When will people feel comfortable using BTC ?

[allthingsluxury]

Set up a dollar cost averaging plan in regards to your purchases of BTC. You will feel much more comfortable spending BTC if you know you are going to be replenishing your reserves on a monthly or bi-weekly basis.

[1715138804]

1715138804

[gbooz]

When bitcoin value will stop the exponential growth of these years, people will start to use them as substitute of Fiat.

I would agree - the price stability is a key for a day to day business to eliminate exchange rate risk. Another factor - switching costs. Both financial and psychological. I would not agree with the opinion I read somewhere here that for bitcoin the specific education level is needed. I think it is only the question of the front end interfacing and availability of a suitable ecosystem. In order to buy/sell a cake you don't need to be a banker, or to watch satellite tv you don't need to be a rocket scientist. And this is a beauty of bitcoin.

[jonsi]

It depends on the person. If you ask when the majority of people will feel confortable using BTC I think it would be after a very long time, surely not in our life time, maybe never.
The vast majority of people don't understand money, how they came to be and what they represent... how do you aspect them to understand the benefits of using BTC as a currency?

I think it is matter of time. Take a credit card as example. The Charga-Plate, developed in 1928, was an early predecessor to the credit card and used in the U.S. from the 1930s to the late 1950s. Until 1958, no one had a stable revolving credit financial system by a third-party bank; that was generally accepted by a large number of merchants, as opposed to merchant-issued revolving cards accepted by only a few merchants. Only in 1958, Bank of America launched the BankAmericard in Fresno, California and became the first successful recognizably modern credit card. So, it took 30 years...

You are confuseing things. A credit card is not a new currency, it just provide the means to spend existing currency: the dollar. This is a different thing, I different ideology that many of my friends have a hard time understanding. Make an experiment: try to explain to a poor uneducated man what bitcoin is and you might be amaized of what he understand.

Well, "yes" and "no". The things are different, but the human psychology and resistance to the change is the same. 

Indeed you are right, but the bigger the change the bigger the resistance, and BTC over usd it is a huuuuuge change.

[gbooz]

It depends on the person. If you ask when the majority of people will feel confortable using BTC I think it would be after a very long time, surely not in our life time, maybe never.
The vast majority of people don't understand money, how they came to be and what they represent... how do you aspect them to understand the benefits of using BTC as a currency?

I think it is matter of time. Take a credit card as example. The Charga-Plate, developed in 1928, was an early predecessor to the credit card and used in the U.S. from the 1930s to the late 1950s. Until 1958, no one had a stable revolving credit financial system by a third-party bank; that was generally accepted by a large number of merchants, as opposed to merchant-issued revolving cards accepted by only a few merchants. Only in 1958, Bank of America launched the BankAmericard in Fresno, California and became the first successful recognizably modern credit card. So, it took 30 years...

You are confuseing things. A credit card is not a new currency, it just provide the means to spend existing currency: the dollar. This is a different thing, I different ideology that many of my friends have a hard time understanding. Make an experiment: try to explain to a poor uneducated man what bitcoin is and you might be amaized of what he understand.

Well, "yes" and "no". The things are different, but the human psychology and resistance to the change is the same. 

Indeed you are right, but the bigger the change the bigger the resistance, and BTC over usd it is a huuuuuge change.

Actually the bitcoin is much more then a cryptocurrency. It is a new technology which is already used for the development of crypto e-mail and crypto twitter.

[Bogleg]

Problem right now is there are too many scammers targeting bitcoin holders as the scammers know the payment can not be reversed.

So long as this condition remain true and no authority to go after scammers, I personally will not feel comfortable using BTC.

[moreia]

voted but for some reason the page crashed...
I voted the last option, I don't think I have ever gone without a 0 in my wallet. I hardly hoard my bitcoins

[Swordsoffreedom]

Make it easier to use secure and store
Also to purchase should be as simple as go to exchange skip the verification process purchase and done
Or a direct debit from the account converted to Bitcoins.
Still a way away from that though

[izanagi narukami]

when BTC has a stable price 
when BTC accepted everywhere 
when BTC has a "real / physic" form
when BTC has high value than their current currency state 

[blatchcorn]

Make it easier to use secure and store
Also to purchase should be as simple as go to exchange skip the verification process purchase and done
Or a direct debit from the account converted to Bitcoins.
Still a way away from that though

This.

I believe the future of bitcoin is as a back end system to transfer IOUs of cash.  For instance: a customer pays in $ with debit card, but the money transfer is the equivalent amount in bitcoin from the customer's bank to the merchant's.  The merchant bank debits the merchant's account with $.  Should the bank have liquidity problems, it should have a right to instantly sell those bitcoin to the customer's bank for $

[DannyElfman]

Make it easier to use secure and store
Also to purchase should be as simple as go to exchange skip the verification process purchase and done
Or a direct debit from the account converted to Bitcoins.
Still a way away from that though

This.

