Topic: Bitcoin adoption or scalability - page 2. (Read 297 times)
Changes do not happen overnight. Changes require time. This is a slow motion process. We cannot say that all the people in the world will accept this at a time. Moreover LN is being used by many and many will adopt this slowly.
I think the LN should be more powerful and transparent than ever before. Increasing the security of Bitcoin can increase the interest of people if they can provide better services. They invest in a bit more bitcoin. Which is a good sign for Bitcoin.
I don't think there is actually a barrier to entry for Bitcoins. You can even by 1/10000th portion of a BTC if you want and the transaction cost is also very low and for the adoption part, many countries haven't accepted btc as it as, so with future regulations and adoption, mass people will try to adopt it to.
Bitcoin is a very dynamic instrument and that's what makes it so complex and hard to work with for some people.
Bitcoin isn't complex at all. It's the most simplistic coin in existence, which is why people like it so much. It does all that people need, which is storing value and sending value from point A to B.
People don't need all sorts of gimmick features that no one uses anyway. It's about the quality of the tool, and the liquidity its ecosystem around it provides, and nothing comes even close to Bitcoin in that regard. The only downside of this is that altcoin whales cash out to Bitcoin, then dump Bitcoin for USD which has been a major contributor as to why Bitcoin has tanked hard this year and somewhat struggled to remain up.
What I meant was for non-users, it's a bit overwhelming when trying to get into it for the first time. If you compare it to a credit card, it is quite complex for the average Joe who just wants to do some shopping or whatever.
I've met a few people who said they want to get into bitcoin but didn't know where to begin. They said that they've done a few searches online but couldn't decide where to put their money, and lots of them didn't know what a cold wallet was either. It's hard for some people to handle the concept of money going to a series of numbers and letters, and then being "virtual".
Bitcoin is a very dynamic instrument and that's what makes it so complex and hard to work with for some people.
Bitcoin isn't complex at all. It's the most simplistic coin in existence, which is why people like it so much. It does all that people need, which is storing value and sending value from point A to B.
People don't need all sorts of gimmick features that no one uses anyway. It's about the quality of the tool, and the liquidity its ecosystem around it provides, and nothing comes even close to Bitcoin in that regard. The only downside of this is that altcoin whales cash out to Bitcoin, then dump Bitcoin for USD which has been a major contributor as to why Bitcoin has tanked hard this year and somewhat struggled to remain up.
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.
What do you mean "a buzz"? Lightning Network has been in development for years and recently people have started unoficially using it on mainnet, despite its beta status.
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.
What entry barrier are you talking about? If you mean fees, than Bitcoin fees are very low now, recently it was even lower than ETH fees. Otherwise "entry barrier" is the same for any coin: you go to an exchange, buy coins, send them to your wallet. Altcoins are actually worse because often times they have some problems with their wallets.
Quote
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.
there is no "entry barrier" for bitcoin so that others have lower than that. it doesn't get any lower!altcoins don't just lack popularity, they lack utility, security, decentralization,... and have many added issues.
Yeah, anyone can get into Bitcoin for as low as a few dollars. The barrier doesn't really exist in terms of investment. And if the person doesn't know how to set up a wallet, they can keep their money on an exchange (which, if only a small amount, shouldn't be a big deal)
Quote
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.
bitcoin will never become "world currency" but also at the same time it won't be "a few people" who own bitcoin!I feel like you are only thinking in black and while. as it something is either 100% or 0%. which is wrong. the world is grey all the way. you have to come to the middle.
Bitcoin is a very dynamic instrument and that's what makes it so complex and hard to work with for some people. It is certainly more than a few people that use it, but it's not ever going to be a "world-currency" either. The very nature of it makes it appear more complicated than it really is, and it can also lead to frustration for the early adopters as they cannot understand why others are not flocking to it.
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.
nothing is stuck. the adoption is still happening just like before and LN is also being used and adopted, it is growing as we speak. but you shouldn't expect miracles. you won't wake up one morning to see every single person on the planet using bitcoin and LN. it is a slow process...Quote
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.
there is no "entry barrier" for bitcoin so that others have lower than that. it doesn't get any lower!altcoins don't just lack popularity, they lack utility, security, decentralization,... and have many added issues.
Quote
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.
bitcoin will never become "world currency" but also at the same time it won't be "a few people" who own bitcoin!I feel like you are only thinking in black and while. as it something is either 100% or 0%. which is wrong. the world is grey all the way. you have to come to the middle.
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.
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.
Jump to: