How adoption will happen

[carter34]

Is it going to start with poor countries and their dictators?

Not really the area you have mentioned. Adoption is already going on in your area and mine too. We are both making use of cryptocurrency either in exchange for fiat or holding it as investment, that is adoption.

If you are talking of government making a statement on it, it is going to take legislation and that might not happen generally or not now.

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[annango]

It won't "happen", there will be no sudden realization that Bitcoin is great from average joe's point of view, followed by a flood of new users. Adoption has been already happening for years, and it will keep happening at some pace. Maybe it will be a bit faster or slower, but I doubt it will be too much different from what we have now. Some people are waiting for a new economic crisis to boost Bitcoin's adoption, but I don't think that people will invest in a risky currency during uncertain times. There's no clear mechanism that leads to an explosive adoption, so it's naive to think that it is somehow bound to happen in the future.

I don't think so. These days, the number of people who is aware of Bitcoin is quite crowded, and they really want a new change. Hence, there is no reason for all of us to ignore such a good chance to invest like this. As we all know that it takes for granted that investing in bitcoin or other cryptocurrencies are both risky investment, but most of us are fond of investing it, that shows bitcoin attraction. If the adoption happens, it probably a common hope of many people.

[legendster]

I'm going to sound like a broken record but adoption will not happen out of the blue.

We need ease of use, cryptos in all its glitz and glory are still beyond most 90-year-old grandmas. Until that happens you won't be able to lure in the people that really have money to use this tech.

Once that's taken care of we need a need of use. You can't expect people to ditch fiat and go all in on crypto without a proper reason for them to do so. However, the upcoming recession might provide the perfect "reason" .. beyond that new marketplaces would also push the adoption.

Then, we need a stable-er price. Sure, stablecoins exist, but stable coins are never going to be the reason why people join the 'crypto revolution'.

Finally, we need to create an ecosystem where no one needs to 'cash out' to fiat. The moment you do that, you're beating the purpose of Bitcoin as a functional currency.

There are many more technical reasons but I think for the purpose of this thread, this should be the focus of discussion.

[jjjfff]

Lately I've been asking partners if they want to deal in Bitcoin.

One of them has agreed. We still haven't closed the deal, but it's likely going to be a contract (paper contract) based on Bitcoin.

If every online pro starts proposing in Bitcoin, widespread adoption might happen faster than we estimate.

[Adriano2010]

I think will happen over time in all countries, and will start on countries with good economies, and only after will be crypto adopted on poor countries.

[Ucy]

From my understanding of how Bitcoin was built, it doesn't need the approval of countries. It a value or currency that is meant to be used in peer-to-peer manner.

 If you need to buy something from a local seller, just convince him/her to accept Bitcoin if he/she hasn't already done so.  He could easily exchange it for fiat or keep it in his wallet.

[kryptqnick]

Is it going to start with poor countries and their dictators?
Is it going to start in the USA with their SEC and ETF and everything?
Discuss.

There are different aspects to look at regarding adoption. One question was raised by you. It's a question of adoption by whom. I think that developed countries are less motivated to adopt Bitcoin, since they already have everything pretty much okay, and they believe in their fiat. Countries with bad economies, on the other hand, drive people to go for cryptos, because they don't have much to risk anyway. So I think it's gonna be poor countries first, but now on official level and not by dictators. This is a way out for people.
Another question is how Bitcoin will be adopted. It can attract people who need alternatives to fiat. It also attracts companies that want to utilize blockchain in narrow range of operations. It also also of interest to traders of all sorts. I think we'll see a mess of adoption in various ways by various people and entities. I hope that the adoption of Bitcoin as money will be the main drive, though.

[coinplus]

Is it going to start with poor countries and their dictators?
Is it going to start in the USA with their SEC and ETF and everything?
Discuss.

I think with the fact that Ohio state is accepting bitcoin payments for tax we can safely assume that the adoption is getting bigger and bigger in developed countries much faster because of the population and interest over those parts. But, if you look at it % of the wealth and so forth on other countries you will see that the % is bigger in underdeveloped countries.

So, when you look at it the totals are bigger in developed countries because even with less interest the amount is bigger but at underdeveloped countries even with higher interest it is definitely harder to reach those develop countries totals that is why I do not think we can really compare the two together, one is bigger already so their impact is bigger and the other is small so no matter what their impact is small as well.

[rizkyhiw]

We take the example of how crypto first appeared not too much business with the government because it always wanted to maintain the authenticity of the crypto concept itself, which is decentralization, but still can attract many investors or institutions to always adopt widely without having to intervene much from the government but to now it is indeed a good thing for the government to implement it to be able to promote widely and more broadly, the most worrying is where the government takes too much profit from crypto so that it can make everyone or anything feel disadvantaged, many worries for most people but like this I think that doesn't matter much because adoption always comes by itself.

