Bitcoin Adoption Report Card - Year 12

[Itty Bitty]

Bitcoin class adoption has become the following at year 12:

- Poor man's currency

- Wealthy man's dangerously appealing new asset class

- Middle class man's not very much. Middle class in developed countries have way better medium of exchanges (or are at least viewed as such), and middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

Overall adoption grade: B-


Discuss.

[DannyHamilton]

middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

And yet I know MANY that have, so clearly this is a completely false statement.

Maybe that's because most of the Middle Class is capable of understanding that they aren't getting a fraction of something? Right now $1 will get you more than 1,667 of something (satoshis, the spendable unit of the Bitcoin currency).

[worldofcoins]

Wait for what?

Why are you classifying bitcoin into rich or poor, everyone can own bitcoin... a fraction of it if not whole.
Rich can certainly own a lot of bitcoin and if they want compared to poor people and then flex their bitcoins on them which they will do once they own the majority of bitcoins and poor people have sold theirs after taking the words of media that bitcoin's a bubble or illegal.

[logfiles]

- Poor man's currency

How about a poor man who has no access to a computer or smartphone? 

- Middle class man's not very much. Middle class in developed countries have way better medium of exchanges (or are at least viewed as such), and middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

This logic is flawed when it comes to Bitcoin. Having 1/10th of Bitcoin doesn't mean you can't transfer it or sell it unless if it's "one" Bitcoin
Also, a fraction of Bitcoin can still grow in value... So what's the point here?

1/10th of Bitcoin was worth $500 over a year ago, and it's now worth $5000

[pooya87]

middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

Lots of people these days are buying 20 bucks worth of bitcoin and are receiving 35510 of something (with current exchange rate) on regular basis. In other words your statement is based on your personal imagination.

Overall adoption grade: B-

On what scale and based on what? Your flawed assumptions?
What would be A+ and what would be F? If bitcoin made the poor, rich you would consider it A+? That makes no sense since bitcoin was not meant to produce profit for anyone.

[Kakmakr]

So what "better" medium of exchange are the middle class using? 

1. Fiat currencies - Well most fiat currencies are printed like toilet paper and losing it's value. (Controlled by governments)
2. Credit cards - Debt / high fees / Charge backs / fraudulent transactions / Controlled by Banks / Credit card scams
3. Debit cards -  Controlled by Banks / High fees / Slow transactions between different Banks / fraud

No my friend... try again... your argument and comments are full of holes and fallacies.   

[pawanjain]

Bitcoin class adoption has become the following at year 12:

- Poor man's currency

How has bitcoin become a poor man's currency ? Explain !

- Wealthy man's dangerously appealing new asset class

The wealthy are buying because they know bitcoin's potential and that it could be worth lot more in the future.

- Middle class man's not very much. Middle class in developed countries have way better medium of exchanges (or are at least viewed as such), and middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

That's what you think but that is not the case. People from all the countries are buying bitcoin from as low as a few dollars to thousands of dollars worth bitcoins.

Overall adoption grade: B-
Discuss.

If there was really a reporting tool for bitcoin then it would definitely get A or A+
Bitcoin has given our more returns than any other asset.

[davis196]

Medium of exchange means money to be spent for daily activities(not investment asset).
I guess that by medium of exchange you mean store of value.
Bitcoin cannot be poor man's money,because poor people don't have any money to invest in Bitcoin.
Your assumptions about rich men and middle class men are just an assumption.Can you backup  your assumptions with any facts,statistics or other kind of evidence?If not,then you are just writing BS.
We all know that Bitcoin adoption isn't advancing very fast,because many people and businesses are still scared of the price volatility,but slowly Bitcoin is becoming a dominating global asset/currency.

[Poker Player]

And yet I know MANY that have, so clearly this is a completely false statement.

Maybe that's because most of the Middle Class is capable of understanding that they aren't getting a fraction of something? Right now $1 will get you more than 1,667 of something (satoshis, the spendable unit of the Bitcoin currency).

And not only that, the OP contradicts himself. It doesn't explain that he says middle class people won't pay that and instead we have to believe that someone poor is going to pay $60 for 1/1000 of something.

Clearly those who understand Bitcoin invest in it for its intrinsic properties, and on the basis of the money they can invest, regardless of what fraction of Bitcoin they can buy at that moment.

[buwaytress]

And not only that, the OP contradicts himself. It doesn't explain that he says middle class people won't pay that and instead we have to believe that someone poor is going to pay $60 for 1/1000 of something.

Yeah I absolutely don't understand how Bitcoin's the poor man's currency. Come to think of it, going to be hard to find anyone willing to sell you $10 (more than a month's of income in some parts of the world) of BTC (18000 satoshi) without any painful fee.

middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

And yet I know MANY that have, so clearly this is a completely false statement.

Maybe that's because most of the Middle Class is capable of understanding that they aren't getting a fraction of something? Right now $1 will get you more than 1,667 of something (satoshis, the spendable unit of the Bitcoin currency).

Indeed, the same middle class in developed and developing countries (I come from the latter) who by now already spend a significant portion of their shopping online, who must almost daily be doing some form of foreign exchange by buying across borders. Who also probably own shares, or fractions of shares, or fractions of lots. Perhaps even tiny fractions of precious metals (because who the hell affords these days an entire kilo of gold?).

[Itty Bitty]

Overall adoption grade: B-

On what scale and based on what? Your flawed assumptions?
What would be A+ and what would be F? If bitcoin made the poor, rich you would consider it A+? That makes no sense since bitcoin was not meant to produce profit for anyone.

