Bitcoin will never become mainstream

[pawanjain]

That's not true. In a pyramidal scheme, the profits of old users are directly generated by the incoming money of new investors. it doesn't necessary mean new investors lose; it means that after some point, the whole thing will collapse, and then they will.

From that perspective, every stock in the stock market is a pyramid scheme because the price is rising only because the people are buying and selling it.
Hence the early investors are gaining profits just because the new investors are buying it at higher prices.
If you argue that companies have intrinsic value and so the prices are rising then bitcoin's intrinsic value is the trust of people over it and that's why the demand is there for it and the price is rising.
So are stocks from a pyramid scheme too? If yes, then bitcoin is too.

[Eternad]

…

Sounds like someone who missed the moon train and butt hurt that the price doesn’t go lower for his entry.

Bitcoin already has an ETF that has insane amount of trading volume. Billionaire company is already on board while the upcoming president of the US is pro Bitcoin so I wonder where this comment of yours based while all the evidence for Bitcoin already a mainstream is already there.

I suggest to read some news!

[bitcurve]

Bitcoin gives freedom and privacy to it's holders that is why they're at liberty to either spend it as a decentralized digital currency or they can hodl it as an investment asset. Bitcoin is a new innovation in the financial system and it's not even two decades old, so you can't expect it's usage as a currency to be compared with fiat just yet, you have to give it time. I believe that in the near future the naretive about Bitcoin by those that are still skeptical about it will change, it's already happening, the adoption is increasing geometrically. Some businesses have started to accept Bitcoin, gradually more will join as the awareness and adoption continues to increase. Remember that great things starts from small beginnings and it's sad that Rome, wasn't built in a day, so it's not too late for you to hop on the train.

i appreciate your detailed comment, i agree with you on most things, but one thing is still a problem - the usage. The normal, everyday user doesn't know (and doesn't want to deal with) securing their coins in cold wallets. Once a mistake is done, the money is gone and no one can revert it. And it doesn't seem like the bitcoin community even cares about this problem. Decentralization solves some problems, but creates other problems.

[bitcurve]

…

Sounds like someone who missed the moon train and butt hurt that the price doesn’t go lower for his entry.

Bitcoin already has an ETF that has insane amount of trading volume. Billionaire company is already on board while the upcoming president of the US is pro Bitcoin so I wonder where this comment of yours based while all the evidence for Bitcoin already a mainstream is already there.

I suggest to read some news!

If bitcoin is already mainstream, how come i can't literally buy anything with it on any stores on most countries, like buying a computer, house, car, even milk or eggs. This is true that some progress been done (and will be done - also because trump elected) but this is VERY FAR from mainstream. I read news - i suggest you read about the definition of mainstream.

That's not true. In a pyramidal scheme, the profits of old users are directly generated by the incoming money of new investors. it doesn't necessary mean new investors lose; it means that after some point, the whole thing will collapse, and then they will.

From that perspective, every stock in the stock market is a pyramid scheme because the price is rising only because the people are buying and selling it.
Hence the early investors are gaining profits just because the new investors are buying it at higher prices.
If you argue that companies have intrinsic value and so the prices are rising then bitcoin's intrinsic value is the trust of people over it and that's why the demand is there for it and the price is rising.
So are stocks from a pyramid scheme too? If yes, then bitcoin is too.

The difference here is that when you buy a stock you buy a share of the company. It's not just a "virtual asset". Besides, the money doesn't only come from new investors in stocks - so this argument is incorrect.

[South Park]

Bitcoin gives freedom and privacy to it's holders that is why they're at liberty to either spend it as a decentralized digital currency or they can hodl it as an investment asset. Bitcoin is a new innovation in the financial system and it's not even two decades old, so you can't expect it's usage as a currency to be compared with fiat just yet, you have to give it time. I believe that in the near future the naretive about Bitcoin by those that are still skeptical about it will change, it's already happening, the adoption is increasing geometrically. Some businesses have started to accept Bitcoin, gradually more will join as the awareness and adoption continues to increase. Remember that great things starts from small beginnings and it's sad that Rome, wasn't built in a day, so it's not too late for you to hop on the train.

i appreciate your detailed comment, i agree with you on most things, but one thing is still a problem - the usage. The normal, everyday user doesn't know (and doesn't want to deal with) securing their coins in cold wallets. Once a mistake is done, the money is gone and no one can revert it. And it doesn't seem like the bitcoin community even cares about this problem. Decentralization solves some problems, but creates other problems.

