Why consumers are not adopting BTC

[1anonymous]

At this stage in BTC there is a serious problem with consumer adoption of BTC.

If you look at the growth charts, the past was fueled by consumer adoption for silk road IMO.

If you wanted to buy on SR you had to convert fiat into btc.

Then silk road got busted, the news about it fueled some spec money and also gave enough press to make some merchants accept it.

Now here we are almost a year later on what should be a viral growth opportunity and BTC value is going the wrong way since high at end of 2013.

Look at btc with a blank mind, you have zero knowledge of the coin, you go to Overstock, you buy something, you see visa/mc/ax and paypal then you see bitcoin

Remember you have a blank mind, you maybe heard of it in the news and silk road or investors loosing their btc

Now name one reason for any 'average consumer' that gets a check weekly or twice a month, to say to themselves, hmmm, bitcoin, what is that, why do I need bitcoin to pay Overstock for my purchase?

Remember this is average joe blow consumer who is broke, he/shee lives off CREDIT CARDS, they have no real savings nor stocks, they get a minor wage from a faceless corp and every penny is accounted for by the gov they live in jurisdiction of.

That's the average nobody on the net, average broke a$$ nobody with a nothing job and no real money.

Now before SR got busted, what fueled the 'consumer' growth was here is where you can buy your drugs ON LINE, oh you need btc.

So that bought into btc a lot of people with money to acquire btc for one reason, joe consumer on SR had to acquire btc to play the game on SR.

Feds bust SR and news goes out and you have some spec money thrown into the mix, then you have some big companies say let's take this and turn it into fiat, more spec money comes in, but what item is now you must have btc to buy it? Nothing

 Just follow the stock reports from Overstock, they mention btc, and they mention how bad it is, less than 1% of sales, that is NOTHING, not even a reason for a retailer to retool and take it.

So step away from 'your knowledge' about btc, put yourself into the mind of joe blow nobody broke a$$ consumer, give that person one easily understood reason why they need to jump through all the hoops of BUYING btc.

No compelling reason for a consumer to buy btc to then buy stuff, no reason for btc price to keep rising, that's why December 2013 it was 1100 btc and now it's in the 300's.

The appeal of 'anonymous' transactions do not apply to joe blow average consumer, the reason, they have no secrets, they go to a job the gov knows they have, they get a wage deposited into their petty bank account the gov knows they have, that is their life, they are typical broke wage earners. Most of them can't afford a drug habit, the broke people with drug habits end up being forced to become criminals to afford their drug habits, the elite professionals who have drug habits aren't an elite professional for long, they burn out fast.

Silk Road IMO fueled btc acceptance by a very small segment of society and today when a big merchant puts up a shingle like Overstock and says we take btc, so what, less than 1% of their sales are btc, it's in their stock reports they must file.

All the bs btc propaganda that every bitbot spews about why you must have btc is bs to THE AVERAGE CONSUMER.

Oh, fiat is worthless, so is btc, everything is, unless enough people agree fiat, gold, silver or btc have a value and trade with it, otherwise everything has no value.

Oh, your gov is about to crash and burn, yeah we hear that all the time

Oh, you gov knows everything you do, don't you want anonymous money, why the person is a broke wage earner and the gov knows every penny they have

Oh, your trans is secure, really assuming they have a brain and don't have a million viruses on their computer or phone

Oh, it's a great investment, really 1100 bucks 9 months and now it's in the 300's what drug are YOU ON

How many big retailers have to put up bitcoin signs here and sell almost nothing via btc before you all understand, if bitcoin wallets are not filled with btc on mega-millions of users laptops, having merchants take bitcoin means nothing, you need a legion of consumers with bitcoin money ready to buy and these consumers are usually broke and need credit cards to buy stuff.

SR didn't offer drugs for credit card transactions they offered btc trades, so that fueled consumers buying btc

I would call the Overstock adoption of bitcoin now a proven FAILURE, they got in near the high of 1100 bucks and now its in the 300's.

So merchant adoption has moved the value of btc backwards if anything.

You need consumers to acquire btc and then you need consumers buying stuff with it for btc to become a 'currency'.

Right now btc is only a spec investment IMO, and that investment has lost 70% of its value since it peaked end of 2013.

