The missing key to crypto adoption?

[NewtonMcNewbie]

"hello world"

Now I'm just a newbie, however it seems to me that I have a simple answer to your question,{ how to get ordinary people to use and want to use crypto}


A: They need to have it first

-You the wealthy crypto lords need to give it to them. Start the movement please. Loans of all sizes & types & interest rates. We don't need another blockchain, but we CAN share the blockchain wealth with whomever we want. Allow the poorest of us loans to get on our feet. Micro loans for underdeveloped areas....and more! Many altcoins should equal many loans. Think about it. (the person getting the loan pays the value back with the altcoin you loaned them).  Everyone needs money.


The blockchain is the vehicle, but you the driver need to take it everywhere and let everyone take it for a spin.


Also.. Congratulations BTCjam... we need more and more and more like you.

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[gnargnar]

Nice idea, but you forget what is driving this industry : greed.
period.

[markm]

I know that a lot of folk are working on that, but so far they do not seem to have been getting much traction in what they consider to be the crucial make-or-break silver bullet, which, in their view, is collateral.

Because we are operating in virtuality, with virtual money so to speak, virtual coins; what they have been trying to do is broaden the scope of "virtual collateral".

For this particular audience we have at this forum though their customary stance is so abstracted into "actual coins" and "actual currencies" and "assets on blockchains" and such that this venue and others like it have not proven so far to be a good source of people eager to work with, and in the process even provide value to or enhance the value of, things such as virtual real estate, valuable game-characters and game-units, valuable in game inventory for use by such game characters and game units and so on.

That being the case it seems quite likely that you do not have any particularly valuable seizable in-game assets that you could put up as collateral for a loan and thus would need some kind of valuable crypto-coin or similar liquid crypto-asset you can put up as collateral.

Basically if you are not even, say, a first level scum of the earth thief/robber/brigand/beggar in some particular city on some particular planet, whose login credentials have a measurable value in some suitable currency and can be seized if you fail (aka it fails) to pay the debt, or whose dead body is edible meat and craftable bones marketable in or near that city on that planet, you have to figure you are a worse loan risk than even the most untrustworthy, scamming, conniving, determined to rip off its creditors such rogue...

So it kind of comes down to how many bitcoins of collateral do you have or how many characters of how much level wealth and skill owning how much in game goodies?

-MarkM-

[Foerster]

The missing key to crypto adoption?

- As a transaction currency:
Not easy enough to be used. At least when I did my research around one year ago the payment process on most terminals took longer and was more complicated and expensive than the use of a credit cards or cash.

- The use case for storage and transfer of value:
1. Is hindered by unpredictable volatility (which is not a big issue since it will go away once growth has become less explosive and the technology more mature)

2. Is hindered because for save use, all adopters need to have at least intermediate to advanced knowledge of "technology in general". What I mean by this is not that they require big knowledge of computer science, but that they need to be very responsible and knowledgeable in their use of the computer: backing up wallets, use of various secure storage media, restoring wallets, not loosing keys, choosing secure passwords, not forgetting passwords, knowing what to do when chain synchronization doesn't work, how to fix their internet connection etc.
I don't see that a large portion of the population fit for this.

Mass crypto adoption will only happen once crypto is save, easy and attractive enough to be used as first choice for payment by a 55 year old women with IQ 90 from a developing country, with rudimentary knowledge of English who uses her computer/smartphone sporadic for a few hours per week.

[unusualfacts30]

The missing key to crypto adoption?

- As a transaction currency:
Not easy enough to be used. At least when I did my research around one year ago the payment process on most terminals took longer and was more complicated and expensive than the use of a credit cards or cash.

- The use case for storage and transfer of value:
1. Is hindered by unpredictable volatility (which is not a big issue since it will go away once growth has become less explosive and the technology more mature)

2. Is hindered because for save use, all adopters need to have at least intermediate to advanced knowledge of "technology in general". What I mean by this is not that they require big knowledge of computer science, but that they need to be very responsible and knowledgeable in their use of the computer: backing up wallets, use of various secure storage media, restoring wallets, not loosing keys, choosing secure passwords, not forgetting passwords, knowing what to do when chain synchronization doesn't work, how to fix their internet connection etc.
I don't see that a large portion of the population fit for this.

Mass crypto adoption will only happen once crypto is save, easy and attractive enough to be used as first choice for payment by a 55 year old women with IQ 90 from a developing country, with rudimentary knowledge of English who uses her computer/smartphone sporadic for a few hours per week.

This sounds about right. There is a reason why Bitcoin ATM are being installed..to make it easier for people to buy bitcoin..even those who aren't too tech savvy can buy bitcoin easily with those ATM.

