Bitcoin’s future depends on public acceptance

[dankkk]

The application that will fuel the next wave of the public acceptance of Bitcoin is sports betting.  The Bitcoin versions may become more popular than using "bookies" or government sponsored betting.  Even people who do not bet on sports will become aware of its advantages.

I agree with you, but I think that existing casinos will likely expand into sports betting, rather then new sports books start to pop up. People tend to bet a lot on sporting events and they would likely not want to trust new, unknown bitcoin sites with large amounts of money

[Hashminepower]

Even we have wide range of merchants accepting bitcoins, we need public to accept it in order to create a supply and demand balance. can we imagine? we got tons of merchant cashing out their btc on and off but the people purchasing is just so limited ? i'm not sure if i put it in a way that is understandable. heh

[fabiola!]

How can the public accept bitcoin? They dont even know what it is!

sad but true

[knifeedge]

A little obvious but this is an important point. Bitcoin users have to value educating newbies and pushing for adoption if Bitcoin is going to survive.

[MightyStorm]

Did people really need to know much about credit card processing to successfully use a credit card? In fact, I think it is the ignorance about the USD (FRN) and credit cards that has allowed them to be adopted quicker. I didn't understand how websites worked, or how email worked, but I could surf and send porn, and you didn't have to show me twice.
Why is it always a "future depends" nuclear option? Like if it doesn't go to the moon tomorrow, it's all over.

[RogerBTCrabbyt]

Most people dont see the reason why they should invest in btc because they are clueless about the incoming fiat crisis.

[superbd]

bitcoin could just be bought by longterm wealth investors and be completely hated/ignored by the general populous and it would still succeed..
we are talking about a savings asset that is better than gold in every way.

[AllYouCanDo]

Either that or "only the black market matters", one of those two possibilities...

If the public doesn't participate in black markets, then who does?

I think in this context "the public" implies mainstream adoption, no?

[bornil267645]

people acceptance is the fundamental significance, so it's obvious, isn't it?

[MJK]

How can the public accept bitcoin? They dont even know what it is!

sad but true

They'll know what it is eventually. Just keep telling people about it and promoting it and they'll get it eventually.

[AriceInWonderland]

Either that or "only the black market matters", one of those two possibilities...

If the public doesn't participate in black markets, then who does?

I think in this context "the public" implies mainstream adoption, no?

Yes, that's what makes it ridiculous.
To rephrase the headline "Bitcoin's popularity depends on its popularity"

[grumpyoldtroll]

Every brand/product depends on public acceptance.

[R2D221]

Yes, that's what makes it ridiculous.
To rephrase the headline "Bitcoin's popularity depends on its popularity"

That's the definition of the network effect, isn't it?

[QuestionAuthority]

Let me see if I understand, Bitcoin needs people using it for it to work. That's genius! Wow, I learned two things this week. I also learned that in order for it to be really bright outside the sun needs to be up. Doesn't that just blow your mind?

[BIGbangTheory]

Most people dont see the reason why they should invest in btc because they are clueless about the incoming fiat crisis.

Yea, I am not so sure about this. People don't invest in bitcoin because it is still very new and it's future is uncertain, and there is not an "incoming" fiat crisis.

The public does need to use and spend bitcoin in order for the network to survive over the long term

[fabiola!]

Let me see if I understand, Bitcoin needs people using it for it to work. That's genius! Wow, I learned two things this week. I also learned that in order for it to be really bright outside the sun needs to be up. Doesn't that just blow your mind?

Um.. the supermoon was really bright the other night. Sun wasn't up. xx

[QuestionAuthority]

Let me see if I understand, Bitcoin needs people using it for it to work. That's genius! Wow, I learned two things this week. I also learned that in order for it to be really bright outside the sun needs to be up. Doesn't that just blow your mind?

Um.. the supermoon was really bright the other night. Sun wasn't up. xx

I mean really, really bright. LOL

[Raeg]

Sadly I think bitcoin is going to remain a bit of a niche product among a select few for quite some time as opposed to a truly mainstream product. Most people just wont see the point in using it sadly.

[QuestionAuthority]

Sadly I think bitcoin is going to remain a bit of a niche product among a select few for quite some time as opposed to a truly mainstream product. Most people just wont see the point in using it sadly.

But we have all these companies that accept Bitcoin! Who's ever heard of a company going out of business because they don't have any customers. Pfft, never happens! LOL

[giveBTCpls]

A cryptocurrency's worth is:

50% Technology (solid, long lasting)
50% Public acceptance (merchant adoption, network effect)

The rest is just shitty gimmicks.