What Bitcoin services do we need for mass adoption?

[thecodebear]

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?


Bitcoin DEXs
I think we need large liquidity Bitcoin decentralized exchanges. DEXs are popular in the Ethereum ecosystem, but Bitcoin DEXs are very low volume and illiquid and therefore the prices are awful. We need to start seeing Bitcoin DEXs with many millions of dollars in volume per day and prices near market price to allow people to easily pick up bitcoin privately, rather than getting tracked by centralized exchanges.

Bitcoin-first online merchants
We also need a Bitcoin-first popular website. Someone needs to create Amazon for Bitcoin. Yes it'll be great when the already established e-commerce websites start accepting Bitcoin at naturally that is needed for mass adoption and acceptance of Bitcoin as a currency, but that could be many years off. In the meantime I'd like to see a successful bitcoin-first online shop open up so that it actually becomes easy for anyone to buy things online with bitcoin. I'm sure there are bitcoin online shops but there's no Amazon for bitcoin where people are like oh you want to buy things with Bitcoin just go here!

Decentralized Bitcoin lending
Probably also a decentralized collateralized lending platform. The lending platforms have gone out of business because they have been centralized companies. Non-collaterized lending with Bitcoin won't work because that requires legal enforcement, but collateralized works because that already involves financial enforcement (you don't get your more valuable Bitcoin back if you don't pay off the loan). I'd like to see a decentralized bitcoin lending protocol start giving people with much of their money in bitcoin options to leverage that wealth without getting rid of it and without risking it on a company that might fail.


What do you think? What other basic services do you think are needed in the Bitcoin ecosystem to make it better, more usable, and more ready to enable mass adoption?

[OgNasty]

For mass adoption I don’t think it’s necessarily more services that need to be created as much as it is the basic acceptance of crypto for existing services. El Salvador being a good example. The government could kick off mass adoption by just announcing that Bitcoin is legal currency. When you can use it to purchase everything that a dollar could buy, then we’ll see mass adoption.

[_BlackStar]

Individual adoption may be a good move to expect more adoption in services or large businesses. I believe one government adoption decision can affect the percentage of adoption somewhere, so I agree if the government declares bitcoin legal as a means of payment then adoption will really increase there.

The problem: how can we expect governments to adopt bitcoin legally when they have always been on the side against the decentralized nature of bitcoin?

[serjent05]

I think every Bitcoin service needed for mass adoption is already implemented.  What lacking is the blessings of the authority for Bitcoin to use as either mode of payment or legal tender.  I agree that the decision of the government on the acceptance of Bitcoin will greatly affect its adoption.  Since the involvement of the government accepting Bitcoin, the trust rating of Bitcoin will go up to another level and those who are hesitant before the government acceptance will certainly accept Bitcoin too.

[Fivestar4everMVP]

For me, I think Bitcoin-first online merchants will do the magic, I have been wanting to buy some stuff online, outside my country and have it shipped to my country, payment in bitcoin, but unfortunately, I have found none, I have contacted some sellers on Aliexpress, Alibaba, eBay etc., but non of them are willing to take payment in bitcoin, it is really unfortunate, considering the fact that there is no other means of payment available to me since the central bank of my country have blocked debit/credit card payments for international transactions..

Having online shops where users around the world can buy items and pay in full with bitcoin would aid in massive adoption of bitcoin, this is what I think.

[Baofeng]

"Bitcoin-first online merchants"

I think this is what we have been calling for years, to see some online business as big as Amazon to accept bitcoin as payment scheme and then see how it goes. There are a lot of websites that is accepting BTC as of now, but I think there hasn't been one as huge as Amazon in the e-commerce. Although there are news that they are going to accept it way back, but it didn't materialized. One big negative though that maybe why there e-commerce are not accepting BTC universally is that it is very volatile and this businesses needs that liquidity right away. They don't have the luxury to wait for the price to increase or even break even. So it's really a big challenge for us to see it one day BTC being accepted.

[jossiel]

How about the banks simply put it that way that they're also having some services that support bitcoin deposits and withdrawals? It may seem odd to us because we know that we can be our own bank by holding it.

But for those people that still don't have the whole trust in bitcoin but trust the banking system, it's like a good gateway for them to be introduced to bitcoin through these banks.

