Bitcoins and other cryptos will never become mainstream before...

[yazher]

Not all of the world's population needs to use Bitcoin, and if 5% of the population and 5% of companies use Bitcoin, I think we will reach an acceptable level of prediction such that there is no need to convert Bitcoin into dollars and the possibility of using it to make purchases for most needs due to the availability of the level of acceptance.

Just like any other currency right now still they are recognized as mainstream money like dollars and other top fiats that people use right now. Bitcoin will be like that in the future and people will gonna use it as one of the money they can freely convert to fiat or vice versa whenever they want. I hope I will see that kind of future throughout the world because we cannot just rely on banks in terms of securing our money, they need to let us do whatever we want with it especially when it comes to saving it ourselves in order to use it freely and bring it with us without anyone knowing about it.

[Hamza2424]

Hmm, So Op you are having concerns about the global mass adoption of Bitcoin, well that is not possible at least shortly, also with the current network fees, no one would love to buy the Water bottler after paying the skyrocketed network fees. Lightning Network has some exceptions for that.

TBH the adoption Op you are talking about at least I'm not even expecting the next Halving era, it will be after a few more havlings, and at that time maybe there can be an efficient solution for Bitcoin's network scalability issues. But Bitcoin is still the mainstream and for the altcoin's shit i cant say anything.

[Antotena]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

Quite simple, many expecting an explosive entropy of the bitcoin adoption / price but truth is the average folk most common needs and use of money aren't met by bitcoin, this fact goes against the very foundation of any successfully implemented mean of money anytime across recorded history. It really is a political problem at it's core, the deep states run by bankers won't let a viable alternative co-exist in the streets. I have no doubt that with truly liberal and free alien civilizations, the blockchain technology would have attained (for all purposes) universal adoption in a shorter time that the cryptos have been around by now here.

What are your takes about that sentiment?

The direction you are looking and projecting bitcoin is entirely different from where it's even headed. Bitcoin is not trying micro finance but it's trying to compete with the micro finance like the institutional investors and that's why you will notice that Blackrock and other prominent traditional financial system are trying to get spot bitcoin approved in the US, we have some spot ETF approved in other places but having approved and green light in the US will enable other countries to do the same without thinking further or the consequences because they know US is good in making good choice, now imagine if all the countries have bitcoin ETF for investors, that's more than the adoption you are comparing.

On small scale business and transaction, may be Lightning Network might fix that later and then make people used bitcoin but bitcoin itself on the main network is going to be challenging especially the fees we are facing now is already discouraging, who is going to spend $10 for a fee for an item they can get less than a $1, it wouldn't work but I just want you to know that bitcoin is bigger than where you are looking at currently.

[milewilda]

Not all of the world's population needs to use Bitcoin, and if 5% of the population and 5% of companies use Bitcoin, I think we will reach an acceptable level of prediction such that there is no need to convert Bitcoin into dollars and the possibility of using it to make purchases for most needs due to the availability of the level of acceptance.

Five percent is too small, this means you will hardly finds a place or an organization that accepts bitcoin before you can be able to spend it, bitcoin is already getting to that stage, very gradually we are moving to be the mainstream of making payments, we many still have to use them both for now till that time arrived whereby we don't need any other means of making payments than bitcoin and exchange of this same digital currency into fiat may not be needed as before since it would have turned the mainstream global currency.

Difference is with the way we are using it. If it is with mode of payment, then there's only a small percentage where it is being used as it is. Bitcoin and other cryptos are widely used as an asset or an investment and there's nothing really bad about it. With its wide acceptance, there'll be more years to come before its total acceptance. It is now known by many but there is a mix of impression towards this technology and we should wait further for improvements on such viewpoint. Global currency on the other hand is something.

If we do speak about into its utility then we can really say that it isnt really that something that has been that totally used but rather crypto is really that been treated up as an investment on which people would really be that holding. They wont really be that trying out to make use of those coins or trying out to make transactions considering that value could really be able to rise up in the future or does simply that do talks about having potential.
We do know that when it comes its real essence of its existence then it would really be taking about transfers or as a currency but people wont really be tending out on trying to touch it out if we do speak about
on making use of it into that particular method. Adoption and recognition is really just that on the move on which it wouldnt really be something that can be stopped if we do talk about adoption.
Whether it would become mainstream or not then there's no way that we could be able to tell on what would really be the future that lies ahead.

No one knows on what would be the things that will happen in the future whether bitcoin or cryptocurrencies would really be taking up some place or would both co-exist with fiat in the longer runs
or wouldnt really be that something relevant as people would just simply sticking into those traditional things?

[AmoreJaz]

Hmm, So Op you are having concerns about the global mass adoption of Bitcoin, well that is not possible at least shortly, also with the current network fees, no one would love to buy the Water bottler after paying the skyrocketed network fees. Lightning Network has some exceptions for that.

