Topic: Bitcoins and other cryptos will never become mainstream before... - page 2. (Read 661 times)

I believe Blockchain development is much more complicated than the Internet itself. The reason it's taking a longer time than usual is because of the speculators. Money/greed has prevented crypto from achieving its full potential. If this keeps up, Blockchain tech won't be going anywhere.

I really hope developers put their attention on what matters most for the good of the industry. Maybe there's "light at the end of the tunnel"? Bitcoin has gone this far since its inception, so I'm confident it will deliver as promised in the long run. With low fees and reduced wait times, BTC might become the currency of the world. As long as it stays decentralized, there should be nothing to worry about.

Over time? I've been around the tech industry for over 30 years, and... 10 years is a LOT of time. I went from a 19.2k modem to a 10mb cable connection in about two years and never looked back.

And recall that the Internet wasn't a new technology trying to displace an existing technology that was a thousand times faster and cheaper--it was quite the opposite.

No, in my opinion crypto will always remain way to speculate on memes and nothing else. NOT that there's anything wrong with that!

The only problem is the fee. When fees are high you might not want to spend your Bitcoins to pay for a cup of coffee. 😁 If this is fixed I think people who want to use Bitcoin as payment will surely show their interest in having Bitcoin on their wallets. I personally use Bitcoin way back 2017 to buy mobile load with our local wallet. Survey says 51% of respondents stated that they own cryptocurrency here in my country. Though it was just for investment purposes but still it counts.

For now. We all know every new technology is bound to improve over time. The Internet had a similar situation in the early days where it couldn't scale to the world. It was not until various protocols/layers were developed (TCP/IP, HTTP, etc) to help solve the problem. I think the same will happen with Blockchain tech in the long run. It will scale via L2 networks (off-chain) and sidechains. This will allow crypto to reach a wider audience. All without sacrificing decentralization/censorship-resistance.

Until that happens, we'd have no choice but to leave our coins to a custodian (centralized exchange or wallet provider). That's only if we want to save money on fees. Hopefully, self-custody will be the norm once things go back to normal.

After 12 years and billions of dollars poured into crypto, I think it might be time to give up on the "technology will solve itself" idea. Blockchain has serious and arguably insurmountable hurdles to achieving the kind of scale that would make it viable for a real currency system.

Crypto works just fine as a store of value, but it's not suitable as a real currency in the way people use fiat currencies.

As for "decentralized", well, almost all holders of crypto, numerically at least, use some kind of institution e.g. CoinBase or the like who operate basically just like a bank, so I don't think centralized/decentralized really matters to anybody, at least in the real world.

Paper money (Fiat) is garbage. It will eventually lose value due to inflation. Not to mention, it's controlled and manipulated by a central bank. Bitcoin isn't as widely accepted as Fiat because of its limitations (price volatility, and limited transaction capacity). But it's bound to get better over time with subsequent network upgrades and institutional adoption.

With some countries adopting BTC as legal tender, it should only be a matter of time before the cryptocurrency takes the world by storm. I'm certain it will "beat" Fiat sometime in the future. As long as it stays decentralized, there should be nothing to worry about.

It's legally acceptable in the US to buy things with Bitcoin (e.g. trade it for whatever, including goods and services). Bitcoin's lack of adoption as a currency has nothing at all to do with government intervention, at least in the US.

First of all it cannot be possible yet to buy each and everything with the help of bitcoin because legally it is not acceptable over the world and also people are preferring paper money because they can easily buy each and everything with paper money. We can just wait for use of bitcoin for buying of useful materials but when it will happen is not known by anybody.

Now we can just invest in bitcoin and people will not be in desire to use bitcoin as a payment method because everyone wants their money to grow rapidly so when they exchange their bitcoin with another necessary materials then they will not receive profit during Bull run which they can get through investment only.

I believe it would take time before we see massive adoption when it comes to buying everyday essentials.
As it is not practical to use btc in your regular items such as coffee, or other daily essentials, the tendency is just to store your btc for investment as of the moment.

I am a high-scale systems developer with 30 years of experience, and my own opinion is that blockchain makes currency based on it impossible to scale in the way necessary for it to achieve mainstream acceptance as a means of exchange. "Thousands" of transactions per second will only get you a toy that a lot of your friends play with. At peak hours, the world-wide credit card system processes over a million transactions per second, and those transactions all extract a relatively large transaction fee. Anything that competed with that infrastructure would need to be a step function cheaper in order to break into their business.

After over a decade of working on this problem, there's no solution in sight for blockchain. I am always open-minded that perhaps some people smarter than me will see something I don't, and figure out "some" way of making blockchain-based currencies scale, but I find it pretty unlikely after this much time and THIS much money that surrounds crypto. If "they" wanted to make Bitcoin fast, "they" would have done so years ago. They can't.

And they don't need to, either. The fact is that crypto has a perfectly good role in human life without being a value transfer mechanism: human beings love to speculate. They have since time began. Crypto gives them a way to do that, and the technology works just fine for that purpose.

Bitcoin will go on forever, but it's never going to be used that way.

That's because most popular cryptocurrencies are congested. If developers increased their transaction capacity, fees would've stayed low for a very long time. I believe Blockchain tech already has the capability of processing thousands of transactions per second without issues. It's just that developers are wary of making crypto centralized by doing this. We'd have to decide whenever we want low fees by sacrificing decentralization, or all the other way around.

