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Author Topic: What do you believe is needed for crypto currencies to be mass adopted?  (Read 388 times)
quantumcat
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March 10, 2018, 09:07:54 AM
 #21

First of all people should understand crypto and accept it. it is difficult to come up with some additional tools, it remains only to wait for people to accept the very idea of money that does not depend on the state.
Maybe schools should teach crypto  Grin

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March 10, 2018, 04:51:54 PM
 #22

We at Quantum1Net believes what needed is higher amount of data transaction and speed, lower power consumption and stronger security.
https://github.com/quantum1net/Documents
Other than that, what do you think?
Bitcoin needs to work as a currency that's what we really need not many people are going to put their money bitcoin if it is just a high risk investment, after all how many people are investing in those kind of products not many I suppose, but everyone needs to use currency from the richest man in the world to the poorest so until bitcoin is able to satisfy that condition then we cannot get mass adoption.
But in order to be able to use bitcoin as a currency, you need instant confirmation of the transaction. It is also very important that the transaction price corresponds to the amount. Now we pay the same amount for the transaction. In order to save money, people have to transfer a large amount of bitcoins to Fiat and only then make small purchases. In such circumstances, bitcoin will never be a currency.
You are correct but at the same time that is precisely why the developers are working on the lighting network they know very well that if bitcoin does not become a currency then the project will fail this is why they did everything to get segwit approved and activated, so once again the only thing we can do is to wait and see if the lighting network will work as intended.



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March 10, 2018, 04:56:03 PM
 #23

People need to be able to use it in their daily lives. That's why the move in Arizona to allow people to pay their taxes in cryptocurrency is so important. Once you have an ecosystem where you can pay for everything in crypto, there is no need for exchanges to convert to fiat at all.

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March 10, 2018, 05:06:13 PM
 #24

Like everyone else here, I want bitcoin to be fully utilized and adopted to it's full capacity and
potential. It's been a very long and challenging journey but has proven to be most pleasurably
rewarding. We must also understand the change bitcoins has done and the change that bitcoin
has undergone. We want it as a currency considering it's far more than that. We want it adopted,
despite it's issues with authorities. The best thing for it to be fully adopted is regulation, it's an
unlikely statement but it may be the only way to make it work with government assistance and
approval.
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March 10, 2018, 05:13:59 PM
 #25

People need to be able to use it in their daily lives. That's why the move in Arizona to allow people to pay their taxes in cryptocurrency is so important. Once you have an ecosystem where you can pay for everything in crypto, there is no need for exchanges to convert to fiat at all.
Why would you move to Arizona? There is Internet access. It will take time and bitcoins will be accepted for payment in any online store. It seems to me that you want to have it all. It does not happen. Cryptocurrency will develop in an evolutionary way. Even the consciousness of the cryptocurrency community is not yet ready for this.
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March 10, 2018, 05:33:40 PM
 #26

Its a catch 22 situation.

With more adoption there may be more introduction of control and regulation
by governments and banks. With more usage banks will become more threatened
and so they will move to block fiat flowing in and out of crypto.

For the lovers if high value crypto more adoption is a must.

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March 10, 2018, 05:42:54 PM
Merited by buwaytress (1)
 #27

We at Quantum1Net believes what needed is higher amount of data transaction and speed, lower power consumption and stronger security.
https://github.com/quantum1net/Documents
Other than that, what do you think?

You have spoken about the technology side in your thread. It certainly needs higher amount of data transaction and speed, lower power consumption and stronger security. But then what? What to do with lightening fast speed and strongest security if there is no market? So let me talk about the economical perspective here,

1. Market for crypto currency:
It is the main thing needed for a crypto currency to survive and thrive. Today, we have a massive online market of crypto currency where people are are buying and selling it, but when we look at the goods and services market, we see a big blank space. We have a very few options where we can use our crypto currency for regular purchase of goods and services. Whatever small options we have, that is too restricted by countries. So we need our merchants to accept crypto currency for a healthy crypto ecosystem. Here technology can bridge the gap currently exists.

