Progressing adoption

[virasog]

Lately, I have not been hearing much about Bitcoin, other than media mentioning that the value is decreasing. In addition, the transaction volume processed by payment gateways is also decreasing. I feel that adoption has come close to a standstill. What is your opinion about this?
I think we should look at benefits of Bitcoin for merchants, to increase the active circulation. For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees. Therefore we should contribute as a community by helping merchants to implement this system in their store. Merchants could possibly attract customers by giving discounts for paying with Bitcoin. What is your idea for progressing adoption of Bitcoin?

Well not much work has been done of the adoption of bitcoins. Those people who know about bitcoins are too busy in earning or using them that they do not care if other people also know about it or not.  Also people use bitcoins for trading purpose only and there is very less usage of bitcoin in buying and selling.

I think we all should use social media to encourage people use bitcoin as a currency and tell the benefits of using digital currency over Fiat to public.

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[romero121]

As if now the market has been suffering a great fall. Progressing adoption is promised, and truly it is happening unlike the market fluctuations. In comparison to the market adoption that took place last year, the same is happening in the present year in a gradual manner. But past year showed mass adoption, and hope the same continues forever.

[LogitechMouse]

For me, there are other altcoins that are being created for payment line Pundi X and Electroneum. I know that Bitcoin is the first digital currency created but it is being hold by some investors there so it will be hard for Bitcoin to gain mass adoption. Anyway, adopting a currency takes a long time so lets just wait for some time and who knows, it will be adopted

[eaLiTy]

I think it will be a long process. And unless someone big, like Amazon started to accept bitcoin as payment and set the precedence, it will be a difficult road for bitcoin to be even become one payment options.

Amazon is not the only e commerce giant, there are other sites that are bigger in total number of sales in different parts of the world, the adoption rate was much faster in 2013 and i remember many sites accepting bitcoin, but then it slowed down drastically because of the bottleneck issue we had a few years back on how to resolve the number transactions and that delay simply shunned the mass adoption rate and many merchants who accepted bitcoin stopped accepting them anymore.

For me, there are other altcoins that are being created for payment line Pundi X and Electroneum. I know that Bitcoin is the first digital currency created but it is being hold by some investors there so it will be hard for Bitcoin to gain mass adoption. Anyway, adopting a currency takes a long time so lets just wait for some time and who knows, it will be adopted

Like i said above, if any coins will be accepted globally, it will be bitcoin and nothing else, anyone can come up with their own currency and that does not mean it will get mass adoption, we had a much better adoption rate with more online merchants accepting bitcoin way back in 2013, but the block size debate really put a dent to the adoption rate and that turned away even the old merchants away from bitcoin, if we could take decisions in a crisp manner and in time we would have had much better adoption rate globally from rate in which it was adopted in the initial stages.

[Ridwan Fauzi]

Bitcoin to be used as a payment system is indeed a good step for its development in the future. This is what I always want being a bitcoin users, I hope either traders, investors and bitcoin users have good intentions to make bitcoin they have to be use for the payment system. I just feel that the mass adoption comes when many people use bitcoin, this is no matter on the merchant side and I think they (merchants) will depend on the bitcoin user itself. Clearly, when many people use bitcoin as a payment system, they don't need long thinking about accepting bitcoin as a payment tool. They are a businessman, certainly will see a number of ways and find some innovations to sell their stuff easily.

[joseyphil82]

Bitcoin needs that one killer app to bring in new users.  Look at how many of these video games gets hundreds of millions of users per month.  If some revolutionary service or game only takes BTC as payment that would be groundbreaking.

I've said a lot about this idea before on this forum ,video gaming is spreading like an uncontrolled disease if bitcoin manages to enter the gaming industries from Sony to Microsoft and of cos Nintendo bitcoin will be a total huge success ,right now bitcoin needs to be integrated into real life use.

[kelz1]

The number of transactions is actually increasing and is similar to the 2017 peak. It has not reflected in the price but shows that there are more users and any pump will be quick and justified

[denzkilim]

Merchants don't want to adopt Bitcoin for 2 main reasons: there's very little demand for it from their customers, and it has somewhat grey legal status or even outright banned in certain places. Users don't want to adopt Bitcoin, because it's volatile, hard to use, few merchants accept it (so, there's kinda a feedback loop here), and very few people are "woke" in a sense that banks represent a risk to their financial freedom.

Yep, and Bitcoin is hard to understand to average people especially to those people that have less knowledge in new technologies and innovations, I guess the mass adoption of Bitcoin will take more time to happen. The volatile nature of Bitcoin is one of the major reasons why merchants do not want to adopt this technology and a means of payment or reward.

