Thoughts about Bitcoin adoption

[kryptqnick]

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?

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[Jawhead999]

This is a good news if bitcoin can pay things in store.
But the main problem is, there are so many people don't believe bitcoin is the safe cryptocurrency.
People usually want a profit with no risk and its never come true.
The interest profit from bank promotion make they choose bank to save their money. They ignoring the monthly fee, book printing cost, and many shit fee. Save money in bank is not making our money raise, but loss by paying the fee.

We should change the people thought about investation in bitcoin is profitable and not illegal

[TEX-LXRY]

Adoption takes time but we are definitely in the right direction. As the adoption curve grows, so will be the trust and payment utility of Bitcoin. We have built a Bitcoin native marketplace and have experimented with the lightning network and i realized that lightning is great for microtransactions. However, for larger transaction sizes we will still need to rely upon on-chain payments for full confirmation and security. Adoption cure will continue to grow as more sincere and innovative entrepreneurs provide services using blockchain and crypto.

[Darooghe]

One big issue with Bitcoin adoption by merchants is that bitcoin is far more volatile than most local currencies. This is why most businesses that accept bitcoin still price their products in local currency and immediately convert received bitcoins to local currency. Further, Bitcoin is money and should be treated as such, But Bitcoin is not yet ready to handle national volumes of trade, and we will need to utilize technologies pegged to Bitcoin.

[Youghoor]

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...

[ice098]

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.

[Artemis3]

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?

If the merchant trusts you and gives you credit, you can already do that. Same as if he were to accept a wire transfer later from you. Alternative if the shop has online presence, you could buy online and then retrieve physically (or use delivery).

If the merchant trusts you he could also just accept your unconfirmed transaction. And i know there is a way to make a receipt of sorts no idea what its called, but have seen it appear in Electrum when paying Bitpay while there is still no confirmation.

Absolutely sure you can do things without LN. A bar can keep an old fashioned tab for example. Just think of any arrangement you would do if a wire transfer was needed (your cards don't work, you are without cash, whatever).

Perhaps someone will make some killer app for merchants, like the Chinese have with their weird electronic money (pre gov), and give them ease to accept Bitcoin.

[hatshepsut93]

I'm sure that if Bitcoin will become widely adopted, nearly all daily transactions will be done via LN - it's faster, cheaper, more private. Why would merchants want to risk with accepting 0-conf transactions if they can just use LN and avoid this and other problems? And onchain transactions can be used for bigger purchases, like buying a car or an expensive phone.

[joinfree]

Mass adoption of bitcoin has been a great problem which almost everybody in this industry is very aware of it but I also don't agree with what the OP suggested as solution. First of all, let's not forget that bitcoin transaction which has not been confirmed can be reversed. Also, another set back is that physical marketplaces don't really accept bitcoin as mode of payment but rather some online marketplaces do. A painful conclusion that i have come to realize is that mass adoption of cryptocurrencies would take place but it will not be with BTC.

[CryptoBry]

Scalability has been a major problem and not just with Bitcoin actually. I am sure there are now other platforms that can handle well with big volume of transactions but the problem is that people are not flipping to their sides. With enough market and users, any platform will eventually be shrinking no matter how advanced or quality the things they are offering. With Bitcoin, there is no question that this is the most known and the most trusted, among its peers. However, just like anything man-made, there will always be challenges as we are all evolving. Hopefully, something concrete and acceptable can be done on the question of scalability with Bitcoin. And hopefully too, there would be more and more Bitcoin holders who can look at Bitcoin more like a form of a currency rather than something that should be held no matter what -- speculations! Bottom line is that Bitcoin is still young, so we have to give this platform more leeway for further growth and more space for people's adoption over time, nothing can be magic in here!

[blckhawk]

These are businesses your talking about. They have audits, and in the most simplest words, they want/need to profit, and not to lose money. Sure, it's easy to say that businesses could disregard failed transactions, but put yourself in their shoes. Would you want your business to run on a payment mode that the payments of your customers aren't guaranteed to be received?

If you're a rich person and doesn't care about profiting, then it might be fine for you. But most businesses are built for the owners to gain money, and losing money on using a payment system not that reliable for transactions sounds too experimental.

Bitcoin needs to address the issue first before being adopted wide-scale, and it needs to happen on the largest companies first.

[moviebuff777]

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.

[Thekool1s]

Is the Lightning Network the only solution? Is it even a realistic solution?

No, Yes... Check out this article... https://masterthecrypto.com/blockchain-scalability-solutions-crypto-scaling-solutions/

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?

The 'odds' are quite high TBH. Almost all RBF Transactions go through, So imagine a scammer going on a shopping spree in a mall. He could "RBF" buying things until the transaction eventually gets through. Yeah, you might argue that most of the Blockexplorers mark double-spent attempts but it isn't a 'real' solution. This could work in an environment where people "trust" each other... E.g your local pub, where you have been going for years, so the owner kinda trusts you but we are living in a "Fast evolving" world, we need solutions like Lightning Networks which don't require 2 parties to trust each other...

Imagine this, you are visiting another city, you goto a shopkeeper and try to buy a product worth $500 bucks. You tell them that you will pay up tomorrow but you need the product right now... What do you think will happen to you in the real world? Will the shopkeeper hand you that good? If you think the answer is Yes! You are delusional, unfortunately...

