Thoughts about Bitcoin adoption

[Vishnu.Reang]

The original purpose of Bitcoin was to act as a payment method. But nowadays, very few of the users are using it for that purpose. There are multiple reasons for that. First of all, the transaction fee is very volatile and there were times when the users had to pay as much as $2 or $3 for a single transaction. And secondly, the prices have risen steeply, when compared to the levels we had back in 2012 and 2013.

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[AniviaBtc]

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.

It can also be a part of a lifestyle, using bitcoin can be in our lifestyle like paying using this in some transactions. By that we can more advertise or promote bitcoin. Although simple thing involving bitcoin can be a big part in spreading bitcoin in our community. Adoption takes a lot of time for it to become natural and normal for the people in a certain community. It will surely grow if it is used in some other factors not only in paying. Trading also helps to share bitcoin. Communicating, sharing and understanding the advantages of the bitcoin in the economy is also important that it gives you way to gain more money.

[Wintersoldier]

The original purpose of Bitcoin was to act as a payment method. But nowadays, very few of the users are using it for that purpose. There are multiple reasons for that. First of all, the transaction fee is very volatile and there were times when the users had to pay as much as $2 or $3 for a single transaction. And secondly, the prices have risen steeply, when compared to the levels we had back in 2012 and 2013.

That is really happening especially if the blocks and transaction are congested, fees turn out to be huge, though, time can tell if you really want to lower your transactions fees, or try to use other cryptocurrency. With this, one of the purpose of bitcoins are to store the value and to serve as the main investment platform in the umbrella of cryptocurrency, while others are more fit to serve as the cryptocurrency that we can use for daily transactions.

[bangjoe]

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

it will be very impactful if the store sells expensive items, unless they don't care about the daily profits and concentrate more on long-term investment points. I imagine how many times merchants have to change their product prices a lot in one month just to adjust to global market conditions, or maybe they write higher prices and even double to anticipate the worst.

[Savemore]

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.

It can also be a part of a lifestyle, using bitcoin can be in our lifestyle like paying using this in some transactions. By that we can more advertise or promote bitcoin. Although simple thing involving bitcoin can be a big part in spreading bitcoin in our community. Adoption takes a lot of time for it to become natural and normal for the people in a certain community. It will surely grow if it is used in some other factors not only in paying. Trading also helps to share bitcoin. Communicating, sharing and understanding the advantages of the bitcoin in the economy is also important that it gives you way to gain more money.

Spending my bitcoins became my habit, there are now many ecommerce platforms that accepting bitcoin where we can buy goods ang services through online. I think the major problem is the awareness because many people are still not aware to cryptocurrencies especially bitcoins. If we will increase the awareness about bitcoin then we can see a major adoption.

[JessicaVL]

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?

This is something that is already 100% possible. Products like Taps prepaid card mean that using crypto for your dayd to day spending habits is something that is within reach.

[chaoscoinz]

I think a worldwide adoption of cryptopcurrency is just around the corner approaching any day now. I think Bitcoin platform itself is not capable of reaching the masses unless a major type of company or big figure like governments or banks get behind it. That is the only way to  reach the common man who doesn't know about Bitcoin and cryptocurrency, until the common man can be reached a true adoption can not occur. The interface is way too technical for the average person to use, the entire process needs to be simplified like what Libra aims to do with stablecoins. If Libra is successful a mass adoption of crypto could occur.

[kryptqnick]

In order for Bitcoin to achieve mass adoption, there should be a system that binds fiats to bitcoin. With this, people will understand the true purpose of bitcoin and how is can easily provide financial freedom. Having a system and a platform that binds bitcoin to fiat will easily explain to ignorant people what bitcoin is and also help them understand it...

I am agree with you mate. Only few knows about cryptocurrencies comparing to those who does not really knows what is a cryptocurrency is. What you have said is correct. I think the crypto team should endorse the cryptocurrencies in the different parts of the world to give knowledge about what the cryptocurrency is, its origin and who the founder is and also its advantages and disadvantages. They also have to explain that cryptocurrency will not fully replace the fiat nor this will be a big help in helping every countries wconomy.

I don't know about that... First of all, many websites convert the prices in real time based on those of the top exchanges or perhaps coinmarketcap. So in a way the conversion system already exists. More importantly, some argue that this is precisely what we have to avoid, because if the price of bitcoin is measured against the price of fiat, it already makes fiat sort of superior, as well as makes Bitcoin look like a coin that cannot function on it's own at all. I agree that volatility is still a problem and for now this option is acceptable, but that neither helps with adoption nor is the final goal, as for me.




Thanks everyone, especially those who pointed out actual cases that can help with adoption. I'll look into them.