[VitKoyn]

Lately, I have not been hearing much about Bitcoin, other than media mentioning that the value is decreasing. In addition, the transaction volume processed by payment gateways is also decreasing. I feel that adoption has come close to a standstill. What is your opinion about this?
I think we should look at benefits of Bitcoin for merchants, to increase the active circulation. For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees. Therefore we should contribute as a community by helping merchants to implement this system in their store. Merchants could possibly attract customers by giving discounts for paying with Bitcoin. What is your idea for progressing adoption of Bitcoin?

It is true that trading volume of Bitcoin is very low compared way back 1-2 years ago but it doesn't mean that adoption will stop here. Its just a matter of time and people will have a confidence of entering the market again. Good idea about merchants but we all know that a lot of merchants, especially the big ones are still not ready to adopt it and use it in their service, and it is because of the price is highly volatile. We don't have to force the mass adoption to take place, it will just happen one day when people realizes how Bitcoin can improve their businesses and the benefits of using it especially that people right now are buying goods more frequently thru online.

[Distinctin]

Lately, I have not been hearing much about Bitcoin, other than media mentioning that the value is decreasing. In addition, the transaction volume processed by payment gateways is also decreasing. I feel that adoption has come close to a standstill. What is your opinion about this?
I think we should look at benefits of Bitcoin for merchants, to increase the active circulation. For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees. Therefore we should contribute as a community by helping merchants to implement this system in their store. Merchants could possibly attract customers by giving discounts for paying with Bitcoin. What is your idea for progressing adoption of Bitcoin?

It is true that trading volume of Bitcoin is very low compared way back 1-2 years ago but it doesn't mean that adoption will stop here. Its just a matter of time and people will have a confidence of entering the market again. Good idea about merchants but we all know that a lot of merchants, especially the big ones are still not ready to adopt it and use it in their service, and it is because of the price is highly volatile. We don't have to force the mass adoption to take place, it will just happen one day when people realizes how Bitcoin can improve their businesses and the benefits of using it especially that people right now are buying goods more frequently thru online.

We are recently a part of this new era and so online business came strong and wild. People will love doing online just like gambling, trading and many others that is why this digital form of currency adoption have growing strong. We can certainly that it makes our life easier and comfortable, making transactions pretty good and no hassles. It absolutely in the next few years, crypto will be acceptable in all terms of transactions either local or online.

[Aura]

In addition, the transaction volume processed by payment gateways is also decreasing.

I don't think so that the volume is decreasing. $5B daily volume is too low for you?

What is your source? I think you're referring to the total volume? I believe most of these trades are concerning day trades not actual services or goods being bought with Bitcoin.

Merchants don't want to adopt Bitcoin for 2 main reasons: there's very little demand for it from their customers, and it has somewhat grey legal status or even outright banned in certain places. Users don't want to adopt Bitcoin, because it's volatile, hard to use, few merchants accept it (so, there's kinda a feedback loop here), and very few people are "woke" in a sense that banks represent a risk to their financial freedom.

Yep, and Bitcoin is hard to understand to average people especially to those people that have less knowledge in new technologies and innovations, I guess the mass adoption of Bitcoin will take more time to happen. The volatile nature of Bitcoin is one of the major reasons why merchants do not want to adopt this technology and a means of payment or reward.

I believe the traditional banking system is more complex than Bitcoin's infrastructure. The majority is using the banking system without understanding how it works. Therefore I don't think you have to completely understand Bitcoin to apply it in life.

for example did you even know that a US state recently adopted bitcoin as a legal currency?

I read about some states regulating Bitcoin. I am hoping that it will spread to other states.

For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees.

This is only true if the merchant accepting crypto is either keeping it as crypto, or trading it to fiat manually. If they are using a service like BitPay, which will allow them to accept crypto but instead be paid in fiat, there is a 1% charge which is pretty comparable/only marginally cheaper than most credit card transaction fees.

Debit- and creditcard fees are averaging 2% in the United States. That means that using Bitcoin is still an increase of 1% in revenue, which is a lot actually.

Therefore we should contribute as a community by helping merchants to implement this system in their store.

Agreed. I often hear people lamenting the fact that bitcoin adoption isn't more widespread, whilst simultaneously doing nothing about it and not trying to spend their bitcoin. Speak to your local grocer, coffee shop, corner shop, tradesman, whoever and ask them to accept crypto. If they don't know there is a demand, then they have no incentive to start using it.

The city where I am living has currently over 100 physical stores that accept Bitcoin. On it's website you can find a graph that shows the purchase volume and amount of trades. However, this seems to be decreasing. What can we do to reverse this movement?

[ethereumhunter]

I think the adoption still on good progress although we know that the bitcoin value is decreasing. I don't think that adoption is a standstill and cannot reach more people to join in bitcoin. Maybe we need to spread about bitcoin in social media, in the local store or any place wherever we are. Or we can build one local community that is spreading bitcoin to the public so people out there will know more about cryptocurrency and specifically bitcoin. Besides that, I am sure that they will ask more about bitcoin itself.  There is a lot of homework for ourselves to help of bitcoin spreading to the public and people should know about bitcoin.