Go ahead cry well the 'history of btc is long term growth', can you say BULL SH*T

There is no long term history of bitcoin, the history of bitcoin was it was fueled by silk road, when silk road crashed and burned, the media ran with bitcoin stories for a while and it fuled some minor spec money

Now that spec money lost 70% of what they put into bitcoin end of 2013

There is simply no great need for any consumer to acquire btc and then to use it

Some people buy today and think btc is an investment, that means they don't spend it, that means it's not a currency

Now to me, the 'idea' of btc has appeal, but I'm not a broke a$$ wage earner, I'm more of what they call the .1% the cream of the 1%.

So I own btc, I have companies I control that take it, it does NOTHING in the real world, people press pay with credit card or paypal, they have no bitcoin to use and if they did they look at it as a commodity like gold you save it, that means btc is not a currency.

Now before you all cast some stones, who am I?

Here's my phone log from this morning

Curator of Smithsonian called
Curator of British Museum called
Spoke to the CEO of one of the top 5 publishing houses in the world
Spoke to senior partner at a major lawfirm
Spoke to editor of a major news org

So I guess my opinion and my words don't mean that much.

Now sell the average consumer one real reason they need to go out and try to acquire bitcoin and then consume goods with it.

If you can't do that, YOU HAVE NO CURRENCY as to btc.

[Skeksis]

Give them time and they may, but it is very risky for consumers as the moment. If you buy btc it could lose value before you've had the chance to spend it making it not very good at all in this regard.

[1anonymous]

You don't get it, retail is fueled by consumers buying with currency they don't have, credit cards.

PEOPLE ARE BROKE 99% are.

So why should a consumer buy bitcoin and then spend it?

Read the original paper, btc was theorized to be a minor petty cash way for people to exchange digital currency anonymously.

There was not one mention of retail in the paper.

Bitcoin does not fit retail, the reason is you have to spend money to spend bitcoin, LOL.

Retail is built upon, you deserve this dumb worthless no real value consumer item to make you forget your pathetic life, so CONsume it baby, use that worthless credit card and spend what you do not own.

That's retail, appeal to the instant gratification need of the faceless mass CONsumers.

[franky1]

OP is a fud creator, oh well i thought he would have had some valid points that actually held proper statistics.. but no, pure opinion

maybe as he is a noob he needs to realise that bitcoin IS NOT DYING. but infact adoption is growing. the problem is simple.

THE PROBLEM:
sheeple are ignoring proper news/stats of growth and only basing their opinions on a price that comes from exchanges where orders are satoshi dust amounts, being held up or down buy order walls of 200btc (not 13million).. whereby out of 12k trades per day per exchange. only 1% of that actually relates to a FIAT deposit/withdrawal. the rest is pure day trading.

i and many others are doing healthy trades at $500+ by simply ignoring those crappy exchange valued and their price rigging. we trade privately, and we have seen volume rises and alot of adoption personally, and also in the news

WAKE UP SHEEPLE no single person is throwing over $10k into crappy exchanges to buy 20+btc in one bite.. AMLKYC red tape is too painful, even for legitimate people.

[Q7]

Confirmation time is still an issue. If i take a paper currency over at the counter of supermarket I'll just pay and walk off. Credit card will probably take another extra 1 minute. But for bitcoin??? It will build up long queue at the counter.

[1anonymous]

There's never been one legitimate reason for any 'consumer' to acquire btc, not one.

SilK Road was why consumers acquired it, that's not FUD that's the history of bitcoin.

Then SR news fueled some spec money and they lost big, bitcoin is not worth 1100 nor 500 nor the 300's it's trading at today, the reason is it has no value, it is not a commodity and that's the recent history of btc, hold it as an investment/commodity.

Just read the edgar filings of overstock a public company less than 1% sales from btc, that means it is dead as a currency no one uses it to buy, less than 1% means it has no market share.

btc is going no where but down, major down movements coming, 1100 to 300's today was major 300's to 30 is major too.

By the end of the year btc will be closer to 30 bucks than 400.