[Harlot]

Like what they have said it already started but it is on a different phase on different countries. It may not be synchronized as expected because we all know we have different laws and point on views on the matter but it is happening and its invebitable to happen. As most of the governments already think that adjusting for the crypto industry is a better way rather than eliminating it like what has been done in the past. For countries who have been against it the only thing that can change their mind is for them to see that ghey are left out compared to countries who have benefoted from it.

[Theb]

Cryptocurrency adoption tends to go very fast on developing countries since they can handle the risk more compared to developed countries in which they need to consider everything first as their stable economy is always on the line.

I disagree. Not all developing countries support Bitcoin and the cryptocurrency market. For example, countries like India and Pakistan have outright banned them while China is planning on banning mining soon.

Honestly, developing countries are just as reluctant as developed countries when it comes to supporting crypto.

Sorry if I didn't made my statement clear enough for you but I'm saying this for the ones who have adopted cryptocurrencies and I'm not saying that all developing countries have adopted it already. Countries like Malta, Estonia, Bostwana, Nigeria, and Philippines have take the first bold steps when it comes to crypto-related and blockchain-related investments pouring into their country. Yes some developing countries are still reluctants as the developed ones but governments have different views on where they want their country to go through and I'm lucky enough that I'm not a citizen of any of this countries.

[syamster]

Is it going to start with poor countries and their dictators?

Not really the area you have mentioned. Adoption is already going on in your area and mine too. We are both making use of cryptocurrency either in exchange for fiat or holding it as investment, that is adoption.

If you are talking of government making a statement on it, it is going to take legislation and that might not happen generally or not now.

This is just now when government is not giving any statement about it but at some places we are going to see crypto currency as legal one, more new countries are now accepting and adopting digital currency, if we will keep talking and we will discuss about the digital currency with people I am sure they will accept it and more adoption will happen in market.

[Kakmakr]

One of the biggest triggers for Bitcoin adoption is the failure of old traditional payment methods like Fiat / PayPal etc. We saw what happened in Zimbabwe and some other 3rd world countries, when their fiat currencies failed, they all started to use other currencies. <Rand / Dollar etc.>

Well, if more fiat currencies start to fail all over the world, real Bitcoin adoption will be triggered and you will see a growth in Bitcoin adoption, the like we have never seen before.  <Examples - Greece & Venezuela> 

Just imagine what will happen when one of the 1st world currencies fails. 

[harizen]

Is it going to start with poor countries and their dictators?
Is it going to start in the USA with their SEC and ETF and everything?
Discuss.

None either.

So when it will happen? When it will start?

It needs time. It can take several years or even by deceade. Adoption can't be achieved within a short period of time even big countries started to accept the idea of using crypto. Look at the status of adoption today, big countries already started to hug cryptocurrency but still not all countries follow.

But look at the bright side, slowly, there are "progress", there are "increase", there are "changes" etc.

Bottom line, just go with the flow. You just didn't noticed it but adoption is increasing.

It's already started. We are now on the process.

[mersal]

I think the most adoption will always happened when the situation is very critical the people thinking it will be the chances of getting the successful way because the opportunity will not been came for anyone again and again so take it serious and made the chances in always been like this.

[UNOE]

Mainstream adoption will not happen suddenly nor over night, because of fact that worldwide adoption of any new technology is complex and long term process.
We live in time where adoption spreads fairly faster than before, so blockchain adoption will happen earlier than most people think.
Take a look at this graph.

[akram143]

Is it going to start with poor countries and their dictators?
Is it going to start in the USA with their SEC and ETF and everything?
Discuss.

I think when the market condition was very low the investors are trying to do it mostly because the profit is always make a person to change his strategy and made a mindset like this especially this type of situation will always been the chances of taking the opportunity to adopt everything.

[shinharu10282016]

Your first point about the poor countries and their dictators; no they're not doing that. Most importantly if they really do care about the technology's adoption, they would've been a better country than being poor.

Your second point about the SEC and ETF acceptance of proposals, I don't think so as well. Everything is needed to be in compliance with existing laws and regulations. Testings and such of the products shall be conducted as well. Plus Anti Money Laundering Laws should be properly observed too.

[iamMhew]

The adoption shall be initiated by the banks or The World Bank. Coz its a currency and currency shall be regulated by the each country's central bank comes next is the SEC for the trading regulation.

[traderethereum]

From my understanding of how Bitcoin was built, it doesn't need the approval of countries. It a value or currency that is meant to be used in peer-to-peer manner.

 If you need to buy something from a local seller, just convince him/her to accept Bitcoin if he/she hasn't already done so.  He could easily exchange it for fiat or keep it in his wallet.

Yeah, as long as there is an internet connection and we can connect to the blockchain network, every people can use bitcoin, and if there are many people in out there use bitcoin, then the adoption will happen.
Bitcoin adoption still in the process and right now, it still running in many places but we don't know how many people exactly have used bitcoin until now. We could only know by watching the transaction process in the blockchain.
From this year, people are trying to know more about bitcoin because bitcoin has spread in many websites. People are reading so many advertising about bitcoin and cryptocurrency, and I think they still searching what bitcoin is.