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Author Topic: We should answer the important questions to increase Bitcoin adoption  (Read 274 times)
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November 14, 2019, 03:35:21 PM
 #21

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?  

if those are the question, overall rating of bitcoin is good it is convenient to use because you can make a transaction thru mobile devices but when it comes to fees there are lots of utility coins in the top position and they are much faster than BTC. Those questions above cant affect the reputation of btc as major utility coin in the market.

 
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November 14, 2019, 03:38:16 PM
 #22

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.

Using Bitcoin is not as difficult as people assume it to be. If you are little tech-savvy then creating wallet and doing transactions is very easy, especially when we have simplified wallets like Electrum and MyCelium.

Quote
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.

The more serious issue is that Bitcoin doesn't solve any specific transaction problem except anonymity. Let it be convenience, speed, universal applicability or fees - the traditional methods outshine Bitcoin in all those aspects. We can argue that Bitcoin is more secure than traditional methods but again I am a banking user from last many years and done lot of transactions. Till date I never faced a single instance where my security was compromised. So when people like me who are in bitcoin business from last many years don't have any complain from banking security then how can we expect general public to turn towards bitcoin without any reason?

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November 14, 2019, 03:47:47 PM
 #23

Using Bitcoin is not as difficult as people assume it to be. If you are little tech-savvy then creating wallet and doing transactions is very easy, especially when we have simplified wallets like Electrum and MyCelium.


I'm not saying that it's hard, but there are caveats, and when you combine it with the fact that Bitcoin is very unforgiving, there's a lot of potential for negative user experiences.

The more serious issue is that Bitcoin doesn't solve any specific transaction problem except anonymity. Let it be convenience, speed, universal applicability or fees - the traditional methods outshine Bitcoin in all those aspects. We can argue that Bitcoin is more secure than traditional methods but again I am a banking user from last many years and done lot of transactions. Till date I never faced a single instance where my security was compromised. So when people like me who are in bitcoin business from last many years don't have any complain from banking security then how can we expect general public to turn towards bitcoin without any reason?

It's not a problem, Bitcoin wasn't created to be faster or more convenient, it was created to simultaneously be a long-term store of value and a currency. Unlike with cash, you don't lose value to inflation, unlike with banks, your account can't be seized, unlike with gold, you can easily spend it. But, like I've said in the previous post, the population doesn't value this property of Bitcoin much.

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November 14, 2019, 05:33:33 PM
 #24

~~ Is Bitcoin more convenient to use?
Yes.
~~ Is Bitcoin cheaper to use and where will that solve problems?
Online.
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
Yes, online.
~~ Is Bitcoin easy to use (How can we make it easier to use?)
Improve the help section of the wallet so new comers understand it.
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
Yes, in things like wire transfer or online payment.
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?
Currency. You can always trade your currencies (ie. forex), but that is besides the point.


There are some issues regarding "instant" use in physical situations (the infamous pay for coffee use case), which is what LN is attempting to address. The success of this idea will largely depend on the wallets implementing it. But for most common uses, the way traditional bitcoin is, is quite good enough.

If it were me, i would default the wallets to 1 sat/B tx fees. And optionally add some button or setting in case the user rarely needs the transfer to process "fast" (and with RBF you can always do that after the initial broadcast, ie. later). If you honestly and seriously analyze your online transactions, most can easily wait a day or two. I know some traditional methods involving bank wire transfer can take longer than that and merchants usually wait until that is cleared before shipping. Compared to that Bitcoin is instant. And most of the time, 1 Sat/B transactions get confirmed within an hour or two... At some point they will allow 0.1 sat/B, when that comes i would switch wallets defaults to it.

I don't like the wallets that try to guess network traffic and pick a fee that would "probably" get confirmed within a block or three. Some at least give you the option to manually input your tx fee, which to me, should always be the smallest non zero value. Especially after LN comes in widespread use for the "instant coffee payment" scenario.

This is to debunk the myth that "Bitcoin transactions are too expensive", no they are not, you just didn't set the proper fee, silly. If you are tipping someone some satoshis, you DON'T want your wallet picking a fee for you...

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November 14, 2019, 05:47:10 PM
 #25

Using Bitcoin is not as difficult as people assume it to be. If you are little tech-savvy then creating wallet and doing transactions is very easy, especially when we have simplified wallets like Electrum and MyCelium.


I'm not saying that it's hard, but there are caveats, and when you combine it with the fact that Bitcoin is very unforgiving, there's a lot of potential for negative user experiences.

The more serious issue is that Bitcoin doesn't solve any specific transaction problem except anonymity. Let it be convenience, speed, universal applicability or fees - the traditional methods outshine Bitcoin in all those aspects. We can argue that Bitcoin is more secure than traditional methods but again I am a banking user from last many years and done lot of transactions. Till date I never faced a single instance where my security was compromised. So when people like me who are in bitcoin business from last many years don't have any complain from banking security then how can we expect general public to turn towards bitcoin without any reason?

