Mainstream Adoption

[zeraTunerse]

The State of Bitcoin Q2 revealed that merchant adoption has been slow this year. Perhaps a reason for this is the ambiguity over the regulation of btc payments. I think with more time the market will be trialed and tested and more business will eventually begin to feel comfortable accepting the currency in their business.

Only merchant adoption would not serve the purpose, we want that the maximum number of individuals also start adopting bitcoins as a currency then only it can hit the mainstream,but as still many are unaware about the bitcoins so it will take time for mainstream adoption.

[misterycoins]

education and understanding (i.e. people don't care, they are too busy for this). But really it is still too complex for most people to bother with Bitcon

[Searing]

education and understanding (i.e. people don't care, they are too busy for this). But really it is still too complex for most people to bother with Bitcon

The only way I see it happening if some big firms started taking Bitcoin like Ebay...then a lot of stuff would be available from the 3rd world for purchase with bitcoin

ie..no pesky cc etc or banks or wire xfers...the security is in the bitcoin (from ebay's point of view) not an issue with such xfers from overseas all of a sudden

and from the buyers (or seller of items) on ebay from such 3rd world areas of the world I would assume they could trust Ebay as well go around their sometime
crooked gov't and/or crooked high fee banks etc....would be pretty seamless for both parties I would assume ..especially if Ebay promoted it as a way to expand
their customer base in a big way

but then again I thought I'd have seen more action on that kinda thing by now ...and so far not up to my expectations... I am probably Naive

my 2 satoshi's worth

[Mickeyb]

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

It's a trust. I think honestly that people have just hard time believing and trusting some Internet tokens and change them for real money as they see it. People are just careful, you know how your mom teached you not to trust everyone with you finances. This is what's happening. This trust needs to be earned and it takes time. But we are getting there, with the turtle speed but we are getting there in my opinion.

[hangar18]

What average joe needs is an online wallet service that works like a bank
Banks exist because people prefer trusting them to store their savings then trusting themselves to do it.

[pereira4]

What average joe needs is an online wallet service that works like a bank
Banks exist because people prefer trusting them to store their savings then trusting themselves to do it.

It already exists:

https://xapo.com/vault/

You can have your Bitcoins on there, if you trust that they will not screw up. Caesars Wenceslao seems like a very trustable person and a long termer for BTC. I would trust it if I was clueless in how to run my own wallet.

[ransomer]

"until my grandmother can use and store bitcoins perfectly safely, it is not ready for mass adoption".

[ransomer]

What average joe needs is an online wallet service that works like a bank
Banks exist because people prefer trusting them to store their savings then trusting themselves to do it.

It already exists:

https://xapo.com/vault/

You can have your Bitcoins on there, if you trust that they will not screw up. Caesars Wenceslao seems like a very trustable person and a long termer for BTC. I would trust it if I was clueless in how to run my own wallet.

Would you trust Xapo with your money - or to you think Citibank or another major bank is better at keeping money safe?

Of course banks are far far far better.

We can dislike banks for many ideological and political reasons, but let's think clearly here... for almost anyone in the developed world banks keep money safe far far far far better than any of the (let's call them...) bitcoin banks (online wallets).

But..... when bitcoins can be kept safe..... then adoption will explode!

[Amph]

"until my grandmother can use and store bitcoins perfectly safely, it is not ready for mass adoption".

then wait for the next generation, because current one are too locked up in their past, they can't understand new tech new grandmother should be tech savy enough for bitcoin, after all we have a long way until the mining supply will be depleted

[ransomer]

"until my grandmother can use and store bitcoins perfectly safely, it is not ready for mass adoption".

then wait for the next generation, because current one are too locked up in their past, they can't understand new tech new grandmother should be tech savy enough for bitcoin, after all we have a long way until the mining supply will be depleted

It will (hopefully) happen within a few years. In 1995 the Internet was not useful for anyone's grandmother... only a few years later the user-interfaces made it useful for everyone.

The inflow of investing into bitcoin this year was about the same as the investor inflow into the Internet in 1995.

We are basically where the Internet was in 1995... and let's hope we see the same big leaps in terms of usability that meant the Internet was so successful.

[hunnaryb]

"until my grandmother can use and store bitcoins perfectly safely, it is not ready for mass adoption".

then wait for the next generation, because current one are too locked up in their past, they can't understand new tech new grandmother should be tech savy enough for bitcoin, after all we have a long way until the mining supply will be depleted

It will (hopefully) happen within a few years. In 1995 the Internet was not useful for anyone's grandmother... only a few years later the user-interfaces made it useful for everyone.

