Mainstream Adoption

[redsn0w]

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.

Simulate mainstream adoption? What are you talking about? Bitcoin is a valid alternative to send large quantitative of 'value' from point-A to point-B, without trust a third party service (like WU, moneygram, VISA, etc...). Think to use bitcoin for buy a caffe ( and multiply this action * 3-4 bln of people) is really insane (but maybe possible, who knows).

[redsn0w]

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.

Exactly, like I said previously :

At the end it is only about knowledge...

If bitcoin is not better (so ... easy and secure to use) than any other method of payment, how can we take to see it 'mainstream'?

[Herbert2020]

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

i say it is both at the same time.
there has been quick a lot of media coverage about bitcoin in the past year but it seems like it is not enough and many people are still claiming that they have never even heard of bitcoin.

on the other hand the volatile bitcoin price makes it difficult for any business to trade with bitcoin while all their other trades are done in fiat.

[AtheistAKASaneBrain]

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.

Simulate mainstream adoption? What are you talking about? Bitcoin is a valid alternative to send large quantitative of 'value' from point-A to point-B, without trust a third party service (like WU, moneygram, VISA, etc...). Think to use bitcoin for buy a caffe ( and multiply this action * 3-4 bln of people) is really insane (but maybe possible, who knows).

It's insane now, but it will not be insane in the future. Bitcoin will scale up so small payments (like that coffee) can be process all over the world. It WILL scale up trust me. Just like nobody believed the internet would scale up at the beginning, Bitcoin will prove everyone that doesnt think so wrong.

[yeponlyone]

When I read all the major cryptocurrency news sites, I get the impression that adoption is doing great. But we wont have some overnight change, it will take a few years but I'm fully confident that it will be mainstream (and in same cases already are). When that happens, those 21M coins will not be worth $270-$300.

[medUSA]

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.

Exactly, like I said previously :

At the end it is only about knowledge...

If bitcoin is not better (so ... easy and secure to use) than any other method of payment, how can we take to see it 'mainstream'?

Wait for better infrastructure, killer app and user acceptance. I will give examples:

Remember how we used credit card decades ago? We give a card to salesperson to fill in a small form, "swipe" the carbon copy form with this roller thing, phone the credit card company for a authentication code. This used to take ages and lines were busy at peak times, so end up paying cash. Merchant fee was high, not many places accept credit cards and there was no point having one.

Remember how we send email? Logon to a terminal, select email in a menu, start typing email on a blank screen including "to:" and "subject:", press some keys in sequence, it vanishes and you hope it's sent. Attaching a file was a major operation where you have to use tools to compress and then uuencode your file. Not many people had email accounts, it is much quicker and safer to fax a message to your friend.

Credit cards and email are part of our lives now. What's the difference between the ancient times and now? Technology, infrastructure, app interface, and common availability. These are what Bitcoin needs to have to go mainstream.

[tully]

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.

Exactly, like I said previously :

At the end it is only about knowledge...

If bitcoin is not better (so ... easy and secure to use) than any other method of payment, how can we take to see it 'mainstream'?

Wait for better infrastructure, killer app and user acceptance. I will give examples:

Remember how we used credit card decades ago? We give a card to salesperson to fill in a small form, "swipe" the carbon copy form with this roller thing, phone the credit card company for a authentication code. This used to take ages and lines were busy at peak times, so end up paying cash. Merchant fee was high, not many places accept credit cards and there was no point having one.

Remember how we send email? Logon to a terminal, select email in a menu, start typing email on a blank screen including "to:" and "subject:", press some keys in sequence, it vanishes and you hope it's sent. Attaching a file was a major operation where you have to use tools to compress and then uuencode your file. Not many people had email accounts, it is much quicker and safer to fax a message to your friend.

Credit cards and email are part of our lives now. What's the different between the ancient times and now? Technology, infrastructure, app interface, and common availability. These are what Bitcoin needs to have to go mainstream.

Although I agree with that, I believe innovation in BTC companies and products will be important and if there is one thing that hinders or prevents this, it will be regulation. You've seen how governments around the world have reacted already, and the thing isn't even mainstream yet! Even though the government claim regulation is there to protect the little guy against fraud, crime and what not, there is no telling how hard it will be to even start an app or a company with the word Bitcoin in the title in the years to come.

[d4n13]

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.

I love how the US is in the same boat as North Korea... just sick...

Restrictions

Residents from the following countries may order cards, but may not raise card limits to level 2: Afghanistan, Albania, Algeria, Angola, Cambodia, Ecuador, Guyana, Indonesia, Iran, Iraq, Kuwait, Democratic People's Republic of Korea, Lao People's Democratic Republic, Myanmar, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Romania, Sudan, Syrian Arab Republic, Uganda, United States and Minor Outlying Islands, Yemen, Zimbabwe.

source: https://bit-x.com/guide/bitx-cards

I may be amero-centric in this view, but I think the US regulatory / judicial systems are a major barrier.  There is huge market opportunity for billion dollar investors to make winfalls in bitcoin based industry, but the investors are very slow to enter this market because so many early adopters are getting thrown in jail.  The regulatory burden is overwhelming.  This is made even worse in the areas that are not regulated.  The unregulated areas could land investors in jail for any number of out dated backward laws dating back to the steam engine.

