Thoughts about Bitcoin adoption

[nasipadang]

How about not waiting for them to get confirmed?

Actually we still need to wait for confirmation, from several transactions that I know sometimes fail and I also do not know where because there is no refund for a crypto transaction. so that when there is confirmation, the seller and buyer automatically become comfortable and profitable with that transictions.

Can someone give me an explanation of the ligning network project and its work, from a few months ago there was a talk about ligning networks but I don't know whether the project was actually created and what the conditions are at the moment.

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[sovie]

Scalability is no doubt one of the key bottleneck for bitcoin adoption. I don’t think solution like how credit/debit card work can also fit with bitcoin since there is no central authority involved. Even if we solve scalability issue the price volatility will be the next biggest hurdle to remove.

[chaoscoinz]

I think that eventually somewhere within the future Bitcoin will be completely replaced with a faster, more energy efficient, and simpler consensus algorithm based cryptocurrency. Bitcoin mining has become somewhat centralized with only a few with the capability of maintaining the cost to really make a decent profit. Who can compete with a freaking warehouse of miners?
   Adoption will increase when U.S congress becomes more favorable toward Bitcoin and cryptocurrencies, also the interface must become so simple that anyone can use the technology hassle free, from children to grandparents.

[Meowth05]

we do not know the great people behind the development of bitcoin can make more than LN to be another solution, discussing the issue of mass adoption, it is actually easy if all the people in this forum introduce bitcoin en masse or expand it will be great, because there is no mass adoption without mass promotion, this is my open mind because it would not be possible for bitcoin to be famous today without any mass promotion

Exactly. However, we also should consider the thoughts of the government of each country across the world because a massive promotion will not be successful if the government appears to prohibit the use of this technology. Basically, what I am pointing out is that it should be started with our government before we do the massive adoption and in addition, the community itself is not enough for wide promotion we also need some help from the media.

[Eugenar]

The problem is the fees for small purchases. It currently cost too much in fees for it to be worth it for Bitcoin to be used for small transactions. Plus the tax implications when you have to report every transaction to the irs.

In my opinion, we don't need to report its tax because bitcoin is decentralized and the only problem we only have is the condition of the transactions we are experiencing which is in fact, need a allot of improvement. Though, we already utilize segwit, it isn't enough to satisfy the quantity of transaction created by many people in a day. But it is way to impossible for us to further upgrade bitcoin unless we are willing to accept a newly created cryptocurrency through the process of forking bitcoin.

[Ridwan Fauzi]

I'll be agree if bitcoin will be used as a tool for sending money especially for different country. Maybe it good also if we use it to pay international transaction but I doubt for the transaction that happen who made by people in the same country. The people will tend to use their banking account or another payment system which based on money fiat because it just take a lower cost rather than we use it with bitcoin.

I think this thing has been used by many people especially for those who know bitcoin already. They will use bitcoin to sending money for different country because if we use money fiat maybe it will take a long time and must spend a high fee. Lighthing network is useful system but that is not a solution for the user who move their daily transaction to bitcoin.

[Asmonist]

Bitcoin will really help a lot in payment method. It will be easier and faster and efficient. Adopting bitcoin should be open for everyone. As much as we can we'll be able to see the difference and its significance specially in the payment process. On the part of the merchant it will be more likely lesser payment errors or refund issues. Hopefully this can be fully adopted.

[keeee]

The problem is the fees for small purchases. It currently cost too much in fees for it to be worth it for Bitcoin to be used for small transactions. Plus the tax implications when you have to report every transaction to the irs.

In my opinion, we don't need to report its tax because bitcoin is decentralized and the only problem we only have is the condition of the transactions we are experiencing which is in fact, need a allot of improvement. Though, we already utilize segwit, it isn't enough to satisfy the quantity of transaction created by many people in a day. But it is way to impossible for us to further upgrade bitcoin unless we are willing to accept a newly created cryptocurrency through the process of forking bitcoin.

Not only the fees is the problem why bitcoin not adopted also because of its volatility. Its hard to adopt a currency which dont have a exact value.  When it comes to fees I think that was not really a problem because that was the paymeny for the person or anything behind every transaction made by people.

[tambok]

Bitcoin will really help a lot in payment method. It will be easier and faster and efficient. Adopting bitcoin should be open for everyone. As much as we can we'll be able to see the difference and its significance specially in the payment process. On the part of the merchant it will be more likely lesser payment errors or refund issues. Hopefully this can be fully adopted.