Modern banks were created as people realized they were unable to secure their gold and silver coins properly, so they allowed a third party to store them and protect them, the issue is that this allowed those third parties to abuse their power and play with your money as they wanted, so we are forced to choose, do we want for that abuse to continue or do we take back our wealth and store it ourselves with the risk this entails? So it is not that the community does not care, it is just there is no good solution for it, you either pick one option or the other, but you cannot get the advantages of both by picking a single option.

[lizarder]

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

You are one of those people who think pragmatically and maybe you don't understand how bitcoin was created. If you think bitcoin is a scam then why are you talking about it because in this forum you will understand that everyone will support bitcoin. You are entering the lion's den and I think your mindset is like someone who doesn't know this forum because even if we discuss you will stick to your own opinion.

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

I don't know where to start because you are almost trying to equate bitcoin with gambling, crime and other negative things. So there is no possible conclusion that can be discussed if you don't have a positive side to talk about and I think you need to learn more about bitcoin. Privacy is something that is very important and you will understand how it works when you know bitcoin thoroughly.

[bitcurve]

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

You are one of those people who think pragmatically and maybe you don't understand how bitcoin was created. If you think bitcoin is a scam then why are you talking about it because in this forum you will understand that everyone will support bitcoin. You are entering the lion's den and I think your mindset is like someone who doesn't know this forum because even if we discuss you will stick to your own opinion.

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

I don't know where to start because you are almost trying to equate bitcoin with gambling, crime and other negative things. So there is no possible conclusion that can be discussed if you don't have a positive side to talk about and I think you need to learn more about bitcoin. Privacy is something that is very important and you will understand how it works when you know bitcoin thoroughly.

Well, if you look at the numbers, you see tons of usage in crime/gambling with bitcoin. Regarding the privacy - why do you think bitcoin is private? It's clearly not. Anyone can trace you. How is that more private?

[Jawhead999]

Regardless it's associated with centralization or not, but Bitcoin will be mainstream in the future.

Well, if you look at the numbers, you see tons of usage in crime/gambling with bitcoin. Regarding the privacy - why do you think bitcoin is private? It's clearly not. Anyone can trace you. How is that more private?

A lot people use fiat for crime and gambling too.

Bitcoin might be not the best in terms of privacy, but at least it's the best coin for investment and privacy at the same time. The number of asset that the price appreciate and can protect your privacy is low, most of the time you can only pick one.

[kotajikikox]

Bitcoin might be not the best in terms of privacy, but at least it's the best coin for investment and privacy at the same time. The number of asset that the price appreciate and can protect your privacy is low, most of the time you can only pick one.

I mean compared to fiat, bitcoin is definitely the better option for privacy and decentralization. If you are using centralized exchanges then that is only when it’s not exactly the best for privacy but otherwise no one really would know if you bought or sold bitcoin even if the transaction is recorded on the blockchain and for that I consider it very valuable to protecting our privacy.

[uneng]

Bitcoin is already going mainstream. It happened as soon as institutional investors have become large holders and politicians have started getting involved with Bitcoin. Moreover, regulations are also another sign Bitcoin is going mainstream, as bureaucracy, obstacles and further fees are being created in order to allow people using Bitcoin. Centralization is going strong nowadays regards Bitcoin adoption and usage, and that is a pretty bad evidence Bitcoin is being tamed by authorities. Taking its creation and purpose into consideration, that is now how things should happen at all.

But that is how they are happening, anyway. Bitcoin was great during its initial years. I remember by 2016 or 2017 it was great. That feeling started changing from 2018 on, though, for some reason.

[legiteum]

Bitcoin was never designed to be "mainstream" in the sense of every person using it for transactions on a daily basis. The blockchain architecture makes any sort of significant scale impossible. The problem Bitcoin was design to solve--allowing people who could not transact for fear of government prosecution--is not a problem that any significant number of users have.