The inflow of investing into bitcoin this year was about the same as the investor inflow into the Internet in 1995.

We are basically where the Internet was in 1995... and let's hope we see the same big leaps in terms of usability that meant the Internet was so successful.

Agreed, Same was the scenario when internet came into existence, and people started to make some weird faces and didn't support internet as a technology.

But today, everyone is using it and it has become  the necessity of the people worldwide, Same would be with bitcoins, it needs time and in future it would have the same impact as internet is having today.

[Razick]

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

One reason is that consumers don't benefit from lower transaction costs because credit card networks require that merchants treat credit cards the same as cash.

[bitcollins85]

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

It took about 10 years for big companies to jump on the whole 'internet thing' and then even longer for e-commerce. My guess is they'll take to it a little faster now that the world is more comfortable with computers but I don't expect them to just jump on it.

[gentlemand]

It took about 10 years for big companies to jump on the whole 'internet thing' and then even longer for e-commerce. My guess is they'll take to it a little faster now that the world is more comfortable with computers but I don't expect them to just jump on it.

The internet was kind of a no brainer. There was nothing to lose by getting on there at the time.

BTC needs to reach the no brainer level too before something similar happens. I dunno what'll get it there but maybe we'll find out in the next few years.

[Snorek]

It took about 10 years for big companies to jump on the whole 'internet thing' and then even longer for e-commerce. My guess is they'll take to it a little faster now that the world is more comfortable with computers but I don't expect them to just jump on it.

The internet was kind of a no brainer. There was nothing to lose by getting on there at the time.

BTC needs to reach the no brainer level too before something similar happens. I dunno what'll get it there but maybe we'll find out in the next few years.

Time need to pass infrastructure mus grow. Internet and mobile phones weren't the thing right away either. Internet was present in 80s. in mid 90s. it was global network but it reached full adoption in 2000s.
I think bitcoiner are really impatient about this mainstream adoption bitcoin is not even 10 years old now, give it time.

[Daniel91]

I think that before mainstream adoption bitcoin needs to change, should become easier, simpler and safer to use.
If, for example, we can't explain bitcoin in five minutes to old users, they will not use it.
We also need good infrastructure, a lot bitcoin ATM around the world, bitcoin debit cards widely accepted in the world, a lot ''big'' merchants accepting bitcoin etc.

[GODLIKE]

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 main problem to get Bitcoin to mainstream adoption is to create enough reputation to deem it a valid currency.
You would be surprised to see how many people think Bitcoin is just "some faux money" or "ponzi scheme" or other stuff.
Most never even heard the word Bitcoin, many heard something on tv or read an article or two, but even when you will introduce them to it and will try to explain how new the concept is, they will look at you like a weirdo believing in bullshit and multilevel marketing and dismiss the discussion.
It's a slow progress, like with anything disrupting, like it was with internet in the early days.
Just wait some years, the boom will come.

[misterycoins]

I think that before mainstream adoption bitcoin needs to change, should become easier, simpler and safer to use.
If, for example, we can't explain bitcoin in five minutes to old users, they will not use it.
We also need good infrastructure, a lot bitcoin ATM around the world, bitcoin debit cards widely accepted in the world, a lot ''big'' merchants accepting bitcoin etc.

adoption is not a clear and easy path.  There will be corrections and bumps in the road but if the tech is solid, in time it will be adopted.  If anything, your example of the internet shows the potential of Bitcoin, not its demise.

[foxbitcoin]

Adoption and acceptance are increasing at a brisk pace, despite all the setbacks. Everyday, new companies are accepting payments in BTC. So be optimistic!

[grendel25]

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

There are fees with bitcoin too but that aspect of bitcoin still favors bitcoin when compared to credit card fees.  Still though, to the average user, .0001 is too much of a transaction fee for too many average transactions.  People really need to be more careful with the fees in bitcoin.  I don't think it should ever be a percentage like it is with credit cards and I think that 10,000 satoshi should be respected as WAY too much of a transaction fee.  Such a large fee discredits the value of bitcoins.

Other than the fees, the user experience is hugely problematic.  Nerds and geeks who eat/sleep/breath tech will tell you all is just fine but don't listen to them because they only speak for themselves and NOT for mass adoption of bitcoin.  Improve the user experience and bitcoin can be valuable and it has to happen sooner than later or else some other commercial enterprise will just issue the equivalent of wooden nickels and further discredit alternate currencies.

Of course then there are plenty of people who could care less about mainstream adoption and would be fine with it staying as it is now or even going further underground.