My Thoughts on Bitcoin Adoption - I Could Be Wrong, So Let's Discuss!

[nelson4lov]

Bitcoin is not complex if you only buy bitcoin, store it in a self custody wallet and make transactions from your wallet.

It is easy enough to use it well without mistakes. It does not requires too much in storage if you use SPV wallet software like Electrum wallet. [1, 2]

Just use self custody wallets and if they are open source, you are doing good practice.

[1] https://electrum.readthedocs.io/en/latest/spv.html
[2] [Guide] Verify Electrum wallet

There's a huge number of people that are still unbanked in the world today. The average user can just spin up a bank account and use because majority of the account security and operations are handled by the bank. For bitcoin, the reverse is the case especially with open source, custodial wallets. I have met some people over the years that simply choose not to be involved with bitcoin because they don't understand some of the technicalities that powers and govern the network. Most of the things were feel are the basic and bare minimum might be difficult for someone that is not technically minded to understand.

But as more people get educated and informed, we can make headway in that direction.

[Drawesome]

• Incentivize Adoption in El Salvador and other local places: If a place doesn't accept Bitcoin, walk away and do not touch your FIAT. If you dealt with an employee , make sure the owner finally knows about the loose. Tourist are not numerous enought to put a pressure here, let's onboard salvadoreans in this.

Have you tried boycotting fiat yourself? You'll very quickly start starving.

• Educate and Engage: Let's  step out of the comfort zone and educate, give, and promote the entry of new local actors.

This would just make Bitcoin look like a religious cult. Good inventions don't need evangelism. No one went door to door to promote television, the Internet or automobile. Poeple rushed to adopt them because they offered a clear advantage.

I don't say it's easy, but at least put some pressure and not just take the VISA and pay in fiat if they say No BTC. For employees, it's easier to say no and not complicate themselves.
Bitcoin is not an invention like gunpowder or the steam engine; rather, it is a complex system that evolves depending on the agents that influence it. If the majority of incentives for agents using Bitcoin are speculative, it will be easy to replace it with something else. There is something religious about Bitcoin that makes it unique and irreplicable: its anonymous and selfless creation by Satoshi, as if he were a messiah. Don't engage in evangelism while all others will (scammers, shitcoiners, CBDCs, and Banking 2.0) and wait for the outcome.

I agree with your other points but don't understand what you're saying here. What monopolies are you referring to? How does someone support Bitcoin and "slow things down" and what does that have to do with monopolies?

You're right, it's hard to understand. I made a change and included an example with Salvadorans who actively receive tourists and offer services in BTC. They are not motivated to share their cut with other Salvadorans providing services. This is just a hypothetical example; perhaps in the case of El Salvador, Bitcoiner tourists are not significant enough for this to become an actual occurrence.

There are many shortcomings of Bitcoin at the moment lets just accept it with open heart. Its because of these shortcomings bitcoin is finding it hard to make it to global adoption.

Apart from complexity there are few other things like price volatility and settlement time are of great concerns for merchants to adopt it as payment system. There are solutions like LN that kills the issue of settlement time but its not accept by the community.

Till the time these shortcomings are not addresses chances are rear for Bitcoin to make it to global adoption.

I paid on-chain in El Salvador with 0 confirmations because the Lightning Network wasn't working. Obviously, this is not a good practice, and you have a point. If BTC is complicated, LN is another level. Let's hope these shortcomings, as you said, get better.

4.OP, you should also know that bitcoin isn't legal yet in some countries which will be a big challenge for bitcoiners to teach people about bitcoin in such country. What you said is nice but it can only be achieved in countries that bitcoin is legal and I believe that in those countries that cryptocurrency is legal the adoption is increasing day by day.

Those countries where it isn't legal are probably the ones where more people need it. There are many flashy shows and stories, but the hope is that those who need it are using it discreetly without drawing unnecessary attention to it. That was supposed to be the main point.

[Forever101]

It is a great idea to drive the adoption of BTC across the world but it will still be difficult for people to use it on day-to-day activities due to it's volatility. So it will be unwise for business men to engage in transaction that has to do with large sum of money through bitcoins, what happens when the price deep before withdrawing? Is it every money sent to one that will become part of ones save. Everyone need to keep the day running through their fiat currency.

