BITCOIN MASS ADOPTION?

[AimeeJade129]

I love Bitcoin and the ambition of a revolution from the banks BUT...

Does anyone think that one thing stopping it from mass adoption is the satoshi value?

If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5

What do you think?

[bct9t]

Your thought is right. You are comparing with fiat money. Think of digital transaction. There might be a solution for this decimal.

[mk4]

This is a great thought by you and I've read something about this a few days/weeks ago. A bitcoin developer made a proposal to use a different denomination for a better spoken terms(for a lack of better word).

Take a look: Topic: Jimmy Song proposes for "Bits" denomination to be adopted: https://bitcointalk.org/index.php?topic=4266610

[BrewMaster]

you don't even have to see the number you just ask for the shopkeeper to show you a pretty QR code which can also have a pretty coffee LOGO on top of it (the blow one doesn't have the pretty logo) and you scan it with your phone and pay for coffee. in your wallet you can change the setting so that it shows you the value in $ instead of in bitcoin or in any other unit you like!


bitcoin:1PaymentAddress?amount=0.00067

[masterfocus]

If one coffee will be 76 satoshis, then the currency will be satoshis and that's easy to understand. Like any currency in the world.

If bitcoin would grow to be worth U$1 = 1 satoshi, it would be AMAZING, because, for example, you could convert any dollar bill to exactly 1 satoshi. And, of course, the great profit, with 1 BTC = U$100,000,000.. o.O

[HabBear]

Your thought is right. You are comparing with fiat money. Think of digital transaction. There might be a solution for this decimal.

Agreed.

But most people don't even consider using another form of payment for purchasing than their local currency. They use a card most of the time, they know a price they are paying, that's all they care to know.

How do you get someone to stop using something that works just fine already? Fiat currency for every day transactions isn't broken, that's why people aren't interested in "a fix".

Fiat currency for larger transactions - wire transfers, purchases greater than $1000, cross border payments - is broken. This is where we can start to drive adoption. Think about how many migrant works wire money to their families in a home country and how much that costs and how long it takes for those transactions to clear, that's where we can really make a difference using bitcoin. We need to get those people to use bitcoin next!

[adzino]

I love Bitcoin and the ambition of a revolution from the banks BUT...

Does anyone think that one thing stopping it from mass adoption is the satoshi value?

If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5

What do you think?

Yeah, for this reason we express decimals in satoshi. 1satoshi = 0.00000001 btc. So 0.00067 btc would be  67,000 satoshi. So "your coffee costs 67k satoshi".  Sounds better right? Now if the value sounds too high, you will get used to it slowly. Think about the Vietnamese people. 1 USD is around 21577 vietnamese dong. So their coffee costs around 30,000 vnd.

[Dudeperfect]

Not at all, we know that Bitcoin is always divisible but that doesn't mean that we should use the extreme denominations such as 0.00000001 Satoshi or 1 Bitcoin. There are units in between as per our convenience and we can use those units as per our convenience, right? It has nothing to do with mass adoption, to be honest.

[cryptohipo]

Well, bitcoin is a digital currency and the biggest advantage of bitcoin is you don’t need to carry it in your pocket. You can pay it through your wallet through online transaction. Moreover, I think that it is very easy to pay through bitcoin wallet instead of giving fiat money. As the world is upgrading we all should change our thinking.

[aoluain]

Your thought is right. You are comparing with fiat money. Think of digital transaction. There might be a solution for this decimal.

Agreed.

But most people don't even consider using another form of payment for purchasing than their local currency. They use a card most of the time, they know a price they are paying, that's all they care to know.

How do you get someone to stop using something that works just fine already? Fiat currency for every day transactions isn't broken, that's why people aren't interested in "a fix".

Fiat currency for larger transactions - wire transfers, purchases greater than $1000, cross border payments - is broken. This is where we can start to drive adoption. Think about how many migrant works wire money to their families in a home country and how much that costs and how long it takes for those transactions to clear, that's where we can really make a difference using bitcoin. We need to get those people to use bitcoin next!

Very good post, and this changes my perception on the adoption of bitcoin
And crypto. I have always thought there needs to be adoption by merchants
and buyers but it is the adoption of transferring funds where crypto can  hurt fiat.

The issue to consider is governments and banks can only regulate the entry
and exit to and from crypto so transfers could suffer from taxation because
without anyway to buy goods with crypto the only options are liquidate or hold.

[Meysa_richa]

It's true that people prefer the big numbers, and I do not think I see them in bitcoin, because the value or the bitcoin price is so high.

[jhon_21]

In mass the service of a product value will like little but we have to think about its value we don’t need to carry extra wallet or for transactions we don’t need to worry about theft or others also simple we can do transactions with mobile or web so bitcoin gives us this facilities to makes our life easier.

[ladydark]

I love Bitcoin and the ambition of a revolution from the banks BUT...

Does anyone think that one thing stopping it from mass adoption is the satoshi value?

If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5

What do you think?

Yes.Bitcoin will not be suitable for smaller payments.Also with such a continuous increase in price,people will not be ready to pay with bitcoin at first.

[Pursuer]

Does anyone think that one thing stopping it from mass adoption is the satoshi value?

no, that is not the reason for it.
for example if you ask random people in the street "why don't they have bitcoin" most of them will say they don't even know what bitcoin is. and if they do know what it is they are either scared of it because of high volatility and FUD that has spread a lot of misinformation about it. or they see it as an investment with a high risk instead of a currency so they don't get in.
hence the slow adoption.

[sandialoveth]

This is the matter of payments if you pay to the sellers then it will be okay no need to concern about real money between crypto currency because 1 btc is 10000 us dollar so they payments will be cut from this money based this its easy to use and you don’t need to carry extra money or change for sellers.

[avikz]

I love Bitcoin and the ambition of a revolution from the banks BUT...

Does anyone think that one thing stopping it from mass adoption is the satoshi value?

If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5

What do you think?

Math as a bottleneck for bitcoin's mass adoption?? How silly is that! We have QR code in place already to overcome that issue. Every time you buy something using bitcoin, you don't need to calculate the bitcoin amount in your mind or smartphone calculator, there are services like bitpay integration to do that for you. All you need to do is to scan the QR code presented at the time of check out and complete the purchase. So it is not really an issue for bitcoin's adoption, the legal status of bitcoin is!

[kwabeedat]

To me that doesn't matter. What matters is the value that the traders will both earn at the end of the day. For example, you used $5 as an example, what if you are in a country where $5 is worth about 500 of their native currency? So what I mean is that, at the end of the day both monies have the seme value. So whether Satoshi or not, Bitcoin can be mas adopted

[pri3oner]

As for me, it doesnt make sense for me. The cryptocurrency and electronic money in commn are the future anyway. The convinient of its using is solvable issue.

[petloer]

Bitcoin is new and unique feature to people.But, gradually there're a number of companies who're adopting crypto currency. So, the day is not that far that everyone would accept bitcoin and work with it.

[Cofee.BLUE]

you don't even have to see the number you just ask for the shopkeeper to show you a pretty QR code which can also have a pretty coffee LOGO on top of it (the blow one doesn't have the pretty logo) and you scan it with your phone and pay for coffee. in your wallet you can change the setting so that it shows you the value in $ instead of in bitcoin or in any other unit you like!


bitcoin:1PaymentAddress?amount=0.00067

That's right. That is very simple to do we don't need to be concius to that and I think even it's preferred in Bitcoin numbers it's nonsense as long it is the same price when converting into fiat then it's also good to me. It's definitely the same price and it's only writen in different term. So the issue is considered nothing.