TBH the adoption Op you are talking about at least I'm not even expecting the next Halving era, it will be after a few more havlings, and at that time maybe there can be an efficient solution for Bitcoin's network scalability issues. But Bitcoin is still the mainstream and for the altcoin's shit i cant say anything.

adoption of crypto is in continuous motion so there's no hurry for it to be mainstream. as long as the market exists and people are supporting it, the chance to go mainstream is always here. but saying, it will never become mainstream is an understatement.

why i think it is slowly going mainstream?
 - big companies/stakeholders are buying their own stash of crypto
 - top personalities like elon musk is getting involved
 - banks are trying to integrate CBDCs in their financial system
 - approval of ETF
 - online/offline merchants are adding crypto payment
 - increasing number of crypto users and so as crypto investors
 - financial platforms are considering their stake on crypto
 - countries are making bitcoin as legal tender such as El Salvador and Central Africal Republic

[Furious 7]

We dont have to force everyone in the world to use bitcoin because in the end the global adoption that many people are always talking about is just another form of desire that is desired but if in the end it cant be like that then for now bitcoin has been accepted and is still a commodity that can be used as an investment asset it is very good.
Indeed in the end there is hope that bitcoin can be accepted by more people and as a recommended payment option but we also dont have to always force the will so that something like this can be done in all countries in the world because things like this of course we know that it is very difficult to do and for now im still very satisfied with the performance and progress in bitcoin so that is enough for me personally.

[Abiky]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

Quite simple, many expecting an explosive entropy of the bitcoin adoption / price but truth is the average folk most common needs and use of money aren't met by bitcoin, this fact goes against the very foundation of any successfully implemented mean of money anytime across recorded history. It really is a political problem at it's core, the deep states run by bankers won't let a viable alternative co-exist in the streets. I have no doubt that with truly liberal and free alien civilizations, the blockchain technology would have attained (for all purposes) universal adoption in a shorter time that the cryptos have been around by now here.

What are your takes about that sentiment?

I know high on-chain fees are a problem for mainstream adoption, especially when we're talking about onboarding new users into Bitcoin. But there's nothing we can do about it if we want to keep Bitcoin "free" (as in liberty). Censoring Ordinals transactions would steer Bitcoin away from its original principles. Either people switch to the Lightning Network or use an alternative cryptocurrency with lower fees. I'm sure developers will increase the block size to alleviate the issue. If they don't, we'd have no other choice but to wait until the hype is over.

We'll see less people having self-custody of their coins because of the rising on-chain fees. Lower fees = increased mainstream adoption. Let's not forget market volatility prevents BTC from being used as digital cash. Who knows how long will it take before things go back to normal?

[famososMuertos]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

Quite simple, many expecting an explosive entropy of the bitcoin adoption / price but truth is the average folk most common needs and use of money aren't met by bitcoin, this fact goes against the very foundation of any successfully implemented mean of money anytime across recorded history. It really is a political problem at it's core, the deep states run by bankers won't let a viable alternative co-exist in the streets. I have no doubt that with truly liberal and free alien civilizations, the blockchain technology would have attained (for all purposes) universal adoption in a shorter time that the cryptos have been around by now here.

What are your takes about that sentiment?

There is a problem with your context, bitcoin can be used universally, on this planet it is humans, but with the issue of such amazing distances I think that if someone makes a send from Earth to Alpha Centauri C, it takes a couple of light years , so it is best that there is a local planetary P2P.

CCs are not used by all people, but a CC with funds could buy a Yacht, there are others users to buy everyday things and there are retail consumers, so how many people are there for a CC that can buy a Yacht, few but the option exists In that idea, whoever pays or spends $1 with CC, mmhh!, well it happens. The same is with bitcoin, don't put walls where there are doors(TXs).

^{Credit card:CC}

[bayu7adi]

You're right! As long as people worldwide can't easily compare using Bitcoin with regular money for simple purchases, regular money (FIAT) will stay more popular than Bitcoin. But that's not a big deal here. Bitcoin isn't widely used by most people yet because the necessary systems and support aren't ready. Some countries are also hesitant to fully accept Bitcoin, which adds to the challenge.

If Bitcoin really becomes a normal thing for everyone, I doubt it'll be as easy as we hope. Its limited supply makes it more suitable for speculation, like a valuable asset. Many people here focus more on the price of Bitcoin than on how to buy everyday things like water with Bitcoin or set up a cash register that works with Bitcoin payments.

In my opinion, this is a big challenge, so I don't think everyone in the world needs to start using Bitcoin. Maybe making it an option for 15% to 30% of people worldwide is already a significant step.

[serjent05]

What are your takes about that sentiment?

Eventually... cryptocurrency will become mainstream...  The banks and government are starting to look after the benefits of cryptocurrency.  They have been designing regulations and law where cryptocurrency can be used or integrated in finance industry without breaking their core point about finance, centralization.  