[franky1]

Confirmation time is still an issue. If i take a paper currency over at the counter of supermarket I'll just pay and walk off. Credit card will probably take another extra 1 minute. But for bitcoin??? It will build up long queue at the counter.

for things that can be purchased for $10 bank note (0.025btc) merchants dont bother with confirms. as soon as they see the tx they hand over goods.

but if a person handed over a $50-$100 bank note. i guarantee you the shop owner will stop and look at the bank notes and check for security seals and UV light the note before handing goods over.... same for bitcoin. its a risk vs efficiency game.

for small pocketmoney amounts there WILL be insured wallets (circle for instance) whereby people will only trust the service to hold daily spend amounts where the funds are pre confirmed to allow for instant spends. whilst still hoarding large funds privately for the bigger stuff.

so the mind set to have:
use your current bitcoin wallet for 'savings' (like  bank account) where transfering funds may take an hour as oppose to banks 3-5 days. and then use circle or other 'offchain' wallets for instant/daily spend/pocket money amounts. just like debit/credit cards.

[franky1]

Just read the edgar filings of overstock a public company less than 1% sales from btc, that means it is dead as a currency no one uses it to buy, less than 1% means it has no market share.

i wouldnt call multiple millions dollars worth of bitcoin sells meaning death, come on put it into prospective,!!
as for your love of the 1% number which you cant even put into logical context

there are over 180 legal tenders of the world. yes i said it 180 currencies recognized and used by different countries... so by that fact alone many of these have less than 1% of world market share..

so are these currencies meaningless?
bitcoin far surpasses the market cap of MULTIPLE countries. so how about you nuke them countries and shout that the peoples lives you kill are meaningless

[TheGame]

There's never been one legitimate reason for any 'consumer' to acquire btc, not one.

By the end of the year btc will be closer to 30 bucks than 400.

I'm not sure if you're a troll or not, but there are many legitimate ways to buy btc. Maybe you just believe in the technology or see it's potential to be used in the future and invest in it? You don't just have to buy it for drugs.

[RodeoX]

Silk road was never more than a tiny fraction of the bitcoin economy. And it is still in operation, so I don't understand this argument.

[Q7]

Confirmation time is still an issue. If i take a paper currency over at the counter of supermarket I'll just pay and walk off. Credit card will probably take another extra 1 minute. But for bitcoin??? It will build up long queue at the counter.

for things that can be purchased for $10 bank note (0.025btc) merchants dont bother with confirms. as soon as they see the tx they hand over goods.

but if a person handed over a $50-$100 bank note. i guarantee you the shop owner will stop and look at the bank notes and check for security seals and UV light the note before handing goods over.... same for bitcoin. its a risk vs efficiency game.

for small pocketmoney amounts there WILL be insured wallets (circle for instance) whereby people will only trust the service to hold daily spend amounts where the funds are pre confirmed to allow for instant spends. whilst still hoarding large funds privately for the bigger stuff.

so the mind set to have:
use your current bitcoin wallet for 'savings' (like  bank account) where transfering funds may take an hour as oppose to banks 3-5 days. and then use circle or other 'offchain' wallets for instant/daily spend/pocket money amounts. just like debit/credit cards.

Let's talk pure simple facts.
One easy small transaction over the weekend took almost 5 minutes to get the first confirmation. I repeat again 1st confirmation. I have to convince the seller to look at the blockchain and the red button is still there.

And when i say simplicity i really mean it. Not going through circle service.

Also part of the world from where i come from we have something call 'instant' internet bank transaction. 3-4 day is overhyped. 

[Towlie]

Silk road was never more than a tiny fraction of the bitcoin economy. And it is still in operation, so I don't understand this argument.

I'm not so sure. I think it was a massive part in how bitcoin gained some traction and a genuine use. Bitcoin's use on the darknet is also massive. Whatever happens it will likely continue to be used there.

[1anonymous]

I doubt any of you have even read the Satoshi paper nor the paper issued a few days before it by Koblitz, I have read both, Koblitz curves is the crypto used in btc, days before Satoshi paper appeared, there was Koblitz praising ECC and the NSA.

Then Satoshi shows up with his paper literally days later with Koblitz curves in it as the crypto.

Does the paper say investment value or retail currency?

No

The paper described a simple small value digital currency for personal trades amongst people for minor amount transactions.

Now you have all this bs spec fueled garbage, invest in btc, bs, last 9 month history shows 1100 to 300's in value, that means one thing DUMP IT NOW

The net has made the world a fast virtual and VIRAL world, if btc was gonna be a major new currency you would have had viral adoption of it, and yes when a major retailer says we take a certain currency if that currency has less than a 1% share it's not a valid payment method, and paypal converts the fiat currencies that are relevant to the world today and of the 180 or so currencies in the world most are not taken by paypal and most of those countries have no mass use of credit cards by the big 3 card players.

