Topic: Bitcoins and other cryptos will never become mainstream before... - page 3. (Read 679 times)

In several countries you can already purchase stuff using bitcoins, I don't see the problem. Especially because at this point it would be too hard to change things, at least in first world countries. Just like some places only accept credit cards and others only accept cash, you can decide to accept bitcoin as well and as long as you report your sales I don't see the problem.

Network congestion isn't a new problem. BRC-20 might have made everything worse, a lot worse, but everything wasn't really fine before it arrived. Scalability isn't a problem only revealed by the advent of Bitcoin NFTs. It has already been dealt with in past. Hundreds of thousands of unconfirmed transactions isn't a reality that's exclusively brought about by BRC-20. The network has experienced it in the past.

Lightning network is an alternative. Liquid network is an alternative. They may be good alternatives. But my point is it's somewhat odd that the main purpose of Bitcoin will have to be realized in different networks because the main network is busy with monkeys and punks and whatnot. How about an interchange?

Before BRC20 appeared there was no network congestion as it is today, everything was fine.
But after the inscription strikes everything becomes very heavy and more transactions have to be confirmed.
Usually I only spend around $1 with a fairly fast confirmation but now $1 does not represent anything for the transaction, it needs 10x more and a very long confirmation.

When the alternative path takes a Layer 2 Lightning network, why not, if that is a better alternative.
Is it possible that BRC20 will be phased out or use their own network, as this is a new problem on the Bitcoin network?

To answer the question as to when that will happen, first ask why that would happen. In short, what would be the advantage to the average consumer to purchasing a bottle of water using a static Bitcoin wallet versus using physical cash or a credit card connected to a financial institution?

Right now, all the average consumer would notice about the Bitcoin method is that it's a lot slower and a lot more expensive and most vendors don't accept this form of payment besides.

Credit card transactions almost always complete in less than a second, and the worldwide infrastructure for credit cards handles over one million transactions per second during peak periods and billions of transactions per day. To my knowledge (correct me if I'm wrong), there's no blockchain-based infrastructure that's even remotely ready for that even in theory.

Of course crypto has tapped into a half trillion dollar business in speculative investing, and it handles that consumer need just fine. Maybe nobody has solved this problem because there's no need to.

Eventually... cryptocurrency will become mainstream...  The banks and government are starting to look after the benefits of cryptocurrency.  They have been designing regulations and law where cryptocurrency can be used or integrated in finance industry without breaking their core point about finance, centralization.  

Although Bitcoin is decentralized in nature, the government wanted to have control not of its main network but rather of the companies that utilized Bitcoin to gain profit. I believe eventually, the government will create such regulations and cryptocurrency will then become a mainstream.  

Whether we like it or not, cryptocurrency needs government support in order to become mainstream.  Aside from that, I believe there are lots of works and development that need to be done on the Bitcoin system for it to be ready for mainstream adoption.

You're right! As long as people worldwide can't easily compare using Bitcoin with regular money for simple purchases, regular money (FIAT) will stay more popular than Bitcoin. But that's not a big deal here. Bitcoin isn't widely used by most people yet because the necessary systems and support aren't ready. Some countries are also hesitant to fully accept Bitcoin, which adds to the challenge.

If Bitcoin really becomes a normal thing for everyone, I doubt it'll be as easy as we hope. Its limited supply makes it more suitable for speculation, like a valuable asset. Many people here focus more on the price of Bitcoin than on how to buy everyday things like water with Bitcoin or set up a cash register that works with Bitcoin payments.

In my opinion, this is a big challenge, so I don't think everyone in the world needs to start using Bitcoin. Maybe making it an option for 15% to 30% of people worldwide is already a significant step.

There is a problem with your context, bitcoin can be used universally, on this planet it is humans, but with the issue of such amazing distances I think that if someone makes a send from Earth to Alpha Centauri C, it takes a couple of light years , so it is best that there is a local planetary P2P.

CCs are not used by all people, but a CC with funds could buy a Yacht, there are others users to buy everyday things and there are retail consumers, so how many people are there for a CC that can buy a Yacht, few but the option exists In that idea, whoever pays or spends $1 with CC, mmhh!, well it happens. The same is with bitcoin, don't put walls where there are doors(TXs).

