What Bitcoin services do we need for mass adoption?

[Davidvictorson]

All the services mentioned by the OP is great and I totally agree with them. However, I have tried to look at it from my own point of view. My point of view of my local community where people are not so tech savvy. Personally, I would love to see people of all age-groups adopt bitcoin and not just the youths which is what is the case in my locality. I think one of the services that will be most crucial for mass adoption is the services of a bitcoin communicator.

In my own words, a bitcoin communication would be someone who can explain bitcoin to people irrespective of their age, social and economic status, religious affiliation in a way that they would grab the concept, what it is, what it holds. The problem I see with bitcoin in my community is that most people do not truly understand what it is. We need a bitcoin communicator who would be able to break it down to their level. This is how to get individuals to adopt it.

[1715340281]

1715340281

[1715340281]

1715340281

[1715340281]

1715340281

[1715340281]

1715340281

[kelonmusk]

I agree with your thoughts on the needed services in the Bitcoin ecosystem. I think the Bitcoin DEXs with high liquidity will be a game changer, and it would be great to have a decentralized platform for collateralized lending.

These services will definitely attract more people to use Bitcoin, especially those who are privacy-conscious and don't want to use centralized exchanges.

Regarding the need for a Bitcoin-first popular website, I say YES and agree with you. It will be great to have an Amazon-like platform that accepts only Bitcoin as a payment method. This will definitely help in the mass adoption of Bitcoin as a currency.

Additionally, I believe that a more user-friendly and accessible Bitcoin wallet is essential for mass adoption. The current wallets available in the market are not user-friendly for the average person, and this might discourage some people from using Bitcoin. We need wallets that are easy to use and accessible to everyone, not just tech-savvy individuals.

One more important, for the sake of mass adoption, Bitcoin needs to become more accessible, user-friendly and provide the most common services people are used to in traditional currency.

[vv181]

There's is nothing about Bitcoin's design that prevents DEXes. DEXes do exist for Bitcoin there just aren't many and they have very low liquidity so the prices suck. I think over time with more and more people realizing the when you buy Bitcoin on CEXes all your future money movements get tracked by the govt that could lead to more desire for DEXes. Anyway, I didn't mix fiat and stablecoin DEXes, I would assume DEXes only use stablecoins because using fiat would complicate the process. Of course this means an extra step for people to get onto the DEX until/unless owning stablecoins becomes a standard thing for people to do. I could end up being like at first people just use CEXes but then they once they are in the ecosystem they learn about the privacy issues of using CEXes so then they do future buying on DEXes since it'll be easy enough for them to get stablecoins and send them to DEXes because they'll already be involved in crypto.

In the bitcoin aspect, why would fiat complicate the process? In fact, that is what is popular. See Bisq, https://bisq.markets/markets. Dexes can't exist on the bitcoin protocol, you have to build it on top of L2 chain or sidechain, like Sovryn on top of Rootstock or any apps over Liquid.

By Bitcoin-first merchants I didn't mean forcing bitcoin-only payments. But it could start as Bitcoin-only to get the bitcoin crowd onboard, and then expand to fiat shopping, while still promoting itself as Bitcoin-first.

To get business on going, it need not be specifically filled with the bitcoin crowd, except it is a specific case where bitcoin user is the target market. If we talk about adoption, I think it is better to encourage a company or SMEs to adopt bitcoin as one of their payment options, instead of, advocating a new business to open up only with bitcoin publicity.

[jrrsparkles]

For mass adoption of decentralized monetary system first people need to get awareness about its significance, not just only from investment perspective but also the actual purpose for exchange of goods with no third party.

Bitcoin DEXs are bot having user friendly UI that is why people prefer centralized exchanges cause for anyone it's easy to become familiar with the website where with dex when someone do a small mistake can end in a complete loss.

[loopes]

2.Bitcoin would never be popular for daily purchases because of the price volatility and the constant expectation that the BTC price will skyrocket. Most of the Bitcoiners would just keep HODLing their BTC rather than spending it on an "Bitcoin Amazon" or "Bitcoin eBay".

The fluctuation of bitcoin price move almost per seconds so it will distract to the customers (if they want to use bitcoin as daily purchase paying methode) how much the exact amount of bitcoin to be transferred since the exchange rate is volatile.

I don't know how that will happen, with all the KYC procedures and high fees.

bitcoin transaction fee is quite high that some one may decide to use other payment methode rather than bitcoin as payment methode. They will decide debit or credit card or other payments methode that are less fee transaction. So this is one of the main obstacle to bitcoin to be massively adopted.

[Tabani Pierson]

For mass adoption to take place, regulation of this technology is the only way. Many people are still in doubt of this technology simply because of the risk involved. It would be a downward process; Countries to big organizations to small investors and to normal people. In order for normal people to trust this technology, it should be first acknowledged by big industries first. And I doubt it is services Bitcoin is needing for such thing to occur. Bitcoin is simply a digital currency and will only be used as an alternative mode of payment to fiat. It just happened that volatility exist which generates profit for those who manage to make use of the changes on their market price from time to time.

Well, I personally think that there are a few key services that need to be developed further in order to make Bitcoin more usable for the masses.

First off, we need more Bitcoin decentralized exchanges or DEXs. While DEXs are popular in the Ethereum ecosystem, Bitcoin DEXs are still low volume and illiquid, which leads to terrible prices.

If we can start seeing Bitcoin DEXs with much higher volume and prices closer to market price, then it will become much easier for people to buy Bitcoin privately without getting tracked by centralized exchanges.

Secondly, we need a Bitcoin-first popular website that can become the "Amazon for Bitcoin". While it's great that more and more e-commerce websites are starting to accept Bitcoin as a form of payment, we still need a major player in the online shopping space that operates exclusively in Bitcoin. That way, people can easily buy things online with Bitcoin without having to worry about converting it to fiat first.

Lastly, I think we need a decentralized collateralized lending platform that's specifically designed for Bitcoin. Non-collaterized lending with Bitcoin just won't work due to legal enforcement issues, but collateralized lending can work because it already involves financial enforcement.

This would give people with a lot of their wealth tied up in Bitcoin the option to leverage that wealth without having to risk it on a company that might fail.

[Darker45]

Among the 3 listed, the least that we need for Bitcoin to reach mass adoption is decentralized lending. I don't think we really need that. Bitcoin DExes and Bitcoin-first online merchants are more important.

However, what we need more than those are Bitcoin P2P platforms. We badly need those. They will make Bitcoin more accessible to everybody sans the hassles of centralized platforms. I also wish there are more OTC venues, for everybody to easily convert fiat to Bitcoin and vice versa. At least we don't have to go through banks anymore. We need to make Bitcoin more accessible to everybody.