Although Bitcoin is decentralized in nature, the government wanted to have control not of its main network but rather of the companies that utilized Bitcoin to gain profit. I believe eventually, the government will create such regulations and cryptocurrency will then become a mainstream.  

Whether we like it or not, cryptocurrency needs government support in order to become mainstream.  Aside from that, I believe there are lots of works and development that need to be done on the Bitcoin system for it to be ready for mainstream adoption.

[legiteum]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

To answer the question as to when that will happen, first ask why that would happen. In short, what would be the advantage to the average consumer to purchasing a bottle of water using a static Bitcoin wallet versus using physical cash or a credit card connected to a financial institution?

Right now, all the average consumer would notice about the Bitcoin method is that it's a lot slower and a lot more expensive and most vendors don't accept this form of payment besides.

Credit card transactions almost always complete in less than a second, and the worldwide infrastructure for credit cards handles over one million transactions per second during peak periods and billions of transactions per day. To my knowledge (correct me if I'm wrong), there's no blockchain-based infrastructure that's even remotely ready for that even in theory.

Of course crypto has tapped into a half trillion dollar business in speculative investing, and it handles that consumer need just fine. Maybe nobody has solved this problem because there's no need to.

[taufik123]

-snip-
Now, it's kind of funny and sad how the main purpose has to take the alternate route, the layer 2, because the main network is busy with inscriptions.

Before BRC20 appeared there was no network congestion as it is today, everything was fine.
But after the inscription strikes everything becomes very heavy and more transactions have to be confirmed.
Usually I only spend around $1 with a fairly fast confirmation but now $1 does not represent anything for the transaction, it needs 10x more and a very long confirmation.

When the alternative path takes a Layer 2 Lightning network, why not, if that is a better alternative.
Is it possible that BRC20 will be phased out or use their own network, as this is a new problem on the Bitcoin network?

[Darker45]

-snip-
Now, it's kind of funny and sad how the main purpose has to take the alternate route, the layer 2, because the main network is busy with inscriptions.

Before BRC20 appeared there was no network congestion as it is today, everything was fine.
But after the inscription strikes everything becomes very heavy and more transactions have to be confirmed.
Usually I only spend around $1 with a fairly fast confirmation but now $1 does not represent anything for the transaction, it needs 10x more and a very long confirmation.

When the alternative path takes a Layer 2 Lightning network, why not, if that is a better alternative.
Is it possible that BRC20 will be phased out or use their own network, as this is a new problem on the Bitcoin network?

Network congestion isn't a new problem. BRC-20 might have made everything worse, a lot worse, but everything wasn't really fine before it arrived. Scalability isn't a problem only revealed by the advent of Bitcoin NFTs. It has already been dealt with in past. Hundreds of thousands of unconfirmed transactions isn't a reality that's exclusively brought about by BRC-20. The network has experienced it in the past.

Lightning network is an alternative. Liquid network is an alternative. They may be good alternatives. But my point is it's somewhat odd that the main purpose of Bitcoin will have to be realized in different networks because the main network is busy with monkeys and punks and whatnot. How about an interchange?

[Ale88]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

Quite simple, many expecting an explosive entropy of the bitcoin adoption / price but truth is the average folk most common needs and use of money aren't met by bitcoin, this fact goes against the very foundation of any successfully implemented mean of money anytime across recorded history. It really is a political problem at it's core, the deep states run by bankers won't let a viable alternative co-exist in the streets. I have no doubt that with truly liberal and free alien civilizations, the blockchain technology would have attained (for all purposes) universal adoption in a shorter time that the cryptos have been around by now here.

What are your takes about that sentiment?

In several countries you can already purchase stuff using bitcoins, I don't see the problem. Especially because at this point it would be too hard to change things, at least in first world countries. Just like some places only accept credit cards and others only accept cash, you can decide to accept bitcoin as well and as long as you report your sales I don't see the problem.

[michellee]

Maybe currently, there are still general needs that Bitcoin cannot fulfill. It is still in the normal stage because governments still have not fully accepted Bitcoin. Bitcoin will become mainstream once all countries agree to adopt crypto and from there will be changes.

In terms of transactions, the costs that must be paid to send Bitcoin are very high, so many people are concerned. Everything can be overcome slowly so that the mainstream can be achieved later. But seeing what has happened now, where large companies have invested in Bitcoin, shows interest in blockchain technology. It also helps the adoption process and while it may not yet reach its target of becoming mainstream, it can be achieved.

Bitcoin has become the attention of people who want to take advantage of Bitcoin. They have started investing a long time ago and have felt the benefits. So this also helps the adoption process and will develop even better.

[legiteum]

Bitcoin will become mainstream once all countries agree to adopt crypto and from there will be changes.

