Mainstream Adoption

[lunarboy]

The mainstream knows how to use plastic




The Bitcoin Debit Card - now accepted wherever major credit cards are welcome worldwide

Gone are the days of asking: "do you accept bitcoin?"

Not seen this project before. I'd wager the fees charged per transaction work out more or less the same if not more than a credit card. (if you take into account the fees\commissions and the calculated exchange rate of BTC, compared to the average indexed bitstamp price)

The day some company open sources one of these, making it zero cost relative to the bitcoin network, plus only charges a one time fee for the card issue, is the day everyone wants one.

[gentlemand]

Not seen this project before. I'd wager the fees charged per transaction work out more or less the same if not more than a credit card. (if you take into account the fees\commissions and the calculated exchange rate of BTC, compared to the average indexed bitstamp price)

The day some company open sources one of these, making it zero cost relative to the bitcoin network, plus only charges a one time fee for the card issue, is the day everyone wants one.

The fees are broken down here https://bit-x.com/guide/bitx-cards

More expensive than a credit card but possibly cheaper and far more rapid than having to dick around with exchanges. Depends on your spending patterns I guess.

[Q7]

Well business do offer to accept bitcoin but some of them backed up after some time when they found out that the volume of payment coming from bitcoin is rather low. The problem here is mainly there's a lot of people who have not learned about bitcoin. In fact, for those who know about it, they would rather hog the coins than spending it. These things take time to change. Adoption is certainly progressing but I would say it's still at a slower pace.

[BillyBobZorton]

Hey guys,

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long! We're not saying invalidate fiat currency and only accept BTC or Alt-coin but businesses don't seem to want to touch it?

What do you guys think the real issue is? Education among consumers and businesses? Volatile BTC price?

Tully

Mainstream adoption hasn't even begun. Why is it taking so long? Well why did it take so long for the internet to become mainstream? Why did it take so long for people to stop using paper mail and using email? Why did it take so long for people to stop fearing the concept of paying for something you aren't seeing in real life? (internet shopping).

Dude, radical change takes time, and guess what... Bitcoin is the most disruptive technology since the internet itself.

[tully]

Hey guys,

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long! We're not saying invalidate fiat currency and only accept BTC or Alt-coin but businesses don't seem to want to touch it?

What do you guys think the real issue is? Education among consumers and businesses? Volatile BTC price?

Tully

Mainstream adoption hasn't even begun. Why is it taking so long? Well why did it take so long for the internet to become mainstream? Why did it take so long for people to stop using paper mail and using email? Why did it take so long for people to stop fearing the concept of paying for something you aren't seeing in real life? (internet shopping).

Dude, radical change takes time, and guess what... Bitcoin is the most disruptive technology since the internet itself.

With that in mind, how long do you think you guys are going to be waiting for those precious BTC to become precious value?

[gentlemand]

With that in mind, how long do you think you guys are going to be waiting for those precious BTC to become precious value?

What would you class as a precious value?

I think it'll be five to ten years before it starts to make proper headway and even then there'll be a long way to go.

There's no risk in getting on the internet, sending your first email or getting a smart phone. This thing is a much harder sell.

[tully]

With that in mind, how long do you think you guys are going to be waiting for those precious BTC to become precious value?

What would you class as a precious value?

I think it'll be five to ten years before it starts to make proper headway and even then there'll be a long way to go.

There's no risk in getting on the internet, sending your first email or getting a smart phone. This thing is a much harder sell.

I was aiming towards monetary value but agreed buddy

[Hopalong]

Hey guys,

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long! We're not saying invalidate fiat currency and only accept BTC or Alt-coin but businesses don't seem to want to touch it?

What do you guys think the real issue is? Education among consumers and businesses? Volatile BTC price?

Tully

The really issue is mentality. Most people are a bit like race horses that have visors in their eyes and only look forward... people only look for what they know and what's already established without even considering new things. So yes: education is really needed.

Volatility isn't much of an issue nowadays, especially with services like bitpay...

Since i have to first buy bitcoins and then pay higher fees than i do with my credit card it would seem it is more than just mentality...

[Bit_Happy]

Hey guys,

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long! We're not saying invalidate fiat currency and only accept BTC or Alt-coin but businesses don't seem to want to touch it?

What do you guys think the real issue is? Education among consumers and businesses? Volatile BTC price?

Tully

The really issue is mentality. Most people are a bit like race horses that have visors in their eyes and only look forward... people only look for what they know and what's already established without even considering new things. So yes: education is really needed.

Volatility isn't much of an issue nowadays, especially with services like bitpay...

Since i have to first buy bitcoins and then pay higher fees than i do with my credit card it would seem it is more than just mentality...