I do think Bitcoin's popularity as a meme investment will foster interest in digital currencies that do scale to the mainstream, but Bitcoin itself cannot play this role.

Now, if you are talking about Bitcoin as an meme investment instrument then clearly Bitcoin is already mainstream right now. Whether it will stay popular like this when other digital currencies actually will become used daily by everybody is an open question.

[BlackHatCoiner]

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

Neither. It encourages everyone to start living a low time preference life, which is really big deal for civilization. If you're unfamiliar with "time preference", here's what it is, in short: https://youtu.be/jZ0MXhv66kI.

The reduction of time preference is what enables human civilization to emerge, and what allows cooperation and peaceful coexistence. What fiat currency has incentivized is to live fragile lives, as storing your savings in fiat enables your wealth to be eroded by the relentless money printers that produce inflation. More information in this thread.

TL;DR, it is the cure to the disease known as "central bank".

[Agbe]

Op are you for real? Bitcoin is the king of all the cryptocurrencies. Bitcoin was mainly created for daily transactions to support fiat in the Internet but as people discovered that it is a store of value then they started to accumulate it and keep it in their wallets to appreciate in years time. And for that bitcoin became a business investment for people so the use of buying  of things and paying of service online becomes the second uses of bitcoin. Bitcoin has changed many life in the world both online investment and created more millionaires. Bitcoin cannot be controlled by individual to enter mainstream and it is already in the mainstream. Op you need to reread the uses of bitcoin. Bitcoin was meant to be used by p2p and not from any exchange. And it is the lack of the real p2p uses of bitcoin that lead to the use of centralized exchanges. There is no argument for that and it is already there. Nobody that I understand bitcoin will call it a scam. Oh yes it is the new global currency for online which has come to stay.

[Ultegra134]

A lot people use fiat for crime and gambling too.

Bitcoin might be not the best in terms of privacy, but at least it's the best coin for investment and privacy at the same time. The number of asset that the price appreciate and can protect your privacy is low, most of the time you can only pick one.

I really despise this argument; fiat currencies have always been used for crime activities, yet people still blame Bitcoin and cryptocurrencies. I'm not saying that they aren't used in the dark web markets or for money laundering in mixers, but that's simply the tip of the iceberg. Most transactions are still conducted with fiat currencies, and those who were involved in such activities always found ways around the law. Cryptocurrencies weren't a thing until the early 2010's, yet people focus on the negative aspects of a few darknet markets in a timeframe of less than 15 years.

[o48o]

I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.

What are the arguments that support bitcoin will go mainstream? Any argument I can find online is something non-related to bitcoin itself - For example, if the US government buys bitcoin, or Tesla accepts Dogecoin it isn't something that (in my opinion, at least) makes bitcoin more accessible for the normal, non-technical every day person.

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.

Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.

And it's overpriced.

Leave your comments.

Well it sounds like you don't know a lot about it. Most of your points seem to be strawmen to me, coming from a person who just found bitcoin and haven't looked into it.

How will it "go" to mainstream and what do you even mean by that?  Bitcoin is currently 8th largest asset in the world surpassing marketcap of silver, so it is already mainstream. Or what are you expecting to happen? It's not going to replace a dollar if that's what you are after, but you can easily change it to goods via crypto debit cards for example.

I have been around for a long time and have heard all kinds of weird ideas how bitcoin is inter planetary money etc. I haven't never taken that kind of speak seriously, so i find it funny that newcomers are coming in this space, saying it's scam because some random dudes in the internet are saying outrageous things. And if you take their word seriously, and think that everyone buying bitcoin believes it would go up only, i understand why bitcoin would seem like a pyramid scam. Every holder knows that it's going to have a ath limit, and it's not just going up. Up only is a meme, not to be taken seriously.

Saying it's overvalued has been a thing that someone says about it during every bull run. No one knows where the top actually is and no one (except crazy people) even dreamed it going this high at the early years.

Privacy or pseudonymity hasn't been serious argument for a long time, least now when we have new upcoming regulations. I am not sure why some people still use that.

