Potential obstacles for mass adoption of BTC

[Zangelbert Bingledack]

I say we design the "end user experience" around a hardware wallet (that does nothing but sign transactions) and make the vendors house the blockchain. Then the average end user only needs to know/keep the private key, and can use bitcoin at Point of Sale.

First step is to design a low cost bitcoin pos machine - that we can provide for cheap or no cost to the the vendor. If it's marketed correctly, we could see stores hanging bitcoin signs and offering discounts for using it.

There needs to be an idiot-proof hardware wallet (dongle-like contraption or QR code scanner+keygen/signer).

[SuperHakka]

I may be biased as a computer repairer but probably 1 in 4 people have a significantly dangerous virus on their PC.  That means 1 in 4 would get their bitcoin wallet stolen.  In fact, who says the repair technician they bring it to doesn't steal their wallet file too?  And people in general aren't known for their strong passwords.  The only way bitcoins will "work" on a huge scale is if nobody ever catches any malware ever.

I have to agree here, the number of ways that a user can end up losing their bitcoins to a thief is large. The solution to this problem requires probably just as much genius as creating the bitcoin itself.

[johnyj]

Actually I think commercial banks can provide same services to BTC deposits as they do for US Dollar today, a web based or card based payment service. They have less risk of running into problem for US dollar deposits due to the monetary policies of FED

[Boussac]

Easy as pie, if we use a combination of smart-phone technology. So the vendor has a unique, generated QR code containing an address and the amount of the sale on a screen that you use an app to scan and hit 'pay'. Bingo.

The Blockchain.info wallet already has this functionality. Both vendor and customer need no additional hardware. People just need to start experimenting with using bitcoins. The current tools for experimentation are already there for the average person.

With BitInstant they can buy $40 worth of coins at 7-11 and start playing with it. As they start playing with it they will get more competent; just like they are more competent with online banking, email, etc.

Both buyers and sellers can use also the paytunia wallet to send/receive coins on their smartphone (app on Google play or html5 version of paytunia.com for iPhones).

Buyers can get bitcoins for euros fast using instawire.

[Desolator]

Kanguru secure flash drives are pretty easy.  Just get an incomplete block chain downloading client, your wallet, and throw both on there an encrypt em with a password.

[franky1]

nice 'plug' advertising ur concepts for dongle devices which u probably are gonna be the designers of.. so good on you for ur free adverts. but that sidesteps the topic at hand.

go speak to some businesses and ask them what they would do/need/want to accept bitcoin. no point talking to the already bitcoin adopted crowd of 50k regular users and ignore the voices of the 7 billion un-initiated.

the issues i see are this
1) bad rep bitcoin has due to hacking
2) bad rep due to silk road
3) bitcoin current users dont want transparancy of trades as it goes against the anonymity they 'deem' to think is their right with bitcoin.


now i said it before but the best way to get crypto currency mainstreamed is to get bitcoin green.. and there too much head banging going on between anonymous users and reputable users..

so the solution.. get another crypto to be the mainstream real world merchant currency so that bitcoin can be cash to for instance litecoins credit card.

bitcoin technology coding is easily transferable to litecoin. so it is effortless to implement hotwallet and cold wallet stuff. lite coin has no bad rep. so lets use litecoin to be the creditcard digital currency real world merchants use which would get more traction for bitcoin without the anonymous users throwing their hands up in disapproval of change to bitcoin.

[Come-from-Beyond]

2) bad rep due to silk road

I would say it's good rep. Proves that bitcoins r untraceble. Everyone uses cash which has "worse" rep.

[Kontakt]

2) bad rep due to silk road

I would say it's good rep. Proves that bitcoins r untraceble. Everyone uses cash which has "worse" rep.

It's bad rep in a business situation.
Any currency that enables drug trade is going to be of interest to the government and is liable to be shut down, or at least restricted by them. You may not think that sort of sanction a big deal, but for a business, it's a major issue.

[franky1]

silk road is good?

if u just want bitcoin to stay anonymous for illegal purchases then the only solution is to forget about getting bitcoin to the mass market. but use a different crypto for legitimate transactions/businesses

i think litecoin would be the solution to a non government controlled digital currency for world wide legitimate businesses. as illegal activities is too ripe with bitcoin.

[Evolvex]

I gave up on the whole notion of online privacy years ago - I believe the only effective online privacy is not to be online. I like being online so I accept that everything I do or say can potentially be seen and used by others, so I try to conduct myself accordingly. I safeguard those things that are vital with perhaps an overzealous degree of flair (my wallet is on a stand alone double encrypted drive with a password that exceeds 30 character in length), the rest I don't worry about. I have a hard time envisioning most people I know managing a bootable truecrypt drive just to protect their Bitcoin wallet. Some standardized, easy and safe way must be devised before the "masses" will even give it a try.

ya and it will only take one or two grannies and housewives to get their wallet nicked for the media to decry what a scam and how unsafe bitcoin is. Believe this people.