[fosco333]

Lately, I have not been hearing much about Bitcoin, other than media mentioning that the value is decreasing. In addition, the transaction volume processed by payment gateways is also decreasing. I feel that adoption has come close to a standstill. What is your opinion about this?
I think we should look at benefits of Bitcoin for merchants, to increase the active circulation. For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees. Therefore we should contribute as a community by helping merchants to implement this system in their store. Merchants could possibly attract customers by giving discounts for paying with Bitcoin. What is your idea for progressing adoption of Bitcoin?

In this bearish market condition, we won't hear much about bitcoin in the media i guess.
The situation of the market can affect the news too. In 2017, there were many peoples come to crypto because cryptocurrency
was popular because the value of crypto coins were sky rocketing. Adoption progress is running fast when the market green.

[Aura]

Lately, I have not been hearing much about Bitcoin, other than media mentioning that the value is decreasing. In addition, the transaction volume processed by payment gateways is also decreasing. I feel that adoption has come close to a standstill. What is your opinion about this?
I think we should look at benefits of Bitcoin for merchants, to increase the active circulation. For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees. Therefore we should contribute as a community by helping merchants to implement this system in their store. Merchants could possibly attract customers by giving discounts for paying with Bitcoin. What is your idea for progressing adoption of Bitcoin?

In this bearish market condition, we won't hear much about bitcoin in the media i guess.
The situation of the market can affect the news too. In 2017, there were many peoples come to crypto because cryptocurrency
was popular because the value of crypto coins were sky rocketing. Adoption progress is running fast when the market green.

That's basically the problem. Bitcoin should refrain from attracting people that see it as a gamble product. We need to attract people that are wanting to use it as a currency because it's financial and ethical benefits. The people that come when the price is on a sprint upwards leave Bitcoin for good when the hype is over, resulting a broken reputation. However for Bitcoin this is a much harder task because it is not a commercial company and therefore does not have the resources to do advertising.

[BitcoinHodler]

in my opinion the correct way of helping bitcoin adoption is that if everyone started from themselves. because we can't expect bitcoin being adopted when we don't want to spend our coins!
but if people started thinking of bitcoin more than an investment and started spending it more then there would be more merchants willing to get in on the market with a lot of customers (=demand) in it and that obviously is the best kind of adoption that we can hope for.

[cizatext]

Well it difficult to judge the adoption of bitcoin as a payment system using the market price as the tool of your analysis because the price of bitcoin can easily get manipulated and at that may not give you the right result, what you should is the amount of confirmed transactions being carried out on the bitcoin network with that you will fine out that bitcoin is getting more and more adopted.

[bitcampaign]

Lately, I have not been hearing much about Bitcoin, other than media mentioning that the value is decreasing. In addition, the transaction volume processed by payment gateways is also decreasing. I feel that adoption has come close to a standstill. What is your opinion about this?
I think we should look at benefits of Bitcoin for merchants, to increase the active circulation. For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees. Therefore we should contribute as a community by helping merchants to implement this system in their store. Merchants could possibly attract customers by giving discounts for paying with Bitcoin. What is your idea for progressing adoption of Bitcoin?

Unfortunately that adoption does not apply in my country, but I think if it is adopted by many people out there it will be better, I think we are all here not only wanting a bitcoin price but also a lot of adoption for bitcoin in the future

[aris av]

It's difficult to make it happen, maybe if we all think of bitcoin as a currency and use it according to its function, bitcoin can advance.

[Muzika]

Lately, I have not been hearing much about Bitcoin, other than media mentioning that the value is decreasing. In addition, the transaction volume processed by payment gateways is also decreasing. I feel that adoption has come close to a standstill. What is your opinion about this?
I think we should look at benefits of Bitcoin for merchants, to increase the active circulation. For example, bitcoin is a cheaper alternative to debit- and creditcards as merchants have to pay less interchange fees. Therefore we should contribute as a community by helping merchants to implement this system in their store. Merchants could possibly attract customers by giving discounts for paying with Bitcoin. What is your idea for progressing adoption of Bitcoin?

the market should be hit so hard by the cryptocurrency purpose, as long as the existence is there and there is no good things happens the price will be on the floor still, but if someone will create a thing that can bring cryptocurrency to the end then it might be the start of good things to happen in crpypto.

[SIDDHI777]

The crypt adoption rate seems like very slow these days mainly because of the high volatility in the market so merchants hesitate to combine there businesses with cryptocurrencies to receive or make payments because in moments it can turn into huge losses but with more stability and expansion among users definitely cryptocurrencies will be able to increase there adoption into online businesses in the near future but it might take some time