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Author Topic: We should answer the important questions to increase Bitcoin adoption  (Read 276 times)
Kprawn
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November 13, 2019, 02:46:40 PM
 #1

As an entrepreneur I always look for the challenges when I want to think about something new that would change the normal way that people are

doing things. This mindset has never changed and I am always looking for easier and more user-friendly ways of doing things. Back in the day I did

most of the boring work with complicated Dos batch files or scripts to get things done quicker. So how do we apply that mindset to Bitcoin?

The answer is simple >>> "Look for the problems in the other payment systems and solve that with Bitcoin"

~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

These are just some of the questions that we need to ask to get to a better solution for the problems with the other payment options. Can you

think of any problems and challenges that Bitcoin can solve now and how do we use Bitcoin to solve these problems now? 

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November 13, 2019, 03:07:45 PM
 #2

Quote
~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

Do you think these are the major issues due to which bitcoin adoption is not growing? Then start rethinking! You didn't ask about the most important question!

Bitcoin's adoption majorly depends on its legitimacy. If you go to Japan, you will see bitcoin is being accepted almost everywhere! Even an employee can take salaries in bitcoin! Now if you visit India, you will hardly see anyone talking about bitcoin because it's still not legal there! Do you think those above questions even stand valid here?

It's the regulation and legitimacy of bitcoin that slumps the growth of bitcoin adoption! Technical things will obviously be there but can be addressed later!

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Kprawn
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November 13, 2019, 03:18:55 PM
 #3

Quote
~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

Do you think these are the major issues due to which bitcoin adoption is not growing? Then start rethinking! You didn't ask about the most important question!

Bitcoin's adoption majorly depends on its legitimacy. If you go to Japan, you will see bitcoin is being accepted almost everywhere! Even an employee can take salaries in bitcoin! Now if you visit India, you will hardly see anyone talking about bitcoin because it's still not legal there! Do you think those above questions even stand valid here?

It's the regulation and legitimacy of bitcoin that slumps the growth of bitcoin adoption! Technical things will obviously be there but can be addressed later!

Unfortunately Bitcoin cannot solve that problem, but it can bypass certain restrictions that are put in place by these corrupt governments. Let's

take one example : Your government does not allow you to take out more than say $100 000 out of your country (also called capital controls)

You have say $1 000 000 and you need to quickly exit the country because of a civil war or some external threat. Well, this is where the

borderless and unstoppable nature of Bitcoin comes to the rescue. Convert your wealth into Bitcoin and move it to a paper wallet and leave the

country with that piece of paper with a bunch of numbers on it. (Nobody will even know what it is, if you scramble the numbers or even better,

send it to a friend in another country) - Problem solved.  Wink

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November 13, 2019, 03:26:28 PM
 #4

To be honest, this has nothing to do at all with the bitcoin adaption, these questions you have mentioned are answerable via google and bitcoin mass adaption is dependent on the majority of the world's population, and Government will be the key to all of that, but the bitcoin mass adaption seems to be a bit imposible to happen in the next following years because Governments are leading people to misunderstanding about cryptocurrency by feeding them false information about it.
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November 13, 2019, 03:57:20 PM
 #5

To be honest, this has nothing to do at all with the bitcoin adaption, these questions you have mentioned are answerable via google and bitcoin mass adaption is dependent on the majority of the world's population, and Government will be the key to all of that, but the bitcoin mass adaption seems to be a bit imposible to happen in the next following years because Governments are leading people to misunderstanding about cryptocurrency by feeding them false information about it.

+1 for your signature campaign earnings.   Angry  It is sad to see that people simply read the reply of previous posters and then just put a little

twist on it to make it their own. No creativity or even constructive contribution to the thread at all, just pushing out the spam as usual and then

getting paid for it.  Roll Eyes  Also, try using a spell checker -- "AdaptionRoll Eyes Roll Eyes  ...it is called adoption.  Shocked .... This probably took you 14 seconds

to post this garbage in my thread.

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November 13, 2019, 04:30:58 PM
 #6

If you talk about Bitcoin adoption worldwide as a payment system, there are both advantages and disadvantages regarding the same. The advantages of bitcoin over other payment system is that they can be used as a global currency and we don't really need to depend upon the government for changing our currency notes while leaving the country as you have pointed out in the above reply. The same scenario could be very well taken as a disadvantage such that, will you be able to buy and sell $1,000,000 worth of bitcoin in a go? Will the price of bitcoin be as stable till we reach the other country? The core problem prevailing right now with the adoption on a larger scale might be because of the huge volatility it has.

Regarding some of your questions posted above,

Bitcoin is convenient to use on a smaller scale based on the legality of the bitcoin in a country, but on a larger scale people still fear about the government's regulatory practices. Adoption is hindered again with the scalability factors since Visa processes around 45,000 transactions per second whereas Bitcoin processes around only 7 transactions per second. All these problems would be solved only when devs come up with innovative ideas like segwit.

