Bitcoins and other cryptos will never become mainstream before... - page 5.

justdimin

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Quote from: KiaKia on December 18, 2023, 11:29:52 AM

You do have a point and that's on the transaction fee side, it's not going to be easy for newbies to accumulate Bitcoin, but we can't deny the massive interest on Bitcoin right now compare to years back, I believe that Bitcoin will see more massive adoption rate soon and nothing can stop it.

Bitcoin is not a good option for making small payments but it's a good store of value and it's far valuable than anything I know, this point is enough for the whole world to want to have everything to do with Bitcoin, don't sleep on it, as one day you can look back and see that Bitcoin is worth half a million already and you will start beating yourself up.

I feel like that is not going to be as much of a big trouble as people think it will be. You have dollars in your bank account, you wire that to some exchange, nearly no fee at all, maybe a very tiny one, then you buy bitcoin with the dollar you have in the exchange, only the trading fee and no transaction fee at all, then when it goes up, you sell that bitcoin back to dollar, again just trading fee, nothing big, and then you use that dollar to wire back to your bank account, and you have spent nearly nothing, maybe just 50 bucks at the very large case, and that is a ton of money, usually something less than a few dollars.

That's why you should not consider transaction fee as a huge deal for a newbie, because if the newbie is doing a lot more than this, the yare doing something wrong. I believe that newbies who spend hundreds of dollars on each transaction and moving money around like crazy just to make more money, they will have bigger issues for sure.

Alpha Marine

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I see your point and I agree only to an extent. Bitcoin adoption would be halter with the current transaction fee. Nobody would like to make a transaction where the fee is almost half the actual amount you want to transfer.

I believe Bitcoin, or crypto as a whole cannot be "mainstream" as you say because everybody has not gone digital. There are places where you still need cash to make a purchase. They don't even accept bank or card transfers, so how will they accept Bitcoin?
Then again, how do people accept Bitcoin when it is currently so frustrating to use?

libert19

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Bitcoin network is overwhelmed by ordinals, to use it as means of money in real world is far get fetched, in my opinion. Get adopted on Internet first, these days people are transacting with lower fee cryptos and forsaking Bitcoin due to it's high fees.

Even during normal times, you pay dollar a fee, and transaction will take few minutes to confirm, do you really expect to purchase water bottle like this?

Other cryptos are far from adoption too, little load and they get congested.

Why should I use crypto (fees + uncertain confirmation times) when I can pay with cash or card, for free & instant.

SamReomo

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Quote from: Steph.A on December 18, 2023, 09:58:13 AM

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

That's funny, I'm shocked to see this why would anyone spend Bitcoin to buy water bottles? Bitcoin was meant to be a p2p payment system and it still is but these days people find it more usable as an asset rather than a p2p payment system.

You can't really buy a bottle of Bitcoin at the current network condition because the fee would cost you more than two bottles of water. It's possible to buy bottle of Bitcoin with water in normal network conditions but I'm pretty sure that no one is going to use Bitcoin to buy a bottle of water.

Poker Player

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Bitcoin has triumphed in the last few years precisely because of the essential properties it has with respect to medium or high amounts, and it doesn't matter if it becomes mainstream because the people who can store and send those amounts are reduced. It is not even remotely the same people who can buy bottles of water.

Using the same criteria for Bitcoin as for altcoins makes no sense, when it is essentially different.

PrivacyG

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What is even 'mainstream' to people nowadays? Is it Bitcoin becoming a national Currency? Gold can not be used to purchase bottles of water. I mean technically you can, but extremely pricey and inconveniently. Yet Gold is mainstream.

Bitcoin will soon erupt past a 1 TRILLION Market Cap. Is this not mainstream enough to people? We will likely never see the day Bitcoin becomes the Currency El Salvador is portraying it to be and we hoped for. But it is already very mainstream. Still has a TON of room for growth but we are there already.

Yatsan

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Quote from: Aanuoluwatofunmi on December 18, 2023, 11:54:58 AM

Quote from: Yamane_Keto on December 18, 2023, 10:32:33 AM

Not all of the world's population needs to use Bitcoin, and if 5% of the population and 5% of companies use Bitcoin, I think we will reach an acceptable level of prediction such that there is no need to convert Bitcoin into dollars and the possibility of using it to make purchases for most needs due to the availability of the level of acceptance.

Five percent is too small, this means you will hardly finds a place or an organization that accepts bitcoin before you can be able to spend it, bitcoin is already getting to that stage, very gradually we are moving to be the mainstream of making payments, we many still have to use them both for now till that time arrived whereby we don't need any other means of making payments than bitcoin and exchange of this same digital currency into fiat may not be needed as before since it would have turned the mainstream global currency.