Yes, but due to the volatility of the price it's hard for those merchant to adapt the Bitcoin as payment solution as the price varies from time to time, so they might suffer loss/gain whenever they accept the payment. Maybe that's the disadvantage if they will do it, but it is up to them what strategies what they are going to so that they cannot incur losses.

[Hypnosis00]

The problem is the fees for small purchases. It currently cost too much in fees for it to be worth it for Bitcoin to be used for small transactions. Plus the tax implications when you have to report every transaction to the irs.

In my opinion, we don't need to report its tax because bitcoin is decentralized and the only problem we only have is the condition of the transactions we are experiencing which is in fact, need a allot of improvement. Though, we already utilize segwit, it isn't enough to satisfy the quantity of transaction created by many people in a day. But it is way to impossible for us to further upgrade bitcoin unless we are willing to accept a newly created cryptocurrency through the process of forking bitcoin.

Not only the fees is the problem why bitcoin not adopted also because of its volatility. Its hard to adopt a currency which dont have a exact value.  When it comes to fees I think that was not really a problem because that was the paymeny for the person or anything behind every transaction made by people.

Then we have to stop this volatility in order for merchants and company owners will adopt the system? That is really hard and felt difficult to solved that situation when since from the start we are living this kind of volatility, and that is the reason why we are still in huge profit. Most likely if that will happen( being stable), I don't know if investors (including whales) would love to give shoots or they may choose to get back into their normal life.

[julius caesar]

Actually, bitcoin will gonna have a big impact when the government accepted it as a part of the payment method on their country. It will boost their economic growth for sure since the payment is now digital and instant. We all know that the faster the transaction, the faster the economy of a country will grow. So it will have a huge impact to the country in terms of their economy.

[thesmallgod]

It is true, the traditional card trasactions involves alot of processing steps, right from the merchant to the card manufacturer ( Mastercard, VISA etc.) and each stages require confirmation and authentication before completion. However, due to the centralized nature of the system, it is always possible to cancel or withdraw a transaction eventhough it has been completed before and that makes it possible to be able to lift money from customers card in case some fraudulent activities are observed. However, I believe this issue of centralization is what many people dont want because it does not conform to the original framework in which the bitcoin is build on.

[CarnagexD]

I think that if we talk about mass adoption, it should mean that Bitcoin is largely recognized as a payment method. So I'm talking about the reality where you don't have to look for specific stores to use Bitcoin but can go to your regular ones and use Bitcoin to pay for groceries. I know, scalability. It's indeed a serious problem. Is the Lightning Network the only solution? Is it even a realistic solution?
Here's what I thought about to address the issue of transactions getting confirmed slowly. How about not waiting for them to get confirmed? When a person uses a debit card to pay for food, it's not like the transaction actually get's processed and the money is sent right away to the store. No, this process takes about a day or two, I've learned that about half a year ago when there was a mistake with a transaction. The money is blocked by your bank, and you don't see it anymore, but it's actually still there. So how about accepting that a person paid the moment after this person hit the 'send' button on the screen or something like that? What are the odds of a transaction not getting through eventually (if a person paid a normal transaction fee, of course) and being returned back to the sender's wallet? Is that happening that often that shops would not be able to take those risks?
Now, I realize it won't solve all of the problems, because if there are too many transactions that are being put through like that, the number of unconfirmed transactions will be building up. However, I think it could be a solution for a less significant adoption step or as a temporary measure. What do you think about all that?

Scalability is indeed our biggest problem here. The risks of loss for the merchant's end is just so big that they won't take chances. That being said. It's not gonna be that long until we're able to tap into bitcoin's full capabilities. We would just need to keep our faith and as technology advances, more and more doors are opened for bitcoin to be used as a currency.

[karanggatak]

in my opinion it takes a very long time for bitcoin to reach mass adoption. because now most people are comfortable using fiat money for everyday transactions. then also there are still many people who do not understand about bitcoin and also the value of bitcoin that has high fluctuations is not suitable for use as a means of payment. but I am optimistic that as more people know about bitcoin, bitcoin can be adopted in bulk. so we must always promote bitcoin to others so that the number of bitcoin users is increasing.