I don't believe Bitcoin as a trading mechanism and I spend my bitcoin for global transactions rather than holding them. But it's based on user's perspective since if Lazlo wouldn't have paid 10,000 btc for pizza we could have not seen the adoption in future. I follow the same as when I got more mature regarding the usage of bitcoin and I never hold btc and would spend them as a means of international payment very often.

Bitcoin was created to be used as a global currency, but does the majority of the global population really use them like that?




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November 13, 2019, 04:49:24 PM
 #7

As an entrepreneur I always look for the challenges when I want to think about something new that would change the normal way that people are

doing things. This mindset has never changed and I am always looking for easier and more user-friendly ways of doing things. Back in the day I did

most of the boring work with complicated Dos batch files or scripts to get things done quicker. So how do we apply that mindset to Bitcoin?

The answer is simple >>> "Look for the problems in the other payment systems and solve that with Bitcoin"

~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

These are just some of the questions that we need to ask to get to a better solution for the problems with the other payment options. Can you

think of any problems and challenges that Bitcoin can solve now and how do we use Bitcoin to solve these problems now? 
The truth is we are not asking these questions until now because we know the answers are not going to be in favour of bitcoin. See:
~~it's not more convenient to use than credit cards, debit cards as they are much more quicker and less costly.(objectively talking about convenience)
~~no it's not cheaper than normal payment methods solution may be Lightning Network
~~Obviously bitcoin is much safer compared to traditional systems yet risk of hackings are still prevelant.
~~Yes it's easy to use if someone tries to use but obviously not easier than cash.
~~No it's not LN might be the answer.
~~Problen is that we cannot govern the applications on how people use bitcoin.

You see all the answers reflect that bitcoin is not something people would opt because it's convenient, cheaper, faster. So let's see we can find answer to these questions or not.
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November 13, 2019, 04:53:53 PM
 #8

~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
I united these two because they seem to be about the same thing. Convenience is a matter of interface and devices that can be introduced to utilize payments. If it's implemented in a 'pay with your smartphone' kind of solution, it is/will be convenient. Moreover, it's a matter of habit, so it might not be easy and convenient to use Bitcoin at first but people can come to like it when they get used to it.
Quote
~~ Is Bitcoin cheaper to use and where will that solve problems?
Yes, if we are talking about big transactions. It can solve problems of SWIFT-like money transfers or transaction fees when spending money on a big purchase ($200+).
Quote
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
Yes, it's safer everywhere you use it.
Quote
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
Well, it can be faster than international bank transfers, but it's way slower than instant transactions with fiat.
Quote
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?
I think we should focus on currency, but that means we need to solve some serious problems.

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November 13, 2019, 05:05:41 PM
 #9

As an entrepreneur I always look for the challenges when I want to think about something new that would change the normal way that people are

doing things. This mindset has never changed and I am always looking for easier and more user-friendly ways of doing things. Back in the day I did

most of the boring work with complicated Dos batch files or scripts to get things done quicker. So how do we apply that mindset to Bitcoin?

The answer is simple >>> "Look for the problems in the other payment systems and solve that with Bitcoin"

~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

These are some relevant questions that needs to be addressed. However, i think we can also consider the following questions as well
1. Are there enough marketplaces or online stores that accept bitcoin across the world?
2. How are sellers and buyers going to be protected against the volatility of bitcoin?

These are just some of the questions that we need to ask to get to a better solution for the problems with the other payment options. Can you
think of any problems and challenges that Bitcoin can solve now and how do we use Bitcoin to solve these problems now? 
One of the challenges in the traditional payment system that bitcoin has solved is keeping the financial records of people private but in terms of speed and convenience, Fiat beats bitcoin in that.

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November 14, 2019, 05:44:31 AM
 #10

think of any problems and challenges that Bitcoin can solve now and how do we use Bitcoin to solve these problems now? 

I'll better answer this question. Bitcoin might be the key to corruption in countries that are not mainly regulated fairly by their government. In such a case that if Bitcoin doesn't have taxes, then there is no fund to be corrupted. The question is, how about the projects and infrastructure that should be built with these taxes? My point is, we are to pay our taxes using bitcoin itself, the advantage of it is we can verify where the taxes go, and we could verify if it is really utilized in various projects that our government has. Thus, making our country and economy develop with fairness and transparency.

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November 14, 2019, 06:02:29 AM
 #11

Quote
~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

Do you think these are the major issues due to which bitcoin adoption is not growing? Then start rethinking! You didn't ask about the most important question!

Bitcoin's adoption majorly depends on its legitimacy. If you go to Japan, you will see bitcoin is being accepted almost everywhere! Even an employee can take salaries in bitcoin! Now if you visit India, you will hardly see anyone talking about bitcoin because it's still not legal there! Do you think those above questions even stand valid here?

It's the regulation and legitimacy of bitcoin that slumps the growth of bitcoin adoption! Technical things will obviously be there but can be addressed later!

In fact bitcoin does not require government permission or legitimacy.

It is in fact fraudulent, corrupt, criminal, bankster government cartels that rejects bitcoin.

