Why I think Bitcoin will never be Mainstream like Visa,Mastercard, Paypal unless

[very_452001]

For bitcoin to truly be $1million per coin it has to go mainstream like its competitors mentioned above.

To go mainstream bitcoin must tick the following checklist:

- Be accessible and easy to use for everyone. At start even I find it hard to understand it and yet I have a college degree in computing. Understanding all these technical terms like blockchain, forks, mathematical 8 decimal places, signatures, 51% attack, SHA-256, QR codes, AML, KYC, keys, backing up, offline cold storage and many more etc. So the average walmart consumer won't have a chance in hell to understand all this lol. Right now I feel bitcoin is a niche market for computer geeks like a digital online currency for geeks/nerds that understand it.

- Be accepted on Amazon as a valid payment method

- Have a fast network like Visa, Mastercard, Paypal to handle its mainstream status if it reaches mainstream.

- No fees for using it to spend for shopping. Visa, Mastercard and Paypal do not charge buyers to use their service.

- Not have the mainstream media news channels defaming it saying criminals use bitcoins. We must have a true for the people establishment that will replace the current establishment so the true establishment can promote it.

- Anything else I missed out on?

Otherwise bitcoin will be a niche market. Kinda like console gamers market and pc gamers market.

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[franky1]

also:

people need to realise bitcoin is just code. .. no arms, no legs, no voice.

bitcoin wont walk into the offices of amazon and sign a deal..
bitcoin did not name its storage of private keys a 'wallet' instead of a 'personal keyring' (better analogy).. people did
it requires people.

if you want YOUR local store to accept bitcoin YOU will need to ask your local store manager and maybe teach him/her about bitcoin. also show the manager statistics about how many local customers they can see using it regularly, etc.
this may require arranging meetups and organising your local area to concentrate on certain things.

bitcoin wont fly into YOUR local store like superman to help merchant adoption/mainstream growth.. PEOPLE like YOU(all readers of this post) need to get off of sitting on your hands waiting for superman. and do a little bit more in your area's

in short: it requires people to do something,

[mindrust]

Don't mix things up. Bitcoin will never be like mastercard/visa/paypal. I mean, never.

Because bitcoin is not designed to become like those. It's a commodity, like gold. Not a currency. You can use it like currency but its not practical.

Bitcoin should have a stable price in the first place to be like mastercard. And stable price comes with centralization. Paypal or mastercard don't have the volatility like bitcoin, because they are not decentralized.

[Tyrantt]

For bitcoin to truly be $1million per coin it has to go mainstream like its competitors mentioned above.

To go mainstream bitcoin must tick the following checklist:

- Be accessible and easy to use for everyone. At start even I find it hard to understand it and yet I have a college degree in computing. Understanding all these technical terms like blockchain, forks, mathematical 8 decimal places, signatures, 51% attack, SHA-256, QR codes, AML, KYC, keys, backing up, offline cold storage and many more etc. So the average walmart consumer won't have a chance in hell to understand all this lol. Right now I feel bitcoin is a niche market for computer geeks like a digital online currency for geeks/nerds that understand it.

- Be accepted on Amazon as a valid payment method

- Have a fast network like Visa, Mastercard, Paypal to handle its mainstream status if it reaches mainstream.

- No fees for using it to spend for shopping. Visa, Mastercard and Paypal do not charge buyers to use their service.

- Not have the mainstream media news channels defaming it saying criminals use bitcoins. We must have a true for the people establishment that will replace the current establishment so the true establishment can promote it.

- Anything else I missed out on?

Otherwise bitcoin will be a niche market. Kinda like console gamers market and pc gamers market.

Well it's pretty accessible and extremely easy to use, and you think that all of the mastercard,visa or paypal users understand the technology behind them or they just use it because it's more practical? There's no need for them to understand all that stuff. I play wow but have no idea how MySQL or PHP works... not yet tho.

It's accepted on steam and that's pretty something big, considering how huge valve and steam are today.

It's doesn't have that but it can be developed and why would you be fixing something if it ain't broken...

Bitcoin is an open source, changes can be made to make it more accessible and still remain a passive income for the miners.

Well bitcoin itself can't to anything here, it's up to us (the bitcoin users) to help it move closer and closer to the mainstream.

Otherwise bitcoin will be a niche market. Kinda like console gamers market and pc gamers market.

Gamers market is fckin huge today.

[olubams]

Even with the checklists you have there, if possible that bitcoin completes that, I still dont see it getting to the point of $1 million  because acceptance as a means of payment does not make the price increase as much as that, what I see is an amount of appreciation. Also, it is not also necessary for you to understand the technology behind it for it to increase after all not everyone understand the basis of Fiat as some even believes its from spirit...

[andron8383]

With blocksize drama LN will be adopted by ETH and it will be Paypal i don't give a shit to BTC it will take years to solve scalling problem drama.
China want only HIHG fee so if they will push longer that game i think BTC will go to downtrend and pff...
Same time ETH will develop on BTC problems and adopt LN faster.
IF ETH will paly tht game good BTC will loose lead position thanks to miners.

At some point those guys will understand that innovation is not bloc-size increase but utility.
Eth is rissing hard and more BTC drama goes more ETH will rise.
Good ting in ETH is that they know that they will leave POW to POS...
That will mean later more fair mining and POS mining distribution.

If BTC BU dram will continue BTC will lose Visa race IMO.
Miners don't give a shit on that so they destination i to lose race.
Give ETH one more year and you will see.
On free market once ETH will fly over BTC and media will bump the news how ETH innovation is superriot to BTC speed/fees/utility.
Same time media will bash greed of miners - BTC will be fucked forever it will be marked as looser.

[LeGaulois]

- Be accepted on Amazon as a valid payment method

Do you see Paypal as a payment method there ? Nope.
Amazon you say ? You know they are not popular is some area ? In another word: who give a shit to Amazon, they are not the only one

- No fees for using it to spend for shopping. Visa, Mastercard and Paypal do not charge buyers to use their service.

Paypal does have fees, for sellers as you know, and sometimes buyers too. As for Visa or Mastercard, you can't say it's free, it has a cost and someone need to pay for it, guess who?

- Be accessible and easy to use for everyone. At start even I find it hard to understand it and yet I have a college degree in computing. Understanding all these technical terms like blockchain, forks, mathematical 8 decimal places, signatures, 51% attack, SHA-256, QR codes, AML, KYC, keys, backing up, offline cold storage and many more etc. So the average walmart consumer won't have a chance in hell to understand all this lol. Right now I feel bitcoin is a niche market for computer geeks like a digital online currency for geeks/nerds that understand it.

That is something you learn when you take interest on it, currently mainstream doesn't know as the  majority doesn't give a shit about it. Usually you don't learn about something that you have no interest in. For exemple, why should I learn Python ? I don't care about it and have no use so no reason to learn

[QuestionAuthority]

Other than to line your pockets with profit from the coins you sell, why would you want bitcoin to be mainstream?

Currently, it's a day traders magic volatile commodity that blows up and down with the wind. Why end that magic just so you can wait 100 years for the price to rise to a million each. If the price only climbs and never falls then you can sell btc only once. If you try to buy it again you'll have to pay more than you sold it for.

[erikalui]

Bitcoin is not a payment method but a currency itself like USD, EUR, INR etc and whether or not Amazon accepts it, it won't be considered as popular as Visa or even PayPal as the later ones are legal methods while bitcoins may never be accepted as a legal currency as for that they'll need to be regulated. The technical terms can be understood easily and many banks are even learning to use blockchain technology. The fee is not a big issue as of now but the confirmation time is a big drawback. Media would badmouth everything and hence that's not an important factor as well.

[franky1]

Other than to line your pockets with profit from the coins you sell, why would you want bitcoin to be mainstream?

Currently, it's a day traders magic volatile commodity that blows up and down with the wind. Why end that magic just so you can wait 100 years for the price to rise to a million each. If the price only climbs and never falls then you can sell btc only once. If you try to buy it again you'll have to pay more than you sold it for.

going mainstream dos not mean only upward trend in price.

i have seen days in 2012 where the price was stagnant for months. and that was when there were under 1mill users estimated. and about 20,000 merchants.

now there are estimate of millions of users and a few hundred thousand merchants. and the price is still wobbling in both directions upto 20% either way.

also recently.
i have seen examples where, due to fear of people holding funds in exchanges due to many factors like 'exchange bankruptsy via we been hacked fud'
the exchanges can swing in price with less people trading.. even when more people are USING

core cry when the price moves up and down and try making it sound important
meanwhile exchange move from $935 ⇘ $933 by a user with just $302(324mbtc)
meanwhile exchange move from $933 ⇗ $935 by a user with just $50(54mbtc)

(note trades measured in mBTC (0.001btc)

less than $302(324mbtc) to drop the price from $935 to $933⇘
yep $302 to make the market cap change by $32,470,200.00

then ~$50(54mbtc) to ramp the price from $933 to $935⇗
yep $50 to make the market cap change by 32,470,200.00

in short the utility does not exactly relate to price

[Yakamoto]

Your thesis relies on Bitcoin becoming $1m/coin due to it being used commonly and effectively by the general populace. You aren't considering the fact that Bitcoin can end up being a way to store wealth and large investors can end up propelling it higher that way.

As long as fiat exists, there is absolutely no reason for the average joe to use Bitcoin as a means of paying for their goods. Even with all these additional modifiers to make Bitcoin faster, why would they bother using it? That's the thing you have to convey.

Bitcoin is a far better form of digital gold than it is digital USD.