[ice098]

in my opinion it takes a very long time for bitcoin to reach mass adoption. because now most people are comfortable using fiat money for everyday transactions. then also there are still many people who do not understand about bitcoin and also the value of bitcoin that has high fluctuations is not suitable for use as a means of payment. but I am optimistic that as more people know about bitcoin, bitcoin can be adopted in bulk. so we must always promote bitcoin to others so that the number of bitcoin users is increasing.

Yes that's right. It needs mass promotion before the adoption because the people can adopt this kind of currencies if they lacked of knowledge about it? It really needs more time and also no one can predict if the cryptocurrency will be allowed by the government all over the world because we all know that there are still countries that is not advance when it comes to technology.

[AjithBtc]

in my opinion it takes a very long time for bitcoin to reach mass adoption. because now most people are comfortable using fiat money for everyday transactions. then also there are still many people who do not understand about bitcoin and also the value of bitcoin that has high fluctuations is not suitable for use as a means of payment. but I am optimistic that as more people know about bitcoin, bitcoin can be adopted in bulk. so we must always promote bitcoin to others so that the number of bitcoin users is increasing.

Yes that's right. It needs mass promotion before the adoption because the people can adopt this kind of currencies if they lacked of knowledge about it? It really needs more time and also no one can predict if the cryptocurrency will be allowed by the government all over the world because we all know that there are still countries that is not advance when it comes to technology.

Right now the cryptocurrency market is in the very early days of getting large scale usage. As of now bitcoin adoption isn't that effective to get used as the fiat used all around. Very few countries have taken forward an initiative to develop their own cryptocurrency, same time equal number of countries stand against cryptocurrency usage. When this changes automatically a big change can be experienced in the global market.

[tianglistrik]

Pay in store with Bitcoin can happen but you should undenstand that this have very volatile price so there's a risk if you use this still i think some stable coins can be like useful and helpful in store(grocery) so in future adoption of cryptocurrency will grow by this so just wait i'm sure that will happen because this brings so much convenience

That's right. Perhaps, we can use the other coins which have low volatility, so we don't have to worry about spending too much amount to pay something. Using the other coins, we don't have to use bitcoin for the payment method, but we can use bitcoin as the investment, which will give us a profit. I am sure that in the future, or from this year, the adoption will grow, and I guess that we already saw that the adoption is already happened since a few years ago. But with the bitcoin price increases, that will make people open their eyes to see that bitcoin comes to give them new hope to make money.

maybe that can happen, providing an alternative to bitcoin might be an option. so people can use bitcoin or altcoin which they think can be used better. the most important thing is the adoption of crypto can be used as a whole in the transaction, and I certainly provide good potential in this industry.

[airdnasxela]

Pay in store with Bitcoin can happen but you should undenstand that this have very volatile price so there's a risk if you use this still i think some stable coins can be like useful and helpful in store(grocery) so in future adoption of cryptocurrency will grow by this so just wait i'm sure that will happen because this brings so much convenience

Indeed why some merchants don't want to apply Bitcoin payment in their stores because of its volatility. It's very risky for every businessman to adopt Bitcoin because during bear market they can lose their capital. Using crypto payment, perhaps they will prefer stable coins. But if they are risk taker enough to accept Bitcoin, then that's good.

[GideonGono]

Pay in store with Bitcoin can happen but you should undenstand that this have very volatile price so there's a risk if you use this still i think some stable coins can be like useful and helpful in store(grocery) so in future adoption of cryptocurrency will grow by this so just wait i'm sure that will happen because this brings so much convenience

Indeed why some merchants don't want to apply Bitcoin payment in their stores because of its volatility. It's very risky for every businessman to adopt Bitcoin because during bear market they can lose their capital. Using crypto payment, perhaps they will prefer stable coins. But if they are risk taker enough to accept Bitcoin, then that's good.

But you can convert it into US Dollar or the currency you have in your country so it can do it as a paperless transaction. It is depend on you if you want to use bitcoin or the currency that you have if you convert it and that's why there's an option from the use of crypto.

[Dhoe]

Indeed why some merchants don't want to apply Bitcoin payment in their stores because of its volatility. It's very risky for every businessman to adopt Bitcoin because during bear market they can lose their capital. Using crypto payment, perhaps they will prefer stable coins. But if they are risk taker enough to accept Bitcoin, then that's good.

I think they will not dare to take the risk by making Bitcoin as a legal payment tool in their store, if the businessman is a Crypto lover then I think he will choose a stable coin that does not volatile in price. Volatile prices indeed are not suitable if used as payment