What does the cryptocurrency industry need?

[pooya87]

they need Merchant support.
Only Merchant accepted cryptocurrency, people will use cryptocurrency.

i think it is a little like the chicken or the egg dilemma!
people need to first want to spend cryptocurrencies and ask merchants to accept bitcoin so the merchants see the demand and do it.
and people sometimes need to see there is a usage for bitcoin, aka merchants are accepting it, to start thinking about spending bitcoin.

[DOGE12321]

This industry is definitely growing, and growing fast. But we have many problems such as the scaling issue, massive mempools, huge transaction fees and large confirmation times. We need to get rid of these issues so that Bitcoin will be truly successful. Moreover, Bitcoin needs to achieve mainstream media attention. Only then will many people become aware of this revolutionary technology. When this happens, Bitcoin price will soar and that is great for the Bitcoin community.

[Taskford]

daydreaming as normal thinking about the crypto industry

Lol, nice to see such passion for crypto--but you might want to be careful where you're doing such daydreaming. 

Merchant acceptance is one thing crypto needs.  Mainstream acceptance.  Lower fees, shorter confirmation times.  All of this is for bitcoin, of course.  Other cryptos need the acceptance part of it.  More integrity among the users, as this crazy crypto world is full of shitbag scammers and other knaves.  That's about all I can think of.  Glad to see this passion--this is why crypto isn't going to die anytime soon.  The younger generation will carry the whole thing forward.

Thank you, im obsessed! Okay, do you think that this is something that SegWit2x will help with, things like the lower fee's and shorter confirmation times, if the block sizes are made larger? Can we expect to see large short term user increase if this is pulled off correctly?

Yes I think so.
That's why there's segwit2x to correct all the problems that currently facing of the block chain as well as the users.

I think we need some awareness to the public. What is bitcoin and how does it works.
In that case, they will be more curious and the adoption of many will not just be a daydream.

[adzino]

So I was in my car earlier, daydreaming as normal thinking about the crypto industry and how fast it is moving, how its user base in general is growing and the new and upcoming technologies are hard to keep a track of. So I wanted to create this thread for us all to share our wildest innovations and ideas because I thought it would be an interesting read for many, im quite new to the industry as a whole and want to understand both the scope of it over the period over the next few decades, what is possible? Where is this all going? Whats your wildest most imaginative idea on what this industry is capable of? What do you think needs to improve? How can it be improved? What problems do you see that need to be solved?

Excited to hear your responses 

Bitcoin and other crypto currencies might take over the traditional currency system but won't be replacing them. Currently more people needs to know about bitcoin and be able to use them. More merchants should be accepting bitcoins. Bitcoins do have some flaws which needs to be fixed and the devs are actually working to fix those flaws.

[ilovefeetsmell]

Unlike traditional currency, determining the value of cryptocurrency and electronic cash is a bit tricky. Cryptocurrency needs people will be used it. How to manage the cryptocurrency if no one could distribute it. It is normal to fail in creating such cryptocurrency but sometimes it will be successful if you are determined and have a goal in life. That's all the things I can sight in the near future.

[buwaytress]

Re: Innovation, especially franky1's elaboration. I really think that Bitcoin as the first mover, was a really innovative idea in the first place but agree that it has been extremely slow to innovate on some features that would drastically increase usability. And yes, while technological updates such as Segwit may (and should) take its course in time and deliberation, like those mentioned (GUI hardware wallets, a simpler, more intuitive way to send and receive).

What little research has been done on the user base has shown that people who don't use crypto are intimidated by simple things like:
- how can I ever remember to keep my own address or private keys when I can't remember my 6-digit email password? Write it down somewhere? But my IT guy says I shouldn't write my passwords down!

[Natalia_Volkova]

In my opinion, the criptocurrency industry needs more security. In particular, there are still many cryptocurrency thefts and the attackers are not punished.

[Prodigan786]

I am recently doing research and trying to understand ERC20 tokens and its functionality and how to exchange and I am in half way of understanding the transformation from crypto currency to crypto assets is really awesome.

[Ethan_Locke]

Cryptocurrencies specially bitcoins really needs an system upgrade and expansion i think because of old network codes and technology bitcoins face some problems right now and they need to resolve it i think before it will cause chaos

What exact problems can you see other than the lack of nodes, cost and transaction congestion? Is it the old network nodes or a lack of nodes?

[Ethan_Locke]

In my opinion, the criptocurrency industry needs more security. In particular, there are still many cryptocurrency thefts and the attackers are not punished.

