Bitcoin adoption or scalability

[olumyd]

Some weeks back, there was a buzz around the LN going to help the bitcoin network become more efficient, hence it would drive adoption. Still, not much has changed to the whole adoption puzzle, it seems we are really stuck with so many complexities.

New cryptocurrencies entering the market are offering lower entry barrier but only lack the popularity or dominance BTC has. I'm a superfan of bitcoin protocol but I still don't get why we can't have a tradeoff.

BTC adoption (for mainstream merchants and highly sophisticated transactions) as against scalability. It's not like everyone in the world owns gold, so why should BTC become a 'world-currency' either? The few people who can have it should cherish it and only use it for more exclusive financial functions.

However, I still believe LN should be perfected, but adoption and current use cases should be well established and deeply rooted in the economy.

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[Pursuer]

Some weeks back, there was a buzz around the LN going to help the bitcoin network become more efficient, hence it would drive adoption. Still, not much has changed to the whole adoption puzzle, it seems we are really stuck with so many complexities.

nothing is stuck. the adoption is still happening just like before and LN is also being used and adopted, it is growing as we speak. but you shouldn't expect miracles. you won't wake up one morning to see every single person on the planet using bitcoin and LN. it is a slow process...

New cryptocurrencies entering the market are offering lower entry barrier but only lack the popularity or dominance BTC has. I'm a superfan of bitcoin protocol but I still don't get why we can't have a tradeoff.

there is no "entry barrier" for bitcoin so that others have lower than that. it doesn't get any lower!

altcoins don't just lack popularity, they lack utility, security, decentralization,... and have many added issues.

BTC adoption (for mainstream merchants and highly sophisticated transactions) as against scalability. It's not like everyone in the world owns gold, so why should BTC become a 'world-currency' either? The few people who can have it should cherish it and only use it for more exclusive financial functions.

bitcoin will never become "world currency" but also at the same time it won't be "a few people" who own bitcoin!

I feel like you are only thinking in black and while. as it something is either 100% or 0%. which is wrong. the world is grey all the way.  you have to come to the middle.

[James_Hepp]

New cryptocurrencies entering the market are offering lower entry barrier but only lack the popularity or dominance BTC has. I'm a superfan of bitcoin protocol but I still don't get why we can't have a tradeoff.

there is no "entry barrier" for bitcoin so that others have lower than that. it doesn't get any lower!

altcoins don't just lack popularity, they lack utility, security, decentralization,... and have many added issues.

Yeah, anyone can get into Bitcoin for as low as a few dollars. The barrier doesn't really exist in terms of investment. And if the person doesn't know how to set up a wallet, they can keep their money on an exchange (which, if only a small amount, shouldn't be a big deal)

BTC adoption (for mainstream merchants and highly sophisticated transactions) as against scalability. It's not like everyone in the world owns gold, so why should BTC become a 'world-currency' either? The few people who can have it should cherish it and only use it for more exclusive financial functions.

bitcoin will never become "world currency" but also at the same time it won't be "a few people" who own bitcoin!

I feel like you are only thinking in black and while. as it something is either 100% or 0%. which is wrong. the world is grey all the way.  you have to come to the middle.

Bitcoin is a very dynamic instrument and that's what makes it so complex and hard to work with for some people. It is certainly more than a few people that use it, but it's not ever going to be a "world-currency" either. The very nature of it makes it appear more complicated than it really is, and it can also lead to frustration for the early adopters as they cannot understand why others are not flocking to it.

[hatshepsut93]

Some weeks back, there was a buzz around the LN going to help the bitcoin network become more efficient, hence it would drive adoption. Still, not much has changed to the whole adoption puzzle, it seems we are really stuck with so many complexities.

What do you mean "a buzz"? Lightning Network has been in development for years and recently people have started unoficially using it on mainnet, despite its beta status.

New cryptocurrencies entering the market are offering lower entry barrier but only lack the popularity or dominance BTC has. I'm a superfan of bitcoin protocol but I still don't get why we can't have a tradeoff.

What entry barrier are you talking about? If you mean fees, than Bitcoin fees are very low now, recently it was even lower than ETH fees. Otherwise "entry barrier" is the same for any coin: you go to an exchange, buy coins, send them to your wallet. Altcoins are actually worse because often times they have some problems with their wallets.

[1Referee]

Bitcoin is a very dynamic instrument and that's what makes it so complex and hard to work with for some people.

Bitcoin isn't complex at all. It's the most simplistic coin in existence, which is why people like it so much. It does all that people need, which is storing value and sending value from point A to B.

People don't need all sorts of gimmick features that no one uses anyway. It's about the quality of the tool, and the liquidity its ecosystem around it provides, and nothing comes even close to Bitcoin in that regard. The only downside of this is that altcoin whales cash out to Bitcoin, then dump Bitcoin for USD which has been a major contributor as to why Bitcoin has tanked hard this year and somewhat struggled to remain up.

[James_Hepp]

Bitcoin is a very dynamic instrument and that's what makes it so complex and hard to work with for some people.

Bitcoin isn't complex at all. It's the most simplistic coin in existence, which is why people like it so much. It does all that people need, which is storing value and sending value from point A to B.

People don't need all sorts of gimmick features that no one uses anyway. It's about the quality of the tool, and the liquidity its ecosystem around it provides, and nothing comes even close to Bitcoin in that regard. The only downside of this is that altcoin whales cash out to Bitcoin, then dump Bitcoin for USD which has been a major contributor as to why Bitcoin has tanked hard this year and somewhat struggled to remain up.

