Yes I agree with your statement but you must think that we are having different personalities and having different perspective that is why some are prefered to use bitcoin while others are not.
It's not only different personalities, it more of understanding the investments and the market differences and seeing what suits you best. 
Topic: BITCOIN MASS ADOPTION? (Read 613 times)
First, there are some underlying factors to be straightened up before talking about the mass adoption of bitcoin.
The interoperability, scalability , security issues begluding the blockchain technology needs to be fixed .
The interoperability, scalability , security issues begluding the blockchain technology needs to be fixed .
We are used to using fiat for all our purchases from time immemoral, which is the major issue we have now cause people find it difficult to accept or understand the Satoshi vaue of Bitcoin. If a cup of coffee is $5 fixed, and maybe B0.00067 fixed, does it really make a difference with respect to it's fixed rate?
The only aspect I feel people are worried about it is on the fact that B0.00067 could worth more or less in days/months to come. Thus a solution is needed.
The only aspect I feel people are worried about it is on the fact that B0.00067 could worth more or less in days/months to come. Thus a solution is needed.
Bitcoin is recognized by a small percentage of the world as a valid payment method which is why it still has a long way to go before being adopted on a massive scale across the globe. The cryptocurrency market needs to reduce the volatility of crypto coins and tokens in some way or another to make it more feasible and attractive in order to attract more investors over time. Bitcoin would surely attract more investors as its price continues to rise over time.
People just find ways to make things easier for them. Take Zimbabwe as an example, they had hyper inflation in their country and the government started to print Trillion Dollar bills. Now, imagine what a nightmare that would have caused in their country, having to deal with such massive calculations. How much change do you give someone, when they pay you with a 1 Trillion Dollar note for a cup of Coffee?
They also have a high percentage of illiteracy, so they just had to make a plan to make it work out for them. Some of them gave sweets for change and others just weighed the stack of bills. The solution for Bitcoin is that it is 100% digital and the QR codes is the solution for the lazy mathematicians.
They also have a high percentage of illiteracy, so they just had to make a plan to make it work out for them. Some of them gave sweets for change and others just weighed the stack of bills. The solution for Bitcoin is that it is 100% digital and the QR codes is the solution for the lazy mathematicians.
I love Bitcoin and the ambition of a revolution from the banks BUT...
Does anyone think that one thing stopping it from mass adoption is the satoshi value?
If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5
What do you think?
Does anyone think that one thing stopping it from mass adoption is the satoshi value?
If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5
What do you think?
The world is going digital. They will be herded into the system the elite wish them to be in. I believe they have brought us crypto and as a result we will be using. The sheeple will be nudged and that will be that.
A valid thought there i may say. But such thoughts had already been considered and a solution has been placed by many other merchants and exchanges.
For instance, my favorite exchange would indicate that i am expecting to receive 0.67 mBTC instead of 0.00067 BTC to be able to pay for my coffee. So as you can see, this part of your worry is already addressed. Perhaps the only issue now is to make it a constant because as much as other exchanges are using mBTC, there also exist bits and satoshis where 0.00067 BTC would mean 670 bits and 67000 satoshis respectively.
Though for me, i think i'm happy with mBTC.
For instance, my favorite exchange would indicate that i am expecting to receive 0.67 mBTC instead of 0.00067 BTC to be able to pay for my coffee. So as you can see, this part of your worry is already addressed. Perhaps the only issue now is to make it a constant because as much as other exchanges are using mBTC, there also exist bits and satoshis where 0.00067 BTC would mean 670 bits and 67000 satoshis respectively.
Though for me, i think i'm happy with mBTC.
Well, bitcoin is a digital currency and the biggest advantage of bitcoin is you don’t need to carry it in your pocket. You can pay it through your wallet through online transaction. Moreover, I think that it is very easy to pay through bitcoin wallet instead of giving fiat money. As the world is upgrading we all should change our thinking.
Well said. We should be ready to embrace change and accept how technology can enhance our lives. Here is a virtual currency designed to be better than fiat. Why should we refuse to use it? Not taking advantage of its many benefits is a huge step backward, in my opinion.
Let the CPUs do the computations. Don’t stress yourself with the math. Mass adoption of bitcoin depends on how fast they can’t think of simplifying the transactions.
How can someone buy a coffee using bitcoin if the price of bitcoin varies greatly from time to time. It is very volatile in such a way it increase 10 times or more for a span of 8 months. This volatility would a huge factor affecting bitcoin's mass adoption. The number and how are you going to pay are just secondary problem that can be easily.
The equivalent decimal value of bitcoin for a cup of coffee would not be a problem. Developers can easily think of a solution to that. But, the main problem here in mass adoption of bitcoin is the transaction verification time. It is one of the reasons why bitcoin haven't gone mainstream. One transaction in bitcoin, on average, takes 10 minutes. These should be solve first.
I love Bitcoin and the ambition of a revolution from the banks BUT...
Does anyone think that one thing stopping it from mass adoption is the satoshi value?
If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5
What do you think?
Does anyone think that one thing stopping it from mass adoption is the satoshi value?
If I was to buy a coffee it would be B0.00067
People would much just prefer to see $5
What do you think?
The satoshi value is basically a fraction of bitcoin, so this is not the cause of stopping mass adoption.
If bitcoin want to be mass adopted, then the value of bitcoin must be stable as the fiat currency. If bitcoin value still volatile, then peoples will afraid to use it as a normal currency.
It doesn't matter. If we will have ability to buy coffee with BTC, we won't pay attention to these details. I just want to spend my Bitcoin...
the satoshi value is indeed a thing of concern. those who are not good with figures will indeed find it diffuclt understand how to mathematically calculate the satoshi value. though bitcoin is great having so much to offer to the world, i still believe lots of people find it challenging to use.
all over the world and in different works of life, we have recorded serious cases of massive bitcoin adoptions and many more still coming but one of the most significant is the case of the venezuelan government adopting the blockchain technology to alleviate their poverty situation by raising funds for their nation as they have declared been bankrupt
That's right, there's still many people who are insensitive to the value of bitcoin because most of the users of bitcoin use it more as an investment asset rather than using it as a payment method, as a result the value of satoshi's almost untouched by them.
In bulk, the cost of the product is not very much like, but we must think about its value. As for me, it does not make sense to me. Crypto currency and electronic money in commn is the future in any case. bitcoin gives us these opportunities to make our life easier.
possibility It's true that people prefer big numbers, in bitcoin, because the value or price of bitcoin is very high. And Bitcoin is a new and unique feature for people. But, gradually there are a number of companies that adopt crypto currencies. So, that day is not so far away that everyone will receive bitcoin
Yes I agree with your statement but you must think that we are having different personalities and having different perspective that is why some are prefered to use bitcoin while others are not.
A bitcoin developer has proposed using a different denomination for a better term, you do not even need to see the numbers you just ask the salesperson to show you a nice QR code that can also Have a nice coffee LOGO on top of it and you scan with the phone and pay for coffee.
right.! the developers of our phone app i think should make things easier for us. something like converting your btc to USD before paying would be good. Lets saying you scan a QR code to pay and then before you press send, there has to be fiat conversion displayed on the screen. this i think solves issues as what OP set an example.
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