I believe the future of bitcoin is as a back end system to transfer IOUs of cash.  For instance: a customer pays in $ with debit card, but the money transfer is the equivalent amount in bitcoin from the customer's bank to the merchant's.  The merchant bank debits the merchant's account with $.  Should the bank have liquidity problems, it should have a right to instantly sell those bitcoin to the customer's bank for $

This type of system would ultimately lead to centralization and is really not what bitcoin was designed to do.

I think that the reason bitcoin is not more widely used is due to the fact that there are not many places to spend it and that there are semi-high barriers to purchase bitcoin. Bitcoin ATMs are solving this problem, but they are not widespread enough so that a huge difference can be made. (excluding ATMs) In order for a person to buy bitcoin they need to sign up for an account on an exchange, go through the AML process, deposit fiat at the exchange then buy the bitcoin. Alternatively they could go on local bitcoins, find a face to face trader, find a place that is mutually convenient for both of you, find a time that is good for both of you, meet, and trade fiat for bitcoin.

[kerafym]

Make it easier to use secure and store
Also to purchase should be as simple as go to exchange skip the verification process purchase and done
Or a direct debit from the account converted to Bitcoins.
Still a way away from that though

This.

I believe the future of bitcoin is as a back end system to transfer IOUs of cash.  For instance: a customer pays in $ with debit card, but the money transfer is the equivalent amount in bitcoin from the customer's bank to the merchant's.  The merchant bank debits the merchant's account with $.  Should the bank have liquidity problems, it should have a right to instantly sell those bitcoin to the customer's bank for $

This type of system would ultimately lead to centralization and is really not what bitcoin was designed to do.

I think that the reason bitcoin is not more widely used is due to the fact that there are not many places to spend it and that there are semi-high barriers to purchase bitcoin. Bitcoin ATMs are solving this problem, but they are not widespread enough so that a huge difference can be made. (excluding ATMs) In order for a person to buy bitcoin they need to sign up for an account on an exchange, go through the AML process, deposit fiat at the exchange then buy the bitcoin. Alternatively they could go on local bitcoins, find a face to face trader, find a place that is mutually convenient for both of you, find a time that is good for both of you, meet, and trade fiat for bitcoin.

And the transaction cost for bitcoin for local trade is rather high.

[lihuajkl]

(Prices are just an example)

When you go to gas station and fill the tank for 0.1 BTC...

When you see a needy guy and give it 1000 DOGES...

When you need a gun and pay 100 DARKcoins...

When everybody around the globe start buying robots for home maintenance 

When goods and services are priced as BTC, people get pay by BTC. The value of dollar is measured by bitcoin. Bitcoin is not seen as appreciating asset.

[Nawaytes]

(Prices are just an example)

When you go to gas station and fill the tank for 0.1 BTC...

When you see a needy guy and give it 1000 DOGES...

When you need a gun and pay 100 DARKcoins...

When everybody around the globe start buying robots for home maintenance 

When goods and services are priced as BTC, people get pay by BTC. The value of dollar is measured by bitcoin. Bitcoin is not seen as appreciating asset.

it all could have happened.
but if all people are comfortable using bitcoin, bitcoin is free to use, what it is not going to destroy the currency of a country?

[DannyElfman]

Make it easier to use secure and store
Also to purchase should be as simple as go to exchange skip the verification process purchase and done
Or a direct debit from the account converted to Bitcoins.
Still a way away from that though

This.

I believe the future of bitcoin is as a back end system to transfer IOUs of cash.  For instance: a customer pays in $ with debit card, but the money transfer is the equivalent amount in bitcoin from the customer's bank to the merchant's.  The merchant bank debits the merchant's account with $.  Should the bank have liquidity problems, it should have a right to instantly sell those bitcoin to the customer's bank for $

This type of system would ultimately lead to centralization and is really not what bitcoin was designed to do.

I think that the reason bitcoin is not more widely used is due to the fact that there are not many places to spend it and that there are semi-high barriers to purchase bitcoin. Bitcoin ATMs are solving this problem, but they are not widespread enough so that a huge difference can be made. (excluding ATMs) In order for a person to buy bitcoin they need to sign up for an account on an exchange, go through the AML process, deposit fiat at the exchange then buy the bitcoin. Alternatively they could go on local bitcoins, find a face to face trader, find a place that is mutually convenient for both of you, find a time that is good for both of you, meet, and trade fiat for bitcoin.

And the transaction cost for bitcoin for local trade is rather high.