What would that change? Paying for something with crypto would still be hundreds of times slower and more expensive and cumbersome than doing so with a credit card. Some government forcing it down people's throats will just create a backlash.

 

[Dump3er]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

Quite simple, many expecting an explosive entropy of the bitcoin adoption / price but truth is the average folk most common needs and use of money aren't met by bitcoin, this fact goes against the very foundation of any successfully implemented mean of money anytime across recorded history. It really is a political problem at it's core, the deep states run by bankers won't let a viable alternative co-exist in the streets. I have no doubt that with truly liberal and free alien civilizations, the blockchain technology would have attained (for all purposes) universal adoption in a shorter time that the cryptos have been around by now here.

What are your takes about that sentiment?

Could you explain to me where you can buy a bottle of water with gold? I assume you can't and that's because in most places in the world you can't buy water bottles with gold, but gold is still mainstream.

Maybe some numbers help to support that: the totel market capitalization of gold is sitting at just under 14 trillion USD. The total value of USD in circulation in the United States is just under 2.3 trillion. Now you could argue that gold was referring to the global market cap while the latter is USD in the US only, fair enough. But I am sure you get my point here. Whether something becomes mainstream or not does not solely depend on whether you can buy a bottle of water with it or not.

Different asset classes have different advantages and being able to buy a bottle of water is an advantage that USD has over BTC. But maybe you should instead have a look at all the threads where the advantages of BTC over USD are listed. The list is long! The problem at hand here is your definition of the word "mainstream".

[Blitzboy]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

Quite simple, many expecting an explosive entropy of the bitcoin adoption / price but truth is the average folk most common needs and use of money aren't met by bitcoin, this fact goes against the very foundation of any successfully implemented mean of money anytime across recorded history. It really is a political problem at it's core, the deep states run by bankers won't let a viable alternative co-exist in the streets. I have no doubt that with truly liberal and free alien civilizations, the blockchain technology would have attained (for all purposes) universal adoption in a shorter time that the cryptos have been around by now here.

What are your takes about that sentiment?

The direction you are looking and projecting bitcoin is entirely different from where it's even headed. Bitcoin is not trying micro finance but it's trying to compete with the micro finance like the institutional investors and that's why you will notice that Blackrock and other prominent traditional financial system are trying to get spot bitcoin approved in the US, we have some spot ETF approved in other places but having approved and green light in the US will enable other countries to do the same without thinking further or the consequences because they know US is good in making good choice, now imagine if all the countries have bitcoin ETF for investors, that's more than the adoption you are comparing.

On small scale business and transaction, may be Lightning Network might fix that later and then make people used bitcoin but bitcoin itself on the main network is going to be challenging especially the fees we are facing now is already discouraging, who is going to spend $10 for a fee for an item they can get less than a $1, it wouldn't work but I just want you to know that bitcoin is bigger than where you are looking at currently.

Bitcoin ETFs in the US show its growing importance and ability to change investing landscapes worldwide. Bitcoin's path goes beyond institutional investment, I think. Bitcoin has the potential to handle large-scale financial processes and routine transactions. High main network transaction fees are substantial but not prohibitive. Bitcoin may be suitable for smaller transactions because to innovations like the Lightning Network. Changing these flaws will allow Bitcoin to serve more financial demands. I see Bitcoin as a financial solution, not merely an institutional investment tool. Adaptability and evolution will define its global financial success and influence.

[blckhawk]

The problem with that requirement is that there's bound to be a resistance coming from the banks and the currency of a country, it's not easy to replace the legal tender of a country. Sure, El Salvador did it but look at their population and the size of their country and their influence in the global market, it's not going to be the same situation if it's China, USA or Russia that will do this because they're 3 of the most influential countries in the world and in the global market and them changing their legal tender USD, RMB, RUB to BTC is going to shake the foundation of each country's financial institution to the core not including the effects on the global market. This sure is the dream for all of us who use bitcoin but we have to be realistic about all this, not everyone's going to be on our side when it comes to this one.

[aoluain]

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

There are two things wrong here and people only responded to one of them so far.
The obvious one that when we talk about adoption we aren't talking about a situation when you can buy anything anywhere at any time. That would be more like replacing fiat which is not the goal.

The other one that nobody addressed is that altcoins will never become mainstream or even be used as long as their purpose is to be pumped and dumped. For years the altcoin creators only made new projects to make money themselves, hence the premines and ICOs and PoS and so on. Until that changes, we won't see "other cryptos" ever be used for anything meaningful.

You are right but I think it hasnt been discussed earlier on this thread because we all know
that altcoins will never come close to having the useage of Bitcoin.

Personally I never believed Bitcoin would become a globally accepted mainstream currency.
It is now going down the road of being a very sought after assett according to institutional investors.

For this argument we could also say I cannot go to my local shop and but a bottle of water with
my rough cut sapphire!