Like those institutions that do offer bitcoin trust although there's already that has an existing company that does it but for the majority of the retailing banks, it will give mass adoption vibes.

[sheenshane]

IMO, those you stated above are the main core of services to help drive mass adoption, isn't it?
There are too many various ways that people benefit from the use of Bitcoin services but there's one obstacle that most people are afraid of to keep spreading the mass adoption, and it depends on government regulation.  For the government, it's not easy for them to embrace the decentralized stuff and mix it up with the centralized one.

What do you think? What other basic services do you think are needed in the Bitcoin ecosystem to make it better, more usable, and more ready to enable mass adoption?

I think the potential example is Bitcoin wallets with more intuitive user interfaces, better education and support resources for new users, and improved infrastructure for scaling and transaction processing.

[Woodie]

At this point I think we have all the tools to fire cryptocurrencies to all door steps of the world but the number one inhibitor at the moment has to be regulation !!

 I couldn't think of anything besides regulation because these govt we have try to impose laws that threaten people with stringent laws that will ensure that they look away whenever they come across a crypto but if these are relaxed or made more friendly mass adoption will be triggered.

Of course other obvious factors as having exchanges that won't really require KYC could help the ecosystem but I think investing in the Telcom technology and education should get the adoption game going....

[hatshepsut93]

Bitcoin DEXs
I think we need large liquidity Bitcoin decentralized exchanges. DEXs are popular in the Ethereum ecosystem, but Bitcoin DEXs are very low volume and illiquid and therefore the prices are awful. We need to start seeing Bitcoin DEXs with many millions of dollars in volume per day and prices near market price to allow people to easily pick up bitcoin privately, rather than getting tracked by centralized exchanges.

Ethereum DEXes are popular because most tokens exist on Ethereum blockchain. So those DEXes represent zero useful economic activity, they are just tools for shitcoin speculation.

Bitcoin-first online merchants
We also need a Bitcoin-first popular website. Someone needs to create Amazon for Bitcoin. Yes it'll be great when the already established e-commerce websites start accepting Bitcoin at naturally that is needed for mass adoption and acceptance of Bitcoin as a currency, but that could be many years off. In the meantime I'd like to see a successful bitcoin-first online shop open up so that it actually becomes easy for anyone to buy things online with bitcoin. I'm sure there are bitcoin online shops but there's no Amazon for bitcoin where people are like oh you want to buy things with Bitcoin just go here!

There were multiple attempts to do it. Like Open Bazaar. They failed because people are not interested in using Bitcoin as a currency today. They trade it and they hodl it.

Decentralized Bitcoin lending
Probably also a decentralized collateralized lending platform. The lending platforms have gone out of business because they have been centralized companies. Non-collaterized lending with Bitcoin won't work because that requires legal enforcement, but collateralized works because that already involves financial enforcement (you don't get your more valuable Bitcoin back if you don't pay off the loan). I'd like to see a decentralized bitcoin lending protocol start giving people with much of their money in bitcoin options to leverage that wealth without getting rid of it and without risking it on a company that might fail.


What do you think? What other basic services do you think are needed in the Bitcoin ecosystem to make it better, more usable, and more ready to enable mass adoption?

Collaterized lending isn't very useful in real world. Especially with Bitcoin, the only collateral that can be implemented in a decentralized way is some altcoins via crosschain smart contracts. So this lending can only be a tool for shorting Bitcoin, and not actually giving loans to consumers or businesses.

[loopes]

Bitcoin-first online merchants
We also need a Bitcoin-first popular website. Someone needs to create Amazon for Bitcoin. Yes it'll be great when the already established e-commerce websites start accepting Bitcoin at naturally that is needed for mass adoption and acceptance of Bitcoin as a currency, but that could be many years off. In the meantime I'd like to see a successful bitcoin-first online shop open up so that it actually becomes easy for anyone to buy things online with bitcoin. I'm sure there are bitcoin online shops but there's no Amazon for bitcoin where people are like oh you want to buy things with Bitcoin just go here!
mass adoption?

Accepting bitcoin as payment method in large e-commerce like Amazon will certainly adopt bitcoin massively, but bitcoin's price fluctuations that move very quickly, up and down, will be one of the problems. Bitcoin transfer fees which are high enough will also be a fairly difficult consideration for customers who want to buy goods in e-commerce. despite of all that, i agree that this way, will increase the adoption of bitcoin to use massively. 