And when at some answer you said it's used by criminals, funny thing is that you only know that because of an open ledger. Criminals are using anything that works, and bitcoin has worked so far, so obviously criminals have used it as well. We don't have same kind of clear statistic for anonymous paper money. But we have estimates. And we know that most banknotes have traces of cocaine on them. So is paper money evil as well, when criminals notoriously have preferred that?

[Synchronice]

I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.

What are the arguments that support bitcoin will go mainstream? Any argument I can find online is something non-related to bitcoin itself - For example, if the US government buys bitcoin, or Tesla accepts Dogecoin it isn't something that (in my opinion, at least) makes bitcoin more accessible for the normal, non-technical every day person.

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.

Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.

And it's overpriced.

Leave your comments.

How can you say that Bitcoin will never become mainstream while it's actually a mainstream? Look at Bitcoin's market cap and compare it to other coins, it's bigger than all coins taken together. Compare Bitcoin's market cap to companies like Microsoft, Alphabet, Apple and others. It's definitely a mainstream and from this point, any argument that says it's not a mainstream and will never be, is simply not valid.

The fact that people buy Bitcoin for investment purposes doesn't mean that Bitcoin is a pyramid scheme. Everyone buys it for different reasons. There are lots of people who buy it because they appreciate all the benefits that Bitcoin brings. If you want to know more about them, please read Bitcoin Whitepaper, you'll understand what is the real pro of Bitcoin and what problems this invention solves.

[Antotena]

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.

Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.

And it's overpriced.

Leave your comments.

There is what is called opinion and you have just said what you have in mind to say. You can't be completely right, there are somethings that you have said about meeting up the standard global currency which caught my attention, I hope you know that most people see Bitcoin as a store of value than been a peer to peer digital currency that some people see Bitcoin as, how many people actually use Gold as a means of settlement yet it's a reserve for many countries, that's the question you should ask yourself.

If Gold is been worship by central banks and more valuable than there own paper currency they have been printing, then Bitcoin has a chance to be a global reserve too one day which I think USA will consider one day since Trump has won the election and many people are anticipating for his fulfillment of his promises, you don't know what's going to happen between now and next, if Bitcoin becomes a reserve currency for Banks, you will retract your statement tomorrow.

[Saint-loup]

I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.

What are the arguments that support bitcoin will go mainstream? Any argument I can find online is something non-related to bitcoin itself - For example, if the US government buys bitcoin, or Tesla accepts Dogecoin it isn't something that (in my opinion, at least) makes bitcoin more accessible for the normal, non-technical every day person.

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.

Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.

And it's overpriced.

Leave your comments.

I agree with you, but I don't think it's mainly for these reasons, if people were really worried about its energy consumption or about the depravity of the main activities where cryptos are used, they wouldn't even invest their money into it at first. But unfortunately Bitcoin is not able to evolve, and it stays too much user unfriendly to be used by the average Joe and Jane. In addition on-chain transactions (ie real BTC transactions)  are too slow and too expensive for a common money in 2024.

[Z-tight]

The normal, everyday user doesn't know (and doesn't want to deal with) securing their coins in cold wallets. Once a mistake is done, the money is gone and no one can revert it. And it doesn't seem like the bitcoin community even cares about this problem. Decentralization solves some problems, but creates other problems.

If you want to use BTC, you have to be your own bank, there is no central authority that is in control. I always say that if one is not ready to be their own bank, they are not ready to use BTC, that is not a flaw with the network, if you lose your coins because you do not know how to use a cold wallet or how to secure your funds, then it is on you.

Take note that if you spend BTC frequently, you should have an online wallet for spending on the go, cold wallet is meant to hold the large part of your funds.

[FatFork]

for the normal, non-technical every day person.

Let me stop you right there. Do you know what smartphones have done to the Internet for "normal, non-technical, everyday people"? They've made it incredibly accessible, even for those who don't understand the underlying technology. The same thing is happening with Bitcoin and other cryptocurrencies.

And it's overpriced.

I don't agree. Since Bitcoin is a unique asset class, you don't have a valid comparison for this.