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

[thesmallgod]

Until common man and even semi-illiterate understand and can use crypto, there will be nothing like massive adoption. We are in the world today that literate individuals even find it difficult to understand and use bitcoin seamlessly not to talk of market traders and individuals that hold and transact bulk of fiat daily. blockchain technology must reach a point where it is defined to be very simple to make payment and do other transaction before there can be massive adoption.

[ufaiz50]

Here we discuss innovation, mass adoption must be followed by how useful it is in life, at least bitcoin must have a new thing which can solve the problems that are happening right now. Over time, bitcoin will become a mass adoption either as a gold standard or an easier transaction tool. It further convinced me that the need for ideas to reorganize our views on blockchain, bitcoin, and cryptocurrency. Cryptocurrency must compete on innovation first.

[milewilda]

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. 

Thats on the good side but there are really people who do really love to tackle down in regards with its negatives which is highly being emphasized.They can talk all they want yet we do have all the rights
and own free will on what is our perspective towards it.We, supporters wont really matter in talks of adoption slowdown or whatsoever commentaries about its flaws because sooner or later
we would really able to see in our very own eyes on how this tech will be adopted and would be recognized in future years to come.Yeah, nothing is certain but its still going strong
for 10 years of existence. No matter whose CEO's or other popular persons do comment about, those are just presumptions/predictions.

[jostorres]

For sure Bitcoin is going to survive the test of time, it has done that in the past several times it was said that it’s going to fail, but it is still here today and won’t be stopping. I don’t see anything difficult in making use of Bitcoin, when what we are talking about is mainly transaction; what is hard in using a cryptocurrency wallet, when all you have to do is to just copy the address of the person that is receiving and paste and then you send it?

When I started using bitcoin I didn’t see any difficulties, and I was able to get the hang of it easily. For Bitcoin reach mass adoption it’s going to take time, and if it’s able to stay that long, I believe the world will be developing interest in it.

[20kevin20]

I don’t see anything difficult in making use of Bitcoin, when what we are talking about is mainly transaction; what is hard in using a cryptocurrency wallet, when all you have to do is to just copy the address of the person that is receiving and paste and then you send it?

When I started using bitcoin I didn’t see any difficulties, and I was able to get the hang of it easily. For Bitcoin reach mass adoption it’s going to take time, and if it’s able to stay that long, I believe the world will be developing interest in it.

Lucky you. Learning how BTC works isn't the easiest thing for most people. I now have 7 years since I started my journey and I still have a lot of things I do not know (or know the wrong way). Reaching mass adoption means teaching everyone how to use it - give $5 in BTC to a 10, 20, 30, 40 and 50 years old person and you'd see that, the higher the age is, the harder it is for them to understand the system. I personally think this is the best way Bitcoin could ever evolve: becoming easier to use and understand. Until then, it's going to be "the crypto/privacy/tech geek's currency".

[Assface16678]

Right now there are a lot of people want to make an investment with the use of the bitcoin but the problem is they don't have enough knowledge and sometimes they don't want to take an investment to study, just to make an investment and put their money and wait for the right time to earn their profit.

Sometimes they are lacking of patience they don't want to wait for a long time and they already pulled out their funds because they scared to lose more but at the end of the day they didn't know they are wasting their time and money because of that mindset.

I don’t see anything difficult in making use of Bitcoin, when what we are talking about is mainly transaction; what is hard in using a cryptocurrency wallet, when all you have to do is to just copy the address of the person that is receiving and paste and then you send it?

When I started using bitcoin I didn’t see any difficulties, and I was able to get the hang of it easily. For Bitcoin reach mass adoption it’s going to take time, and if it’s able to stay that long, I believe the world will be developing interest in it.

Lucky you. Learning how BTC works isn't the easiest thing for most people. I now have 7 years since I started my journey and I still have a lot of things I do not know (or know the wrong way). Reaching mass adoption means teaching everyone how to use it - give $5 in BTC to a 10, 20, 30, 40 and 50 years old person and you'd see that, the higher the age is, the harder it is for them to understand the system. I personally think this is the best way Bitcoin could ever evolve: becoming easier to use and understand. Until then, it's going to be "the crypto/privacy/tech geek's currency".

Well learning of cryptocurrency and all of those concept to make more understanding how it works you need to identify the root so you know how to works and manage properly that's the reason some of the people don't want to make an investment and risk their funds with the use of it. We have different learners by reading and by experience either you are there.