Bitcoin can be already be used for everyday payments through the Lightning Network. It's just that market volatility (unstable prices) "kills it". Not to mention, the off-chain scaling solution (Lightning Network) is still experimental. With due time, Bitcoin will be improved until it becomes a "force to reckon with". Ubtil then, we'd have to wait until the dust settles. Hopefully, Bitcoin will last a lifetime. Who knows what the future holds for the cryptocurrency?

Bitcoin is not used by every individual therefore if every is not ready to accept bitcoin then there will be no idea of using bitcoin for buying and selling of materials. Bitcoin was originated as a currency but now a days more than a currency it is used with the aim of earning and is considered as an investment tool.

If again people move their thoughts towards it usage as a currency then there is a possibility that people will buy water bottles with bitcoin. It will takes time but whenever bitcoin become globally accepted then there is a chance that without investment it can also be used for buying useful products. Now if one wants to buy things with bitcoin but seller are not ready to do that because he does not know about bitcoin then buyer alone cannot make sure the use of bitcoin.

You mentioned two things that are important to note here. It is true that the government has been an obstacle, but not everything the governments presented as issues that must be solved is untrue. We have had lots of wild west attitude in the markets and some of the measures they have taken were needed.

But apart from what the governments think about BTC, your second point is important: BTC is not handy. It's still a mysterious technology for many people and more education and development is needed. Those who have been around here for a decade or longer are more on the geek-side of things and didn't really need to be convinced back at the time as most had a genuine interest to learn about this technology by themselves. But not everyone is the same. The vast majority of people, especially in the western world, doesn't see the need for an alternative ecosystem as BTC represents.

The first thing they find out when they want to use it is that they can't use it because there are high transaction fees. We will see what can be done in the coming years to remedy that problem. BTC is still more the digital gold than it is the daily currency and my take is that it will stay like that as transaction fees have an important function in the ecosystem. If we can one day run an app for small scale transactions that works like a text messaging app based on lightning network, maybe that would be a breakthrough to a major push towards large scale adotpion.

The acceptance of bitcoin is a gradual process, the government has always been the major obstacle to achieving this mile stone, for now bitcoin is not handy and even know if their is such plan, for someone that own a bitcoin to some stuff with it, must times you have to exchange to the currency you want, as it stand bitcoin value never change and I believe that bitcoin is making progress in terms of it's adoption, people are already getting very conversant with btc, note bitcoin is targeted at the population that needs it, fiat needs Bitcoin to exist this is also applicable with bitcoin, this is my take.

You are right but I think it hasnt been discussed earlier on this thread because we all know
that altcoins will never come close to having the useage of Bitcoin.

Personally I never believed Bitcoin would become a globally accepted mainstream currency.
It is now going down the road of being a very sought after assett according to institutional investors.

For this argument we could also say I cannot go to my local shop and but a bottle of water with
my rough cut sapphire!

The problem with that requirement is that there's bound to be a resistance coming from the banks and the currency of a country, it's not easy to replace the legal tender of a country. Sure, El Salvador did it but look at their population and the size of their country and their influence in the global market, it's not going to be the same situation if it's China, USA or Russia that will do this because they're 3 of the most influential countries in the world and in the global market and them changing their legal tender USD, RMB, RUB to BTC is going to shake the foundation of each country's financial institution to the core not including the effects on the global market. This sure is the dream for all of us who use bitcoin but we have to be realistic about all this, not everyone's going to be on our side when it comes to this one.

Bitcoin ETFs in the US show its growing importance and ability to change investing landscapes worldwide. Bitcoin's path goes beyond institutional investment, I think. Bitcoin has the potential to handle large-scale financial processes and routine transactions. High main network transaction fees are substantial but not prohibitive. Bitcoin may be suitable for smaller transactions because to innovations like the Lightning Network. Changing these flaws will allow Bitcoin to serve more financial demands. I see Bitcoin as a financial solution, not merely an institutional investment tool. Adaptability and evolution will define its global financial success and influence.

Could you explain to me where you can buy a bottle of water with gold? I assume you can't and that's because in most places in the world you can't buy water bottles with gold, but gold is still mainstream.

Maybe some numbers help to support that: the totel market capitalization of gold is sitting at just under 14 trillion USD. The total value of USD in circulation in the United States is just under 2.3 trillion. Now you could argue that gold was referring to the global market cap while the latter is USD in the US only, fair enough. But I am sure you get my point here. Whether something becomes mainstream or not does not solely depend on whether you can buy a bottle of water with it or not.

Different asset classes have different advantages and being able to buy a bottle of water is an advantage that USD has over BTC. But maybe you should instead have a look at all the threads where the advantages of BTC over USD are listed. The list is long! The problem at hand here is your definition of the word "mainstream".

What would that change? Paying for something with crypto would still be hundreds of times slower and more expensive and cumbersome than doing so with a credit card. Some government forcing it down people's throats will just create a backlash.

 

Maybe currently, there are still general needs that Bitcoin cannot fulfill. It is still in the normal stage because governments still have not fully accepted Bitcoin. Bitcoin will become mainstream once all countries agree to adopt crypto and from there will be changes.

In terms of transactions, the costs that must be paid to send Bitcoin are very high, so many people are concerned. Everything can be overcome slowly so that the mainstream can be achieved later. But seeing what has happened now, where large companies have invested in Bitcoin, shows interest in blockchain technology. It also helps the adoption process and while it may not yet reach its target of becoming mainstream, it can be achieved.

Bitcoin has become the attention of people who want to take advantage of Bitcoin. They have started investing a long time ago and have felt the benefits. So this also helps the adoption process and will develop even better.