What happens in situation when Network is abnormal or not working properly. I think the Bitcoin acceptance is growing mostly in the area of investing

[serjent05]

I also agree with OP that Bitcoin should be used in order to propagate.  It should be continuously in circulation, meaning it must be used as currency, get traded and used as payment for services so that its use case will be established.  Holding BTC is somehow counter productive since Bitcoin usage will be in a stall when all people will hold and will not use Bitcoin for online transaction. 

Bitcoin is a currency that should be used to pay for purchases and not be held and keep on safe for a very long time.  But due to potential profit, people see it as an investment and hoard it to sell at a higher price.

[komisariatku]

All you say is very reasonable. But how much time do we have? Is the system heading towards the utopia that this logic suggests if we don't correct and influence some behaviors that do not favor that outcome? The ones who are highly motivated to react and influence are the advantage-seeking actors. In the FIAT world, it's evident; in the altcoin world, it's also very evident in most cases, but in Bitcoin, it's more subtle because they camouflage themselves within the philosophy of Bitcoin.

If I look at history, the paper money system was first used in China in the 7th century, and the fiat money system was implemented in Europe in the 17th century. It was a very long process until the fiat financial system could be adopted en masse. If we look at bitcoin, bitcoin has a lifespan of 24 years since it was first introduced to the public, that is a very young age. In my opinion bitcoin does not take as long as fiat because bitcoin was born along with massive technological developments, so according to my prediction the blockchain system (bitcoin) can be implemented en masse in the next 30 or 100 years. That may sound long, but if you look at the history of fiat money, bitcoin implementation seems pretty quick

I know, that what I convey is more of an assumption and prediction but the bitcoin community is growing day by day, so the adoption of bitcoin is not something utopian. Moreover, in my opinion, this is still in the introduction of bitcoin phase, maybe in the next 10 or 20 years bitcoin will enter a phase where bitcoin is used for transactions because many people already have bitcoin. And the final phase is mass adoption

Fiat is a centralized currency that is completely government controlled - while governments cannot control bitcoin although they can introduce regulations for their users. The main barrier to mass adoption for bitcoin is government regulation - that is an undeniable fact.

You cannot expect all the world's governments to agree to adopt bitcoin until it reaches the level of adoption of fiat as legal tender. I hope that bitcoin is adopted as an alternative option that will not replace fiat as the main currency. While you can hope the passage of time - you can get governments to adjust their regulations on bitcoin, but I don't expect governments to fully agree to mass adoption of bitcoin.

Yes, I see what you mean, and I also agree that it is a major barrier to mass bitcoin adoption. But I think that the community is an invisible force, when everyone agrees with bitcoin, the government has little choice but to acknowledge the power of bitcoin. I think bitcoin blocking efforts have been going on for a long time but the government failed to stop bitcoin so the bitcoin community continues to grow. Slowly bitcoin has started to be accepted in some countries, I think this is a positive signal for the adoption of bitcoin in the future

To be honest, I didn't expect bitcoin to become the main world currency like the US dollar today. But if bitcoin is recognized as a legal alternative currency across countries, that's a great thing and I think the mass adoption rate of bitcoin only achieves that. I agree with you that no country wants bitcoin to become the main world currency because they cannot control it. But being an alternative currency is not bad for bitcoin

[Darker45]

While I agree with some of your points, I don't think mass adoption hasn't happened yet. Mass adoption isn't a one-time phenomenon. It is a process. As such, it is gradual. Mass adoption is happening right at this very moment. There are probably people in different parts of the globe who are learning about Bitcoin as I'm making this post.

The speed of adoption changes from time to time. There are huge stumbling blocks on the way. We have to take note that Bitcoin isn't something that could readily be embraced. This is a disruptive technology and it's doing its thing in the world of money and finance. We cannot expect smooth adoption. There will surely be resistance, strong resistance. The world Bitcoin is shaking up is the world where power emanates. It's not easy to fix the money. It's where the elites get their power.

On the ground, it's a different battle. People are too comfortable with fiat, cash in particular. And they're normally apathetic to the rotten side of the current monetary system. They have some other things to attend to.

[rikybrosh]

I was here since long time ago and i feel that more people get involved in cryptocurrency. even some people in my neighborhood ask me about bitcoin. for normal users, bitcoin is not as complex as you think, only need few clicks then the transaction is done, see there is no difficulty. just be patient, more and more people will join this community, our number isn't decrease right? once someone know about bitcoin then the person will tend to use bitcoin because bitcoin can safe them from fiat money inflation, bitcoin give benefit to it's users.

[Gallar]

~Snip
2. Advantage-seeking players - Are They Holding Us Back?
Some players might seem like they're supporting Bitcoin but might actually be slowing things down. Thay act as Bitcoiners but they don't have incentives for other players to come.

In my personal opinion, such a thing will not interfere with the mass adoption of bitcoin. Because basically bitcoin is an asset that can be used as an investment or can also be used for trading (digital based). So it's a matter of taking profits for yourself or passing it on to others, it's up to the investors in bitcoin. Because spreading bitcoin, especially face to face, is not an easy thing. So the point is it's better to just flow, no need to push too hard. Because I'm sure, even though bitcoin is not spread intentionally by bitcoin investors (bitcoiner), even so bitcoin will definitely continue to spread by itself.

And what do you mean by bitcoiner? Are they obligated to spread bitcoin?. If they are willing indeed it is not a problem. But if they don't want to, will it be a problem.

In my personal opinion, what are called bitcoiners are people who invest or trade using bitcoin assets, and they have no special obligations or demands to distribute bitcoins. So basically, whether you want to spread it or not, it's a matter of the initiative of each investor in bitcoin.

~Snip
If you think Bitcoin is perfect, immortal, inevitable, etc., and that you can just HODL and wait, it's respectable that you do so, but it's not a thought that benefits the system, and I don't believe it should be reinforced or applauded.

I think if you call bitcoin eternal, for me it is too much. Because we don't know what will happen in the future. Regarding perfection, I admit bitcoin in terms of the usability system and overall system, is indeed very perfect compared to other assets. And doing bitcoin hodl in my opinion is an action that is very profitable for the bitcoin system, because by doing hodl, the bitcoin price will automatically stabilize and if many do hodl, the price will rise. So in that way, indirectly doing hodl on bitcoin is very useful for the bitcoin system or for its distribution. Because if the bitcoin price rises high, I'm sure the news will spread everywhere, and will be an attraction for every citizen who sees it.

So, if in your opinion, doing bitcoin hodl is not profitable for the bitcoin system, in my opinion, your opinion is very inaccurate.

[wxa7115]

I was here since long time ago and i feel that more people get involved in cryptocurrency. even some people in my neighborhood ask me about bitcoin. for normal users, bitcoin is not as complex as you think, only need few clicks then the transaction is done, see there is no difficulty. just be patient, more and more people will join this community, our number isn't decrease right? once someone know about bitcoin then the person will tend to use bitcoin because bitcoin can safe them from fiat money inflation, bitcoin give benefit to it's users.

For those that really want to understand bitcoin and its source code then there is little doubt that bitcoin is a complex beast, but for those that just want to use it bitcoin could not be more simple.

A bitcoin wallet can be installed on a smartphone and it has the same level of difficulty as any other app, the only thing bitcoin asks besides the bare minimum is for people to write their seed words on a piece of paper and keep it safe, which is something people do anyway as they have to secure a lot of documents already, also using bitcoin is no different than paying with any app really, so if we are looking for an explanation about why adoption is not as fast as we want I do not think this is a valid explanation at all.

[lizarder]

I know these are obvious points, and there's no magical solution, but it seems to be forgotten, and an attitude of "they will come when they have no other choice" or "just HODL and wait" prevails. This is not true. The future is not set in stone, and the collective result of all our individual actions will significantly determine Bitcoin's fate. If Bitcoin dies, we will lose the greatest hope for change we've had in centuries.

If you have an idea that is far more competent for other people then it's best to discuss it, so that everyone has the option of trying to capitalize on it. Why do so many people HOLD on bitcoin because they talk about value and indeed bitcoin is one of the assets that is quite promising to hold. So that in the long term it has the potential to provide benefits that are appropriate and more relevant than the previous investment system and thus giving birth to trust for the people to keep holding on to it.

In life in this world nothing is eternal and vice versa regarding bitcoin nothing can guarantee how long it will last. But a little study by trying to connect the process of supply and demand for one product in economic law, there are many reasons why bitcoin is still the best choice and I think almost everyone knows.

If you think Bitcoin is perfect, immortal, inevitable, etc., and that you can just HODL and wait, it's respectable that you do so, but it's not a thought that benefits the system, and I don't believe it should be reinforced or applauded.