Hmmm, I thought B- adoption grade was pretty fair. To me it means adoption (after 12 years) is above average, above expectation, with room to improve.

I'm pretty sure after 15 years (3 years from now), with lightning much more mainstream, middle class will become more fully btc engaged.

By "poor man", I was really thinking about how (in general) countries lower on the GDP per capita scale are adopting and promoting btc before those countries higher on the GDP per capita scale  (https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita).

[pooya87]

Hmmm, I thought B- adoption grade was pretty fair. To me it means adoption (after 12 years) is above average, above expectation, with room to improve.

I didn't question the fairness of it, I questioned your methodology and scale.

You also said in this comment: "above average" but didn't say compared to what?
For example are you comparing adoption rate of this unique and new form of money to the time they created metal coins for the first time in early centuries? Or are you comparing its adoption to adoption of something like a new iPhone?

By "poor man", I was really thinking about how (in general) countries lower on the GDP per capita scale are adopting and promoting btc before those countries higher on the GDP per capita scale 

I honestly don't think the country's GDP affects the adoption that much but I would love to know if anyone has done any actual research into this.

[NotATether]

Since you said this is the "Year 12" report card, I'm assuming you made the other 11 years somewhere too? They aren't in your topic history.

You registered in 2015 anyway so for sure those cards can't be anywhere on this forum. And this is assuming you've been around Bitcoin the full 12 years.

[Itty Bitty]

Since you said this is the "Year 12" report card, I'm assuming you made the other 11 years somewhere too? They aren't in your topic history.

You registered in 2015 anyway so for sure those cards can't be anywhere on this forum. And this is assuming you've been around Bitcoin the full 12 years.

I swear the previous report cards were somewhere, but it's that darned boating accident I had earlier this year, I lost so much stuff that day.

[dezoel]

It’s normal that the rich guys are always going to benefit anything because they have the amount of money that it takes to benefit from such. Especially things like bitcoin that is volatile can generate more income when you invest a huge amount in it

A poor man doesn’t have much to invest in Bitcoin or any cryptocurrency, so the small amount that they would manage to invest would only generate a little amount of profit for them. The middle-class are the ones that stands a better chance, because they might be able to invest a good amount and stand a good chance at making better profit that would elevate them to a higher level. Anyways, bitcoin can favor anyone as long as you know what you’re doing.

[Kelvinid]

It’s normal that the rich guys are always going to benefit anything because they have the amount of money that it takes to benefit from such. Especially things like bitcoin that is volatile can generate more income when you invest a huge amount in it

A poor man doesn’t have much to invest in Bitcoin or any cryptocurrency, so the small amount that they would manage to invest would only generate a little amount of profit for them. The middle-class are the ones that stands a better chance, because they might be able to invest a good amount and stand a good chance at making better profit that would elevate them to a higher level. Anyways, bitcoin can favor anyone as long as you know what you’re doing.

Ric people become richer as they will not stop looking for an opportunity to grow their money while poor people are most likely to get satisfied where they are now and have no plan for investment. They will simply just ignore Bitcoin and prioritize their need rather than invest. Maybe some, but not all.

Well, it has to know that rich people can afford to risk their money. The middle class can be in such a thing as well but not the lower class.
That sometimes I'm thinking that Bitcoin isn't for everyone, that is what I've really seen. Coz if you don't have a plan to invest, even you have money certainly, you don't have the interest to know more about Bitcoin as well.

[adzino]

Bitcoin class adoption has become the following at year 12:

- Poor man's currency

- Wealthy man's dangerously appealing new asset class

- Middle class man's not very much. Middle class in developed countries have way better medium of exchanges (or are at least viewed as such), and middle class in developed countries aren't going to pay $6,000 for 1/10th of something, or $600 for 1/100th of something.

Overall adoption grade: B-


Discuss.

1. How is bitcoin  a poor man's currency? A "poor man" shouldn't even think about investing in crypto currencies because most of them won't be able to afford the loss. Crypto currencies are long term investment, and they likely won't be able to hold long term.

2. Not even sure what you mean by this. Care to explain?

3. Did a "middle class man" from a developed country tell you that he won't invest in fraction of a coin? This is something stupid I have heard today. They can still make profit by investing in fraction of coins.

[hatshepsut93]

What makes you think that Bitcoin is poor people's currency? Bitcoin is generally viewed as an investment, and poor people don't invest, they don't have any spare money to do so.

And rich people only recently started looking at Bitcoin, and still it's not something very common among them, and there is still opposition, for example Warren Buffet or Jamie Dimon.

I'm sure that middle class was always the most represented in Bitcoin community, look at how many people here can afford to hodl tens and hundreds of thousands of dollars worth of coins without worrying about losses.

[jossiel]

- Poor man's currency

Care to explain why it became a poor man's currency when in fact with your metrics,  there goes the wealthy and middle class that has it?

By "poor man", I was really thinking about how (in general) countries lower on the GDP per capita scale are adopting and promoting btc before those countries higher on the GDP per capita scale  (https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita).

How about those with good GDP that are also adopting it and giving some good ruling about cryptocurrencies? There's no such relation of a country that adopts bitcoin about their gdp, low or high.

[yhiaali3]

Most likely I think it is the poor man's currency, Bitcoin has become a lifeline for many poor people around the world who did not have any way to enter into profitable economic projects that give them a lot of profits, now the poor can start their investment or project with little or even without money Capital by working in Crypto where he collects a simple capital and then starts speculating and making good profits through it, of course some dreamers think that they will get rich through Bitcoin. All of these are all illusions, but at least they can get a good income that covers their daily expenses.