What bitcoin adoption really is.

[Wind_FURY]

Trust is the main value of bitcoin.

Trust? I believe many people in the forum are misinformed about this.

Bitcoin's main value-proposition is censorship-resistance, which is possible only through decentralization, which is only be possible only through running full nodes.

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[NavI_027]

So, does that mean to say that when people start buying Bitcoin and HODLing them, keeping them for god knows when, that's enough to consider adoption? Or is it that when people start buying Bitcoin and then use it as a medium of exchange or as a real-life money, that's the time we can only say it has reached a decent level of adoption?

Both are considered a form of adoption. Because if we try to look on its meaning, adoption only means the act of using something. So whether you use it for profit making or set as fiat alternative, you are adopting. However, the real essence of bitcoin must also based on its true objective according to whitepaper— a peer to peer transaction without using third party. For that being said, the latter one should be the answer and all of us supposed to follow (IMO).

[Oasisman]

~snip~

Using bitcoin as a medium of exchange is just a small bonus that it provides, that's not important.

Using Bitcoin as a medium of exchange is part of the "trust" that you believed as the main source of Btc's value, and It is important. For the adoption because, the more merchants/business establishments accepting Bitcoin, the more Bitcoin exposure.

But then it has grown into it over time as its price value has shown some really great potential.

I believe that the price value growth is mostly related to the trust growth.

It's not actually the trust, but it's because of It's decentralized feature, privacy, and full accessibility of funds. Do you think people would trust using a decentralized currency without it's interesting feature that a third party payment services or banks are depriving them for having full access of their funds?

[peterwilson]

Very good and informative post. As far as I know, transactions are broadcast over the bitcoin network “miners” to collect transactions into a group, known as a “block,” to be added to the block chain. Every block must
be accompanied by a hash (a string of characters of a fixed length generated by a set function) that depends on the list of transactions, the hash of the previous block, and a value called a
nonce, which is imputed by the miner. Miners work to find a nonce such that the hash for the block meets the requirements set out by the system. The hash serves as a proof-of-work, since it
is difficult to compute (the only usable method is simply to input values until a working nonce is found), but easy to verify using the hash function. Since, it is now a new and developing subject. Different essay writing service are now staring to write more about these. Successful miner broadcasts the block to the network, which is accepted as long as all the
transactions are authorized and the hash is valid. As a reward for the computer power expended to verify transactions, bitcoin miners receive newly created bitcoins. The difficulty of mining
adjusts every two weeks so that blocks are mined at a rate of one every ten minutes, thus controlling the rate at which new bitcoins are created.

[Betwrong]

Bitcoin has unique properties that no other asset has, I believe that these properties are the real value of bitcoin. Bitcoin does not need to be backed by anything except its properties. I believe that the main bitcoin purpose is a store of value. Many people say that bitcoin is not used as a medium of exchange and that's true, it's not convenient to use it because transactions are slow and fees are high for small purchases. People don't use bitcoin to buy stuff, people use fiat because it's more convenient, right? We have so many really good mediums of exchange, does bitcoin need to be one of them and compete with them? Hell no.

Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)

More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.

I really hope that you are wrong about people's trust being the most important thing for Bitcoin. People's trust is the most important thing for a Ponzi scheme, which Bitcoin is not.

The most important thing for Bitcoin, in my opinion, is reducing transaction fees and increasing the number of transactions per second. When that is achieved, BTC can become convenient international currency, accepted by hundreds times more people than today, and the price of 1 BTC can rise accordingly. That's what many current holders believe in, and I think they have all the reasons for that.

[stompix]

Trust? I believe many people in the forum are misinformed about this.
Bitcoin's main value-proposition is censorship-resistance, which is possible only through decentralization, which is only be possible only through running full nodes.

You think so? Why aren't other coins just as used as bitcoin when they have the same design and characteristics?
It's the trust that gives BTC the edge in both value and usage over other coins, and sometimes the trust is gained simply because others trust it, don't fool yourself into believing people are using BTC because of its decentralization or censorship resistance. If that would be the case the wouldn't store their coins on web wallets and be so keen on giving their KYC information to almost every service on the web. Trust that the coins are worth money and there will be always somebody to offer you something in exchange, this is the main thing now that keeps bitcoin on top.

People are not so idealistic about things like censorship, privacy, and others, what they care about is the ability to gain and spend.

bitcoin transactions are super fast. it takes literary 1 second, or 3 worst case scenario to propagate a transaction throughout the entire bitcoin network that is spread across the globe. and fees aren't that high most of the times  but i agree that they should be lower.