You are unfortunately very correct. Until the design can virtually guarantee, absent gross negligence, the safety of your wallet and ease of currency transformation, we will be stuck in our little world of our own making.

You speak a lot of sense, this is the thing I've noticed when talking about bitcoin.... not everyone is a computer nerd and undestands this stuff, until bitcoin has some standards, a degree of fool-proofness, and an easy to use interface, bitcoin will be stuck in a world of our making.

Also, to add my potential obstacle...

the very fact its called "bitcoin".... the way the word sounds, and the fact it makes you think of "coins", in my view, leads to an instant none understanding, a conflict of thoughts I thoughts, its called bitCOIN, but its not a coin.... call it internetmoney, and instantly you know what it is. Also "mining" - the general public do not really need to know about this, it again creates confusion "but how can a computer make bitcoins" - that blows the average persons head! Just call it "transaction processers" - they get rewarded in internetmoney for keeping the internetmoney network running....

Bitcoin needs a rebrand, one that customers (and that is what "the general public" are at the moment - I think the forum and bitcoin industry forget that sometimes) can instantly identify with, and hey, get it right and it before long it could be the next massive thing .

[Kontakt]

You are right, it's not obvious how the system works.
A rebrand could work, but as I see it, it's more likely to cause confusion.

[franky1]

i already thought of rebranding bitcoin.. but it still wont stop hackers, frauds and illegal drugs/ fake Id transactions from tainting the views of the normal world of business and consumers when seeing bitcoin.

u can rename a spade a shovel.. but its still gonna look dirty if u use it..

thus a different crypto would be the only solution to a full rebrand for mass adoption.

[firefop]

i already thought of rebranding bitcoin.. but it still wont stop hackers, frauds and illegal drugs/ fake Id transactions from tainting the views of the normal world of business and consumers when seeing bitcoin.

u can rename a spade a shovel.. but its still gonna look dirty if u use it..

thus a different crypto would be the only solution to a full rebrand for mass adoption.

rebranding and switching to a different crypto are non-starters. Even if you made it an exact clone (to tap into existing hardware) you'd never get adoption and the two would just fight each other. Not to mention losing all bitcoin's name recognition and momentum.

We need to make a bulletproof hardware device that's so easy anyone can use it (aka it won't confuse iphone users). I would be best if it were sleek, stylish and well designed. And it should require proof of life as a second factor, so nobody can steal it shoot you and still use it.

[Desolator]

yeeeeah, I don't work for Kanguru or I'd probably be able to afford one.  Nice guess though, lol.

[beckspace]

It's bad rep in a business situation.
Any currency that enables drug trade is going to be of interest to the government and is liable to be shut down, or at least restricted by them. You may not think that sort of sanction a big deal, but for a business, it's a major issue.

Is there a currency or store of value imune to drug trade, scams and theft?

[Kontakt]

It's bad rep in a business situation.
Any currency that enables drug trade is going to be of interest to the government and is liable to be shut down, or at least restricted by them. You may not think that sort of sanction a big deal, but for a business, it's a major issue.

Is there a currency or store of value imune to drug trade, scams and theft?

No, but one that specifically has a reputation as being preferred and used by those groups is going to be watched harder.

[nobbynobbynoob]

Is there a currency or store of value imune to drug trade, scams and theft?

No, but one that specifically has a reputation as being preferred and used by those groups is going to be watched harder.

Agreed, but IMO most criminals still much prefer ca$h to BTC.

[Frequency]

It's bad rep in a business situation.
Any currency that enables drug trade is going to be of interest to the government and is liable to be shut down, or at least restricted by them. You may not think that sort of sanction a big deal, but for a business, it's a major issue.

Is there a currency or store of value imune to drug trade, scams and theft?

No, but one that specifically has a reputation as being preferred and used by those groups is going to be watched harder.

internet and digital financial investigations has the lowest priority in most countries .i think maybe because;

a) it,s not sexy for criminal investigation department (they rather show of kg of seized drugs or goods which  creates false sense of security
b) it,s to diverse and already to big like an drop in the ocean to investigate.
c) capacity problems of the investigation offices, the manpower.
d) there are priorities to make and it isn,t btc  

[Desolator]

It's bad rep in a business situation.
Any currency that enables drug trade is going to be of interest to the government and is liable to be shut down, or at least restricted by them. You may not think that sort of sanction a big deal, but for a business, it's a major issue.

Is there a currency or store of value imune to drug trade, scams and theft?

hell yes remember those big ass like 1 ton rock wheels that some island people used for currency?  Good luck stealing one of those!  And they're all pretty darn uniquely identifiable.  If Jim bought some drugs then you'd be like hey, what's Bob doing with Jim's rock?

[Kontakt]

I thought the bigass ones were just the ridiculous value rocks, much like the US used to mint $100000 bills for internal treasury movements. I'm pretty sure they had small ones for actual transactions.