Difference is with the way we are using it. If it is with mode of payment, then there's only a small percentage where it is being used as it is. Bitcoin and other cryptos are widely used as an asset or an investment and there's nothing really bad about it. With its wide acceptance, there'll be more years to come before its total acceptance. It is now known by many but there is a mix of impression towards this technology and we should wait further for improvements on such viewpoint. Global currency on the other hand is something.

Aanuoluwatofunmi

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Quote from: Yamane_Keto on December 18, 2023, 10:32:33 AM

Not all of the world's population needs to use Bitcoin, and if 5% of the population and 5% of companies use Bitcoin, I think we will reach an acceptable level of prediction such that there is no need to convert Bitcoin into dollars and the possibility of using it to make purchases for most needs due to the availability of the level of acceptance.

Five percent is too small, this means you will hardly finds a place or an organization that accepts bitcoin before you can be able to spend it, bitcoin is already getting to that stage, very gradually we are moving to be the mainstream of making payments, we many still have to use them both for now till that time arrived whereby we don't need any other means of making payments than bitcoin and exchange of this same digital currency into fiat may not be needed as before since it would have turned the mainstream global currency.

Tamaperdana

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Quote from: Steph.A on December 18, 2023, 09:58:13 AM

Snip
What are your takes about that sentiment?

The bitcoin system is indeed in conflict with the system that runs in banking. Therefore, bitcoin will always be overshadowed by bankers who want bitcoin and its adoption will not go well. However, dropping bitcoin is certainly not easy, because bitcoin is very transparent and has a system that can make people interested^{(decentralized)}.

And currently bitcoin or crypto will definitely be a little difficult if you want to become mainstream in financial terms. Because the banking sector is still standing strong at this time. So it will definitely take longer for bitcoin or crypto to become mainstream.

KiaKia

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You do have a point and that's on the transaction fee side, it's not going to be easy for newbies to accumulate Bitcoin, but we can't deny the massive interest on Bitcoin right now compare to years back, I believe that Bitcoin will see more massive adoption rate soon and nothing can stop it.

Bitcoin is not a good option for making small payments but it's a good store of value and it's far valuable than anything I know, this point is enough for the whole world to want to have everything to do with Bitcoin, don't sleep on it, as one day you can look back and see that Bitcoin is worth half a million already and you will start beating yourself up.

Lucius

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Quote from: Steph.A on December 18, 2023, 09:58:13 AM

Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.
~snip~

Do you live in the belief that this is not possible at this moment? Of course, this is not possible in every store that exists in the world, but it is possible in many countries where Bitcoin is a completely legitimate means of payment. If you go to El Salvador, you will probably be able to buy a bottle of water or whatever you want and pay with BTC (LN) - and if you go to the island of Boracay, you will certainly be able to buy water and pay with BTC.

Here, for example, I can now go to a local site and buy water or any other drink and pay with Bitcoin or some altcoin - or I can buy anything else that is there.

I don't know what kind of mainstream ideas you fantasize about, but Bitcoin will probably never be the choice of the majority but of the minority that wants an alternative. In addition, the idea of Bitcoin as a currency is disappearing more and more, especially when we take into account the on-chain fees that most people do not want to pay.

Manny@11111

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Bitcoin acceptability this year was greater than 2022 and I can assure you it will be better in 2024.
Adoption of Bitcoin is fast growing as a friend even bought groceries with it in Netherlands and got balance back in Bitcoin, this is just a matter of time though it has a long way to go in competing with Fiat

Yamane_Keto

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Not all of the world's population needs to use Bitcoin, and if 5% of the population and 5% of companies use Bitcoin, I think we will reach an acceptable level of prediction such that there is no need to convert Bitcoin into dollars and the possibility of using it to make purchases for most needs due to the availability of the level of acceptance.

Steph.A

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Bitcoins and other cryptos will never become mainstream before... people can buy water bottles with them.

Quite simple, many expecting an explosive entropy of the bitcoin adoption / price but truth is the average folk most common needs and use of money aren't met by bitcoin, this fact goes against the very foundation of any successfully implemented mean of money anytime across recorded history. It really is a political problem at it's core, the deep states run by bankers won't let a viable alternative co-exist in the streets. I have no doubt that with truly liberal and free alien civilizations, the blockchain technology would have attained (for all purposes) universal adoption in a shorter time that the cryptos have been around by now here.

What are your takes about that sentiment?

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