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

[online73]

Hello to all. You don't need to be an advanced user of cryptocurrency to understand that only movement forward, only development, will strengthen the position of Bitcoin. Here one can only agree with the opinion of the CEO of Coinbase. In my country they say, - "... standing water, - it grows moldy ..." So here too, - Bitcoin still needs to do a lot to conquer even the most doubting person in the world.

[rexxarofmoknathal]

To be fair, the fact that something needs to change to achieve mass adoption of cryptocurrency isn't exactly unexpected news. We all have seen the struggle BTC and other markets are having especially when major institutions pull off minor setbacks.

These setbacks don't affect investors who already understand how crypto world works but it is off putting to those wanting to join the network. This is the grey area great improvement is needed.

In essence, we need to make cryptocurrency easier to understand, buy/sell and use in every day life. Those are the obstacles that stand in the way of mass adoption.

[nicecrypto]

Yes he is right, btc and alts must evolved to promote mass adoption and this can be achieved through inclusion and adoption,  there is need for grass root inclusion in crypto to foster widespread adoption, till now only few people are aware of crypto and even worse is people at grassroot don't know nothing about it, this is important aspect.

[malekbaba]

Coinbase CEO says the right thing. I think Covid pandemic has some positive impact on crypto. Now people get chance to read more about crypto, enthusiasts are getting more chance to monitor the market, investors and traders are getting more chance to trade and analysis the market. As a result , we are promoting crypto within our community and outside crypto community as well. People already know , it will be unwise to depend on single job or business. we need something other than our regular source of income, some passive or secondary source of income. And crypto will be a generous investment . And soon we will see more people will enter into Crypto.
 IMHO

[Wind_FURY]

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.

It IS 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.

But volatility would be less with more liquidity.

As this use case grows, Bitcoin will have even fewer transactions. Bitcoin's shrinking reward schedule drives the SoV use case.

Bitcoin's reward has halved for the third time, but there's more transactions.

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.

Partly true, but Bitcoin is on its path to price discovery, somewhere with more digits than five.

[seramania]

This opinion must be admitted if it can be a solution, maybe with the revolution it can add value to bitcoin and also increase the value of bitcoin that is not a problem as long as it has a positive impact now and in the future.

[Midas111]

He got rich charging insanely high fees and being a chosen gatekeeper to the banks. in the long run people dont like that and it is the opposite of what crypto is about. Now coinbase is a junkyard for eth pump and dumps. to think hes not an insider on a long list of scams is naive. he was part of litecoin charlie lee fiasco and the bch fiasco. he is part of the system most people want to remove. Shiny silk suits were his downfall

[verita1]

It is true that cryptocurrencies must evolve so the CEO of Coinbase is right. Every time I listen to Mass Adoption, only I think. How? It takes more than desire, education and tools for people. Countries with poor technological infrastructure could not announce Mass Adoption. If people need the internet to access technology. Only if the most technologically gifted countries take the first step in supporting Mass Adoption of cryptocurrencies, would they be a great example for other nations to replicate around the world.

[Wind_FURY]

He got rich charging insanely high fees and being a chosen gatekeeper to the banks. in the long run people dont like that and it is the opposite of what crypto is about. Now coinbase is a junkyard for eth pump and dumps. to think hes not an insider on a long list of scams is naive. he was part of litecoin charlie lee fiasco and the bch fiasco. he is part of the system most people want to remove. Shiny silk suits were his downfall

Coinbase/Brian Armstrong was also part of the political agenda, the New York Agreement, to co-opt Bitcoin by supporting a hard fork, Segwit2x, that attempted to remove the Core developers' role as stewards of the network.

[KnightElite]

To be fair, the fact that something needs to change to achieve mass adoption of cryptocurrency isn't exactly unexpected news. We all have seen the struggle BTC and other markets are having especially when major institutions pull off minor setbacks.

These setbacks don't affect investors who already understand how crypto world works but it is off putting to those wanting to join the network. This is the grey area great improvement is needed.

In essence, we need to make cryptocurrency easier to understand, buy/sell and use in every day life. Those are the obstacles that stand in the way of mass adoption.

I think the reason why the mass adoption is not yet happening is because there is misconception about bitcoin because a lot of people think that it is mainly a form of investment and not a currency. In my community, they see bitcoin as opportunity to earn and not a new technology that can improve the broken payment system that we are currently have.

Lack of access through internet is also a major problem, I lived in a 3rd world country so there are a lot of citizens in my country are still not aware to bitcoin and cryptocurrencies because of the lack of access through internet. The mass adoption will happen if every one will become aware on it and will have access to internet.

[dnprock]

It IS a big issue.

But volatility would be less with more liquidity.

Bitcoin's reward has halved for the third time, but there's more transactions.