What do you think? What other basic services do you think are needed in the Bitcoin ecosystem to make it better, more usable, and more ready to enable mass adoption?

supporting the mass adoption of bitcoin, Role of the government to legalize bitcoin will have a huge impact because when the government in a certain country legalizes the use of bitcoin, people will be free to use bitcoin in their daily transactions

[Yatsan]

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.

[Hydrogen]

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?

Past studies have claimed bitcoin caters to 4 billion unbanked demographic worldwide. Which could imply BTC has already exceeded 1 billion global users.

For bitcoin to penetrate further into mass adoption, implies wider integrated support on social media platforms. Twitter, facebook, instagram, tiktok, youtube or another major service incorporating bitcoin support would be the best method to it attaining broader mainstream acceptance and support.

We know that cryptocurrencies enjoy the most support with younger generations. The area where crypto could exhibit the greatest growth is with older population demographics. Targeting platforms and media used by older generations could give it the biggest boost.

There are certain spokespersons and celebrities who have the ear of those groups. Who might be used to encourage crypto acceptance in the age bracket where it has made the least progress.

[franky1]

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?

Past studies have claimed bitcoin caters to 4 billion unbanked demographic worldwide. Which could imply BTC has already exceeded 1 billion global users.

there are only 87m UTXO's

and following the rule of #not-your-key-not-your-bitcoin
there are under 80m holders.
everyone else is a CEX balance holder. not a bitcoiner

[Hydrogen]

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?

Past studies have claimed bitcoin caters to 4 billion unbanked demographic worldwide. Which could imply BTC has already exceeded 1 billion global users.

there are only 87m UTXO's

and following the rule of #not-your-key-not-your-bitcoin
there are under 80m holders.
everyone else is a CEX balance holder. not a bitcoiner

Franky!

Can you please comment on the post I made here earlier today:

https://bitcointalk.org/index.php?topic=5445614.0

Its an interesting topic, that needs your input.

[BlackBoss_]

For mass adoption, we need to make Bitcoin transaction fee cheaper and feasible for everyone especially people who are living with hard conditions or in third-world countries. With them, $0.5 or $1 in transaction fee is a lot and I am sure they would feel painful when using Bitcoin with such expensive transaction fee.

To get it, we need to have better adoption for Lightning Network or even new layer-2 solutions for Bitcoin.

It is best if we can have something in protocol to make transaction fee cheaper in Bitcoin network and don't rely on layer-2 solutions.

[bayudndy]

As the OP mentions, I've heard of some solutions to this in terms of cross-chain restrictions that aren't so common yet.
However, in the case of BTC I think in a slightly different way in terms of application here, in essence it represents the success of this market.
And as this market has become more accepted, more products come to life, it must be no different than accepting bitcoin in life has many benefits.

[Marvell1]

Today, it's easy to create services or apply bitcoin to existing services, but what keeps it from gaining mass adoption is the government. They are the leading cause hindering the popularity of bitcoin, even though bitcoin is accepted on every service but without government approval, it will never be popular and gain everyone's trust. Bitcoin can work and exist without government permission or support, but if it wants to be mass adoption, it needs a lot of government help.

[Fundamentals Of]

Why can't we just have all of them and drive Bitcoin's adoption at a much faster rate? After all these things are not prerequisites of each other. You can build any one of them anytime. You can also develop any 2 of them. So why don't we just have all of them and many more in fact to make sure Bitcoin is reaching everybody, serving their different needs.

But I think the best thing that would drive Bitcoin's mass adoption is when business establishments accept Bitcoin payment and Bitcoin owners spend Bitcoin.

[bbc.reporter]

For mass adoption I don’t think it’s necessarily more services that need to be created as much as it is the basic acceptance of crypto for existing services. El Salvador being a good example. The government could kick off mass adoption by just announcing that Bitcoin is legal currency. When you can use it to purchase everything that a dollar could buy, then we’ll see mass adoption.

However, in El Salvador the government did declare bitcoin as legal tender but mass adoption has not occurred. I reckon that from this observation there should be something more in bitcoin that people think they need to use it. I speculate that if Defi and NFTs come to bitcoin, this might bring more adoption and acceptance in 5 years than it has for the last 10 years.