to use bitcoin in the future? for what purpose?

1. Online gambling, no doubt.
2. Fast and secure sending money online (average users, specially from Africa).
3. People who want to get rid from the banks, specially young people in the West.
4. People who will in the Bitcoin see an opportunity to invest and profit.

[Amph]

The following sectors, I think, are going to use bitcoin in future...

i. Remittance

ii. Online Gambling

online gambling is already full of bitcoin i can't see any real improvement there

i would say that gaming will use bitcoin more for big tournaments and for internal transaction, there is the possibility of steam integrating it for their trading card, ti would be fabulous

another one is porn industry but we already know that

[sani]

@Possum577 @pooya87

Very happy to see these comments from you that make me think there are people really interested in the future of something bigger than us.

For the moment, my findings lead to one point - we still can not realize the possible disruption that Blockchain technology can bring to us.

This was about the general point about the technology.

However my focus is on target users (current and future), where finding the future users of bitcoin in their context will be the endpoint of the research.

Some points from my findings:

1. There is this time factor which is decisive: are we talking about now or future. We are living the birth of a new way of doing things, here, I am not saying "doing payments" because paying with bitcoin is not taking out papers from your wallet. The current situation is not that interesting because we are in a kind of natural selection context where we can't say what will really be the outcome. However, we do know the current demands (not entirely of course), and where we have known demand we can create supply, we can offer solutions. The technology that Blockchain or Bitcoin brings is interesting in the fact that it brings users to communicate with miners intuitively and create the market of reward size for the latter. In opposition to how Banks operate their cost politics, miners can adapt their prices faster and stay competitive if they really want to compete against other payment systems. In conclusion, the prices of transactions will stay relatively low and interest people who are in need of cheap fast transactions for small amounts. This already gives us the 1st target client i.e. - he pays small amounts, needs payments done fast (for those small amounts! because banks can make almost instantaneous payments for very large amounts however it requires to get the trx number, send it to the beneficiary banker to check if his bank got the money with this trx number, a service that is generally for wealthy clients).

2. According to the first point, who are these users and where/how can we find them? here the point is to find the largest populations likely to use bitcoins. This brings us to remittances. Payments that diasporas make to their relatives from native countries. Here, some say that Bitcoin is good for gamers to make to purchase features in their games however is it comparable to the 64 million Africans using mobile money accounts likely to convert to Bitcoin? The Kenyan GDP is comprised up to 3% of diaspora remittances (i.e. equivalent USD of 1428 million). Kenyan population, up to 49% of them in 2010 got remittances through banks (not finished searching on fees for the moment), 37% through remittance companies eg. Western Union (fees up to 6.85% for USD 200 currently) and 9% through mobile phones (low fees - comparable to Bitcoin). The national payments were done up to 83% through mobile phones. Although we might suspect that Mobile phone payments with their low costs will get to generalize it is not the perfect solution and the reason is centralization and a probable monopolistic approach that may emerge putting the Mobile phone operators as the main deciders. Kenya is an example among dozens of other countries where the same situation occurs and at the same time where there are more mobile phones than people. Thus, the success of bitcoin seems to be a bottom-up route than one descending from big entities replacing transfer systems everywhere in general and succeeding among general public. We may say that Bitcoin will have a rebellious success story, or one similar to a phoenix rise from many ashes (in analogy to all the ups and downs).

3. From a commercial point of view, current PSP (payment service providers) charge not less than 2% for transactions. For a bar that makes 1million of turnover where 200k is payed by cards, 2% represents 4'000 USD, it may not seem a lot but financial management is really important, imagine now if that same merchant made 10million, the savings made by using bitcoin would represent up to USD 40k. Even if Bitcoin help offline markets to save some money it definitely is more positioned to serve online merchants where almost 100% of transactions are made online.

4. Argentina is a special case similar to Greece, where the government is not to trust in their management skills. So here we are looking wider by selecting countries because they allow the research to be done in a concrete manner by having these particular specificities, mostly unpleasant, making them a potential Bitcoin target.

So here you go for the first findings which already draw some pictures about the first potentially big Bitcoin users as a payment system. I will be glad to here more from you and maybe I will submit the findings to CoinDesk or others so more people could read it.

[unamis76]

Here's an idea This in addition to everything else already said, and I think we have a good list of targets

[darkangel11]

People looking for easy money. After the bubble in 2013 the headlines were screaming "new millionaires became rich by investing in internet money" and these headlines reached certain audience hungry for a quick and easy buck. Bitcoin is still used mainly for speculation.

[sani]

Here's an idea This in addition to everything else already said, and I think we have a good list of targets

Thank you for that! It is sad we see that but there is one interesting comment by yayayo that says "Revolutionary technologies are often adopted first for "shady business"". Do we have to recall the farwest and the gold mines and the what the money has been through? The future is shaped by things that are needed, we adopted cars because we need them and they make our lives easier and this is the same case with Bitcoin and blockchain technology, currently btc is the money of blockchain and blockchain is the bank (and more) of internet.

[sani]

Sani, researchers come to this forum all the time asking for our time and insight. However they rarely share their findings with us (or pays us).

I refuse to complete this survey unless you guarantee this community that you will share your findings once your research is complete.

Will you commit to this agreement?

I encourage all other community members to make the same requirement/request.

Hope you can now have a look at my answer. Regards

[LiteCoinGuy]

For research purposes which may bring to help a lot of businesses.

How do you think, or may have discovered from your research, what and/or who are the target users/customers of Bitcoin?

The target client may be a human being as well as an industrial sector.

Would be interesting to identify the regional context and details inherent to these stakeholders.

Anyone having tangible information is welcome.