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Author Topic: Is Mass Adoption even possible..  (Read 3564 times)
Carlsen
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January 31, 2017, 09:41:53 AM
 #41

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

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January 31, 2017, 05:47:57 PM
 #42

Mass adoption of a singular cryptocurrency (Bitcoin?) will be achieved when all or most of the following happens:

1) A single, unified cryptocurrency is collectively recognized on a worldwide scale by the majority of merchants, vendors, and users as a form of payment for products, services, and local currency exchange (if needed)

2) Marketcap inflates and scales to some fairly stable level with much lower volatility.

3) Inflation rate falls below 1%

4) Highly-decentralized proliferation of mining and nodes worldwide achieved through breakthroughs in inexpensive, low-power mining equipment (e.g., I imagine a future world where a small mining chip is in every household router, business routers, etc.)

5) Onramps from local currency --> cryptocurrency EVERWHERE, INEXPENSIVE (< 1% conversion), and FAST

6) Faster to make a small payment with the cryptocurrency than with traditional fiat/card (like almost instantaneous with offchain transaction, using nothing but a cell phone or dedicated device, etc.)

Achievable? I think so, and many other people do as well.  Many of these things are already in the works, others will just take time to breakthrough.

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February 01, 2017, 03:47:33 AM
 #43

I addressed these questions below:

Why bitcoin does not function as a store of value:

https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-vol-7-bitcoin-is-not-an-actual-store-of-value-because-there-is-no-real-price-floor-or-inelastic-demand

and

Why bitcoin does not have value as a settlement layer:

https://steemit.com/bitcoin/@r0achtheunsavory/the-roach-report-vol-10-why-bitcoin-is-currently-a-roach-motel

The TLDR version is:  

A settlement layer has to compete with or beat gold as a store of value.  Bitcoin cannot accomplish that task so it has to do something else besides being a settlement layer or there is no point.  The only way possible for bitcoin to have any real use is with a lightning network-type solution that vastly increases load capability.  But even then since it doesn't function as a store of value, and the economy of scale forces centralization, I'm not sure what the value proposition will be in holding the coins - if there will be a value proposition or if it will just be like holding Paypal units.

This is all forward looking, long term, endgame analysis here.  Even though it doesn't appear to have a viable endgame without a LN, and questionable value even with one due to not functioning as a store of value and inevitable centralization - who knows, it could go up 10x before people figure that out.

But what about those markets that need Bitcoin for it to become efficient. The banks will not touch those markets because of regulatory issues so there is the second best thing. Bitcoin. If you are wondering what markets I am talking about it is the dark markets. There is also an opening market for the ransomware users and victims. Maybe soon the Mexican cartel will learn to use Bitcoin for their ransom demands, that is the organized crime market. Bitcoin cannot be compared to gold or the banking system because what you think it tries to be is not and it changes and evolves depending on who you are talking to or depending on who you see is using it.


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February 01, 2017, 04:29:59 AM
 #44

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

No doubt few million people around the world uses Bitcoins, but mass adoption means more than 70 percent of the population uses bitcoins. I think this is for now look  nearly impossible because to be able to use bitcoins everywhere and in every shop, it requires good infrastructure of Internet and PC everywhere and everyone know the basic to use computers. All this is not possible at once.

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February 01, 2017, 09:03:10 PM
 #45

Since fiat is more uses and more common people believe into it, there's hard way even no chance for bitcoin to get mass adoption, since it's designed as more likely alternative currency, limited supply and fluctuate price which mostly people avoid it.

Stock? Bitcoin can be anything.

Is not possible, not with the current blockchain and mining system. We need to descentralize all the system, no more chineses masive mining farms and exchanges.

I don't have idea what you talking about, the system already decentralized you can know where the mining activity come from, how the transaction activity movement and it's transparent.

Chinese people wants to learn the new things which have an opportunity to make into something profit. It's come from the diligence of those people and they have an advantage to get a cheap equipment for do a mining.
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February 01, 2017, 09:13:16 PM
 #46

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

There is always a possibility.  We know that there are people giving up on bitcoin but there are more people that are adopting Bitcoin everyday.  With this trend of event continue, we can see more and more percent of people will be involve in Bitcoin economy.  Mass adoption is happening, it maybe not that fast but it is. So I guess we just need to wait until we can say Bitcoin had been adopted by masses.



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February 03, 2017, 10:04:15 AM
 #47

After reading many news articles and blog i will tell my view over "Mass Adoption"

In this context Bitcoin became part of a larger question of payments innovations within the financial industries – an interesting angle, Bitcoin is an entirely separate system, representing the future of finance.

