The Key is Utility for Adoption

[jjbanks994]

https://irishtechnews.ie/the-need-for-privacy-online-is-becoming-more-and-more-important-insights-with-the-godfather-of-privacy/?utm_content=90632068&utm_medium=social&utm_source=twitter&hss_channel=tw-1035909837031436291

I really liked reading this interview with David Chaum who answered what I think is a great response on the ongoing volatility and price manipulation that we are currently experiencing within crypto.

As quoted by David "The key is utility. Currently, the bulk of cryptocurrencies provide very little actual functionality outside of speculative trading. Transaction speeds are too slow to support the use cases required by mainstream consumers. If the bulk of liquidity in the market is used for actual payments and utilization of the underlying networks, instead of just functioning as a store of value, then we will see less speculation and more general adoption."

I am looking forward to what he is creating as well to achieve this goal of utility.

[poodle63]

Utility means the government approval and that will be a very important thing consider the fact these days a lot of governments are targetting crypto as a security. The utility can bring more demand and increase the liquidity and that's very important. But these days a lot of platforms can make their tokens become a utility.

[yesyes18]

As quoted by David "The key is utility. Currently, the bulk of cryptocurrencies provide very little actual functionality outside of speculative trading.

The biggest problem is how authorities/media have portrayed crypto to the mainstream. They (mainstream) see anything crypto as bad and that's why we're here. And also it is to this effect that speculative trading has always been on the highest rise. So until we see something good told to the mainstream to make them get on board, many of those who'll still be in this game will be the speculators. Anyway i believe we can do more with time.

[Twinkledoe]

Utility means the government approval and that will be a very important thing consider the fact these days a lot of governments are targetting crypto as a security. The utility can bring more demand and increase the liquidity and that's very important. But these days a lot of platforms can make their tokens become a utility.

That will really fast track the adoption. But still not many projects are going that route. Is it because of the stringent process that they need to undertake? They don't want to submit legal documents? This is the reason why many projects are heading to be crap or scam, because most of them are avoiding the legalization of their platform.

[Indrawan77]

I agree that the needs of privacy transaction is growing, and this person got a got sight of future, he understands what the people want and got the way to make it happen, the time of mass adoption is getting closer and we need to encourage more people to join to reduce the volatility that eventually going to make stores easier to accept it as currency and now the key lies in the government permit, once it has been approved then it will be easier for crypto to grow

[Bitcotalk]

Wow,  someone that really understand what I have been trying to say for months now, the problem we have in the Crypto space is that their is really no utility, like real life value for this project,  only a few project like bitcoin has real life value in the market this is why bitcoin can never stop being the king of all Crypto even in years to come, let's learn to focus on utility and create something that even a newbie in the Crypto space can make use of without needing guide.

[Awesomus Maximus]

I generally agree with the point David is trying to make, and it would be nice to see bitcoin being used for payments everywhere, especially online payments. But, if bitcoin is destined to be similar to gold in the digital space, we can't expect too much utility. It will be primarily a store of value and not a means of payments, at least not micro payments. This entire situation might change, though, when the lightning network is up and functional in full capacity. Then we might see utility and bitcoin being used for small payments.

[andreibi]

That David Chaum is saying the obvious and has been known for years that utility is key for adoption. Yes, we have identified the problem long ago. But the real question remains: What will push users to use and to adopt? What usecase? Now, everybody has answers to that question and no one is right or wrong.

[Adriano2010]

Indeed utility can be the key for mass adoption but i think we also need people who can afford to buy some coins even if they not have so huge income, governments should help people to get a good income every month, because without that the economy can fail over time.

[giletto]

Majority of these coins flooding coinmarketcap are utterly useless, after ico launch and few months trading, the developers will discard Whitepaper and abandon project. Sooner or later we will have more established offline tech giants like Facebook, Samsung, twitter etc will venture into crypto to offer real life usecases and further promote crypto

[alexcopper]

I too agree that utility is something that needs to be the main focal point for products that want to scale on a massive scale. That might look like a mobile first application but I think what loses people the most is the technical jargon and fear of managing their own keys. If we can have a app that is as simple as handing over a debit card where people don't have to log in each time, this will appeal to many.

I am shocked at how many people 1. forget their password 2. never change it and 2. make it way to easy.
How are we supposed to get these people on board to handle the intimidating public and private key?

[cryptowolfsu]

Utility will drive demand and demand will lead us to mass adoption. The time has arrived for real use cases
instead of speculation trading. The technology should follow the mass adoption requirements and it has to
be user friendly for ordinary people and not only for tech. people.

[cryptobae10]

Even though I rarely understand when you say majority of the coins are useless; it’s not valid

Decentralized means; you can also create your tokens and platform
Not compulsory create a product.

Until creating better products is enhanced; it remains the same

[akeegan]

I feel that what happens is people get super excited about a project. Amp it up and when it doesn't match up to people's expectations or isn't evolving overtime the community dies. We have learned that without a solid community a project can't succeed.

We need more projects that uphold their promises

[ahmia39]

I feel that what happens is people get super excited about a project. Amp it up and when it doesn't match up to people's expectations or isn't evolving overtime the community dies. We have learned that without a solid community a project can't succeed.

We need more projects that uphold their promises

It is very difficult to find projects that uphold their promises at this time, because the situation or situation in the crypto world is always changing, so the project needs a name that is a big and solid community, something like this that we have to look for even though it's difficult.

[CryptoKush]

Many cryptocurrencies are very young. I do not think that some kind of cryptocurrency can become useful and popular in a short time. Bitcoin is the oldest and most useful cryptovalue.

[jak3]

Yes, the actual use is important if we are aiming for global adoptions. I mean how can we even not consider it but as more and more transactions happen every day it seems impossible to have a system which can evolve to such state. on the other hand, there are many cool altcoins which can achieve that like litcoin and dogecoin many people prefer them, especially for transactions or exchanges as they take less time to transact and with extremely low fees too.

[mrdeposit]

As quoted by David "The key is utility. Currently, the bulk of cryptocurrencies provide very little actual functionality outside of speculative trading.

The biggest problem is how authorities/media have portrayed crypto to the mainstream. They (mainstream) see anything crypto as bad and that's why we're here. And also it is to this effect that speculative trading has always been on the highest rise. So until we see something good told to the mainstream to make them get on board, many of those who'll still be in this game will be the speculators. Anyway i believe we can do more with time.

The problem with the mainstream is they are not honest about the reviews of cryptocurrencies and they teach selling the low&buying high. The media and its connections are rigged and this affects badly to the whole crypto ecosystem.