Legitimacy is found in honest, accountable, immutable, trustless, bitcoin p2p transactions.
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November 14, 2019, 07:47:10 AM
 #12

For bitcoin adoption to become a mass phenomenon, more people need to understand how it works and it should work as intuitively as possible.
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November 14, 2019, 07:55:20 AM
 #13

You are falling into the trap you mention in the OP. You need to step back, and lose the public perception of Bitcoin. By thinking of it as a simple payment system, you lock yourself out of the major benefits, and you won't be able to take advantage of the investment and economic changes it has stimulated.

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November 14, 2019, 08:31:31 AM
 #14

The biggest problem with Bitcoin is acceptability. The more it is accepted the more we can talk about those problems. At the moment it is considered as a commodity which has a good Fiat value.

The biggest hurdle with Bitcoin is the commodity tag. Rather using it we tend to save it. That is why it is being compared with gold.

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November 14, 2019, 11:09:00 AM
 #15

These questions are somehow basic questions that can broaden the ideas of bitcoin. Convenience, easy, faster and reliable those are just some of the adjectives I can say for bitcoin. Its the game-changer in the financial world. Adopting to it will make procceses easier and faster.

 
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November 14, 2019, 11:20:39 AM
 #16

Most of the above problems are already solved by other countries, the only problem is that some don't use it and some use it in their countries. We have different issues here and that's one of the factors that bitcoin is still not on mass adoption. Bitcoin is trying to change mindsets of people around the world, and most government don't want that, they put regulations and put pressure on bitcoin and thus people won't bother to use it, look at some parts of the world where bitcoin is totally banned. The only country that is the most bitcoin friendly is Japan, and look at them despite the calamities they have suffered, they fix their selves very quick.

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November 14, 2019, 11:36:49 AM
 #17

As an entrepreneur I always look for the challenges when I want to think about something new that would change the normal way that people are

doing things. This mindset has never changed and I am always looking for easier and more user-friendly ways of doing things. Back in the day I did

most of the boring work with complicated Dos batch files or scripts to get things done quicker. So how do we apply that mindset to Bitcoin?

The answer is simple >>> "Look for the problems in the other payment systems and solve that with Bitcoin"

~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

These are just some of the questions that we need to ask to get to a better solution for the problems with the other payment options. Can you

think of any problems and challenges that Bitcoin can solve now and how do we use Bitcoin to solve these problems now? 

People have been asking those questions since bitcoin launched. But because bitcoin is super conservative, all the solutions have come from alts.

For example litecoin, ethereum and doge all confirm faster than bitcoin. They have lower fees. Doge in particular has been known to cope with large volumes of transactions without problem.

The issue is coalescing around one of these solutions and getting retailers to adopt them. What is holding everyone back is people hoping that bitcoin will solve it's scaling issues and being reluctant as a result to back an alt. But bitcoin may never solve it's scaling issues.

 
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November 14, 2019, 02:13:39 PM
 #18

These questions have long been answered but the problem is, none of those are actually catering to the most important part of the equation as to why bitcoin isn't as widely accepted as it should be. Legality still remains to be the primary enemy of the said cryptocurrency, moreso the users who are wanting to use it but are afraid for the negative legal implications of it. There's really not a single question needed to be answered in order to know the secret of widespread bitcoin adoption. It naturally happens; especially if the need arises and people realize that it's the next big thing since sliced bread.

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November 14, 2019, 02:35:24 PM
 #19

Quote
~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

Do you think these are the major issues due to which bitcoin adoption is not growing? Then start rethinking! You didn't ask about the most important question!

Bitcoin's adoption majorly depends on its legitimacy. If you go to Japan, you will see bitcoin is being accepted almost everywhere! Even an employee can take salaries in bitcoin! Now if you visit India, you will hardly see anyone talking about bitcoin because it's still not legal there! Do you think those above questions even stand valid here?

It's the regulation and legitimacy of bitcoin that slumps the growth of bitcoin adoption! Technical things will obviously be there but can be addressed later!
I agree those above questions are not too important to ask. Those question also not the reason why there is no adoption happening in some other countries. If other countries do not accept bitcoin then we cannot force them to adopt it if they didn't really want it. Some other governments will not allow that maybe because bitcoin doesn't have tax.
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November 14, 2019, 03:11:51 PM
 #20

I think it's incredibly hard or even impossible to simplify Bitcoin for end users without compromising its decentralization. Both banks and Bitcoin heavily rely on cryptography, but banks managed to abstract it away from users because they are centralized. With Bitcoin it's not possible, there's no "I forgot my password" button, and we have to manually select addresses because we can't have both stable identities and privacy on a public network. These and others things create room for errors, and errors in Bitcoin are often final.

But while these problems negatively affect adoption, I don't believe they are the main reason why adoption is low. Most people just don't share the views that lead to Bitcoin's creation - people don't see problems with middlemen, with banks and governments, and even when they do, they just want to change the management rather than change the whole system.

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