To Mass Adopt bitcoin will need help of more consumer-friendly Bitcoin services. (in all aspect of merchandise)

This should come as no surprise as a new generation of consumers are emerging who grew up on a diet of social media and mobile connectivity. (sadly but true)

Why?
Simply putted we are on era of mobile communication and internet grow so exponentially in last 10 years and most are users in 18-26 years old. They are main key in this to be successful in any way. Micro-payments like this are not possible under traditional payment systems yet they suit the online community perfectly. Newer generations are also more likely to be a part of a mobile workforce. The global economy is leading a jobs market where knowledge and skills are sourced internationally. Bitcoin has very real potential in serving the new mobile workforce in the area of remittances, but also in bypassing the need to integrate with localised payments cards, coins, currencies and financial systems. Bitcoin offers one global, digital currency. 

End line

Paypal may have eaten a chunk out of the payments market in the beginning and he done his job, but now Bitcoin may have the potential to consume rest of it. If this adoption continues like this it will be begging of new era, digital era of payment.



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February 04, 2017, 03:55:16 PM
 #48

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

I'm not sure Bitcoin is an online currency. I've held BTC for several years and I have never bought anything with it. I'm sure I'm not the only one.

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February 05, 2017, 03:54:57 AM
 #49

After reading many news articles and blog i will tell my view over "Mass Adoption"

In this context Bitcoin became part of a larger question of payments innovations within the financial industries – an interesting angle, Bitcoin is an entirely separate system, representing the future of finance.

To Mass Adopt bitcoin will need help of more consumer-friendly Bitcoin services. (in all aspect of merchandise)


You could not be more wrong. Even if developers created consumer friendly Bitcoin services which markets do you suggest should it serve? The same markets that are serviced by the banks? How can Bitcoin compete with that and how can it make it more efficient? The people would still use their banking services because it is the most efficient and the easiest.

The unregulated markets is where Bitcoin will be useful because the banks do not have a service for them. Places like the dark markets, the black markets, the ransomware markets. Anywhere where there is an inefficiency in payments that the banks refuse to enter will be useful for Bitcoin. I hope everyone gets it.


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February 05, 2017, 04:36:45 AM
 #50

It's relative. Investors determine the price and mass adoption is how sad it sounds part of what the market wants... in this case the investors.

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February 05, 2017, 04:36:19 PM
 #51

It's relative. Investors determine the price and mass adoption is how sad it sounds part of what the market wants... in this case the investors.

the only things that can affect the mass adoption are the ability of bitcoin to handle the large number of transactions. and then it is the willingness of the investors to spend bitcoin or just trade it. and as long as they are not spending, no mass adoption and no merchant is coming in.

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February 05, 2017, 06:42:56 PM
 #52

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

No doubt few million people around the world uses Bitcoins, but mass adoption means more than 70 percent of the population uses bitcoins. I think this is for now look  nearly impossible because to be able to use bitcoins everywhere and in every shop, it requires good infrastructure of Internet and PC everywhere and everyone know the basic to use computers. All this is not possible at once.

Well it is in the process, you have adopted it, I have , my neighbor has not adopted it, but definitely it will be adopted since there are already seeds in different nation to spread awareness about Bitcoins.  Aside from that Bitcoin developers are working non stop to the point of them arguing about the next implementation of updates on Bitcoin to be able to make the mass adoption faster.  So for now I guess it is in the works to be adopted , (mobile phone is enough to get Bitcoin and cheaper than PC Smiley )



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angaper
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February 05, 2017, 06:57:22 PM
 #53

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

There is always a possibility.  We know that there are people giving up on bitcoin but there are more people that are adopting Bitcoin everyday.  With this trend of event continue, we can see more and more percent of people will be involve in Bitcoin economy.  Mass adoption is happening, it maybe not that fast but it is. So I guess we just need to wait until we can say Bitcoin had been adopted by masses.
We need to keep in mind that bitcoin is really a very new innovation (it has less than a decade from its foundation) and people have used fiat money for centuries, and precious metals for millenniums. When first mobile phones emerged 30 years ago, none thought they will be in the hands of everyone these days. So I think it is just a matter of some years to achieve that expected massive adoption.

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February 05, 2017, 07:13:17 PM
 #54

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

There is always a possibility.  We know that there are people giving up on bitcoin but there are more people that are adopting Bitcoin everyday.  With this trend of event continue, we can see more and more percent of people will be involve in Bitcoin economy.  Mass adoption is happening, it maybe not that fast but it is. So I guess we just need to wait until we can say Bitcoin had been adopted by masses.
We need to keep in mind that bitcoin is really a very new innovation (it has less than a decade from its foundation) and people have used fiat money for centuries, and precious metals for millenniums. When first mobile phones emerged 30 years ago, none thought they will be in the hands of everyone these days. So I think it is just a matter of some years to achieve that expected massive adoption.

