Thoughts about Bitcoin adoption

[maxreish]

You can't blame the stores, the usual Merchants that we have been spending if they wouldn't go with the new bitcoin payment systems. The major problems here are volatility and transaction fees. But still, there are particular physical and online stores that have been welcoming the new payment system. However, this does not mean that mass adoption is fully achieved since the number of consumers and merchants should fully adopt the said technology.

[bitcampaign]

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

[ice098]

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

Very well said. I think when it comes to mass promotion it is best if the crypto team will be the one who promote the cryptocurrency in a mass promotion and also they must introduce it through ads not only in social medias but also  in televisions. They should also give proposals to each and every country's government regarding the legalization of the cryptocurrency and they also have to explain to them the essentials, the advantages and the benefits that we can get by using it.

[bitcampaign]

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

Very well said. I think when it comes to mass promotion it is best if the crypto team will be the one who promote the cryptocurrency in a mass promotion and also they must introduce it through ads not only in social medias but also  in televisions. They should also give proposals to each and every country's government regarding the legalization of the cryptocurrency and they also have to explain to them the essentials, the advantages and the benefits that we can get by using it.

some in my country often discuss bitcoin on television about technology news, I think maybe in other countries it may also often see on television, whether it's news broadcasts will usually discuss bitcoin and crypto currencies, I guarantee the government cannot regulate more about bitcoin ownership or cryptocurrency if the community adopts bitcoin extensively, mass promotions will certainly provide detailed information about bitcoin and crypto currencies, although not necessarily to outsiders in your neighborhood, everything can be started from your neighbors

[White Christmas]

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

Very well said. I think when it comes to mass promotion it is best if the crypto team will be the one who promote the cryptocurrency in a mass promotion and also they must introduce it through ads not only in social medias but also  in televisions. They should also give proposals to each and every country's government regarding the legalization of the cryptocurrency and they also have to explain to them the essentials, the advantages and the benefits that we can get by using it.

some in my country often discuss bitcoin on television about technology news, I think maybe in other countries it may also often see on television, whether it's news broadcasts will usually discuss bitcoin and crypto currencies, I guarantee the government cannot regulate more about bitcoin ownership or cryptocurrency if the community adopts bitcoin extensively, mass promotions will certainly provide detailed information about bitcoin and crypto currencies, although not necessarily to outsiders in your neighborhood, everything can be started from your neighbors

It is obviously that it is very rare for those people to promote bitcoin under the television and it is because the government don't want it to do so it would be better if we will just do our own promotion in order for the masses to adapt the bitcoin with all their hearts and mind. It is so hard to guarantee that the government will be regulate bitcoin ownership because as like what you have been said, bitcoin is a detailed information of transaction do that the government don't want those kind of revealing so they are not agreeing about the bitcoin adaptation by the masses. But always remember that all of us can be a tool for the masses adapt the bitcoin by just simply introducing it to our family and loved ones.

[karmamiu]

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

Very well said. I think when it comes to mass promotion it is best if the crypto team will be the one who promote the cryptocurrency in a mass promotion and also they must introduce it through ads not only in social medias but also  in televisions. They should also give proposals to each and every country's government regarding the legalization of the cryptocurrency and they also have to explain to them the essentials, the advantages and the benefits that we can get by using it.

some in my country often discuss bitcoin on television about technology news, I think maybe in other countries it may also often see on television, whether it's news broadcasts will usually discuss bitcoin and crypto currencies, I guarantee the government cannot regulate more about bitcoin ownership or cryptocurrency if the community adopts bitcoin extensively, mass promotions will certainly provide detailed information about bitcoin and crypto currencies, although not necessarily to outsiders in your neighborhood, everything can be started from your neighbors

It is obviously that it is very rare for those people to promote bitcoin under the television and it is because the government don't want it to do so it would be better if we will just do our own promotion in order for the masses to adapt the bitcoin with all their hearts and mind. It is so hard to guarantee that the government will be regulate bitcoin ownership because as like what you have been said, bitcoin is a detailed information of transaction do that the government don't want those kind of revealing so they are not agreeing about the bitcoin adaptation by the masses. But always remember that all of us can be a tool for the masses adapt the bitcoin by just simply introducing it to our family and loved ones.

             Indeed it is quiet rare to see television advertisements about bitcoin although it is pretty popular. In my opinion maybe the government has trust issues regarding bitcoin and its public usage, maybe that is also why they are not officially promoting or advertising those ideas they had. On the other hand, its also a good idea for us to promote on our own way.