It's not a problem, Bitcoin wasn't created to be faster or more convenient, it was created to simultaneously be a long-term store of value and a currency. Unlike with cash, you don't lose value to inflation, unlike with banks, your account can't be seized, unlike with gold, you can easily spend it. But, like I've said in the previous post, the population doesn't value this property of Bitcoin much.

This is not entirely true because your Bitcoin wallet can be seized too in case of illegal activities.
This is not the point now and it's true that Bitcoin has a llot advantages that people don't recgonize. Since Bitcoin is decentralized and there is no institution that is in charge for it who exactly should be the one to promote Bitcoin? No one, except Bitcoin community and obviously we lack a good promotion and education.

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November 14, 2019, 11:40:04 PM
 #26

At first I want to say that bitcoin isn't escape for this universe. Then:
1. Whether bitcoin is convenient or not depends on person's choice. Imagine I am in supermarket and have to pay 1)Touch card to terminal 2) Log in to bitcoin wallet, scan barcode, choose fee and then click on send button. I prefer first one.
2. It depends on bank's terms. For me it's cheaper to use fiat cause I pay zero fees + even get some interest (bonus points which I can exchange).
3. Safer in what way? For privacy protection, yeah but for refund options - no.
4. It's very easy to use.
5. No, I get instant confirmations when I pay with my bank but when I send bitcoin, I depend on confirmations which take some times but lighting networks changes everything in good way.
6. My answer on this is that bitcoin was great 8 years ago. Now it's mostly commercial thing.

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November 15, 2019, 01:35:00 AM
 #27

The most important thing to clarify to them is, Bitcoin is not some kind of investment materials where you invest your money to some people and let them use some kind of program or some sort of mechanism to increase it. As most of my fellow countrymen have fallen to this kind of scams where they thought bitcoin its just the name of the company who will take care of their investment in the long run without even knowing whos behind it and where it came from.

That's why they often fell into the scammer's trap, they don't even bother to make a research or ask some authority about bitcoin. this is not a joke, you can read it from here. https://www.rappler.com/nation/199915-filipino-couple-amasses-millions-bitcoin-scam


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November 15, 2019, 04:29:25 AM
 #28

I don't think bitcoin can solve the problems mentioned by the OP. because at this time bitcoin has not yet reached mass adoption and also many countries do not legalize bitcoin as a means of payment so some people still prefer to use fiat for everyday transactions. but I still prefer bitcoin to fiat money. because bitcoin investments can give us profits. and I am sure that as more people believe in bitcoin, the mass adoption of bitcoin will soon be realized.

 
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November 15, 2019, 10:37:37 AM
 #29

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? 
- Of course bitcoin is more convenient to use if you are familiar with but if not, opposite will be the answer.
- Compare to banks, bitcoin is much cheaper.
- Bitcoin is safer to use than traditional payments. Ex. You are going to pay 1million USD, in bitcoin you can just pay it using the CEP or computer while traditional payments you need a lot of suitcase to put the money and you need security guard to secure it so you can pay it without any issues.

 
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November 15, 2019, 10:51:07 AM
 #30

I don't think bitcoin can solve the problems mentioned by the OP. because at this time bitcoin has not yet reached mass adoption and also many countries do not legalize bitcoin as a means of payment so some people still prefer to use fiat for everyday transactions. but I still prefer bitcoin to fiat money. because bitcoin investments can give us profits. and I am sure that as more people believe in bitcoin, the mass adoption of bitcoin will soon be realized.
Bitcoin will never be an answer to any of these problems, however, it can help and it can be used as an alternative option or a counterpart solution that will help its users.
I don't think that legalization will happen so easily, as we can see, the only thing that some countries do adopt is only the blockchain technology and not bitcoin. In this part, we can see that mass adoption will be hard, but there is a bright future that blockchain technology will improve and this might lead to huge development not only to other crypto but in the whole crypto space.

- Of course bitcoin is more convenient to use if you are familiar with but if not, opposite will be the answer.
- Compare to banks, bitcoin is much cheaper.
- Bitcoin is safer to use than traditional payments. Ex. You are going to pay 1million USD, in bitcoin you can just pay it using the CEP or computer while traditional payments you need a lot of suitcase to put the money and you need security guard to secure it so you can pay it without any issues.
You just literally answered those questions without further understanding.
Anyways, you said it right that everything about it will only be useful or convenient if you are familiar and you know its proper use.

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November 15, 2019, 11:42:08 AM
 #31

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.
In addition, big countries are now creating their own centralized digital currency through the use of Blockchain technology like China thus massive adoption of Bitcoin might not happen. Yeah, few countries like Japan had already legalized the utilization of Bitcoin and that is a good start for adoption but there's a high chance that total adoption across the world is impossible to happen.