Question is education and it's not that easy to get on bitcoin without credit card ..even then process is way way way too complicated that lot of people just give up on it when they're trying to buy bitcoin.

hopefully people will more tech savvy in future compare to right now and that'll help adoption. Also, people need reason to use bitcoin/altcoin...right now that reason is missing big time. Once all big companies, airlines, phone companies, electric company have implemented bitcoin and companies are using bitcoin to pay their employees only then it will be succesful...and most importantly government won't let it fly like that.

[ApexEvo]

Well, startcoin is basically rich people with premined coin giving it away on scraching cards in London. They market through people like Max Keiser, Russel Brand and millionair Karl Grey. So if they wont succed, then I guess it needs something more than just give it to people. Also coins with air drops went to shit quite fast after distributions, so Im not sure that "give it away" is key.

I think what people need is knowledge and deeper understanding. Most people dont know economy, finance industry, technology, they dont even know laws of evolution. You would need to create environment that would force people to get interested in cryptos, that is why cryptoheads hope in collapse of fiat.

When I talk about crypto to my friends and family they laugh at me, they think Im stupid, .... even when I told them about self driving cars...they laughed at me, they think I got hoaxed by internet. LOL

[unusualfacts30]

Well, startcoin is basically rich people with premined coin giving it away on scraching cards in London. They market through people like Max Keiser, Russel Brand and millionair Karl Grey. So if they wont succed, then I guess it needs something more than just give it to people. Also coins with air drops went to shit quite fast after distributions, so Im not sure that "give it away" is key.

I think what people need is knowledge and deeper understanding. Most people dont know economy, finance industry, technology, they dont even know laws of evolution. You would need to create environment that would force people to get interested in cryptos, that is why cryptoheads hope in collapse of fiat.

When I talk about crypto to my friends and family they laugh at me, they think Im stupid, .... even when I told them about self driving cars...they laughed at me, they think I got hoaxed by internet. LOL

well Bitcoin jumped from $0.50 to $1200 and then crashed..so you can't blame people who doubt it. not many people are risk taker when it comes to majority of population. I know people who bought bitcoin at $1000 and then lost lot of money after it crashed and they're everywhere to provide their testimony on how they got raped by altcoin add to that people who lost money in other altcoins because of pnd and you've covered over 30% of the population who'll never invest in crypto nor they will let anyone else invest in it because they think it's ponzi scheme. lol

[muddafudda]

Ease of use. Until that problem is solved crypto is what it is.

[speaktome]

Ease of use. Until that problem is solved crypto is what it is.

Yes , And please add "security".

[BitcoiNaked]

Loans? I think you can already loan btc

[anderson00673]

The missing key to crypto adoption?

- As a transaction currency:
Not easy enough to be used. At least when I did my research around one year ago the payment process on most terminals took longer and was more complicated and expensive than the use of a credit cards or cash.

- The use case for storage and transfer of value:
1. Is hindered by unpredictable volatility (which is not a big issue since it will go away once growth has become less explosive and the technology more mature)

2. Is hindered because for save use, all adopters need to have at least intermediate to advanced knowledge of "technology in general". What I mean by this is not that they require big knowledge of computer science, but that they need to be very responsible and knowledgeable in their use of the computer: backing up wallets, use of various secure storage media, restoring wallets, not loosing keys, choosing secure passwords, not forgetting passwords, knowing what to do when chain synchronization doesn't work, how to fix their internet connection etc.
I don't see that a large portion of the population fit for this.

Mass crypto adoption will only happen once crypto is save, easy and attractive enough to be used as first choice for payment by a 55 year old women with IQ 90 from a developing country, with rudimentary knowledge of English who uses her computer/smartphone sporadic for a few hours per week.

Yep.  It is a total pita to buy them, and not so easy to set up wallets and use them.  Plus the exchanges charge embarassingly high rates for turning your dollars into btc.  Sometimes this is in the form of a fee to wire money, or just a huge trade fee like at coinbase.

Plus Many people are still hung on the bad press of the past.  I know lots of people that when I tell them I have some btc, they respond by saying "ins;t that a ponzi?"  I usually respond by saying "do you know what a ponzi is?"

When we get over these hurdles then more people might start using it.

[GingerAle]

The answer is easy and I've said it before - something to use it for.

Cryptocurrency adoption will take off when someone finds a way to fuse some element of the burgeoning information age with cryptocurrency.

And that element will be something people need but didn't know they needed, like every new successful product / technology / platform.

Until then its just used for hodling and international remittances.

[seedtrue]

I do not think giving away free coins is the way to get wide adoption, at least not adoption by the group(s) of people that we need to make a difference. I have built and run various faucets in the past. I used aggressive advertising that brought many new people to the crypto world. The main problem with this is the majority of new people did not have much or any resources of their own to add to the community(not that there is anything wrong with this).