I would like to think that the US would eventually break out ahead of the pack, but I'm not totally convinced.  I think that major adoption will follow when some country gets serious about allowing it's citizens the freedom to develop bitcoin based industry without looking over their shoulder.

[UserVVIP]

In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

[Rimmer]

In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.

[achow101]

In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.

It is still an alpha software. Bitcoin Core is still alpha and hasn't even reached version 1.0 yet.

[jeannemadrigal2]

In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.

It is still an alpha software. Bitcoin Core is still alpha and hasn't even reached version 1.0 yet.

Yes, but it is ALMOST ready.  BC might be in alpha, but bitcoins are in beta if you know what I mean.  I think the biggest obstacle is how hard it is for the average person to buy bitcoins.  It is not that easy!

[ransomer]

In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.

It is still an alpha software. Bitcoin Core is still alpha and hasn't even reached version 1.0 yet.

Yes, but it is ALMOST ready.  BC might be in alpha, but bitcoins are in beta if you know what I mean.  I think the biggest obstacle is how hard it is for the average person to buy bitcoins.  It is not that easy!

And that's a good thing. If it was easier more people might realize how backward keeping bitcoins safe is.

Imo. all comes back to finding ways for people to keep them sage easily. Once that happens all the rest follows naturally.

[UserVVIP]

In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.

The hoops and obstacles lie in setting up wallets, payment processors, etc. This may seem like common sense to us, but backing up and 2FA and whatnot are foreign entities for the average Joe. There are also regulations and laws regarding btc in some regions, mainly USA. Also, for many businesses, incorporating Bitcoin also means the parties they interact with must embrace Bitcoin. Employees also need to be trained in BTC literacy. And at the end of the day, how often will clients or customers choose Bitcoin over fiat?

It seems like Bitcoin is the perfect  option at face value, but in all honesty its too much work to adopt it in order to save a few percents on some transactions.

There will be a time for Bitcoin to see mass adoptions by businesses, but that time is not now.

[foxbitcoin]

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

Education. People are stupid and don't like learning new things. and We need unique and attractive applications. Shouldn't be too hard

[notlist3d]

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

Education. People are stupid and don't like learning new things. and We need unique and attractive applications. Shouldn't be too hard

And we need the proper people educated aswell.  Such as people who are in power to make the laws.

One other thing is we need education BTC can be used for good.  A lot of news stories have BTC linked to bad things.  We really need to have a positive outlook with bitcoin.

[Gyfts]

I think the bad reputation Bitcoin gets for the hackings and anonymity associated with it. Many people apart of the mainstream media believe Bitcoin is for criminals, possibly because of the rep the Deep Web gives it. Nonetheless, it takes education to teach the public that Bitcoin is more than that.

[notlist3d]

I think the bad reputation Bitcoin gets for the hackings and anonymity associated with it. Many people apart of the mainstream media believe Bitcoin is for criminals, possibly because of the rep the Deep Web gives it. Nonetheless, it takes education to teach the public that Bitcoin is more than that.

And that is the hard part.  New's articles are not concerned about what BTC looks like in article just what makes biggest headlines.  Silk Road is a perfect example.  BTC was not bad it was the people and how they used it. 

But BTC got a bad rap on many many news outlets and tied to illegal activity.

[Dire]

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.

I love how the US is in the same boat as North Korea... just sick...

Restrictions

Residents from the following countries may order cards, but may not raise card limits to level 2: Afghanistan, Albania, Algeria, Angola, Cambodia, Ecuador, Guyana, Indonesia, Iran, Iraq, Kuwait, Democratic People's Republic of Korea, Lao People's Democratic Republic, Myanmar, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Romania, Sudan, Syrian Arab Republic, Uganda, United States and Minor Outlying Islands, Yemen, Zimbabwe.

source: https://bit-x.com/guide/bitx-cards

I may be amero-centric in this view, but I think the US regulatory / judicial systems are a major barrier.  There is huge market opportunity for billion dollar investors to make winfalls in bitcoin based industry, but the investors are very slow to enter this market because so many early adopters are getting thrown in jail.  The regulatory burden is overwhelming.  This is made even worse in the areas that are not regulated.  The unregulated areas could land investors in jail for any number of out dated backward laws dating back to the steam engine.

I would like to think that the US would eventually break out ahead of the pack, but I'm not totally convinced.  I think that major adoption will follow when some country gets serious about allowing it's citizens the freedom to develop bitcoin based industry without looking over their shoulder.

You are right, the U.S policies around finances and the transfer of finances around the world are draconian now. Since 9/11, as a few in banking have told me.  And if the other institutions/businesses don't play by U.S rules, then they can't play the dollar/US economy game.

This is why you see many exchanges either US-centric or non-available to US citizens, but rarely both at the same time. It's the US that has put itself in this boat and right about now, the rest of the world has quite possibly got real tired of it. 

This has worked for the U.S for as long as the US dollar is the worlds reserve currency and the US had a strong economy of happy spenders that other countries could profit off of. But when the US dollar falls off the reserve currency horse, which it's already doing in view of oil, then the whole thing falls and the US will get left behind. That's what's unfortunate. The US is generally at the forefront of technological developments, but not this time really. Even Canada has passed a 'hands off' law for Bitcoin to allow for its development.

[bitcoin1992]

people don't want to pay that much for bitcoins
they think $ 280 is very for a "virtual currency" most people think is a toy currency