Bitcoin adoption or scalability | Bitcointalksearch.org

r32godzilla

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Quote from: olumyd on August 03, 2018, 01:25:34 AM

Some weeks back, there was a buzz around the LN going to help the bitcoin network become more efficient, hence it would drive adoption. Still, not much has changed to the whole adoption puzzle, it seems we are really stuck with so many complexities.

New cryptocurrencies entering the market are offering lower entry barrier but only lack the popularity or dominance BTC has. I'm a superfan of bitcoin protocol but I still don't get why we can't have a tradeoff.

BTC adoption (for mainstream merchants and highly sophisticated transactions) as against scalability. It's not like everyone in the world owns gold, so why should BTC become a 'world-currency' either? The few people who can have it should cherish it and only use it for more exclusive financial functions.

However, I still believe LN should be perfected, but adoption and current use cases should be well established and deeply rooted in the economy.

Yes bitcoin could not play the role as a world currency and also it has not been created for that.Its some people who wish it to be a currency while a majority volume of people sees it as a high ROI giving asset.LN has not done any change in the bitcoin price.

Kakmakr

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People are trying to force Bitcoin to become mainstream, before it is ready for mainstream use. We saw what happened before SegWit was around, people spammed the Blockchain and the result was high fees, due to congestion. The developers was already two steps ahead and they provided us with SegWit.

SegWit took some time to find it's place and now tx's are much cheaper due to it's implementation and spamming the network became more costly and that stopped the "spammers" for now.

As I said, the developers were 2 steps ahead and they worked on the latest scaling solution called the Lightning Network and the adoption and testing is now being done for that.

Just give it time, scaling is already not an issue anymore. Wink

gold1112

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I think your confused, mainstream adoption on a peer to peer basis, bitcoin was a system meant to get away from central control, and that would mean institutions and banks as they were the ones who screwed it up in the first place. But as you stated if bitcoin succeeds, it hasn’t in general, neither has it by adoption because over 40% of BTC are owned by a few and the market is niche.

yugyug

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In the first place the bitcoin creator had never expected that this cryptocurrency will be more popular in the future and in the beginning and until now the transaction has not been upgraded overtime and for almost ten years in existence the transaction capacity is almost the same and this is the main reason why mass adoption is still not possible at the moment, it is quite difficult to pay bitcoin in a grocery store if the transaction speed is not upgraded where it is not convenient to wait for a confirmation of more than 10 mins when buying some rush items.

cryptolandlords

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Scalability is a major factor that may hinder bitcoin from getting into the mainstream where merchant and the general public can fully use bitcoin for day to day life. I know our developers are not sleeping.

nagobinga

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I'm better off saving my bitcoin in a safe place like a wallet and not knowing by a great hacher though and someone who enters another account may have to see or open a bitcoin account every minute so they can't enter it ..

akosipepot

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Quote from: olumyd on August 10, 2018, 11:54:19 AM

We still are a long way from crypto adoption, however, it is hopeful that the traditional systems still perceive the blockchain as a reputable technology. Saw this today and it made my hope for the decentralized world rejuvenate:

https://cointelegraph.com/news/world-bank-mandates-commonwealth-bank-of-australia-to-issue-bond-using-blockchain-tech

The only thing stopping us from the next milestone is the ETF. Any inside info on what direction that might take?

That's in line with my thoughts as well. Though, I do hope ETF will come to an agreement that will see the favor of Bitcoin because otherwise Bitcoin will take much longer to climb up.

CottonGuy

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As more people that's gonna adopt to bitcoin the nearer we are into its scalability issues but we shouldn't worry about it until we reach to that certain point in time. I know the devs supporting bitcoin will find a way to at least try to improve the technology.

Kprawn

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The Lightning Network needs a Killer Application for it to increase adoption. People would need the Lightning Network to enable

them to exclusively perform that task. Bitcoin must become the PayPal for eBay type of scenario for it to lift off to the Moon.