I agree, we are just waiting sometime here.  And if they do not consider bitcoin will not be adopted by masses because of the high cost just accessing it like internet connection, lol then I can say internet has not been mass adopted.  Anyway, as the time pass I believe that access to bitcoin will be easier than it is now.  Development will be good enough to make it to mainstream.  From there we can see almost all internet user have adopted Bitcoin.



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February 05, 2017, 08:56:34 PM
 #55

It's relative. Investors determine the price and mass adoption is how sad it sounds part of what the market wants... in this case the investors.

the only things that can affect the mass adoption are the ability of bitcoin to handle the large number of transactions. and then it is the willingness of the investors to spend bitcoin or just trade it. and as long as they are not spending, no mass adoption and no merchant is coming in.

Mass adoption requires Bitcoin to adapt to larger blocks. Another aspect will be the implementation of Lightning Network to support ultra fast payments without the need of waiting for confirmations to come through. I think these two implementations will do pretty well when it comes to higher adoption levels. Regarding traders -- they will remain as long as the price keeps moving up and down regularly. Bitcoin is basically a free market where entities with the deepest pockets make the market move in their preferred direction. Volatility guaranteed.

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February 05, 2017, 09:12:48 PM
 #56

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

No doubt few million people around the world uses Bitcoins, but mass adoption means more than 70 percent of the population uses bitcoins. I think this is for now look  nearly impossible because to be able to use bitcoins everywhere and in every shop, it requires good infrastructure of Internet and PC everywhere and everyone know the basic to use computers. All this is not possible at once.
Under the current conditions, I also think the odds are very low, but I believe that when the Bitcoin network improves, and solutions like lightning network become possible, we will see a larger number of users using Bitcoin.
I think there are big companies, especially in the online shopping business, that probably already have plans to adopt the currency, but the fact that the network is not yet ready for micropayments causes such companies to take a step back.
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February 05, 2017, 09:34:30 PM
 #57

The use of Bitcoin is currently collectivized over the course of growth. In terms of new people coming, they first would have to get through the learning curve to then develop an interest in putting money in and gain off interest or luck using services.

It takes a lot to unlock full access in this economy and it can be done in any amount of time because of the steps needed before, during and after making moves into becoming established here.

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February 05, 2017, 10:36:13 PM
 #58

Mass adoption is possible if not to bitcoin then to crypto currencies in general. I would not call it's so soon, because of you noticed correctly that even the Internet came not to every house yet. But I'm sure that crypto currencies is logical future for traditional payment instrument as paper money.

   
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February 05, 2017, 10:53:05 PM
 #59

The way i see it, the developpement world is divided between two "factions" which are what I would call "hackers" people who are into network protocol, crypto, system administration , unix etc, and the other faction is domestic software like vidéo game and desk top application.

To me bitcoin clearly come the hacker faction, so it has well designed protocol and crypto, security, but it lacks completly ergonomy, good system integration, clear interface, and things that make intuitive and safe looking to average computer users, instead of being presented as wall of hash with cryptic nov lang, with software that is not always bug free, and isnt really packaged like you would expect of traditional application, no real install procédure or explanation on anything, need to edit config file by hand, and it's not very ergonomic all together.

Scaling is also another issue, but I think lack of ergonomy and clarity in the applications , often dispatched between miner, wallets, masternode, and things are not really tighly packaged together with clear manual and minimum of garantee In the functioning, is the main thing that hinder wider adoption by "the mass".
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February 05, 2017, 11:44:04 PM
 #60

Mass adoption of a singular cryptocurrency (Bitcoin?) will be achieved when all or most of the following happens:

1) A single, unified cryptocurrency is collectively recognized on a worldwide scale by the majority of merchants, vendors, and users as a form of payment for products, services, and local currency exchange (if needed)

2) Marketcap inflates and scales to some fairly stable level with much lower volatility.

3) Inflation rate falls below 1%

4) Highly-decentralized proliferation of mining and nodes worldwide achieved through breakthroughs in inexpensive, low-power mining equipment (e.g., I imagine a future world where a small mining chip is in every household router, business routers, etc.)

5) Onramps from local currency --> cryptocurrency EVERWHERE, INEXPENSIVE (< 1% conversion), and FAST

6) Faster to make a small payment with the cryptocurrency than with traditional fiat/card (like almost instantaneous with offchain transaction, using nothing but a cell phone or dedicated device, etc.)

Achievable? I think so, and many other people do as well.  Many of these things are already in the works, others will just take time to breakthrough.


Yes, massive adoption is achievable and will overcome all the obstacles as time goes on.
1. A single won't ever possible as we have plenty of cryptocurrencies (if needed right)
2. Will be happen in the future if the price hit higher point such as $5000-10000, make market cap bigger which results stable price.
3. What kind of inflation?
4. Can be, but still need expensive cost, people to run it and maintenance.
5. Maybe about 60-70% already done.
6. Absolutely.

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