Until common man and even semi-illiterate understand and can use crypto, there will be nothing like massive adoption. We are in the world today that literate individuals even find it difficult to understand and use bitcoin seamlessly not to talk of market traders and individuals that hold and transact bulk of fiat daily. blockchain technology must reach a point where it is defined to be very simple to make payment and do other transaction before there can be massive adoption.

Because of this pandemic outbreak some of the people right now are thinking about things happen with the use of the bitcoin and how does it work so they can make an investment to which is a good thing but still they need to make an investment to learn regarding with this. The reason why most of us are using the bitcoin is the security and integrity it has and this is the blockchain that is transparent that we can see what are the things and confirmation process doing to our transactions.

[7788bitcoin]

When I started using bitcoin I didn’t see any difficulties, and I was able to get the hang of it easily. For Bitcoin reach mass adoption it’s going to take time, and if it’s able to stay that long, I believe the world will be developing interest in it.

Anyone who started bitcoin at an early stage had a lot of fun as there were no transaction delays and we would usually input huge transaction fees as the price was not that huge and those were the dream moment but once there are more transaction the network was not able to handle and the experience was horrible. Mass adoption is not the major issue, if we have a good scaling solution then we will see adoption.

[Ayiranorea]

Until common man and even semi-illiterate understand and can use crypto, there will be nothing like massive adoption. We are in the world today that literate individuals even find it difficult to understand and use bitcoin seamlessly not to talk of market traders and individuals that hold and transact bulk of fiat daily. blockchain technology must reach a point where it is defined to be very simple to make payment and do other transaction before there can be massive adoption.

Good of the technology advancing with time, but the real growth relies on the usage from common people. As of now the traders and individuals with good knowledge were a part of cryptocurrency and bitcoin. The real adoption or the success of bitcoin can be experienced when common public give priority to Bitcoin and cryptocurrencies in relation to gold standard. With more and more user friendly access and development we're getting close to the point. Within few years of time to some extent this can be made true.

[MCobian]

Actually, multiply merchants who accept payments with Bitcoin, there will be mass adoption. Bitcoin and altcoins must be able to function
as a means of payment, not only for investment. This is not going well until now, like in my country the government prohibit using Bitcoin
as payment, and therefore there has not been a mass adoption in my country.

[Pamadar]

Actually, multiply merchants who accept payments with Bitcoin, there will be mass adoption. Bitcoin and altcoins must be able to function
as a means of payment, not only for investment.

That's the best thing to happen and afterwards it will become more valuable, as more people to use it the more it will
continue the value to rise high.

This is not going well until now, like in my country the government prohibit using Bitcoin  as payment, and therefore there has not been a mass adoption in my country.

There are still government who don't understand this system, they are still in the negative side the reason
why they are not adopting this industries.

[dnprock]

Bitcoin does not have any "big" problem. It does not need to evolve. It should remain as is. It can scale off-chain. It's working well as a Store of Value.

The missing piece in crypto is inflation. I've been an advocate for this. Surprisingly, not many people listen. But I think we will eventually come to this conclusion. It took me a while. Without inflation, we can't have a crypto that people can use for transactions. Bitcoin's problem with transactions is volatility. It's an inherent property of halving. No amount of liquidity can fix volatility. Inflation can reduce volatility. A cryptocurrency with inflation does not compete with Bitcoin. It can also be mixed with Bitcoin to create hybrid crypto. I started a project called Bitflate.

https://bitflate.org/

It adheres Bitcoin's principles, except it has 7% inflation. We can use sidechains to mix the coins and get any inflation rate between 0-7%. These coins will have less volatility than Bitcoin. This is the path to mass adoption for crypto.

[Wind_FURY]

Well I believe that Satoshi was a small tram working for the central banks, and Bitcoin was an experimental project to explore the possible successors to the failing fiat system. Keeping Bitcoin as a store of wealth is a great option, and they probably own more than half of the coins anyway. The next stage will be to own a few of the mining farms. All that is good news for us if you think about it.

To turn off their money-printers, and give up control of the money-supply to a decentralized protocol that's controlled, and secured by a community of developers, miners, and users? I believe not.

[amishmanish]

--snip--
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

Both of these are dependent on adoption and viability of a fee market. Fee market will be kept alive only if there are sufficient On-chain transaction to justify putting commensurate mining power behind BTC.