I know high on-chain fees are a problem for mainstream adoption, especially when we're talking about onboarding new users into Bitcoin. But there's nothing we can do about it if we want to keep Bitcoin "free" (as in liberty). Censoring Ordinals transactions would steer Bitcoin away from its original principles. Either people switch to the Lightning Network or use an alternative cryptocurrency with lower fees. I'm sure developers will increase the block size to alleviate the issue. If they don't, we'd have no other choice but to wait until the hype is over.

We'll see less people having self-custody of their coins because of the rising on-chain fees. Lower fees = increased mainstream adoption. Let's not forget market volatility prevents BTC from being used as digital cash. Who knows how long will it take before things go back to normal?

We dont have to force everyone in the world to use bitcoin because in the end the global adoption that many people are always talking about is just another form of desire that is desired but if in the end it cant be like that then for now bitcoin has been accepted and is still a commodity that can be used as an investment asset it is very good.
Indeed in the end there is hope that bitcoin can be accepted by more people and as a recommended payment option but we also dont have to always force the will so that something like this can be done in all countries in the world because things like this of course we know that it is very difficult to do and for now im still very satisfied with the performance and progress in bitcoin so that is enough for me personally.

adoption of crypto is in continuous motion so there's no hurry for it to be mainstream. as long as the market exists and people are supporting it, the chance to go mainstream is always here. but saying, it will never become mainstream is an understatement.

why i think it is slowly going mainstream?
 - big companies/stakeholders are buying their own stash of crypto
 - top personalities like elon musk is getting involved
 - banks are trying to integrate CBDCs in their financial system
 - approval of ETF
 - online/offline merchants are adding crypto payment
 - increasing number of crypto users and so as crypto investors
 - financial platforms are considering their stake on crypto
 - countries are making bitcoin as legal tender such as El Salvador and Central Africal Republic

If we do speak about into its utility then we can really say that it isnt really that something that has been that totally used but rather crypto is really that been treated up as an investment on which people would really be that holding. They wont really be that trying out to make use of those coins or trying out to make transactions considering that value could really be able to rise up in the future or does simply that do talks about having potential.
We do know that when it comes its real essence of its existence then it would really be taking about transfers or as a currency but people wont really be tending out on trying to touch it out if we do speak about
on making use of it into that particular method. Adoption and recognition is really just that on the move on which it wouldnt really be something that can be stopped if we do talk about adoption.
Whether it would become mainstream or not then there's no way that we could be able to tell on what would really be the future that lies ahead.

No one knows on what would be the things that will happen in the future whether bitcoin or cryptocurrencies would really be taking up some place or would both co-exist with fiat in the longer runs
or wouldnt really be that something relevant as people would just simply sticking into those traditional things?

The direction you are looking and projecting bitcoin is entirely different from where it's even headed. Bitcoin is not trying micro finance but it's trying to compete with the micro finance like the institutional investors and that's why you will notice that Blackrock and other prominent traditional financial system are trying to get spot bitcoin approved in the US, we have some spot ETF approved in other places but having approved and green light in the US will enable other countries to do the same without thinking further or the consequences because they know US is good in making good choice, now imagine if all the countries have bitcoin ETF for investors, that's more than the adoption you are comparing.

On small scale business and transaction, may be Lightning Network might fix that later and then make people used bitcoin but bitcoin itself on the main network is going to be challenging especially the fees we are facing now is already discouraging, who is going to spend $10 for a fee for an item they can get less than a $1, it wouldn't work but I just want you to know that bitcoin is bigger than where you are looking at currently.

Hmm, So Op you are having concerns about the global mass adoption of Bitcoin, well that is not possible at least shortly, also with the current network fees, no one would love to buy the Water bottler after paying the skyrocketed network fees. Lightning Network has some exceptions for that.

TBH the adoption Op you are talking about at least I'm not even expecting the next Halving era, it will be after a few more havlings, and at that time maybe there can be an efficient solution for Bitcoin's network scalability issues. But Bitcoin is still the mainstream and for the altcoin's shit i cant say anything.

