Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption

[TheCryptocurrencyPortal]

Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption & other BTC news

Check it out: https://www.youtube.com/watch?v=bgm7-E3hrHg&feature=youtu.be

Coinbase CEO Brian Armstrong thinks Bitcoin and crypto must evolve and become easier to use before widespread adoption can take place.

In a new interview with Peter McCormack, the host of the What Bitcoin Did podcast, Armstrong, who co-founded the leading US crypto exchange, says BTC needs to follow the internet’s lead in terms of usability.

“We have not taken any unnecessary risks with [Bitcoin], and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two. I guess the other way to look at it is, ‘What would have happened if we had found a way to safely scale it?’ Maybe we would not have had a need for some of these other chains that have come up and divided focus.

The Cryptocurrency Portal
https://www.thecryptocurrencyportal.com

[theskillzdatklls]

He's not wrong, but this is kind of old news. It's been a problem since the Gavin days discussing block size back in 2014 or thereabouts. The question is more how this is going to happen since the market has been very sluggish to adapt or produce anything, especially after the whole ICO debacle which was a bunch of opportunists stealing money rather than properly developing products.

Ultimately, the free market will come up with answers, but it make take a moment. But the more pressure there is, the sooner it will happen.

[coupable]

Yes he is not wrong. But it's starnge how he came across this conclusion right after years of being one of the biggest players in the crypto market. The CEO of one of the biggest campaign in this field seems to be somehow playing the idiot role here, for an unknown purpose surely.
From what i can guess, he is just trying to declare that he supports the decentralised terms of the technology after failing to make it centralised.
If he is realy serious, i would like to invite him to work on changing the orientation of his company from being a centralised crypto bank to a fully decentralised service. Bitcoin and cryptocurrency will surely evolve to reach mass adoption even more than he could imagine .

[gentlemand]

From what i can guess, he is just trying to declare that he supports the decentralised terms of the technology after failing to make it centralised.

He's softening us up for Coinbase to become the second layer of choice. If you can't force a change on the base layer you can try and make your company, or a consortium of them, the layer above. And there's a good chance enough people will follow that lead.

[mk4]

I personally don't even think that scaling is our main issue.

1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.

2. People that have been burned in 2017 probably refuse to get back in. The only thing that would probably change their mind is a new ATH.

3. As of now, most people simply don't get the importance of a decentralized, permission-less, and scarce asset.

src: azquotes

As for scaling, while lightning is probably not that ready yet, it's still improving, though people refuse to try it out because of the slight complications.

[gentlemand]

I don't believe lightning networks will get anywhere without so much handholding you may as well go full centralised, which the most widely used implementations probably will be.

Let's see what transpires but so far it feels like an interesting curio rather than the thing that'll put usage over in an emphatic manner.

The thing that does that needs to be simpler than bitcoin, not even less comprehensible to Mr or Mrs average.

[philipma1957]

Ah he is a ceo and has his own agenda.

But a three coin system works better as cash.

Doge 1 to 100 usd purchases
Ltc smaller 100 to 1000 usd purchases
Btc large amounts more like a treasury bond or a few oz of gold


all the asics are in place for the coins above.

and scaling issue go by by.

let system send btc in small amounts but pay high
that encourages them to use ltc or doge.

but they wont do the easy way That i am suggesting as it is too transparent.

instead segwit and lightning will obscure tx ids and never really scale.

worse they may manage to do some pos/pow hybrid drifting us further from the idea of turning power into coins.

[Darker45]

There is already evolution happening to Bitcoin. Bitcoin has never been static. Changes have happened to Bitcoin. Bitcoin 10 years ago is not totally the same Bitcoin that we have right now although preserving, of course, the fundamental features and philosophy. It will take time, so Armstrong will have to be patient for further developments. In the meantime, he should stop building analytics software to be sold to government agencies. He looks like Judas promoting crypto while helping the government monitor and track down people's crypto transactions.

[Hanseju]

The statements above is true, in order for general groups and local to adapt cryptocurrency they must first understand its syntax and function just like a physical fiat. As if banks and local central central banks would do that right? they deemed crypto as illegal since they can't make profit out of it. That's why crypto doesn't give that resemblance of teaching it to students. In order for widespread adaptation to succeed, they must create an educational program for it to be achieved.

[bolawin]

Mass adoption? No. How about more people come and buy bitcoin.

[fiulpro]

Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption & other BTC news

Check it out: https://www.youtube.com/watch?v=bgm7-E3hrHg&feature=youtu.be

Coinbase CEO Brian Armstrong thinks Bitcoin and crypto must evolve and become easier to use before widespread adoption can take place.

In a new interview with Peter McCormack, the host of the What Bitcoin Did podcast, Armstrong, who co-founded the leading US crypto exchange, says BTC needs to follow the internet’s lead in terms of usability.

“We have not taken any unnecessary risks with [Bitcoin], and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two. I guess the other way to look at it is, ‘What would have happened if we had found a way to safely scale it?’ Maybe we would not have had a need for some of these other chains that have come up and divided focus.

The Cryptocurrency Portal
https://www.thecryptocurrencyportal.com

I do think the man meant that we should start using Bitcoins and other cryptocurrencies for :-
Buying/selling
Normalizing it just like Fiat and having the option of paying in cryptocurrencies available.
But for that I do think we have to solve many problems first:
-We have to upgrade the lightning network
-We have to do something about the fee
-We need to form a body to tackle the issues which are always being presented by the Government and such , so that we can have a legalized body for fighting those accusations
-Maybe next time you go out for coffee and food , try asking them if you can pay in Bitcoins , they might now have that available yet but for the future the employee can tell the manager and to improve the business the manager can make sure we have some payment strategy like that.