[Latviand]

Well before facing the problem about the transaction we need first to think is it possible that with use of bitcoin can be adopt by the government or the country because I know there are country that their government don't accept it or think that with the use of crypto or bitcoin is illegal, but there are some country take bitcoin as not illegal nor legal so let's assume that some country already adopt it then there's an instance that we have a transaction overseas, and that country doesn't accept, or the use of bitcoin in transaction is illegal and hard then what will happen to the transaction?. We think that with the use of bitcoin in transaction will be used worldwide, and what if it is only legalized in your country? It doesn't make sense. So first we or the whole world is ready to accept and adopt crypto and bitcoin as payment menthod, and next will be the problem in transactions, maybe if it is widely used there must be some problems such as transaction traffic and may result to failure or worst lose of transaction, then it is more important before implementing it we need to know or confirm if use of bitcoin will be ready to use in smooth transaction.

[joniboini]

I think online shops are good enough to try Bitcoin right now. I personally use most of my Bitcoin for international transactions, to pay for my gaming subscription, cloud storage package, etc. It saves me a lot of time and there's no need to give personal details more than my name or address most of the time.

I don't mind waiting for 10-20 minutes to get 1 confirmation, or if I have to pay 10 sats per byte because it's clearly cheaper than regular debit transfer. As for on-site transactions, I personally never think about Bitcoin, and I doubt most users would feel 'oh I hope my veggies store next door accept bitcoin'. The demand is just not there, so I doubt merchants would believe it's an urgent matter. Especially with the rise of digital fiat money.

[Assface16678]

I think online shops are good enough to try Bitcoin right now. I personally use most of my Bitcoin for international transactions, to pay for my gaming subscription, cloud storage package, etc. It saves me a lot of time and there's no need to give personal details more than my name or address most of the time.

I don't mind waiting for 10-20 minutes to get 1 confirmation, or if I have to pay 10 sats per byte because it's clearly cheaper than regular debit transfer. As for on-site transactions, I personally never think about Bitcoin, and I doubt most users would feel 'oh I hope my veggies store next door accept bitcoin'. The demand is just not there, so I doubt merchants would believe it's an urgent matter. Especially with the rise of digital fiat money.

One of the massive adaptation of transaction today is with the use of bitcoin, before the websites or the stores even the bank does not include the use of bitcoin as their payment for transaciton. Still, today a lot of countries now are supporting the use of bitcoin as a payment to their banks that you can now withdraw your bitcoin into the nearest atm, and you can now buy a lot of things and kinds of stuff in the grocery using the bitcoin. Bitcoin is the fastest widely spreading of information and transaction because it is easier than using the traditional way of payment method.

[theskillzdatklls]

Adoption has many issues as I've seen in the industry since I've been around for the better part of the decade. Very few businesses accept Bitcoin. Even fewer are willing to actually spend the Bitcoin at the businesses that accept Bitcoin. Then frequently a lot of these businesses will auto-spot convert the BTC to USD to avoid volatility/profitability which solves virtually zero adoption issues for anyone.


I guess my suggestions are as follows:

Spend BTC, preferably spend BTC with businesses that hold and/or respend with it.

Anything related to your employment should encourage or boost BTC. Either accept it or create a blockchain focused business to increase the core competency of the platform. Or any other option. If you are professionally working with BTC on a daily basis, that is huge.

Don't only 'hodl'. That does little for the network. Do things with it. The more active you are within the networks, the more legitimacy the network has.

My last suggestion is patience. Better user features, ease of use, technology, that kind of thing, will come with time. The internet wasn't a great place in the 90s. Bitcoin isn't a great place presently for the masses.

[Wintersoldier]

Here's my idea, since we all know that bitcoin transaction isn't that fast enough to handle daily transactions yet, I would probably suggest that we could make bitcoin our main currency. Meaning to say that most of our money could be in bitcoin then if we know that we need to make transactions for a day, we could possibly just convert it to XRP or Ethereum in where we could transact faster enough for a daily transaction. Because I am pretty sure that our money will grow when it is in bitcoin, but the hindrance is how to spend it in daily transactions. Probably, soon, developers will discover faster way of making transaction using bitcoin.

[alyssa85]

Scalability has been a major problem and not just with Bitcoin actually. I am sure there are now other platforms that can handle well with big volume of transactions but the problem is that people are not flipping to their sides. With enough market and users, any platform will eventually be shrinking no matter how advanced or quality the things they are offering. With Bitcoin, there is no question that this is the most known and the most trusted, among its peers. However, just like anything man-made, there will always be challenges as we are all evolving. Hopefully, something concrete and acceptable can be done on the question of scalability with Bitcoin. And hopefully too, there would be more and more Bitcoin holders who can look at Bitcoin more like a form of a currency rather than something that should be held no matter what -- speculations! Bottom line is that Bitcoin is still young, so we have to give this platform more leeway for further growth and more space for people's adoption over time, nothing can be magic in here!

Scalability issues are the reason lots of merchants like Steam disabled bitcoin and have ignored it ever since. The mempool backlogs made bitcoin unusable.

I think if adoption happens it will be with an alt that is easy to use like doge. Bitcoin is now an asset like gold, and that is not going to change.

[Murat]

When you are talking about the mass adoption then you have to realize the current situation both cryptocurrency system as well as the conventional stock market, I think people will get adopted to this system when they get a lot of opportunities for making payment, so we have to focus on the payment system at a vast rate, firstly, you have to keep it credible to the mass people then it will get automatically adopted to the society, but it's true that day by day people are getting familiar to this blockchain system so it's just a matter of time when we see the mass adoption of Bitcoin.