Would you accept or advise anyone to accept zero-confirmation payments?  

[DarkDays]

I think adoption can also be improved by reducing resistance from governments, corporations, and banks.

It seems that every couple of months or so, we get news that a government of some country is looking to crack down on the industry in some way. There's also regularly releases from banks stating specifically that Bitcoin and other cryptocurrencies are HIGHLY risky investment options but not money etc.

You even get paid campaigns from hedge funds shitting on cryptocurrencies—probably so they can manipulate the market while it's still young and net a ridiculous profit.

We need to work on breaking down these barriers, since we always seem to hit against one right when the market is on a big rally.

[leea-1334]

Trust is the main value of bitcoin.

Its characteristics and usefulness is not at all questionable in fact I create an entire industry called cryptocurrencies.

Adoption should not be a goal of bitcoin, it should be transformation revolution. And so it must be received.

I think people have forgot about this thing called trust,,, they are more trusting of Twitter messages that tell them to buy something or to send them money and get back double.

The idea of trusting the network and not banks is still far away from the reach of people.

[The Cryptovator]

Our faith in the bitcoin is determining its value. More importantly, Bitcoin backed by a strong community which is one of the most important reasons why we trust bitcoin. Those peoples saying we don't need trust in a decentralized system like bitcoin, I wouldn't agree with them. Its because simply the creation of a coin like bitcoin wouldn't same value of bitcoin, the community will not trust them suddenly. Bitcoin hadn't come on current circumstances suddenly, it takes a long time to gain trust from the community. I trust bitcoin because I can use it online & real life. I have faith that bitcoin will be more potential in the future, when this belief will spread more and more then the community will be stronger. So it would be a great adoption really.

[serjent05]

Or is it that when people start buying Bitcoin and then use it as a medium of exchange or as a real-life money, that's the time we can only say it has reached a decent level of adoption?

Using bitcoin as a medium of exchange is just a small bonus that it provides, that's not important.

 If BTC won't function as a medium of exchange then what is the use of it?  Speculative investment?  Store of value?  Even before it become that one, Bitcoin must prove itself that it is a strong entry to being a medium of exchange.  Gold was once used and established as a medium of exchange before it became a known store of value.  Being a medium of exchange at its early stage established the importance of Bitcoin. Thus it is also needed to establish more trust from users and investors.

[isaac_clarke22]

adaptation is not really needed for bitcoin because it can support itself and not needed for the government in its operation. But the problem are those individual abusing bitcoin system. This is where the government could do something implementing rules and regulations needed for the safety of the consumers. This is where cryptocurrency could not be use in its full potential because it will become centralized in a way being regulated by a centralized system like government.

Still many 3rd party apps that uses Bitcoin for paying bills and buying merchandise.
How does government regulate these? KYC policies, of course.
It's not surprising since it is an online wallet anyway and it does undergo a payment system that is regulated by the government.
People would still adopt it whenever they want. It is just the Bitcoin "itself" is what government can't control no matter how they try it.

[famososMuertos]

Trust is the main value of bitcoin.

Trust? I believe many people in the forum are misinformed about this.

Bitcoin's main value-proposition is censorship-resistance, which is possible only through decentralization, which is only be possible only through running full nodes.

Let's go by parts, if you are going to quote me do it correctly, do not take me out of context, second the use of some simple "...".  Trust is the main value of bitcoin ... are required here.

The opinions on the subjectivity of some topics allow others to be opposed. simply because they do not read their own words in the opinion of another.

You Say:

... Bitcoin's main value-proposition is censorship-resistance, which is possible only through decentralization, which is only be possible only through running full nodes.

Okay. Where do I find what I said:

___
"Its characteristics and usefulness is not at all questionable in fact I create an entire industry called cryptocurrencies.

Adoption should not be a goal of bitcoin, it should be transformation revolution. And so it must be received."
____

Understand me I do not directly share what you say, but in essence we are on the same side.

Trust:

Here I did get lost with your message, because we are in an implementation phase, still very far from the action in decentralization, outside the bitcoin ecosystem. In other words, they don't trust those who still do not understand or believe in bitcoin.

The bitcoin ecosystem is defined by BITCOIN CORE / bitcoin / users / markets and all the collateral effect it has caused. All this is maintained by something very simple, trust, somehow the trust that two people had at the beginning of all this is maintained.