No one can guarantee that bitcoin will be eternal and unbeatable in the crypto space or in investment, but for the next few years I am still quite optimistic that bitcoin is still one of the best assets. Forget about excessive complexity and fear, what we have to do is how to try to take advantage of it and as long as bitcoin can provide benefits then take advantage of it.

[yhiaali3]

Yes, unfortunately, the big players take Bitcoin away from the goal for which it was found. They care about profits in the first place, so they are not very interested in whether Bitcoin achieves its goal or not, nor do they care whether mass adoption will happen or not.

The main problem is that Bitcoin has turned from an alternative financial system to the monetary and banking system to a mere investment and hold in the long term until prices rise. This concept was helped by the big players who manipulate prices to achieve gains.

[20kevin20]

Good point about what constitutes enough mass adoption. I should have clarified that I am referring to adoption not solely as an investment. This is precisely one of my main concerns. If Bitcoin is predominantly adopted as an investment, what if even those who espouse the Bitcoin philosophy are actually hypocritical players merely waiting for the price to reach a level where they can cash out to fiat? In terms of the Prisoner's Dilemma, if we don't consider the collective well-being of the system, the future is not good.

It’s never gonna be adopted as a currency though. Sounds like a wet dream for many of us, but realistically we all just know it won’t happen. There’s no way any government would allow this to happen, it’s loss of control, loss of power, how do you expect BTC will become anything else besides an investment opportunity?

Whether we like it or not, whether we want to say the truth or not, we’re all waiting for a price level where we can live a better life - and since life is currently based on fiat, it’s gonna stay that way and we’ll have to cash out too. Don’t tell me you wouldn’t cash out at least a chunk of your holdings if they touched a million dollars, you know you would!

Unfortunately, this is the way things work. We’re all in a race for survival and unfortunately Bitcoin won’t get you much compared to fiat. At the end of the day, everyone cares about the fiat value of their coins.

[fauzan Ichsan]

I was here since long time ago and i feel that more people get involved in cryptocurrency. even some people in my neighborhood ask me about bitcoin. for normal users, bitcoin is not as complex as you think, only need few clicks then the transaction is done, see there is no difficulty. just be patient, more and more people will join this community, our number isn't decrease right? once someone know about bitcoin then the person will tend to use bitcoin because bitcoin can safe them from fiat money inflation, bitcoin give benefit to it's users.

indeed the adoption of bitcoin is growing, more and more people are opening their hearts to join the cryptocurrency world, for now most of them are adopting it because they want to save their money and get big profits. but if you don't have knowledge, even though investing is also very risky when holding bitcoin. therefore knowledge is very important especially if the money we use means a lot to us, of course we don't want to lose it, while using bitcoin as a currency, I think it's just a bonus and fortunately we already know it first

[Iranus]

I also agree with OP that Bitcoin should be used in order to propagate.  It should be continuously in circulation, meaning it must be used as currency, get traded and used as payment for services so that its use case will be established.  Holding BTC is somehow counter productive since Bitcoin usage will be in a stall when all people will hold and will not use Bitcoin for online transaction. 

Bitcoin is a currency that should be used to pay for purchases and not be held and keep on safe for a very long time.  But due to potential profit, people see it as an investment and hoard it to sell at a higher price.

I think everyone knows that using bitcoin as a currency and using it on a daily basis will trigger faster adoption. But the problem is, who will do it? Because we ourselves are also trying to accumulate and hold bitcoin for as long as possible to make a profit, we have no right to dictate or propagate others to use bitcoin as a currency instead of holding it. Personal interests will always come first, no one is kind enough to sacrifice for the future for the community.

Many people say it sounds good but have they done it? Or are they also holding bitcoin but recommending others to use bitcoin as a currency?

[rat03gopoh]

If I am a salvadorean that make money by recieving and offering service in BTC to tourist, should I keep the business to me or do I share my good luck to others?  I'm not blaming them; they have the right to act that way. But should we, as a community, try to promote more others new and small player to join the party?

My approach about new players joining the party is after knowing other people's wealth levels are growing with bitcoin, not financial conscience. I also wouldn't be a hypocrite if I did it in the first place, that's stupidity but a fact. So if you invite other people but you don't have a convincing preference, don't expect new players to come.