[BuNga_cute]

In my opinion, the issue regarding bitcoin adoption depends on the policy of each country, although bitcoin is not illegal for most
countries, but not all countries allow their citizens to use bitcoin as payment. Including my country, it doesn't to use bitcoin as a
payment. This obstacle is hampering the adoption of bitcoin, if all countries can legalize bitcoin it will it is easy for bitcoin to become
a global currency. In addition, another problem is that bitcoin has not been used as a payment method by most merchants are due
to the price of bitcoin volatility which makes merchants not dare to take risks.

[TastyChillySauce00]

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

it’s true that stablecoin probably is a better option for payment method than using the volatiles one but there surprisingly people are still using bitcoin because they are more fond of it and it is already adopted widely.
The thing is, with the existence of payment gateway that facillitates businesman into accepting crypto but directly converting it to fiat as soon as they received the payment. It solves the problem about volatility in term of payment tool.

[moviebuff777]

Part of the problem could be that the person buying could have just done a transaction that hasn’t confirmed and then does this second one and the 2 transactions add up to more than the balance in the wallet. Only one will get confirmed in this situation.

A better solution is faster transactions.

[moviebuff777]

Another possibility that many on this topic may not like is use a different faster coin for everyday micro transactions.  Then Bitcoin can be used for large purchases that you have time for confirmations.

[TEX-LXRY]

We are heading in the right direction regarding adoption with the progress of the Lightning Network. It will enable instant payments: Bitcoin aggregates transactions into blocks spaced ten minutes apart. Payments are widely regarded as secure on bitcoin after confirmation of six blocks or about one hour. On the Lightning Network, micro-payments don't need block confirmations and are instant and atomic. Lightning can be used at retail point-of-sale terminals, with user device-to-device transactions, or anywhere instant payments are needed. We are progressing in the right direction, it takes time.

[yulionoo]

in my opinion there are several reasons why bitcoin hasn't been able to achieve mass adoption. firstly, most of our people do not yet know and understand cryptocurrency. secondly, we have been using fiat money for years for everyday transactions, it will be difficult to get used to using bitcoin for payment tools because the number of stores that can accept bitcoin is very limited. The third value of bitcoin is very volatile, making bitcoin holders feel loss if they use bitcoin for payment.

[BlackFor3st]

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?

That is part of bitcoin disadvantages and I am not sure whether that disadvantages will get any solution as there is no team in Bitcoin already so it stop from what it is right now that is why many projects out there that are claiming that they are superior compare to bitcoin but still the demand focuses on bitcoin and we can't do a thing about it also.

For small transactions, bitcoin is not a good choice as you will be paying more to what you are paying in transaction fees only and the speed is very bad as what you have mentioned knowing that the transaction will be stuck if the transaction fees is very low or it will be reverted back to the sender if it cannot goes through. Right now, bitcoin cannot afford to serve that kind of services so it's up to us already whether we still stick in using bitcoin for small transactions or not.

[TitanGEL]

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.

As long as the interest of the people into bitcoin is still the same, then there is no mass adoption that will occur. Raising awareness is a major problem because government and also other people who have knowledge about bitcoin are so selfish because they are not sharing the information and knowledge that they know. If we will only inform other people about bitcoin then the awareness will grow and the adoption that we are all talking about will happen.

[target]

A decade of existence is enough of a proof to make people realize that BTC is here to stay and that adoption will take place  eventually. I've been listening to few discussions on youtube and they do have the analogy like the internet during the 90s where only few people has the access. Few more years I remember I was already suing hotmail 1996 and 2002 social media already exist and like BTC it grow larger.

[bdivrik]

Too many investors who understand the purpose of Bitcoin. Bitcoin offers a very good solution to transfer a tangible value to a remote location. I think this is the best feature for Bitcoin. Blockchain's best ad was bitcoin. Bitcoin will become more and more common.

[Zionatin]

I think adoption is going great. I can use bitcoin to pay for so many things. I can also use altcoins as well. Many Dapp and games support altcoins and it is becoming more and more common. Many websites you can earn money on are now using crypto as a withdraw method as well. I see it often with referral type work and other networks. I like that I am in control and that it is quick and easy. No bother from the bank.

[bitbunnny]

A decade of existence is enough of a proof to make people realize that BTC is here to stay and that adoption will take place  eventually. I've been listening to few discussions on youtube and they do have the analogy like the internet during the 90s where only few people has the access. Few more years I remember I was already suing hotmail 1996 and 2002 social media already exist and like BTC it grow larger.

Yes, adoption takes time and like to all new technologies people need to get used to it and accept the changes that use of Bitcoin brings. However, the first condition for true Bitcoin adoption is regulation. Without that Bitcoin can't be introduced into financial and economy system and be accepted by businesses. So besides time we also need legal framework.