2. Regulations:
It might sound awkward but it is true. Regulation can make the crypto market shine like a moon. Over 90% of the world population are very conservative about their finances. These percentage of population would not try anything new in their entire life if that particular thing is not approved and regulated by their government. The statistics looks shocking but it's true. The members of these community don't come under this percentage hence it will be hard to digest, but try talking to your grandparents about crypto currency and ask them to invest in it, you will understand the fact. If crypto currency is adopted and regulated by a majority of the government, the entire market dynamics will change for better.

There are other factors as well. However, these two are the basic factors which will help crypto currency to be adopted by the common mass. Obviously we can't think anything less about the technological aspect of it because we will need to infrastructure to support this market and technological advancements is the only we can achieve that.  

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March 10, 2018, 05:47:12 PM
 #28

We at Quantum1Net believes what needed is higher amount of data transaction and speed, lower power consumption and stronger security.
https://github.com/quantum1net/Documents
Other than that, what do you think?
Don't you think its a little too much to ask? Stronger security? Updates should be fine to do.
High amount of data transaction? There are transaction involving thousands of bitcoins,what are you talking about?
Speed? Well at one point,yes there were a huge amount of unconfirmed transactions in the mempool,but segwit adoption and the massive fee reduction,as helped. Your transaction now gets confirmed in the very next block,in most of the cases at least.
Lower power consumption? Well,that's a con in bitcoin,and we all have to deal with it. Unless comes a great innovative solution.
Other than that,bitcoin is not that of a eco-friendly concept as,in related to your lower power consumption idea,so I'd really love to see bitcoin to be economic friendly.


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March 10, 2018, 10:53:38 PM
 #29

What I think is essential for bitcoin to be widely accepted by a lot of countries is stability in value. When the value is stable a lot of people, investors and even heads-of-state would be enticed or compelled. Anotger is reaching a very high market value that they cannot ignore bitcoin's abd other cryptocurrencies' market power anymore.
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March 11, 2018, 12:31:00 AM
 #30

Government recognition is a actually a big factor. At the same time the mainstream media should ptoperly inform priple ehat cryptosystems is all about. People's impression about bitcoin should be change, more people will pay interest on it once majority found out the future of bitcoin might bring.

Once all are well informed, the next step woukd be partnership of different institutions. This would allow to use bitcoin as a form of payment in their kind of service.

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March 12, 2018, 07:07:11 AM
 #31

We at Quantum1Net believes what needed is higher amount of data transaction and speed, lower power consumption and stronger security.
https://github.com/quantum1net/Documents
Other than that, what do you think?
Bitcoin needs to work as a currency that's what we really need not many people are going to put their money bitcoin if it is just a high risk investment, after all how many people are investing in those kind of products not many I suppose, but everyone needs to use currency from the richest man in the world to the poorest so until bitcoin is able to satisfy that condition then we cannot get mass adoption.
Bitcoin or any other crypto currencies that exists currently is not suitable for being a currency cause of the volatility in the price of the coins. The only time when a crypto will act as a currency is when it will be centralized and made by the government. Government wont allow some decentralized crypto to be used as a currency which is volatile in market and can disturb the whole economic of the country and also the international trade markets.

Cryptos will only be used as an asset and nothing much, the point is about mass adoption, which is also possible even if cryptos are considered as an asset. Gold is an asset, but it has mass adoption. In the same manner crypto will have too.

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March 12, 2018, 07:18:05 AM
 #32

Its a catch 22 situation.

With more adoption there may be more introduction of control and regulation
by governments and banks. With more usage banks will become more threatened
and so they will move to block fiat flowing in and out of crypto.

For the lovers if high value crypto more adoption is a must.
As for me the first thing to do in order that crypto currencies will be mass adopted in a society is that all establishment like grocery store, gas station, department store and any others that are mostly access by the people that they have to accept bitcoin or any crypto currency as mode of payment, but i can't think how it does since the government does not want that they have no collection for the tax as we know that crypto currency is a decentralized system.