Can you give me an example of this? Are you sure you mean theft or are we more so talking about ICO releases that turn out to be scams? I think its pretty hard to steal VC providing its kept correctly.

[Ethan_Locke]

This industry is definitely growing, and growing fast. But we have many problems such as the scaling issue, massive mempools, huge transaction fees and large confirmation times. We need to get rid of these issues so that Bitcoin will be truly successful. Moreover, Bitcoin needs to achieve mainstream media attention. Only then will many people become aware of this revolutionary technology. When this happens, Bitcoin price will soar and that is great for the Bitcoin community.

What do you think it will take for Bitcoin to achieve mainstream media attention? Who will this come from? Businesses?

[Ethan_Locke]

daydreaming as normal thinking about the crypto industry

Lol, nice to see such passion for crypto--but you might want to be careful where you're doing such daydreaming. 

Merchant acceptance is one thing crypto needs.  Mainstream acceptance.  Lower fees, shorter confirmation times.  All of this is for bitcoin, of course.  Other cryptos need the acceptance part of it.  More integrity among the users, as this crazy crypto world is full of shitbag scammers and other knaves.  That's about all I can think of.  Glad to see this passion--this is why crypto isn't going to die anytime soon.  The younger generation will carry the whole thing forward.

Thank you, im obsessed! Okay, do you think that this is something that SegWit2x will help with, things like the lower fee's and shorter confirmation times, if the block sizes are made larger? Can we expect to see large short term user increase if this is pulled off correctly?

Yes I think so.
That's why there's segwit2x to correct all the problems that currently facing of the block chain as well as the users.

I think we need some awareness to the public. What is bitcoin and how does it works.
In that case, they will be more curious and the adoption of many will not just be a daydream.

Yeah I agree, as we've seen over the past few months there has been a large increase in the number of "trader awareness" which has caused its pikes and dumps but not so much for the public. I think further usage from individuals in the public could lead to a more stable coin also.

[liliiaolivia2017]

At first it's need time, at second, it needs fork or upgrade so the network will become bigger so it can handle more volume of transaction.

[jak3]

I love when people don't understand what is bitcoin and advice me to stop using it because it is a be stuff. I thing he is going to say that I am a member of illuminati or something :p . god these people are hilarious they don't even read YouTube descriptions and asks for help blindly without even checking for answers themselves. although bitcoin has some number of disadvantages but e most important issue is the higher fees right now.

[Ethan_Locke]

I love when people don't understand what is bitcoin and advice me to stop using it because it is a be stuff. I thing he is going to say that I am a member of illuminati or something :p . god these people are hilarious they don't even read YouTube descriptions and asks for help blindly without even checking for answers themselves. although bitcoin has some number of disadvantages but e most important issue is the higher fees right now.

I know what you mean, however we live in a time where its very difficult for people to make decisions by themselves. As we know we are still at the early adoption stage of bitcoin and some people just need to be educated about the subject, to act as a selling point to a degree. Just giving them the main benefits of bitcoin will increase the likelihood of a successful introduction IMO.

[liliiaolivia2017]

Now there are many sites on which it is possible to order goods and services paying for them with bitcoins, it is very convenient, I use websites for ordering eco products, and so when buying railway tickets. In the future we plan to invest in real estate in ReCoin, this new currency that allows you to do this and it has already been approved by US law, waiting for the start of autumn. To improve the crypto industry requires only time and confidence from all users / investors.

[Kumarodus]

It needs regulation. It needs standards. It needs adoption and access!

[micher143]

I guess all it needs is just time. More and more people will learn about it and hopefully understand it. Bitcoin is not very easy to understand.
I tried to explain to my parents what a private and public key and that they secure everything. That is not that easy as it seems
But Bitcoin and Co. offer many nice benefits and I hope more and more ideas are going to evolve around it to make a lot of things easier for people

Teach the people and let them understand. Show them the benefits and this might already help

No doubt that all cryptocurrency industry will need time because in all forms of business and system it would need time and effort for it to be successful and have an development in terms of its system transaction, value and security that could make a hit in the market. Hence , a lot people need to know the real system of bitcoin in order for people to support it as a whole.

[djsugar]

User base is indeed growing but still we are a small community. Still cryptos had to target a huge market. Cryptos are disrupting a huge market and it will take time to reach the targeted audience. What I feel is that there is lack of advertising effort. We as a community should work in that direction. We as hodler should increase awareness about cryptos in our locality.

[suvo05]

I think We need more and more people in the cryptocurrency industry. There is less than 5% people in the who know about the bitcoin. Involvement of new peoples will be a great boost for the industry. And the next thing we need is --less rumours , and less scamers to build the trust .