Bitcoin requires other action people to do something in their environment, ventures of any kind, not only from the monetary point of view to receive an income, who really starts a project based on bitcoin does it out of trust.

Trust is the main value of bitcoin.

Its characteristics and usefulness is not at all questionable in fact I create an entire industry called cryptocurrencies.

Adoption should not be a goal of bitcoin, it should be transformation revolution. And so it must be received.

I think people have forgot about this thing called trust,,, they are more trusting of Twitter messages that tell them to buy something or to send them money and get back double.

The idea of trusting the network and not banks is still far away from the reach of people.

Exactly, all of us who are in Bitcoin believe in it, that is, there is trust.
the vast majority who do not trust is located in your comment.

Regards.
GB.

[GhadaAlrubaie]

 

In my opinoin, Bitcoin’s mainstream adoption is an important part of the development of the cryptocurrency industry !!

There are a lot of blockchain-related projects that have aims to provide Bitcoin and cryptocurrency education and popularize their use.

The mass adoption of Bitcoin is in its early stages and is not being performed widely, yet.

But, there were numerous attempts to quantify the adoption rate of Bitcoin, but they were extremely complicated due to Bitcoin’s privacy and lack of information about individual accounts.However, the mass adoption of Bitcoin is growing because of the increasing use of cryptocurrency in businesses. The rising amount of enterprises, individuals and manufacturers that accept Bitcoin as a means of payment positively affects its adoption by ordinary customers and households

[fiulpro]

Bitcoin has unique properties that no other asset has, I believe that these properties are the real value of bitcoin. Bitcoin does not need to be backed by anything except its properties. I believe that the main bitcoin purpose is a store of value. Many people say that bitcoin is not used as a medium of exchange and that's true, it's not convenient to use it because transactions are slow and fees are high for small purchases. People don't use bitcoin to buy stuff, people use fiat because it's more convenient, right? We have so many really good mediums of exchange, does bitcoin need to be one of them and compete with them? Hell no.

Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)

More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.

When we are talking about how useful it is for buying/selling stuffs , we have to first think if the network is equipped enough to handle these kinds of transactions , we are not at that level right now that we will be able to use lightning network without being scared for the funds since it's not that safe.

In the meanwhile we will see some upgradations in the future too , the network will improve and we might have a system where we might be using Bitcoins in day to day activities .

But right now the main focus is Investment. Which depends upon the stability of Bitcoins and what it can offer that other cryptocurrencies cannot.

We have a cutthroat competition out in the market like ETH there it might be technically superior but at the same time Bitcoins is old and trusted by millions , it started the whole thing and it's not much about the competition as it's about the symbiotic relationship the coins have in the market , one coin very easily escalates the price of other because of the trading pairs.

So right now we need to have :

1. Good investment plans coming in the future related to Bitcoins
2. Possibility of options in the market related to interest rates in terms of Bitcoins given by a good trusted company
3. Legal issues being handled by a team so that we don't have any unfair war against the Government
4. Rights for the miners !!
This is very important what I realize is in most countries the government can very easily take over the Mining farms this would actually mean they are trying to dominate the Bitcoins .

[samuel-sd]

If by trust you mean people trust that its price is going to fly rather than dive. This should not necessarily be equated to trusting Bitcoin itself.

No, by trust I mean that bitcoin will keep its properties forever, that it does not have vulnerabilities, that having/using bitcoin won't be considered as a crime.

If BTC won't function as a medium of exchange then what is the use of it?  Speculative investment?  Store of value?  Even before it become that one, Bitcoin must prove itself that it is a strong entry to being a medium of exchange.  Gold was once used and established as a medium of exchange before it became a known store of value.  Being a medium of exchange at its early stage established the importance of Bitcoin. Thus it is also needed to establish more trust from users and investors.

Using Bitcoin as a medium of exchange is part of the "trust" that you believed as the main source of Btc's value, and It is important.

I agree, being able to send bitcoin directly it is important but it is not important how often people do that.

[samuel-sd]

With proper regulation, this would grow as people will be confident to use bitcoin, it will be like a digital currency that we can spend anywhere and anytime we want, of course exchanges are still very important as it's not possible fiat will be obsolete even with bitcoin's mass adoption happening.

Do you know what proper regulation means from the government perspective? It means transaction control and taxation. We will have to declare all our wallets and all transactions higher than certain amount.

I really hope that you are wrong about people's trust being the most important thing for Bitcoin. People's trust is the most important thing for a Ponzi scheme, which Bitcoin is not.