-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

This is a controversial issue but such a result would be desirable. Earlier attempts at putting collective weight behind bitcoin have always devolved into scams and shams with people refusing to come to any sort of consensus. While the "hacker culture" is very conducive to the lone-wolves doing wonderful things by collaborating anonymously, they all turn into uncompromising kids when it has to be an actual debate. The better alternative has been interested stakeholders forming their own groups and fighting for a cause.

One of the best examples can be that of exchanges and a few lawyers coming together in India to persuade the highest court to lift the ban imposed by central bank. Similar decentralized pressure groups in respective countries must be recognized and encouraged. The question is, By whom? This opens a whole other pandora's box.

[shoreno]

Actually, multiply merchants who accept payments with Bitcoin, there will be mass adoption.

who will do that? not the government but its us  because we owned the business . as long as the business has a permit if its placed on public and as long as btc/crypto is legal

Bitcoin and altcoins must be able to function
as a means of payment, not only for investment.

yes they are . only depends on the user if what he likes to do with his coins but there is that people that use thier coins for paying

This is not going well until now, like in my country the government prohibit using Bitcoin
as payment, and therefore there has not been a mass adoption in my country.

only for payment ? but for investing they dont prohibit it ? investment is where btc became popular and many investors compare to payers/spenders so it should still lead to mass adoption

[lebregone]

Evolution is indeed better as it will surely fill the gap or the problem of bitcoin and crypto currencies but the big question in this one is who will be the one to this task?

It has been debated for a long time already like the problem of bitcoin transaction fees, it's confirmation time and etc.
If Bitcoin can evolve easily then I can say that most of the shit coins out there won't be needed anymore but if the Coinbase CEO has a solution for it then they should start it now as the future of crypto will be ensured if they can do it.

[miningcoins]

For mass adoption forget Segwit and Lightening, just increase the block size limit by 100 times.
Compensate the miners with a mining reward of new bitcoin transaction token when a block is found.
Miners will be happy and Bitcoin gets low transaction fees with ledger traceability.
Only downside is running a full node at home is more difficult.

[carlisle1]

This is not going well until now, like in my country the government prohibit using Bitcoin
as payment, and therefore there has not been a mass adoption in my country.

only for payment ? but for investing they dont prohibit it ? investment is where btc became popular and many investors compare to payers/spenders so it should still lead to mass adoption

On this idea, bitcoin will gain more attentions as there are many new investors who also seen potential from this investment currency.

A part form mass adoption in terms of usage, investors and traders are also a big help having new institutional investors who will treat this venue of investments the same way stocks are being supported.

With this acceptance, more investment will flow inside crypto trading business
that will revolutionized the market value of this valuable assets.

[budi691]

trying to be bigger and the same as Bitcoin isn't wrong, maybe it's one of their business strategies, by saying Bitcoin should be more developed and adopted en masse,
that's their wish but can it happen?
maybe you can but not for now because it's still too early

[witcher_sense]

For mass adoption forget Segwit and Lightening, just increase the block size limit by 100 times.
Compensate the miners with a mining reward of new bitcoin transaction token when a block is found.
Miners will be happy and Bitcoin gets low transaction fees with ledger traceability.
Only downside is running a full node at home is more difficult.

You think if we made bitcoin less decentralized, it would make it more widely spread among individuals. I wouldn't say so. Because centralized systems we have today are more efficient, fast and convinient. Why switch even? Less decentralized systems like 100mb bitcoin block are slow, vulnerable, user-unfriendly and can be shut down by the authorities any time since there are only few full nodes in such system. It wouldn't be evolution of cryptocurrencies, but degradation. The only way for decentralized systems to become a substitute for centralized ones is reach the level of centralized systems in terms of efficiency, user experience, user interface, capacity, etc. But at the same time they should remain decentralized.

[dnprock]

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 agree scaling is not a big issue.

But I don't think volatility will go away. Bitcoin is highly liquid now. You can find hundreds of exchanges with Bitcoin. Bitcoin is a Store of Value. As this use case grows, Bitcoin will have even fewer transactions. Bitcoin's shrinking reward schedule drives the SoV use case. Short-term price movements are mostly affected by traders. When they pump and dump, Bitcoin's price swings. Volatility is an inherent property because of Bitcoin's supply design.