-*-*-*-*-*-*-*-*-*-

But for most I do think I am really happy with the investment part of Bitcoins. , Trading and Holding are wonderful options and gives you opportunity to safely hold your assets , plus you don't loose as long as you don't encash .

[Lorence.xD]

Mass adoption? No. How about more people come and buy bitcoin.

That will not work, in my opinion the mass adoption can't happen because there is a problem with bitcoin generation, no matter how many farms or machines work to solve the blocks, the time to generate one block is still the same which is inefficient in the long run. The problem arises from that ineffieciency, let's say that there is a mass adoption and everyone in the world buys bitcoin, do you think the current supply is enough to accomodate this demand? I do not think so. The way to revolutionize bitcoin and its generation speed is by developing more quantum computer and a commercial one in that case because right now we are slowly reaching the plateau for computing speed which means that no matter how much we keep on upgrading our current computer, the plateau will never be broken.

[gokumarket]

Yes, It has evolved! We all know that the global economy is inevitably moving towards a digital ecosystem and specifically the real-world use-cases of cryptocurrencies over various platforms fueling the mass adoption of Bitcoin and other cryptocurrencies.

[witcher_sense]

1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.

2. People that have been burned in 2017 probably refuse to get back in. The only thing that would probably change their mind is a new ATH.

3. As of now, most people simply don't get the importance of a decentralized, permission-less, and scarce asset.

1. Volatility is a direct result of people being uncertain about the future price if bitcoin, they still can't decide whether or not they want to hoard and hold bitcoin. The more people are becoming certain about the future demand for bitcoin, the less volatility there will be. Essentially, these processes are inextricably connected, volatility affects people decisions, people decisions affect volatility.

2. I partly agree here. Speculators that were trading and buying bitcoin in 2017 are still somewhere here, they will definitely come back when bitcoin is again highly valued in terms of dollar.

3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.

[mk4]

1. Volatility is a direct result of people being uncertain about the future price if bitcoin, they still can't decide whether or not they want to hoard and hold bitcoin. The more people are becoming certain about the future demand for bitcoin, the less volatility there will be. Essentially, these processes are inextricably connected, volatility affects people decisions, people decisions affect volatility.

3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.

1. In a theoretical perspective, it's a combination of a few things, including what you said. But ultimately in a technical perspective, it's mostly a lack of market liquidity.

3. Yep. Hence why bitcoin's importance is obvious to some people on countries like Venezuela and Zimbabwe; and hence why most Americans haven't realized it yet because the USD hasn't imploded at least as of yet.

[btc_angela]

1. Volatility is a direct result of people being uncertain about the future price if bitcoin, they still can't decide whether or not they want to hoard and hold bitcoin. The more people are becoming certain about the future demand for bitcoin, the less volatility there will be. Essentially, these processes are inextricably connected, volatility affects people decisions, people decisions affect volatility.

3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.

1. In a theoretical perspective, it's a combination of a few things, including what you said. But ultimately in a technical perspective, it's mostly a lack of market liquidity.

3. Yep. Hence why bitcoin's importance is obvious to some people on countries like Venezuela and Zimbabwe; and hence why most Americans haven't realized it yet because the USD hasn't imploded at least as of yet.

Or if US or EU turns worst, going into negative interest.

And then those people who have a lot of money, millionaires or even billionaires, hedging their wealth to bitcoin specially against QE.

Or simply institutional investors who really see bitcoin as a way to make more money from them.

I think this could be some reasons why bitcoin could reach mass adoption and become a $1 trillion market value in the future.

[Finestream]

I personally don't even think that scaling is our main issue.

1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.

I think bitcoin will always remain volatile, it will never be fix, maybe the volatility rate will reduce but it will not be stable if that's what we are expecting to happen. As long as the interest of holding or treating bitcoin as an investment is bigger over its use case as a currency, then I would stick with my opinion.

2. People that have been burned in 2017 probably refuse to get back in. The only thing that would probably change their mind is a new ATH.

In the early days, there was also a big event where people got discourage, so I think this 2017 bull run and the big dump after has just become  normal because we know in the first place that crypto is unpredictable and more of an speculative asset.

[so98nn]

I am not sure why but I don't see any problem in adopting bitcoin for normal ways of transactions. As long as someone is not involved with technical means bitcoin is just doing fine for others.

Like, if I am considering myself as common user / daily user of bitcoin then I am able to send the money with least fees in about 30 min to 1 hours in some cases. And that is all fine, since I can immediately give proof of my TrX by sharing the TrX Hash with the next party.

Since it's irreversible transaction, third party knows they are gonna get money. They can offer me their services immediately based on that.

This is just another positive perspective by overpassing all the discussion above. 

[witcher_sense]

Or if US or EU turns worst, going into negative interest.

And then those people who have a lot of money, millionaires or even billionaires, hedging their wealth to bitcoin specially against QE.

Or simply institutional investors who really see bitcoin as a way to make more money from them.

I think this could be some reasons why bitcoin could reach mass adoption and become a $1 trillion market value in the future.

A strategy with negative interest rates will perfectly work only in society that is completely cashless. In such cases, bitcoin may be well adopted by all people as a tool that prevents being forcibly compulsed to spend savings. Given that negative rates cannot be applied on physical cash and Bitcoin, in essense, is a perfect substitute for physical cash, it will be widely adopted by those individuals with low time preference who prefer saving over consuming. The problem here is that most people still have high time preference, it is better for them not to hoard money and spend it right now instead.

[Wind_FURY]

Ah he is a ceo and has his own agenda.

He is! We should never trust a person who made commitments with the New York Agreement/S2X, that were anti-Bitcoin, at a time when it was very important to stand united with the community.