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March 12, 2018, 10:05:38 AM
 #33

We at Quantum1Net believes what needed is higher amount of data transaction and speed, lower power consumption and stronger security.
https://github.com/quantum1net/Documents
Other than that, what do you think?
Holding is one of the things needed for mass adoption! Many of us here used bitcoin as a stocks and not as a means of payment for goods and services. Bitcoin will be adopted by big financial institutions if it price is stable and that is why we need to create that stability by holding what we have and not sell them. When you sell you are contributing to the volatile that affect mass adoption.
Holding is not at all needed for bitcoin and other crypto currencies to attain mass adoption. Holding just reduces the trade volumes. Instead, people buy use crypto currencies as much as they can just as any other regular fiat money.

That will increase the trade volume and also affect prices in some manner, but moreover it will let people know how much demand there really is in the market for crypto. Holding is like investment, but if we need mass adoption, people must make use of virtual money.
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March 12, 2018, 12:52:35 PM
 #34

As for me the first thing to do in order that crypto currencies will be mass adopted in a society is that all establishment like grocery store, gas station, department store and any others that are mostly access by the people that they have to accept bitcoin or any crypto currency as mode of payment, but i can't think how it does since the government does not want that they have no collection for the tax as we know that crypto currency is a decentralized system.
Thay can collect tax with it in anyway they want(although indirectly) as everything purchased have 12% of vat in it and companies that accept crypto as payment are obliged to pay their due tax to continue their operations. They will get tax from a decentralized system although it is lesser than what they get from the current centralized way of paying. For it to be mainstream, IMO many countries need to establish a regulation law first and tax law regarding cryptos.

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March 12, 2018, 01:16:48 PM
 #35

First of all people should understand crypto and accept it. it is difficult to come up with some additional tools, it remains only to wait for people to accept the very idea of money that does not depend on the state.
Maybe schools should teach crypto  Grin

Don't need, it's easy to have knowledge if you want to know what it is and how it's work. In social media is the biggest way to know what is CryptoCurrency, like Instagram, Twitter, Facebook and YouTube they can get a lot of information if they really want to learn it.

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March 13, 2018, 04:54:18 AM
 #36

We at Quantum1Net believes what needed is higher amount of data transaction and speed, lower power consumption and stronger security.
https://github.com/quantum1net/Documents
Other than that, what do you think?
The important factors that are needed for crypto currencies for mass adoption are :
1.   High transaction speed
2.   Low of no transaction fees
3.   High scalability
4.   High liquidity
5.   High privacy
6.   High security
7.   Less power consumption
8.   Technology to solve real world problems.

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March 13, 2018, 05:22:19 AM
 #37

Bitcoin needs more flexibility and wider coverages, and with more social media promos. Bitcoin is here to stay and at that bitcoin will become the world first cryptocurrency and universally accepted digital currency for online payment. An assets and a great investment.
Yes, for mass adoption bitcoin needs promotion from media and government, so that people that were afraid of digital world so far can trust it and blend in with other people. Also if bitcoin is to aim towards mass adoption, it will have to solve its main issue that is scalability, liquidity, transaction speed and transaction fees.

When these four will be solved, bitcoin will be ready for mass adoption. Also the volatility of bitcoin must be bought a bit under control for people to trust the coin.
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March 13, 2018, 07:12:28 AM
 #38

You will get mass adoption when Bitcoin solves problems :

~ When Bitcoin is more secure than other online payment options.
~ When Bitcoin is cheaper than other payment options.
~ When it is a good store of value/wealth.
~ When the price is stable and less volatile for merchants.
~ When it is borderless
~ When it is not controlled by a centralized authority.
~ When it is reliable. <available 24/7>

Bitcoin cannot be all of this at once, so people will use it differently, depending on what their specific needs are. Even if only 2 or 3 of these requirements are met at the same time, then Bitcoin has succeeded for many people.

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March 13, 2018, 07:18:49 AM
 #39

Add a lot of options and or at least advertise it more and allow the big establishments to accept bitcoins as a mode of payment.  In our country, bitcoins have not yet penetrated in the market to the middle-class citizen so the acceptance is not yet popular at least.   Maybe, 2 to years when the people are ready to accept it...

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March 13, 2018, 08:11:02 AM
 #40

Actually  all of those statement above is true .  But for me i think the most important  thing to have a mass adoption in  crypto currencies is   to advertise/promote it on public through good ways rather than spreading false information about it 'cause that is common reason why some of the investors declined crypto due to different thoughts and doubts about it.  
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