[Eugenar]

You can't blame the stores, the usual Merchants that we have been spending if they wouldn't go with the new bitcoin payment systems. The major problems here are volatility and transaction fees. But still, there are particular physical and online stores that have been welcoming the new payment system. However, this does not mean that mass adoption is fully achieved since the number of consumers and merchants should fully adopt the said technology.

I don't see the possibility that most people will fully adopt cryptocurrency, and I don't think either that fully adopting cryptocurrency would be the only way for us to have mass adoption and development. We could work the other way around that we could attract more people to use cryptocurrency even without fully adopting it, still we could consider it as adoption in which even a small amount of bitcoin they buy and accumulate will impact huge in our market multiplied by the number of these people being introduced to this new technology.

My point is, it really doesn't matter if people will fully turn their fiats to crypto, what matters the most is that, they will be introduced to crypto and they are somehow knowledgeable in sending transactions and still utilize even a small amount of it.

[Hypnosis00]

It is an individual's perspective, and not all of us considering crypto as a currency but rather to think as a store of value. And badly I'm one of those.
Adoption is something to think that we are going to accept as what it is but the real thing it happens is very different. We can't deny that some people will consider this as purely an investment particularly to those countries that never accept Bitcoin. And can't blame them either.

I believe this word MASS adoption will take time to develop and it only happens when there is a massive improvement in the market.

[Twentyonepaylots]

It is an individual's perspective, and not all of us considering crypto as a currency but rather to think as a store of value. And badly I'm one of those.
Adoption is something to think that we are going to accept as what it is but the real thing it happens is very different. We can't deny that some people will consider this as purely an investment particularly to those countries that never accept Bitcoin. And can't blame them either.

I believe this word MASS adoption will take time to develop and it only happens when there is a massive improvement in the market.

This is true, most people regard of bitcoin as an asset, and not as a currency, regarding to the question of the postmaster, it's not even the fact that store merchants are afraid of being ripped off with their services that bitcoin is not wholly accepted even as of now. It's its high volatility rate that's the culprit. Store merchants just worn't take the chances of accepting 1 bitcoin right now at a dollar and fifty (for example) knowing that tomorrow it could go down to 50 cents

[Asuspawer09]

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?

I think we when it comes to bitcoin payment we will have a smooth adaptation since bitcoin is a digital cash and even today paying in bitcoin in some stores is also reliable since you could really have a smooth transactions with it most of the bitcoin wallet you could easily send the payment using a QR codes and the send the exact amount. For some reason, it might have a slow transaction but I think it might still depend in the bitcoin wallet when I'm using my bitcoin wallet I never have a slow transaction maybe because we have the same bitcoin wallet making the transaction slower but, to be honest, I never experience a slow transaction with my bitcoin wallet.

I think bitcoin as a currency could have a lot of issues in one country since it is a decentralized digital currency but as an alternative currency or things like this online, it could still dominate the internet.

[ChrisPop]

I'm sure that the Bitcoin adoption will come with time. We just need to be patient. Blockchain, smart contracts and sidechains are very flexible technologies and we can theoretically make anything work upon them. Lightning network is only one solution, but what do you think all the developers working on Bitcoin are doing?..

[Eclipse26]

Before we can pay them using Bitcoin, they must agree to accept Bitcoin first. Not all merchants would do that. Not everyone knew Bitcoin and crypto really well. They must understand it first before accepting Bitcoin. But does everyone is willing to learn it? For now, no. So we can't force them. But in the right time, more people will accept Bitcoin and altcoins with payments. Let's just wait for it.

[minersday]

I think that if we talk about mass adoption, it should mean that Bitcoin is largely recognized as a payment method.

Mass adoption of Bitcoin is not only that Bitcoin is recognized as a payment method or digital money but mass adoption has to do with the entire world understands and knows what exactly bitcoin is and the benefits attached to it. People need to know and understand what bitcoin is to avoid unnecessary scams.

[barabarian1]

in my opinion why up to now bitcoin hasn't been able to achieve mass adoption because of its high volatility. because of this volatility most bitcoin holders feel loss if they use bitcoin for payment tools. and they also think that there is already fiat money that can be used for a means of payment. so most bitcoin holders only use bitcoin for investment and trading. and also at this time is very limited the number of stores that are willing to accept bitcoin and also some people we also do not understand bitcoin. so I think it will take a very long time for bitcoin adoption.

[TheUltraElite]

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.

The number of stores accepting bitcoin is still just a handful but more and more merchants are gradually coming in. Besides Bitrefill is a good place to buy gift card to redeem and use the credit to buy things on Amazon if that is what you are looking for.

I know, scalability. It's indeed a serious problem. Is the Lightning Network the only solution? Is it even a realistic solution?

You should take a look at what LN is and how it operates. This will clear this doubt. It is the next step.

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?