Just like any other currency right now still they are recognized as mainstream money like dollars and other top fiats that people use right now. Bitcoin will be like that in the future and people will gonna use it as one of the money they can freely convert to fiat or vice versa whenever they want. I hope I will see that kind of future throughout the world because we cannot just rely on banks in terms of securing our money, they need to let us do whatever we want with it especially when it comes to saving it ourselves in order to use it freely and bring it with us without anyone knowing about it.

Well, I wouldn't say that things need to come to purchasing water with crypto because the mainstream adoption will be much greater if banks get approval to be a Bitcoin custodian, fair value accounting, and if the spot Bitcoin ETF is approved. This is the most valuable thing Bitcoin will ever get because BlackRock revised their ETF application, so big banks such as JPMorgan, and Goldman Sachs may now accumulate Bitcoin (if the ETF is approved) and have Bitcoin on their balance sheet.

If we tap into "buying water with crypto," it's already in place in third countries such as more than half of Africa, Latin America, etc. They are already using the Lightning Network (LN) to purchase goods and services. Even a chicken from the neighbor can be bought with LN. That is why you also see growing crypto payments in Africa, and a lot of countries there don't have a good internet connection like we do here in the EU or the USA, etc. So, this is not even a problem because nowadays applications can be used for crypto payments without an internet connection.

I like to read the discussion about Bitcoin adoption in the world as it is always a hot topic and different thoughts start to circulate. However, I have seen most of the time discussion ends at the point where Bitcoin is most likely not gonna be a mainstream currency. I am also one of the voters who think Bitcoin won't be a mainstream currency at all. I am one of the people who would want it to be one but it just can't. The limit of its supply makes it a limited asset with high demand in the future. This can lead to heavy congestion in the near future, if more and more adoption comes then it will escalate the burden on the blockchain network in no time. Imagine the situation right now, it's worse. The fees are high, the confirmation times are off the roof, so this doesn't really qualify as the perfect currency exchange.  However, it does qualify for the best stable asset for long-term holding.

The founder was saying Bitcoin is like a commodity, Bitcoin isn't must to be used as a currency.

After all every person has it's own choice to use Bitcoin for what purpose, if you want to use it to buy water that worth $1 and spend $30 for the fees, then I can't stop you for doing that.

But I use it as an investment since Bitcoin is very volatile.

Not really, we do not need bitcoin to replace fiat, right now the adoption of bitcoin is low because its use as a currency is not really appreciated by the people, after all if they have fiat they do not see the need to use bitcoin, so what is keeping bitcoin strong at the moment is mostly its value as an investment, however as soon as the major fiat currencies around the world encounter some issues and people begin to lose money that is when major adoption could happen, and we are already seeing examples of this, because in the countries in which the fiat currency of the local government has experimented major inflation the use of other currencies, including bitcoin, has gone up.

There are some major barriers to mainstream adoption of Bitcoin and other currencies. Only by overcoming these hurdles can Bitcoin and other currencies achieve mainstream adoption. Challenges such as regulatory clarity, scalability issues and widespread adoption may be encountered. Moreover, scalability concerns related to how to control these digital assets across the globe and their transaction speed and energy efficiency pose barriers to widespread use. However, if this digital asset is to become an integral part of the global economic landscape, it will not be possible without widespread acceptance.

There are so may barrier that is limiting the adoption and use if Bitcoin. One if it is that most people see the coin as an asset rather than a currency. People prefer to use hodl it than to use it as a currency. Its profitability will continue to make people see it as an investment rather than a currency.  Politics has also affected the adoption of the currency. Most countries have made unfavourable policies that have discouraged people from using Bitcoin for daily transactions. Some politicians see it as a threat to centralization so they want to do everything possible to discourage people from using it. In developing nations poverty, lack of infrastructure like internet connections and illiteracy will always limit Bitcoin from becoming a mainstream currency. Bitcoin adoption as a currency will happen gradually and it will become faster when the currency becomes less volatile.