Transaction volume has grown since the third halving. But it has not grown exponentially. Scaling is a big issue if volume grows very fast. Most of the transactions are from exchanges. Exchanges can bunch up their transactions. There's no indication that people are spending bitcoins directly.

Bitcoin's price crashed 50% in March 2020. That's after the third halving. Liquidity can't fix this problem.

[bitbunnny]

I don't know, it's hard to say if cryptocurrencies will evolve to the phase of real mass adoption. That would mean that it should be used all around the world, in a range as mainstream currencies and having in mind current very low level of adoption and how small number of people is actually familiar with crypto that doesn't see very much likely. However, we can't know what future brings and how this will develope although certain progress will be made.

[CryptopreneurBrainboss]

I don't know, it's hard to say if cryptocurrencies will evolve to the phase of real mass adoption.

You just have to be optimistic, as no one not even Satoshi foresaw the level of success bitcoin is currently recording in a very short period of time. They might have wished for it but no one would had been 100% certain it'll come to pass. Just imagine the outrageous price of $1million trading price for bitcoin some speculators are currently predicting the price to range. Most of them aren't even certain that'll ever come to pass but only time will tell.

Having said that, I think the sign are everywhere that the industry would go far. We'll start by conquering the internet before we go manual. Currently I think we already got a darkweb covered now all is left is the e-commerce sector.

[carlfebz2]

I don't know, it's hard to say if cryptocurrencies will evolve to the phase of real mass adoption.

You just have to be optimistic, as no one not even Satoshi foresaw the level of success bitcoin is currently recording in a very short period of time. They might have wished for it but no one would had been 100% certain it'll come to pass. Just imagine the outrageous price of $1million trading price for bitcoin some speculators are currently predicting the price to range. Most of them aren't even certain that'll ever come to pass but only time will tell.

Having said that, I think the sign are everywhere that the industry would go far. We'll start by conquering the internet before we go manual. Currently I think we already got a darkweb covered now all is left is the e-commerce sector.

No one had really anticipated even into its own creator but we've seen on how far did things thing able to reach. 10 years and counting but the adoption and recognition is already there but it wont really be
that much a good idea if people are way too optimistic on where they do reach out unrealistic numbers.

Time would surely tell on how Bitcoin will able to survive or would be gone into this market.Nothing is sure when it comes to future talks since there are lots of things that can happen along the way.

Each of us can make his own prediction and its pretty common that these popular personalities in the market will really be given out that much of attention anytime they do make
some price speculations or predictions.

[Shasha80]

I am among those who are optimistic that cryptocurrency will evolve to reach mass adoption, despite the fact that it says differently.
But if you see Bitcoin price movements in the market continue to rise, this should prove that cryptocurrency is gaining popularity.
Hopefully the growth of cryptocurrency this year will be even better, then real mass adoption is indeed happening.

[vanyxeen]

“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."

[Shame_Game]

Coinbase has really become one of the important bigwigs in the crypto industry, but unfortunately they are not ready to change anything yet.

[Ridwan Fauzi]

I believe that over time, the world community will inevitably use crypto. Of course, I believe crypto and blockchain developers have their own way of making crypto mass-adopted. There will come a time when crypto users will become the majority in the world. Therefore, let's think positively about crypto going forward.

We just need more time and keep to use bitcoin and blockchain to make everyone more aware against them. I believe both of technologoy is a revolution for human being. Like what has done by chinese government, how many industry that has been using blockchain as main system? At least this is pointed out that they already know how special is the two technologies.

This thing will be encourge also for crypto currency as a whole that being known by most people. When most people know how their function then sooner or later they will use it and even will never be separated from their lives. It is just, they still reluctant to start using and what step that could be done to use it and also the regulation from their government is the main reason why they put of to using it.

[dnprock]

It IS a big issue.

But volatility would be less with more liquidity.

Bitcoin's reward has halved for the third time, but there's more transactions.

Transaction volume has grown since the third halving. But it has not grown exponentially. Scaling is a big issue if volume grows very fast. Most of the transactions are from exchanges. Exchanges can bunch up their transactions. There's no indication that people are spending bitcoins directly.

Bitcoin's price crashed 50% in March 2020. That's after the third halving. Liquidity can't fix this problem.

I just saw that Coinbase has been batching up transactions. It proves my point about scaling is not an issue. Whether you like it or not, 2nd layers will be more centralized.

https://blog.coinbase.com/reflections-on-bitcoin-transaction-batching-b13dad12a12

[Velkro]

“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.

Nothing special you quoted here.
He is clearly CEO not IT guy tho, its not that easy. You can scale things to some point but then you push boundaries for sacrifices only.
There is no perfect solution, thats why Bitcoin won't scale infinitely, layers two will be needed or Bitcoin will become/stay store of value at its core.