What I meant was for non-users, it's a bit overwhelming when trying to get into it for the first time. If you compare it to a credit card, it is quite complex for the average Joe who just wants to do some shopping or whatever.

I've met a few people who said they want to get into bitcoin but didn't know where to begin. They said that they've done a few searches online but couldn't decide where to put their money, and lots of them didn't know what a cold wallet was either. It's hard for some people to handle the concept of money going to a series of numbers and letters, and then being "virtual".

[CoinMarKetHW]

I don't think there is actually a barrier to entry for Bitcoins. You can even by 1/10000th portion of a BTC if you want and the transaction cost is also very low and for the adoption part, many countries haven't accepted btc as it as, so with future regulations and adoption, mass people will try to adopt it to.

[LateMoveR52]

I think the LN should be more powerful and transparent than ever before. Increasing the security of Bitcoin can increase the interest of people if they can provide better services. They invest in a bit more bitcoin. Which is a good sign for Bitcoin.

[crazybtclover]

Changes do not happen overnight. Changes require time. This is a slow motion process. We cannot say that all the people in the world will accept this at a time. Moreover LN is being used by many and many will adopt this slowly.

[bitcub]

Hope if theres a major Bitcoin hardfork. I wish the devs would improve the scalability of Bitcoin. Just take a look how the blockchain was so lag during Bitcoin bull run. Not just Bitcoin but also ETH and other major coins.
Crypto cannot be used as mode of payment the blockchain is so laggy.

[SlaveKing]

It will take time for blending LN and Bitcoin properly. We should keep patience and give it some times. And Bitcoin has the popularity because it has better features.

[GhostAltCoin]

Why should not be bitcoin more popular than other crypto coins? It has better security, trust, decentralization, etc which make it unbeatable till now.

[RaidNow]

It seems like you have some misconceptions. But i will suggest you to give LN and BTC some time to work properly. And i am disagree with the statement that bitcoin is the world currency. It will probably be the most popular alternative currency.

[StringFire]

Maybe you are expecting a bit more in overnight.  You are measuring 0% or 100%. But it’s not right. BTC is growing and will grow but not in overnight. It will grow slowly.  It’s not stuck. So don’t lose hope. 

[MetalCoinMTC]

We can’t expect miracle that in one fine morning we get up and see everyone is using BTC. It will grow but slowly. Adoption is still happening. It’s not get stuck. Keep patience man.

[NeuroticFish]

However, I still believe LN should be perfected, but adoption and current use cases should be well established and deeply rooted in the economy.

While LN will help you pay with Bitcoin at a grocery store, current block speed is still good enough for paying for a hotel, for example.
So the current use as coin is not as bad as some want people think. The adoption can go on. Just too many use Bitcoin as a speculative investment vehicle and nothing more, and that hurts.

LN is still beta and it may still be beta for very long time. I was shocked when I first heard this, but unfortunately it's the truth, no matter if some started using it (on their own risk!) on main net.

[BrewMaster]

we are not stuck and everything is going on fine. the only thing that is not fine is the price and you see the price and then make all your conclusions based on that instead of based on bitcoin and how that is working.

for example you mentioned Lightning Network. have you even tried it out? it is a decentralized network that you and i should join if we want it to be used and grow more. at least give it a try and see how it works. it is not magic and i won't just bring in adoption over night but it is great enough to increase the adoption.
and this adoption is not going to happen in a short couple of days. it will take time. and for now we are stuck in this price level so i can understand it being hard to see what i mean.

[olumyd]

I kinda have a feeling if I post this here, my head might get chewed off. However, Bitcoin adoption should be a hot topic as much as cryptocurrency adoption in general.

There's this adoption debate going on tomorrow (August 9, 2018), with Keith Wareing. And guess who's starring, Mcafee. Now I also get the feeling not too many people like this drama queen, but I'm pretty sure differing opinions about cryptocurrency adoption including that of Bitcoin will shed some light on the current situation of things, and most likely proffer a better solution to the decentralized community.


Here's a link to the intending debate: https://twitter.com/ModernChain/status/1026201591194570752




I just wish more veterans like Satoshi, Vitalik, Lee, Jed McCaleb, Chris Larsen and some others on the 4% BTC rich list will give a collaborative insight into why we haven't really hit mainstream yet - cutting through the BS. I'm only watching this show because of Craig, MFChain's CEO. Those guys may be up to something; oh well, so are the other 1600+ cryptos in the space.

While this show is meant for cryptocurrencies in general, I'd like to see one with Bitcoin at the center of discussion, if possible in series, seeing that it's the first decentralized cryptocurrency technology.

[lubah]

If I correctly understood the author, then the question now is completely different. Yes, you can buy part of the dollar for $ 1, but I do not think that bitcoin should be called currency, I would consider bitcoin an asset. Bitcoin - A crypto currency asset that can be compared to gold or oil. Let this comparison be rough, but it reflects the essence of bitcoin. Bitcoin will not be the currency that is calculated in the store for bread or milk. )))

[olumyd]

We still are a long way from crypto adoption, however, it is hopeful that the traditional systems still perceive the blockchain as a reputable technology. Saw this today and it made my hope for the decentralized world rejuvenate:

https://cointelegraph.com/news/world-bank-mandates-commonwealth-bank-of-australia-to-issue-bond-using-blockchain-tech


The only thing stopping us from the next milestone is the ETF. Any inside info on what direction that might take?