Visa/MC/Amex don't allow most of the world to possess their cards, the elite 1% of every country pretty much can get a card, but credit cards are primarily for a small amount of western countries and a couple of Asian nations that do 90% of the WGP (world gross product).

The average consumer has zero need to be anonymous in any transaction, that need was why silk road fueled the value of btc.

Then spec money fueled it and now spec money is out of it

What you have now are a few 'manipulators' of the exchanges

Again, why should a consumer acquire bitcoin to CONSUME anything?

There is no logical reason, ZERO REASONS for any consumer to acquire a fake currency unit to then consume with.

WHY SHOULD A CONSUMER ACQUIRE BITCOIN TO CONSUME?

That was my question and still not one answer.

There is no legitimate reason.

When btc was new, ok, people had a reason to mine, you got coins for little effort in intial mining, then SR was invented, wow you could use btc to buy dope

Do you need bitcoin to consume anything on Overstock?

NO

SO there is no legitimate reason to acquire it, none.

So you think it's an investment?

haha

1100 value end of 2013 300's today

Great 'investment' sherlock

End of 2014 in 3 months only btc will be closer to 30 bucks than it will be to 400 bucks.

That means btc will be under 200 in 3 months

That's not FUD that's not anything but my opinion of looking at charts and knowing how investment money feels about btc

There is no major interest in btc by major money now, zero.

All the news of regulations, the claims that Satoshi is an intelligence creation, the real world collapse of the value of btc, the almost nothing percentage of sales from major retailers that decided to say they would take it.

All that put together means DUMP IT NOW while you can still get something for your btc

And still not one person has come up with a valid reason why anyone should ACQUIRE btc to CONSUME

That would make btc a currency contender

No reason to aquire it to consume, it will never be a mass market currency and will be back to 3 bucks before you know it

If you think btc is an investment, wow, keep pumping real money into a fake currency that was 1100 only 9 months ago that is now under 400 and has had lots of retailers try to take it.

The btc project is dead IMO, the demise of SR gives 'consumer's no real reason to aquire it

So what you can still buy dope with it, so what, dope dealers prefer cash

[Buffer Overflow]

I'll just leave this here:

btc is going no where but down, major down movements coming, 1100 to 300's today was major 300's to 30 is major too.

By the end of the year btc will be closer to 30 bucks than 400.

All that put together means DUMP IT NOW while you can still get something for your btc

I will sell a nice clean 2002 Jag with only 72K miles on it for btc.

[Bit_Happy]

At this stage in BTC there is a serious problem with consumer adoption of BTC.

If you look at the growth charts, the past was fueled by consumer adoption for silk road IMO.

If you wanted to buy on SR you had to convert fiat into btc.

Then silk road got busted, the news about it fueled some spec money and also gave enough press to make some merchants accept it.

Now here we are almost a year later on what should be a viral growth opportunity and BTC value is going the wrong way since high at end of 2013.

Look at btc with a blank mind, you have zero knowledge of the coin, you go to Overstock, you buy something, you see visa/mc/ax and paypal then you see bitcoin

Remember you have a blank mind, you maybe heard of it in the news and silk road or investors loosing their btc

Now name one reason for any 'average consumer' that gets a check weekly or twice a month, to say to themselves, hmmm, bitcoin, what is that, why do I need bitcoin to pay Overstock for my purchase?

Remember this is average joe blow consumer who is broke, he/shee lives off CREDIT CARDS, they have no real savings nor stocks, they get a minor wage from a faceless corp and every penny is accounted for by the gov they live in jurisdiction of.

That's the average nobody on the net, average broke a$$ nobody with a nothing job and no real money.

Now before SR got busted, what fueled the 'consumer' growth was here is where you can buy your drugs ON LINE, oh you need btc.

So that bought into btc a lot of people with money to acquire btc for one reason, joe consumer on SR had to acquire btc to play the game on SR.

Feds bust SR and news goes out and you have some spec money thrown into the mix, then you have some big companies say let's take this and turn it into fiat, more spec money comes in, but what item is now you must have btc to buy it? Nothing

 Just follow the stock reports from Overstock, they mention btc, and they mention how bad it is, less than 1% of sales, that is NOTHING, not even a reason for a retailer to retool and take it.

So step away from 'your knowledge' about btc, put yourself into the mind of joe blow nobody broke a$$ consumer, give that person one easily understood reason why they need to jump through all the hoops of BUYING btc.
....
..