Why do you say that the tx costs for dealing with bitcoin locally are high? They are in fact lower as all you need to pay is the miner's fee (~$.06) and the seller does not have any costs associated with accepting bitcoin that would ultimately be passed on to the buyer

[Globb0]

Its a bit pointless when they always have to translate the fiat value at that moment into the bitcoin cost and it can be so vastly different from day to day.

In that respect nothing can ever have a meaningful bitcoin value(cost) assigned to it.

If it is always translated back to some to some tangible reference point outside of bitcoin to be valued.

[theblacksquid]

Make it easier to use secure and store
Also to purchase should be as simple as go to exchange skip the verification process purchase and done
Or a direct debit from the account converted to Bitcoins.
Still a way away from that though

This.

I believe the future of bitcoin is as a back end system to transfer IOUs of cash.  For instance: a customer pays in $ with debit card, but the money transfer is the equivalent amount in bitcoin from the customer's bank to the merchant's.  The merchant bank debits the merchant's account with $.  Should the bank have liquidity problems, it should have a right to instantly sell those bitcoin to the customer's bank for $

This type of system would ultimately lead to centralization and is really not what bitcoin was designed to do.

I think that the reason bitcoin is not more widely used is due to the fact that there are not many places to spend it and that there are semi-high barriers to purchase bitcoin. Bitcoin ATMs are solving this problem, but they are not widespread enough so that a huge difference can be made. (excluding ATMs) In order for a person to buy bitcoin they need to sign up for an account on an exchange, go through the AML process, deposit fiat at the exchange then buy the bitcoin. Alternatively they could go on local bitcoins, find a face to face trader, find a place that is mutually convenient for both of you, find a time that is good for both of you, meet, and trade fiat for bitcoin.

And the transaction cost for bitcoin for local trade is rather high.

Why do you say that the tx costs for dealing with bitcoin locally are high? They are in fact lower as all you need to pay is the miner's fee (~$.06) and the seller does not have any costs associated with accepting bitcoin that would ultimately be passed on to the buyer

I think what he meant is that on localbitcoins, the price of bitcoin is usually higher than the market average. That certainly put ME off from trading bitcoins there.

[theblacksquid]

And I agree, one of the main reasons holding bitcoin back is the lack of conveniece in dealing with it. Traditional payment methods are used and accepted by the majority because it is so universal, and because it was there.

The best way to encourage adoption is to set up a business that deals with BTC and caters to your local market.

Me and a bunch of my friends are setting up a business just for that!

[Harley997]

Make it easier to use secure and store
Also to purchase should be as simple as go to exchange skip the verification process purchase and done
Or a direct debit from the account converted to Bitcoins.
Still a way away from that though

This.

I believe the future of bitcoin is as a back end system to transfer IOUs of cash.  For instance: a customer pays in $ with debit card, but the money transfer is the equivalent amount in bitcoin from the customer's bank to the merchant's.  The merchant bank debits the merchant's account with $.  Should the bank have liquidity problems, it should have a right to instantly sell those bitcoin to the customer's bank for $

This type of system would ultimately lead to centralization and is really not what bitcoin was designed to do.

I think that the reason bitcoin is not more widely used is due to the fact that there are not many places to spend it and that there are semi-high barriers to purchase bitcoin. Bitcoin ATMs are solving this problem, but they are not widespread enough so that a huge difference can be made. (excluding ATMs) In order for a person to buy bitcoin they need to sign up for an account on an exchange, go through the AML process, deposit fiat at the exchange then buy the bitcoin. Alternatively they could go on local bitcoins, find a face to face trader, find a place that is mutually convenient for both of you, find a time that is good for both of you, meet, and trade fiat for bitcoin.

And the transaction cost for bitcoin for local trade is rather high.

Why do you say that the tx costs for dealing with bitcoin locally are high? They are in fact lower as all you need to pay is the miner's fee (~$.06) and the seller does not have any costs associated with accepting bitcoin that would ultimately be passed on to the buyer

I think what he meant is that on localbitcoins, the price of bitcoin is usually higher than the market average. That certainly put ME off from trading bitcoins there.

This would not be the case if you simply make an offer to buy bitcoin.

In my experience if you want to trade right away on localbitcoin you will need to pay somewhat of a spread verses the exchange price. If you are willing to wait some time then you will generally receive that spread

[bitmarket.io]

when it becomes less geeky. just go talk about it to the avg joe and they'll think of it as play money. it is so out of their realm.

[InwardContour]

And I agree, one of the main reasons holding bitcoin back is the lack of conveniece in dealing with it. Traditional payment methods are used and accepted by the majority because it is so universal, and because it was there.

The best way to encourage adoption is to set up a business that deals with BTC and caters to your local market.

Me and a bunch of my friends are setting up a business just for that!

Another reason why people hold bitcoin (and not spend it) is because it is a deflationary currency. People hope that it's price will rise in the future. Why would you spend coins today when they will be worth more tomorrow?