Bitcoin Massadoption - Is it ready?

[Yatsan]

The massive adaption of Bitcoin is not yet ready for people are still not ready yet to fully use Bitcoin's capacity for people are just after the benefits they can gain but still not interested on fully understanding its whole nature. Also, the technology that people possesses right now in each and every part of the world are not all the same to fully cater all people to use Bitcoin. What I mean is that not all people are still being capable to have the technology to cater owning or having Bitcoin. Also, people do still not entirely understand how to fully use and execute operations with regards to Bitcoin usage making them afraid to adapt on using Bitcoin. But we do still have plenty of time to get prepared or ready for it.

[Kelvinid]

Big companies are into accumulating right now in preparation for the surge of Bitcoin use but how about these small businesses? The market is ready but to assess people, they are still not at 100%, too many were still living that kind of doubts and worries.

To have that mass adoption if we can see that half of the total global population are using cryptos already IMO. I don't think we are already on that level but probably below.

We still need more time for this adoption to take place, we wait until such time that people will be open-minded and appreciate crypto.

[_Miracle]

"Bitcoin Massadoption - Is it ready?"

Not even close.
Let's ask the question again when all bitcoins are mined and people stop calling it "an investment".

Why do you want to wait till all the bitcoins are mined to get to that position. Hope you are aware that the development team is trying to fulfill what Satoshi started out and it is possible that we would see mass adoption if a solution is possible to send millions of transactions per day and the fees can be controlled.

Just imagine, an asset which is limited in nature and it has valuation. Do you think that people will not view that as an investment .

I will clarify my definition of Mass-Adoption as being: when average everyday people transact with it to do everyday things... purchase goods, pay bills, ect.

As someone who has mined, traded and transacted: "everyday people" are not ready for the effort it takes to use it and the risks that come with the fluctuation of price.

I don't consider the printed money in my wallet as an asset, it's a tool I utilize.


We don't have to imagine assets that are limited in nature and have value; precious metals are a good example.

[c0rnel1us]

Massadoption will never happen.

Two many barriers, the first one being the lack of ergonomic of the user experience.
Private key are not user-friendly, fees are higher than other payment services and so one...

You have a point, but you have to understand that bitcoin it's a revolution so obviously, there are a lot of things that out of norm, like private keys and fees. But if people are going to understand the logic or the reasoning behind, well they can appreciate it more. It's not that simple but that is our protection and we need proper education on how to handle it.

So I must say again that we are closer to adoption that we have never been in the past, specially in the bull run of 2017.

For sure, I agree, it's a revolution. I'm convinced by the potential of the product. Nevertheless, what I'm saying is that the bitcoin experience lacks of ergonomic and isn't compatible with the world's need for easy-to-use interface/experience.

[suzanne5223]

Massadoption will never happen.

Though Bitcoin was created as alternative which I think make mass adoption somehow impossible/hard to achieve but there is always a solution to very problem.

Two many barriers, the first one being the lack of ergonomic of the user experience.

This issue of been discussed several time but i can assure you if all governments around the world supported digital currency a solution will be created, we have good thinking experienced Dev within the system.

Private key are not user-friendly, fees are higher than other payment services and so on...

The last time i checked the TX fee of cryptocurrency is not higher than payment services if you know how to do it professionally and if private keys are not friendly to you, you can make use of the custodial wallet but the fee is ridiculous sometimes.

[LittleBitFunny]

Bitcoin has gained a lot of popularity in the last two years. But I think we still have a long way to go for Massadoption.
We can think about it if Bitcoin is accepted in public/private ways. It would be great to use Bitcoin in government transactions such as paying government taxes, paying electricity bills, etc.
If public/private banks accepted Bitcoin, it would play an important role in the case of Massadoption.

[3meek]

Of course bitcoin is not ready for mass use! It's hard to imagine how the mempool would be full of transactions if even a few percent of people started using bitcoin! And what commissions will have to be paid... No, massadoption is still a long way off!

[c0rnel1us]

Massadoption will never happen.

Though Bitcoin was created as alternative which I think make mass adoption somehow impossible/hard to achieve but there is always a solution to very problem.

Two many barriers, the first one being the lack of ergonomic of the user experience.

This issue of been discussed several time but i can assure you if all governments around the world supported digital currency a solution will be created, we have good thinking experienced Dev within the system.

Private key are not user-friendly, fees are higher than other payment services and so on...

The last time i checked the TX fee of cryptocurrency is not higher than payment services if you know how to do it professionally and if private keys are not friendly to you, you can make use of the custodial wallet but the fee is ridiculous sometimes.