...So I guess my opinion and my words don't mean that much...

Look at btc with a blank mind...
Now turn your mind back 'ON' and look at BTC:
The fiat system is drowning in debt and worthless paper will do nothing to protect your hard-earned wealth. Bitcoin offers people hope and perhaps someday you will understand how important that is.

[franky1]

Let's talk pure simple facts.
One easy small transaction over the weekend took almost 5 minutes to get the first confirmation. I repeat again 1st confirmation. I have to convince the seller to look at the blockchain and the red button is still there.

And when i say simplicity i really mean it. Not going through circle service.

Also part of the world from where i come from we have something call 'instant' internet bank transaction. 3-4 day is overhyped.  

again your waiting for confirms. if the amount was small.. why wait.. if the amount was $50+ then yea wait 1 confirm. if it was $1000 then wait a couple confirms.

put simply if you handed over in a retail store
$10, the cashier wouldnt look twice at it
$50 the cashier would atleast check for water marks
$1000 the cashier would ask a colleague to help double count the amount and then get the manager to put the bank notes into a safe. thus customers wait around for a while.

same with bitcoin.

but as i said there are wallets around that allow "instant" spend. again think about it like your main hoard is in a safety deposit box for long term storage. and then you have a small wallet in your pocket for instant daily spend amounts.

[bitllionaire]

volatility,not many shops with it,and not pretty easy to acquire

[1anonymous]

Yep will dump one of my 4 cars I haven't driven in years, it's a dust collector and I sure will take btc for it and then send to my fiat account via one of the services my companies use.

9K book value on it and if some miner in SFL has a bunch of btc I will take it

Can you buy my new 550 benz convertible with it? No, its not for sale.

Can you buy one of my exotic whips? NO

But the sled sitting in my garage taking up valuable space is up for sale 9K book and if you have btc buy it

I take btc across a large network of sites and like Overstock we see almost no volume of sales in btc

So we're about to take down our we take btc signs

Yet if some early miner has worthless btc, buy the jag, then watch how fast I turn it into fiat

[Raeg]

The paper described a simple small value digital currency for personal trades amongst people for minor amount transactions.

Now you have all this bs spec fueled garbage, invest in btc, bs, last 9 month history shows 1100 to 300's in value, that means one thing DUMP IT NOW

I don't see why it just has to be small trades. Seems to be working just fine on the huge scale it's at now and I'm sure will continue to operate fine in the future.

1CZWnCjYgdLgUHCkqker3BC71dzHS6CESg

[1anonymous]

Look at btc with a blank mind...
Now turn your mind back 'ON' and look at BTC:
The fiat system is drowning in debt and worthless paper will do nothing to protect your hard-earned wealth. Bitcoin offers people hope and perhaps someday you will understand how important that is.

[/quote]


Let's speak about wealth, as I mentioned I have real wealth assets and that's why curators of major museums deal with me to acquire stuff I collect, rare objects that belong in museums.

Let's talk about non wealth items, like cars, I have a bunch of cars and one old exec driver I had for years is collecting dust, so it's in the for sale section as some pointed out.

Now let's talk about IP assets, I have lots, see the huge hoard of BTC related domains we have.

Let's talk about the commercial net, I bought into the net in 1995, bought 1000 keywords in 1995 money when netsol was the only way to acquire an IP asset that is where most of my 'wealth' is now stored, keyword .com's for major industries.

Let's talk about Gold, I have it.

Let's talk about Silver I have it.

Let's talk about rare collectibles, I have them.

Let's talk about stock, I own none, only stock in private companies I sit on the board of usually or stuff I funded as an angel investor.

Let's talk about tech, I formed my first tech company in the 1970's.

Let's talk about real estate, owned a ton of it over the years, now it's not an investment asset IMO.

Let's talk about OPinions, my OPinion is the average consumer has no legitimate reason to acquire btc to then spend it.

Let's talk about OPinions as to btc being a potential asset to 'invest' in, ok, did you buy in at 1100 or 900 or 700 or 500 or 400? How is that investment now.

Let's talk about the history of Bitcoin, SR was a major reason why some small amounts of 'consumer's bought it, then 'news' fueled spec, now 'investors' see no return only losses.

By end of 2014 btc is under 200, my OPinion.

In beginning of 2015 see where btc is and you will say wow he must be Warren Buffet.

haha