[2018-12-16]Blockchain Payments’ Mass Adoption Is 3-5 Years Away, Says BitPay. .

[anamie]

Blockchain Payments’ Mass Adoption Is 3-5 Years Away, Says BitPay CEO

The CEO of crypto merchant platform BitPay Stephen Pair stated that speculation on future adoption drives Bitcoin’s (BTC) price more than “actual utility,” in an interview on CNBC Dec. 13.

Speaking on the reasons behind Bitcoin’s current value, compared to its historic price highs, Pair told reporters:

“A very big component of the [Bitcoin’s] price is certainly speculation. It’s investors that are speculating on the future usage and adoption of this technology. I’m sure a small component of that price is the actual utility.”

When asked about a Bitcoin ETF’s potential to stimulate a price rally, Pair argued that “not just ETF adoption or ETF launches” could be catalysts for price movement, but that “adoption will push the prices higher,” adding optimistically:

“I do think we’ll see those kinds of prices at some point in the future, if history is any guide.”

Answering a question about blockchain-based currencies’ use in daily transactions, the BitPay CEO told CNBC that he expects such adoption to occur on a mass scale in under half a decade, stating that.

Readmore: https://cointelegraph.com/news/blockchain-payments-mass-adoption-is-3-5-years-away-says-bitpay-ceo

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[BitHodler]

BitPay has been pretty active lately with predictions and statements. It's funny how they talk about mass adoption of crypto currencies but do everything they can to not list more coins to their service.

I'm sure most of it has to do with Roger Ver not wanting to admit defeat when it comes to offering low fees, because most altcoins offer low fees and as second advantage way faster confirmation times.

Overall, mass adaption in terms of usage as currency might never even happen. It will take a lot to beat fiat with all its perks, which at the same time continues to improve as well.

Digital gold is what we have already and it won't be taken away.

[Theb]

I love to take up and somehow accept predictions like this as it shows a promise that cryptocurrencies are moving up in our world but sadly predictions that starts with "I think" and goes without any supporting facts until the end of the statement doesn't really make their statements as convincing to us people. At least he could just even stated that he has somehow laid out a plan on how his company could help with that mass adaption he is talking about that will happen in the next 3-5 years.

[gentlemand]

BitPay has been pretty active lately with predictions and statements. It's funny how they talk about mass adoption of crypto currencies but do everything they can to not list more coins to their service.

And the one coin they do favour has just turned into two even shittier coins.

I can understand why they got annoyed with BTC. I don't think that necessitates their relentless trolling of it along with refusing Segwit and those stupid messages talking about low fees. I guess that was under Bitmain's orders.

It's rather pitiful that the two biggest players, Bitpay and Coinbase - though Coinbase seem to largely have committed suicide in payment processing - are also two of Bitcoin's biggest detractors.

[1Referee]

I'm sure most of it has to do with Roger Ver not wanting to admit defeat when it comes to offering low fees, because most altcoins offer low fees and as second advantage way faster confirmation times.

Roger uploaded a video yesterday expressing how happy he is that Gemini added BCash to their platform alongside BTC, Ethereum, ZCash and one other coin. The other coin he seems to be disgusted with is Litecoin. It doesn't even surprise me, it's faster, cheaper to use, has more on-chain transaction activity, and has surpassed BCash in terms of market cap. Perfect way to ruin his day.

More importantly, if BitPay continues to be as crooked as it is today, it won't be here anymore when that mass adoption happens. Their lack of will to adopt Segwit and LN will be their downfall. That's what happens when you work against Bitcoin.

[squatter]

And the one coin they do favour has just turned into two even shittier coins.

I can understand why they got annoyed with BTC. I don't think that necessitates their relentless trolling of it along with refusing Segwit and those stupid messages talking about low fees. I guess that was under Bitmain's orders.

Or maybe Roger Ver's -- wasn't he an early investor in Bitpay? I wonder if he still has a stake and if so, how big it is.

It's rather pitiful that the two biggest players, Bitpay and Coinbase - though Coinbase seem to largely have committed suicide in payment processing - are also two of Bitcoin's biggest detractors.

I feel like Coinbase scrapped that behavior a long time ago. Brian Armstrong made a huge fool out of Coinbase with his loud support of Bitcoin Classic in 2016. I think shareholders didn't take too kindly to that because he/they took a real backseat on development issues after that. You can't blame them for moving into altcoins -- that's just profit motive talking.

[buwaytress]

Glad people are seeing the blatant hypocrisy of a company famed for doing everything it can to prevent mass adoption, by squeezing choice and control out of users on their doomed attempt to monopolise payments. I still feel pangs of regret using Bitpay, but somewhat pleased to see for my past few spends, their much touted BCH isn't even available as an option.

They've made it even harder now if anyone's noticed. RBF payments are immediately flagged as "issue with payment", regardless of the fee used. They hate SW, now they're blacklisting RBF. Mass adoption proponents?

[magneto]

I honestly think that if you're talking about actual mass adoption, there is still a long way to go.

And I'm not sure whether 3-5 years is sufficient time for that to happen at all. It obviously makes sense for Bitpay themselves to minimise this figure as much as possible, as they are one of the key players in blockchain payments and want to make themselves look good.

Perhaps it will happen, or perhaps bitcoin's role will simply be a store of value that can also be used as a currency on an occasional basis for larger purchases. No one knows at this point, and it's honestly all speculation in terms of the amount of time that is going to take for mass adoption to happen. Even the figure of 3-5 years is no doubt arbitrary.

[stomachgrowls]

I'm sure most of it has to do with Roger Ver not wanting to admit defeat when it comes to offering low fees, because most altcoins offer low fees and as second advantage way faster confirmation times.

Roger uploaded a video yesterday expressing how happy he is that Gemini added BCash to their platform alongside BTC, Ethereum, ZCash and one other coin. The other coin he seems to be disgusted with is Litecoin. It doesn't even surprise me, it's faster, cheaper to use, has more on-chain transaction activity, and has surpassed BCash in terms of market cap. Perfect way to ruin his day.

More importantly, if BitPay continues to be as crooked as it is today, it won't be here anymore when that mass adoption happens. Their lack of will to adopt Segwit and LN will be their downfall. That's what happens when you work against Bitcoin.

We do really like for Ver to get pissed, eh? 

If Bitpay would really be hard on adopting specially Segwit and LN then theres no surprise that there would be other payment processors will do such thing and replaced them in no time.
3-5 years away on such adoption isnt a bad presumption but no one knows if it would be more longer or wont really happen at all.

[coinwizard_]

In half a decade we will be cointing in satoshis rather than btc, it might reach 1 to 1 parity with the US dollar. These are really golden times to snap up some cheap coins before mass adoption makes it impossible to get 1 btc

[Betwrong]

In half a decade we will be cointing in satoshis rather than btc, it might reach 1 to 1 parity with the US dollar. These are really golden times to snap up some cheap coins before mass adoption makes it impossible to get 1 btc

At one point I asked myself, what would happen to Bitcoin price if all the money in the world were replaced by it?

$80 trillion : 20 million BTC = $4 million for 1 BTC

That would be $0.04 for 1 satoshi. I don't know if Bitcoin can reach that price ever, but in my opinion that's the max we can think of. Besides, it would be inconvenient if 1 satoshi was $1 because we would definitely need smaller fractions for all possible payments.

[Buttermellow]

THis will be good and this is what we should focus on so that it will create more demand for the bitcoin. Look on the market price now, it even drop for more because it has no good demand and people are only looking it as an asset instead of a currency. As we all know that bitcoin is a combination of both but only few are exercising to use bitcoin as a payment because more are using it as an asset that they should keep.