You reminded me, the key to Mainstream Adoption is many more people getting paid in Bitcoin, then all the cost and hassle of buying "spendable" BTC is removed.

[InceptionCoin]

Mainstream adoption came when using bitcoin will be profitable or it will be simplest way.
It will be profitable and simple when companies will be able not to convert btc to dollars, so they will get coins from customers and then pay for other services.

Bitcoin is profitable now only for worldwild money transfer.
It's the most simple way to buy pornography.
So way of adoption will be:
porno-sites will start to pay in btc to datacenters, then datacenters will start to pay in btc to electricity compnies, electricity companies will start to pay for fuel and so on.
We should wait.

[MicroGuy]

Hey guys,

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long! We're not saying invalidate fiat currency and only accept BTC or Alt-coin but businesses don't seem to want to touch it?

What do you guys think the real issue is? Education among consumers and businesses? Volatile BTC price?

Tully

This is the obvious and real issue: People aren't going to add an extra step to their transaction payment flow for no reason. It's a novelty to go out and buy bitcoins and then buy some item with the BTC, but massive adoption won't be born of novelty.

The ignorance of the community is what's holding things back at the moment. There is an imbalance. At least half of this community should be discussing ways of integrating bitcoin into the payroll side of the equation.

Once you guys figure this out, Bitcoin will become an unstoppable tsunami liberating millions and unlocking the financial chains of mankind.

[PenguinFire]

The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

[newb4now]

Hey guys,

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long! We're not saying invalidate fiat currency and only accept BTC or Alt-coin but businesses don't seem to want to touch it?

What do you guys think the real issue is? Education among consumers and businesses? Volatile BTC price?

Tully

Businesses are touching it, particularly those business whose customers ask to use BTC. So if you favorite business does not accept BTC explain to them why they should. If enough customers agree with you they will listen.

In the macro sense adoption will take time. Each country and industry has different factors that will impact adoption rates.

Patience is needed

[achow101]

The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

Actually they is not true. Credit cards can be charged back up to 180 days after the purchase while Bitcoin become irreversible after a few minutes to an hour. The issue is that with credit cards the third party, the credit card company, is trusted and will protect the merchant from chargebacks while bitcoin relies on trusting the buyer to not double spend until the transaction becomes confirmed.

[randy8777]

The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.

[bornil267645]

Two words: Still Young

And with that time factor, comes the problem of price volatility. I think the bitcoin still needs time to sort itself out to have a settled price range. Unless that happen, no one is going to adopt a currency that is so volatile.

[PenguinFire]

The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.

Really?  I thought it was only going to get worse with times.  How do the core devs get funding for this and if they have it why haven't they started.  It is very much needed.  It has been much worse in the past 3 months than ever it seems.

[pooya87]

Not seen this project before. I'd wager the fees charged per transaction work out more or less the same if not more than a credit card. (if you take into account the fees\commissions and the calculated exchange rate of BTC, compared to the average indexed bitstamp price)

The day some company open sources one of these, making it zero cost relative to the bitcoin network, plus only charges a one time fee for the card issue, is the day everyone wants one.

The fees are broken down here https://bit-x.com/guide/bitx-cards

More expensive than a credit card but possibly cheaper and far more rapid than having to dick around with exchanges. Depends on your spending patterns I guess.

then what exactly is the benefit of using these kinds of cards aside from being able to use your bitcoin savings?

you are paying additional fees (more than credit card),
you don't actually use bitcoin instead you are using fiat but go through an additional step!, you don't have the privacy and anonymity of bitcoin anymore

so why use them instead of cash?

[Amph]

The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.

Really?  I thought it was only going to get worse with times.  How do the core devs get funding for this and if they have it why haven't they started.  It is very much needed.  It has been much worse in the past 3 months than ever it seems.

they can do it via sidechains only i can't see other ways, because the block target time will not be changed ever, random or unneeded change to the bitcoin core are not tolerated

[medUSA]

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long!

Bitcoin is not a "product" to move into an empty market. Bitcoin needs to gain market share in a saturated market. It has to compete with already successful systems like PayPal, Credit Cards, Western Union. You cannot deny that paying with credit cards is so easy and free (for consumers). So many people use credit cards to the extent that businesses will loose customers if they do not accept credit cards. How can bitcoin compete with that?

Mainstream adoption is coming along. It will take time. First, we need more people worldwide to own bitcoin. Secondly, a way for them to use bitcoin very easily. I expect it too be much much easier than camera and qrcode, and less worries about being hacked and confirmation times. Until that happen, bitcoin can only be an online payment system in a niche market.