Well I think this is a problem of the debit card system. It is something that you have to accept if you want to use a debit card. Now the bitcoin payment does not work like it, money is sent instantly just waits for the miner to mine that block in which it gets included and the money is sent. Take a shorter time but both has its own pros and cons.

[red4slash]

I think that if we talk about mass adoption, it should mean that Bitcoin is largely recognized as a payment method.

Mass adoption of Bitcoin is not only that Bitcoin is recognized as a payment method or digital money but mass adoption has to do with the entire world understands and knows what exactly bitcoin is and the benefits attached to it. People need to know and understand what bitcoin is to avoid unnecessary scams.

Mass adoption for bitcoin looks possibility when many investor have given positive way with investing in bitcoin and altcoin, when government looking many benefit from bitcoin and altcoin investment they will give good service for their people take much profit with bitcoin and altcoin as legal currency transaction, so far have little way why make government worry for adopting bitcoin as legal currency payment like hacked exchange account cases.

surely there will always be rejection from the government, unless there are studies that can make the government believe in crypto technology in solving financial problems. mass adoption can take place when the world government has begun to do legality to crypto, so gradually the government of a country can also do legality. the current problem is that legality is still lacking, and there are still very few fighting for a vote for legality, especially in my country

[Ucy]

Stores accepting unconfirmed transactions is an interesting idea. I think some Crypto casinos do this, but in a secured manner.

One of the best ways this could be handled is by creating a Bitcoin payment processor that depends on trust/collateral to allow users shop with unconfirmed transactions. A user could just pay into the company's Bitcoin Address and the company automatically pays a store in its fiat equivalent. If a transaction is reverted after many hours or days, the company will automatically deduct from user escrowed fund.

I think this could also work on decentralized platforms/wallets if users or buyers are willing to lock some funds on smart contract with their preferred stores
.


— Another alternative is to pay (via a safe wallet that has inbuilt-in escrow) by transferring private keys to the store(is that even safe?).   Before a transfer is made, an equivalent amount is automatically escrowed, then transfer is made. The receiver (store) may automatically move the coin to its own address once fund is received. Most of this tasks should happen automatically on a single (well trusted) wallet/platform without the seller and buyer even realizing it.

— Or you could even automatically escrow twice the amount you want to spend in a store, a day or an hour before buying from the store. Once you pay from the escrow/smart contract, you get your goods/services, and the remainder of the escrowed amount is sent back to you when the transaction is confirmed.

[Ucy]

Stores accepting unconfirmed transactions is an interesting idea. I think some Crypto casinos do this, but in a secured manner.

One of the best ways this could be handled is by creating a Bitcoin payment processor that depends on trust/collateral to allow users shop with unconfirmed transactions. A user could just pay into the company's Bitcoin Address and the company automatically pays a store in its fiat equivalent. If a transaction is reverted after many hours or days, the company will automatically deduct from user escrowed fund.

I think this could also work on decentralized platforms/wallets if users or buyers are willing to lock some funds on smart contract with their preferred stores
.


— Another alternative is to pay (via a safe wallet that has inbuilt-in escrow) by transferring private keys to the store(is that even safe?).   Before a transfer is made, an equivalent amount is automatically escrowed, then transfer is made. The receiver (store) may automatically move the coin to its own address once fund is received. Most of this tasks should happen automatically on a single (well trusted) wallet/platform without the seller and buyer even realizing it.

— Or you could even automatically escrow twice the amount you want to spend in a store, a day or an hour before buying from the store. Once you pay from the escrow/smart contract, you get your goods/services, and the remainder of the escrowed amount is sent back to you when the transaction is confirmed.

And how about secure transfer of private keys from a buyer to seller/store, without the sender or anyone else (except the receiver) knowing the keys? A precised amount is sent via a special wallet, the store receives the keys, it's automatically verified and sent to a new address. Is this even safe? I guess with strong encryption?

[yazher]

This will take a long time to be implemented in all stores all around the world. The only thing we can see now is some stores are starting to make some changes in their stores and they considered BTC to one of them. By accepting BTC as a mean of payments, they are making some contributions in the ongoing trend of bitcoin. Maybe if this new innovation will work out in the near future, we will see a massive implementation after that.

[Sahyadri]

We have seen chain congestion happening in 2017 when suddenly a few million new people came to crypto. The volume of transaction was relatively high. Sending Bitcoin became a bit expensive and slow. In case of mass adoption when there will be billions of people doing hundred billion transactions every day. That will make even a few dollar bitcoin transaction costly. No one would like to pay double the price of coffee. Thus, scalability is an issue with Bitcoin which a few altcoins can easily solve. But decentralized currency getting mass adoption is far fetched.