 
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November 15, 2019, 12:04:21 PM
 #32

I fell like one of the big issues that bitcoin faces right now is the false idea or the false vision that most people have on it, because of how the y media has always talked bad about it and just relates bitcoin to hacking and the use of it for illegal things, it sets out a bad idea for especial for the ones that don't really know much about it, and that really needs to change and we need to be out there clearing this idea and showing what it is truly about , another thing is that most people think that it is complicated to use they don't bother trying to learn it.
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November 15, 2019, 12:36:42 PM
 #33

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? 

maybe at this time bitcoin hasn't been able to resolve the challenges of what you mentioned in utasa because now there are still many shortcomings in bitcoin that need to be updated like when we do transactions with bitcoin which takes a long time to confirm unlike traditional currencies (fiat) which only requires a few seconds and bitcoin does not fully guarantee the security of our assets. but I believe that bitcoin users are currently developing in various countries because some of them believe bitcoin is good in the future.

 
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November 15, 2019, 03:08:11 PM
 #34

When anyone, even unfamiliar with crypto, will be able to use them for purchases, then the adoption will happen much faster.
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November 15, 2019, 03:18:21 PM
 #35

I fell like one of the big issues that bitcoin faces right now is the false idea or the false vision that most people have on it, because of how the y media has always talked bad about it and just relates bitcoin to hacking and the use of it for illegal things, it sets out a bad idea for especial for the ones that don't really know much about it, and that really needs to change and we need to be out there clearing this idea and showing what it is truly about , another thing is that most people think that it is complicated to use they don't bother trying to learn it.
Most people are so used up of the spoonfeeding idea that they don't like it if they don't get it in one go. That's why they stick to the traditional settings where everything is already given but they don't know that it is somehow a breach to their security and privacy. If would like to know more about of cryptocurrency they should have done their research in the first place.

 
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November 15, 2019, 06:17:11 PM
 #36

When anyone, even unfamiliar with crypto, will be able to use them for purchases, then the adoption will happen much faster.

Yes but it's upto users like us to educated those who are still using traditional way of money transfer to send and receive money across borders and inside borders as they will be the one to quickly adopt the idea of crypto as it will be used for the reason it's created rather just just being a risk investment. We need to educate people about bitcoin and crypto for the reason it was created rather than selling the idea as investment.

 
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November 15, 2019, 08:45:23 PM
 #37

When anyone, even unfamiliar with crypto, will be able to use them for purchases, then the adoption will happen much faster.

How familiar does it have to be to use money? It only took a few hours for most kids to learn what money is and how to spend it. Yes, there are

some initial steps that you have to follow to get started, but wallet providers has made this so simple, a 5 year old will be able to do it. I know a

lot of young kids that install Apps & games on their phones, so setting up a wallet should be a breeze for them. As time goes by, Crypto will become

easier and easier to use.  Wink

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November 16, 2019, 04:19:43 AM
 #38

in my opinion all those questions can be answered when bitcoin has been legalized in a country and the government also supports and provides services so that we can access and use our bitcoin comfortably. but if a country or government has not legalized bitcoin as an alternative means of payment then I don't think I will be able to answer all of these questions. but at this time even though we cannot use bitcoin for payment we can still use bitcoin for investment and trading.

 
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Baby Dragon
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November 16, 2019, 10:27:36 AM
 #39

The most important thing to clarify to them is, Bitcoin is not some kind of investment materials where you invest your money to some people and let them use some kind of program or some sort of mechanism to increase it. As most of my fellow countrymen have fallen to this kind of scams where they thought bitcoin its just the name of the company who will take care of their investment in the long run without even knowing whos behind it and where it came from.

That's why they often fell into the scammer's trap, they don't even bother to make a research or ask some authority about bitcoin. this is not a joke, you can read it from here. https://www.rappler.com/nation/199915-filipino-couple-amasses-millions-bitcoin-scam


It is the reason why conducting your own research is a lot better than relying on untrusted sites in that way you can see different information and details about bitcoin that can help you understand things about it, people usually, think that it was a scam because of some of the information that they have seen in scam sites. It ruins the reputation of bitcoin and it is possible that it is one of the reasons why they don't choose to accept bitcoin or even invest. Some people fall for these kinds of things because they don't have enough knowledge that can guide them to make the right decision for themselves. Sometimes it depends on the person itself if they wanted to adopt bitcoin because people have different preferences and levels of perception.

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wozzek23
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November 16, 2019, 05:14:09 PM
 #40

I think that it still depends on the level of development of each country and how bad the government of the country is in being transparent to their citizens and also in handling their citizen’s financial affairs. Like in my country, bitcoin system supersede any system that has been established in the area of concerned here, and every time that I use bitcoin, those listed areas is always met by bitcoin and ever since I got to start using bitcoin, my whole life has changes, and it was like I was free from a financial bondage.

The bondage of not having work to do was provide by bitcoin opportunities and also, the bondage of not being able to take money out of the country for business without paying charges that is almost more than the amount to be sent is being met also.

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