Yes, as you mentioned, there are solutions.
But once again, we are talking about your average neighbour, they are not easy-to-use.
Of course, you could use Coinbase, which makes everything easy. But what's the point to use crypto? Might as well use Paypal...

[?QuestionMark?]

Of course bitcoin is not ready for mass use! It's hard to imagine how the mempool would be full of transactions if even a few percent of people started using bitcoin! And what commissions will have to be paid... No, massadoption is still a long way off!

Yes. It's technical way more far away from mass adoption than from the user side.

[jaberwock]

I recently thought about what would happen if the majority of the world population want's to use bitcoin or is starting to using it.

With a high price there would be also a high delay with transactions.

I do think about this a lot of time whether bitcoin will be able to handle heavy loads of transactions if there should be so many people around sending and receiving money with it every seconds. Even at its earlier stage we had to face the slow rate of transactions with Bitcoin, and a lot of people had to complain about it, and they have all been complaining about it from then till now and still nothing has been done about it.

When you talk about it some people will say that the devs are waiting for the right time to fix the issues, like when exactly are they going to fix it since we have waited for long?

[?QuestionMark?]

I do think about this a lot of time whether bitcoin will be able to handle heavy loads of transactions if there should be so many people around sending and receiving money with it every seconds. Even at its earlier stage we had to face the slow rate of transactions with Bitcoin, and a lot of people had to complain about it, and they have all been complaining about it from then till now and still nothing has been done about it.

When you talk about it some people will say that the devs are waiting for the right time to fix the issues, like when exactly are they going to fix it since we have waited for long?

There are some theories about that. Here some links:
https://www.youtube.com/watch?v=2vYRep9ggVE
https://www.youtube.com/watch?v=0BZoKH-hX_o

But these videos are 2-3 years old so I don't know how current this situation is. I would have to check it more closely but it looks like not much has changed...

[ranochigo]

I do think about this a lot of time whether bitcoin will be able to handle heavy loads of transactions if there should be so many people around sending and receiving money with it every seconds. Even at its earlier stage we had to face the slow rate of transactions with Bitcoin, and a lot of people had to complain about it, and they have all been complaining about it from then till now and still nothing has been done about it.

When you talk about it some people will say that the devs are waiting for the right time to fix the issues, like when exactly are they going to fix it since we have waited for long?

Scalability is a complex issues. Any one solution will no doubt bring about a plethora of repercussions which makes it difficult to garner enough support or make it viable to implement. There are plenty of solutions being proposed, with Segwit being the notable on-chain optimization with Taproot and Schnorr due to be live soon. Off-chain wise, we have Lightning network which helps to alleviate the problem to some extent.

Most of the other solutions will bring about drawbacks and it's not easy to balance the benefit/cost. If you're able to come up with a solution that doesn't pose any drawbacks, you should try drafting a BIP and we can have some meaningful discussion on that.

[?QuestionMark?]

Off-chain wise, we have Lightning network which helps to alleviate the problem to some extent.

Currently lightning network is in my opinion not a great solution. The general idea of it is good but the way its designed and implemented doesn't work in practice (completely p2p). I see the risk of centralized and regulated payment hubs, where most of the payments of individuals get routed through, very high.
Which takes away the original ideas of bitcoin: peer to peer electronic cash system, without governmental control and regulation and no banks. When millions of people are using lightning network the only people who can run such a payment hub are people with a high bitcoin stash or financial institutions like banks which are buying high amounts and running such a hub. This will of course will raise attention of regulators.

I also don't know anyone who's using the lightning network. It's making using bitcoin even harder.

[suzanne5223]

Massadoption will never happen.

Though Bitcoin was created as alternative which I think make mass adoption somehow impossible/hard to achieve but there is always a solution to very problem.

Two many barriers, the first one being the lack of ergonomic of the user experience.

This issue of been discussed several time but i can assure you if all governments around the world supported digital currency a solution will be created, we have good thinking experienced Dev within the system.

Private key are not user-friendly, fees are higher than other payment services and so on...

The last time i checked the TX fee of cryptocurrency is not higher than payment services if you know how to do it professionally and if private keys are not friendly to you, you can make use of the custodial wallet but the fee is ridiculous sometimes.

Yes, as you mentioned, there are solutions.
But once again, we are talking about your average neighbour, they are not easy-to-use.
Of course, you could use Coinbase, which makes everything easy. But what's the point to use crypto? Might as well use Paypal...

We have alot of cryptocurrency mobile wallet that are created purposely to make crypto payment seamlessly unless "they are not easy-to-use" you said mean another thing entirely cause crypto is easy to use since it have nothing to do with programming/coding language and coinbase is an exchange not a wallet service provider and it shouldn't be used as one.