You underestimate people's nature, we need to believe that bitcoin is reliable to use it. It has been around for about 10 years, why would people trust it?

The most important thing for Bitcoin, in my opinion, is reducing transaction fees and increasing the number of transactions per second.

That's not important at this moment. There are many cryptos with less transaction fees and much faster transactions but why do you think bitcoin is more popular/valuable?

[Darker45]

But then it has grown into it over time as its price value has shown some really great potential.

I believe that the price value growth is mostly related to the trust growth.

If by trust you mean people trust that its price is going to fly rather than dive. This should not necessarily be equated to trusting Bitcoin itself.

No, by trust I mean that bitcoin will keep its properties forever, that it does not have vulnerabilities, that having/using bitcoin won't be considered as a crime.

I can only hope so, that the price increase of Bitcoin is mostly due to people trusting its properties and that such properties will be kept for the longest time possible. However, my observation is telling me that there so many people buying Bitcoin, thereby causing its price to increase, without even knowing the fundamental properties of Bitcoin. Furthermore, there are so many people who've got Bitcoin but are not even touching them because their sole purpose of having them is to make money.

Now, there's definitely trust in it. Trust, not because Bitcoin doesn't have vulnerabilities-- it always has-- or that using/having Bitcoin won't be considered a crime-- there are many Bitcoin owners in countries where having/using Bitcoin is illegal-- but because despite all these they still trust that Bitcoin's price is still gonna soar in the months and years to come.

[erikoy]

Develop the development of bitcoin in various ways to adopt bitcoin in any way, and trust is the main key that makes those who do not believe or lack of trust fully trust and mutual trust.
make sure that bitcoin is profitable and multifunctional, and proves technological progress as a digital asset and can be used as any transaction very comfortably and safely using it.

I do not really get your idea here but to sum up with I guess your were talking bitcoin to be develop that would enable users to acquire a safety and comfortable bitcoin system.

Adaptation is really not that easy especially government is one of the agency that will scrutnize for the betterment of the community. This is why bitcoin is still not approved foe the community consumption but in our place if it is allowed but should agree with the terms and agreement before using bitcoin.

[carlisle1]

Develop the development of bitcoin in various ways to adopt bitcoin in any way, and trust is the main key that makes those who do not believe or lack of trust fully trust and mutual trust.
make sure that bitcoin is profitable and multifunctional, and proves technological progress as a digital asset and can be used as any transaction very comfortably and safely using it.

I do not really get your idea here but to sum up with I guess your were talking bitcoin to be develop that would enable users to acquire a safety and comfortable bitcoin system.

Bitcoin has a comfortable system and  also well developed,maybe what he says is more development because since the creation there are no development
happen,but how can we  do this when Satoshi is not available now.

Adaptation is really not that easy especially government is one of the agency that will scrutnize for the betterment of the community. This is why bitcoin is still not approved foe the community consumption but in our place if it is allowed but should agree with the terms and agreement before using bitcoin.

actually there are already some countries that let bitcoin to be consumption materials,like South Korea and  other country in EU.
what matters here is our contribution to this adoption happens soon,we are the most important part by spreading the goodness of bitcoin and not just a profiting material.

Our faith in the bitcoin is determining its value. More importantly, Bitcoin backed by a strong community which is one of the most important reasons why we trust bitcoin. Those peoples saying we don't need trust in a decentralized system like bitcoin, I wouldn't agree with them. Its because simply the creation of a coin like bitcoin wouldn't same value of bitcoin, the community will not trust them suddenly. Bitcoin hadn't come on current circumstances suddenly, it takes a long time to gain trust from the community. I trust bitcoin because I can use it online & real life. I have faith that bitcoin will be more potential in the future, when this belief will spread more and more then the community will be stronger. So it would be a great adoption really.

Totally agreed  on this ,trust is still what the most important part because in this way we are staying here longer  than  what we expect.

[AniviaBtc]

I agree. We need more people to believe in Bitcoin and learn all the advantages that it can offer them. Precisely in this time of pandemic when money becomes vital for everyday use and banks are limited to offering the service and we have to resort to electronic money.

Telling someone about the use of bitcoin is not that easy because they will not believe you unless you show them that you are successful enough when you promote it. They will become more interested about the benefits and good effect of bitcoin once you show them real money from hardwork and good control on bitcoin. By that, i can say that adoption is a process where you should let them know how bitcoin can change someone's life. Also, us ing digital money in a pandemic is not really a hassle.