I think when the Fiat ecosystem was introduced, many people rejected and did not believe in fiat. You can imagine, gold was replaced with paper, it looks like nonsense. But after a long journey, everyone now believes in fiat and it has been adopted en masse.

Or did society adopt fiat because it was actually dictated by the authorities, which then slowly became the first monetary policy in modern civilization that every country must have a financial institution to make distinct fiat and must be used by its citizens as an economic benchmark?

[komisariatku]

Or did society adopt fiat because it was actually dictated by the authorities, which then slowly became the first monetary policy in modern civilization that every country must have a financial institution to make distinct fiat and must be used by its citizens as an economic benchmark?

Yes, you are right, fiat adoption is promoted by the government but fiat adoption doesn't happen overnight, it takes a long process until finally people are ready and believe in fiat. Now many observers are predicting that sooner or later the USD dollar will collapse and that could be the collapse of the fiat financial system. When the dollar collapses, you want to replace it with any currency, the result is the same, only paper

If people no longer believe in fiat which is only made of cheap goods (paper) then a new currency is needed that can truly maintain its value. I'm sure everyone would agree with gold being reused as currency, but how effective is it? it is no longer possible to use gold as a means of payment when viewed from its effectiveness, it is impossible for us to carry 1 pound of gold in our pockets to shop at the mall, it is impossible for gold to be used for digital transfers and payments while the world is now moving into the digitalization era. So what's the solution? the currency that supports the digital era and is believed to be able to maintain its value is bitcoin, nothing else.

But on the other hand, I also believe that it is impossible for the world to make bitcoin the world's main currency, the reason being that bitcoin is decentralized so that the government cannot control bitcoin. So I think the adoption of bitcoin can only be as an alternative currency, but it doesn't matter if bitcoin is legally recognized and used around the world. That's pretty good for bitcoin

[meliorem]

previous years people have only option to use paypal or e currencies like e-gold liberty reserve which already closed

so most of people now preferred btc and alt coins and its widely use

but there is always risk in using coins

[usekevin]

Bitcoin adoption is the most important one now,because the huge people are in bitcoin investment now.So their are huge possibilities of bitcoin to the next all time high of 100k.So to get that much profit,the early adoption is most important one.Panic selling in the bitcoin must be avoided to skip the good profit from your holding bitcoin.Bitcoin will become the most acceptable currency in all the shopping in the upcoming years.So holding a bitcoin for longer period help you get huge profit from the bitcoin in near future.

[kryptqnick]

I don't think Bitcoin is any more complex than the traditional banking system or the way fiat currencies work. One doesn't need to understand something well to be able to use it, and people use things they understand very vaguely all the time without worrying about it. So complexity isn't a major issue, IMO.
Then, to be honest, I don't get the second point. People don't share their fiat profits with others, usually, and yet that doesn't hinder fiat usage in any way. And it's not like businesses that adopt Bitcoin somehow make obstacles for the adoption of Bitcoin by others.
But I did enjoy the parts about El Salvador's situation and what can be done about it, so thanks for sharing your thoughts, op.

[Drawesome]

And what do you mean by bitcoiner? Are they obligated to spread bitcoin?. If they are willing indeed it is not a problem. But if they don't want to, will it be a problem.

For me, a bitcoiner is someone who believes in and practices the Bitcoin philosophy. I would call an investor in Bitcoin a "Bitcoin investor" and not a "bitcoiner". The investor invests to make money, while the one who practices the Bitcoin philosophy is doing something else. It's not incompatible to be an investor and practice the philosophy; the problem arises when people confuse their values with their interests and no longer know what to make up or which enemies to seek to justify that their actions are not in line with what they preach.

So, if in your opinion, doing bitcoin hodl is not profitable for the bitcoin system, in my opinion, your opinion is very inaccurate.

Just Hodl and wait to sell and don't care about anything else? It is a zero sum gate by definition. Of course is not profitable for the system


I couldn't find someone who asked me if I would sell if bitcoin hit 1 million. He's right, of course I would sell a significant portion in pursuit of my personal and family well-being. It's not about acting or living like monks, it's about balancing personal interest with taking care of a system that is fairer for everyone. My point is that you can't pretend to a maxi and then run off with the money the minut it's OK for you. If you do that, you're a fraud (not for doing it, for talking about thinks that you don't believe in).

Thank you everyone for all your input. It's been a helpful exercise. Debating is fine, but for more concrete action would be better