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Author Topic: Are cryptocurrencies ready for mainstream adoption?  (Read 165 times)
frowsiter
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April 09, 2018, 05:48:59 PM
 #21

Off course we suck at everything when we talk about the crypto currencies. There are however many altcoins that were generated later on who are capable of doing sufficient transaction per seconds but still the scalability issue is there and they cant really compete the techies like Visa. I mean the level of security and speed that they have is not there in the crypto currency and sometimes its all about the decentralisation.

On the other hand we will get in jeopardy when most of the population will start using the bitcoin. I mean for now there are not more than billion or so people who are in the crypto currency. When there will huge population getting involved into this then it could start congestion in the network and could hamper the working of whole crypto. So me too think that its not worth yet.


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Proton2233
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April 09, 2018, 06:00:33 PM
 #22

The mechanism of increasing the block size has long been ready. But it is not put into effect due to the lack of mutual understanding between developers and miners. I am confident that the economic situation will force everyone to seek a compromise. Now the most important thing is to return to the state of bitcoin support when transactions are more than miners can serve them.
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April 09, 2018, 06:01:11 PM
 #23

In my opinion the cryptocurrencies would be ready for mainstream adoption but we must overcome the resistance of centralized hegemonies who do not want to share their powers.

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April 09, 2018, 06:05:02 PM
 #24

The problem would not be to get people to adapt to new technologies but rather to get the cryptocurrencies to adapt, but somehow it will be easy to solve if an agreement is reached, the question is, will some cryptocurrencies have to eliminate characteristics?
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April 09, 2018, 07:39:18 PM
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 #25

It'll all come together eventually. You can't have just one part fixed. We need for bitcoin to be feasible for even cafe payments but at the same time no amount of innovation would do anything if the public is still wary of it. Good thing is that while the development is ongoing, the public is slowly hearing more about it and not just from media but from other who has tried using bitcoins and know what it truly is.
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April 10, 2018, 09:47:27 PM
 #26

The crypto community is still just a small group of people. Crypto is getting more and more popular, but it certainly is not mainstream yet. Besides, the technology is not developing that fast. There still are lots of issues that need to be resolved. As soon as everything is going smoother and faster, the mainstream will automatically adopt. Crypto has to proof itself first, then people will follow and start using it.

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April 10, 2018, 11:55:16 PM
 #27

It is ready, not for currency but for other function. ethereum has smart contract and we can use it, for tx speed and scalability issue i think other alts can solve it. this
Sure, agree we're not there yet with Bitcoin, but there are a few extremely fast alts that could one day challenge things if Lightning does not pan out somehow: NANO, DGB, XVG, NEO, to name a few.
It just depends on ppl, who will use it or not

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Indrawan77
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April 11, 2018, 12:20:16 AM
 #28

For now  no, bitcoin still not ready for mass adoption, like the article said the fee and the speed still become a challenge that need to be solved by the developers, but I am sure in the future btc can be used for mass adoption, now the developers need to focus on handling those problem and we need to spread more awareness of btc, btc could be very useful in the future so I believe the developers will do their best solution to make btc the best crypto for mass adoption

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April 11, 2018, 12:41:32 AM
 #29

I don’t think bitcoin and other cryptocurrencies are ready for mainstream adoption due to the technology where it came from, which is the blockchain, it has still its limit to serve a thousand of people to use it. The developers of this technology needs to enhance more the capability of it. Maybe sooner or later, cryptocurrencies will be eligible in all users once the whole world will recognize it and they are ready to adopt and utilize it.
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April 11, 2018, 01:34:15 AM
 #30

Bitcoin without the Lightning Network might not be ready for mainstream adoption, but with the Lightning Network it is a

whole other story. You have to consider that the majority of the micro transactions will be done off-chain with the Lightning

Network, so you are dealing with a whole other kind of scaling. Just give it time, we are almost there.  Grin

Agree on your statement, It is different story if we have Lightning network this is what i'm waiting for the speed of transactions and low fees needed to consider the whole crypto market to be most valuable asset in this planet and it will be on mainstream adoption soon.

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April 11, 2018, 02:21:33 AM
 #31

yes, the blockchain system comes quickly and affects some countries and individuals become better, so I think, for moment crypto is only good for developed countries, especially advance in technology.

but if crypto is adopted by a lagging country or developing country, then its spread will be difficult. and will only improve the country's economic system, such as Venezuela.

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April 11, 2018, 03:10:50 AM
 #32

you are making a wrong assumption here, and that is assuming the adoption will happen over night! you say bitcoin can handle 5 TPS (which is wrong and the number is a little higher but lets say it is really 5), that is fine because the adoption is not going to suddenly happen and require 50000 TPS from bitcoin. it will go to 6 TPS then 7 TPS then 10, ... the process may be faster at times like last year but overall it is a slower process than you think.
so as long as bitcoin is matching that speed we are find and you can say bitcoin is ready for mainstream adoption. for example you can see the capacity increase that is currently in action, also the future implementations that are being developed and also there is always room for bumping the block size and increase the capacity. on top of it all we currently have (in its early stages) second layer solutions such as Lightning Network which will scale bitcoin to unimaginable levels...

as for altcoins, majority of them specially the top ones are not designed for adoption let alone mainstream adoption. they are designed to be traded (as speculative assets) and that is what they are good for.

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April 11, 2018, 10:33:45 AM
 #33

I don’t think cryptocurrency is yet ready for mainstream adoption because there are so many negative news on bitcoin that still many people think it to be a scam. Besides it is banned in many countries and even its advertising is also banned in many sites. When this restrictions and negativity will be removed it will certainly become ready for mainstream adoption.
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April 11, 2018, 04:48:26 PM
 #34

Yes, after almost 9 years, I believe that it is the time to shift the gear and build market environment for Bitcoin/cryptocurrencies.  However, we have to work on mass awareness part before expecting people to use cryptocurrencies as we believe in decentralization and hence there are set of responsibilities along with the benefits. There are scammers all over the globe so before shifting the gear, it is a must to build awareness about the core responsibilities in my opinion.

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July 13, 2018, 04:55:10 PM
 #35

I think now not yet, but someday it will be and that's for sure, demand is growing on the blockchain
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