Until then, people will adopt it, because it is cheaper and faster than Bitcoin, so there is no "need" for it to be adopted. Roll Eyes

Ask

yourself this question.... What does people need that only the Lightning Network can provide?

olumyd

full member

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We still are a long way from crypto adoption, however, it is hopeful that the traditional systems still perceive the blockchain as a reputable technology. Saw this today and it made my hope for the decentralized world rejuvenate:

https://cointelegraph.com/news/world-bank-mandates-commonwealth-bank-of-australia-to-issue-bond-using-blockchain-tech

The only thing stopping us from the next milestone is the ETF. Any inside info on what direction that might take?

lubah

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If I correctly understood the author, then the question now is completely different. Yes, you can buy part of the dollar for $ 1, but I do not think that bitcoin should be called currency, I would consider bitcoin an asset. Bitcoin - A crypto currency asset that can be compared to gold or oil. Let this comparison be rough, but it reflects the essence of bitcoin. Bitcoin will not be the currency that is calculated in the store for bread or milk. )))

olumyd

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I kinda have a feeling if I post this here, my head might get chewed off. However, Bitcoin adoption should be a hot topic as much as cryptocurrency adoption in general.

There's this adoption debate going on tomorrow (August 9, 2018), with Keith Wareing. And guess who's starring, Mcafee. Now I also get the feeling not too many people like this drama queen, but I'm pretty sure differing opinions about cryptocurrency adoption including that of Bitcoin will shed some light on the current situation of things, and most likely proffer a better solution to the decentralized community.

Here's a link to the intending debate: https://twitter.com/ModernChain/status/1026201591194570752

I just wish more veterans like Satoshi, Vitalik, Lee, Jed McCaleb, Chris Larsen and some others on the 4% BTC rich list will give a collaborative insight into why we haven't really hit mainstream yet - cutting through the BS. I'm only watching this show because of Craig, MFChain's CEO. Those guys may be up to something; oh well, so are the other 1600+ cryptos in the space.

While this show is meant for cryptocurrencies in general, I'd like to see one with Bitcoin at the center of discussion, if possible in series, seeing that it's the first decentralized cryptocurrency technology.

BrewMaster

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There is trouble abrewing

we are not stuck and everything is going on fine. the only thing that is not fine is the price and you see the price and then make all your conclusions based on that instead of based on bitcoin and how that is working.

for example you mentioned Lightning Network. have you even tried it out? it is a decentralized network that you and i should join if we want it to be used and grow more. at least give it a try and see how it works. it is not magic and i won't just bring in adoption over night but it is great enough to increase the adoption.
and this adoption is not going to happen in a short couple of days. it will take time. and for now we are stuck in this price level so i can understand it being hard to see what i mean.

NeuroticFish

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Quote from: olumyd on August 03, 2018, 01:25:34 AM

However, I still believe LN should be perfected, but adoption and current use cases should be well established and deeply rooted in the economy.

While LN will help you pay with Bitcoin at a grocery store, current block speed is still good enough for paying for a hotel, for example.
So the current use as coin is not as bad as some want people think. The adoption can go on. Just too many use Bitcoin as a speculative investment vehicle and nothing more, and that hurts.

LN is still beta and it may still be beta for very long time. I was shocked when I first heard this, but unfortunately it's the truth, no matter if some started using it (on their own risk!) on main net.

MetalCoinMTC

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We can’t expect miracle that in one fine morning we get up and see everyone is using BTC. It will grow but slowly. Adoption is still happening. It’s not get stuck. Keep patience man.

StringFire

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Maybe you are expecting a bit more in overnight. You are measuring 0% or 100%. But it’s not right. BTC is growing and will grow but not in overnight. It will grow slowly. It’s not stuck. So don’t lose hope.

RaidNow

newbie

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It seems like you have some misconceptions. But i will suggest you to give LN and BTC some time to work properly. And i am disagree with the statement that bitcoin is the world currency. It will probably be the most popular alternative currency.

GhostAltCoin

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Why should not be bitcoin more popular than other crypto coins? It has better security, trust, decentralization, etc which make it unbeatable till now.

SlaveKing

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It will take time for blending LN and Bitcoin properly. We should keep patience and give it some times. And Bitcoin has the popularity because it has better features.

bitcub

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Hope if theres a major Bitcoin hardfork. I wish the devs would improve the scalability of Bitcoin. Just take a look how the blockchain was so lag during Bitcoin bull run. Not just Bitcoin but also ETH and other major coins.
Crypto cannot be used as mode of payment the blockchain is so laggy.

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