Topic: Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption (Read 644 times)
September 14, 2020, 12:33:45 AM
True there is still along way to go for crypto to achieve this. I believe there are still some key development that ought to take place on the blockchains to attract interest from different industries.
August 21, 2020, 05:23:59 PM
Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption & other BTC news
Check it out: https://www.youtube.com/watch?v=bgm7-E3hrHg&feature=youtu.be
Coinbase CEO Brian Armstrong thinks Bitcoin and crypto must evolve and become easier to use before widespread adoption can take place.
In a new interview with Peter McCormack, the host of the What Bitcoin Did podcast, Armstrong, who co-founded the leading US crypto exchange, says BTC needs to follow the internet’s lead in terms of usability.
“We have not taken any unnecessary risks with [Bitcoin], and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two. I guess the other way to look at it is, ‘What would have happened if we had found a way to safely scale it?’ Maybe we would not have had a need for some of these other chains that have come up and divided focus.
The Cryptocurrency Portal
https://www.thecryptocurrencyportal.com
Check it out: https://www.youtube.com/watch?v=bgm7-E3hrHg&feature=youtu.be
Coinbase CEO Brian Armstrong thinks Bitcoin and crypto must evolve and become easier to use before widespread adoption can take place.
In a new interview with Peter McCormack, the host of the What Bitcoin Did podcast, Armstrong, who co-founded the leading US crypto exchange, says BTC needs to follow the internet’s lead in terms of usability.
“We have not taken any unnecessary risks with [Bitcoin], and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two. I guess the other way to look at it is, ‘What would have happened if we had found a way to safely scale it?’ Maybe we would not have had a need for some of these other chains that have come up and divided focus.
The Cryptocurrency Portal
https://www.thecryptocurrencyportal.com
This is absolutely true. However, we should know that there is a long way ahead of us before bitcoin can reach mass adoption.
There are certain factors that contributes to this.
First, so many are scared of the volatility of bitcoin. People got burnt in 2018 when bitcoin rose to it's peak in late 2017 and gradually dwindled. Such people would be reluctant to get back in and with them many they would have dissuaded.
Secondly, many people consider bitcoin only as a digital asset. Until everyone sees bitcoin as a means of payment can it reach mass adoption
August 21, 2020, 03:31:55 PM
Regarding mass adoption, it is still very far from what was expected. Because most people only use Bitcoin as a digital asset,
while mass adoption can occur if Bitcoin is used as a means of payment. Another problem is being a means of payment required
merchants who accept Bitcoin payments. And the number of merchants who accept Bitcoin payments is still small, this is because
the price of Bitcoin is volatile and not many countries have legalized Bitcoin.
while mass adoption can occur if Bitcoin is used as a means of payment. Another problem is being a means of payment required
merchants who accept Bitcoin payments. And the number of merchants who accept Bitcoin payments is still small, this is because
the price of Bitcoin is volatile and not many countries have legalized Bitcoin.
August 21, 2020, 03:01:46 PM
^^ @Midas111 What are you talking about 
.
.He is clearly CEO not IT guy tho, its not that easy. You can scale things to some point but then you push boundaries for sacrifices only.
There is no perfect solution, thats why Bitcoin won't scale infinitely, layers two will be needed or Bitcoin will become/stay store of value at its core.
In what world you are living, all the IT companies are owned by nerds who are expert in the trade and if you are not having any idea who Brian Armstrong is he is a double major in Computer Science and Economics including masters, so he is an expert in the field. There is no perfect solution for scaling but that does not mean that we will not be having that in the future.There is no perfect solution, thats why Bitcoin won't scale infinitely, layers two will be needed or Bitcoin will become/stay store of value at its core.
selling tokens that lose 5% from any given point every single day is a little excessive in the bad idea column
August 21, 2020, 02:45:17 PM
This idea is as old as the world.
Obviously, the main difficulty in using bitcoin is its convenience according to several criteria. This is also a brake on its scalability.
Gold is also not very convenient to use, but it exists and continues to grow in value. It's the same with bitcoin.
Not everyone uses Bitcoin, but almost everyone knows about it. Thus scalability is inherently one step away from its leap.
It's not that yet convenient because only few adopt the usage of cryptocurrency payment in different stores. What if it's implemented? Definitely, it will be one of the most used asset on payment transactions. People barely use digital money as payment and still prefer fiat on their businesses so it'll be difficult before it happens. Obviously, the main difficulty in using bitcoin is its convenience according to several criteria. This is also a brake on its scalability.
Gold is also not very convenient to use, but it exists and continues to grow in value. It's the same with bitcoin.
Not everyone uses Bitcoin, but almost everyone knows about it. Thus scalability is inherently one step away from its leap.
People are always suggesting massive adoption but the only thing they prioritize is the profit on it, nothing new. We need the government to step up on creating an environment where we adopt the usage of cryptocurrency. I guess that decentralized and centralized assets will definitely put too good for economic growth.
August 21, 2020, 02:31:15 PM
^^ @Midas111 What are you talking about .
.He is clearly CEO not IT guy tho, its not that easy. You can scale things to some point but then you push boundaries for sacrifices only.
There is no perfect solution, thats why Bitcoin won't scale infinitely, layers two will be needed or Bitcoin will become/stay store of value at its core.
In what world you are living, all the IT companies are owned by nerds who are expert in the trade and if you are not having any idea who Brian Armstrong is he is a double major in Computer Science and Economics including masters, so he is an expert in the field. There is no perfect solution for scaling but that does not mean that we will not be having that in the future. There is no perfect solution, thats why Bitcoin won't scale infinitely, layers two will be needed or Bitcoin will become/stay store of value at its core.
August 21, 2020, 02:06:39 PM
everything coinbase sells has cratered and caused economic mayhem. how long until they are shut down
August 21, 2020, 01:47:58 PM
This idea is as old as the world.
Obviously, the main difficulty in using bitcoin is its convenience according to several criteria. This is also a brake on its scalability.
Gold is also not very convenient to use, but it exists and continues to grow in value. It's the same with bitcoin.
Not everyone uses Bitcoin, but almost everyone knows about it. Thus scalability is inherently one step away from its leap.
Obviously, the main difficulty in using bitcoin is its convenience according to several criteria. This is also a brake on its scalability.
Gold is also not very convenient to use, but it exists and continues to grow in value. It's the same with bitcoin.
Not everyone uses Bitcoin, but almost everyone knows about it. Thus scalability is inherently one step away from its leap.
August 11, 2020, 07:37:19 PM
Bitcoin needs indeed mass adoption or in time the supply will deplete in its value by continues conversion BTC/USD. The only time for that is now where most country's economy is unstable with banks printing money on a massive scale, also due to pandemic and businesses unable to operate.
August 11, 2020, 07:34:33 PM
“We have not taken any unnecessary risks with [Bitcoin], and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two. I guess the other way to look at it is, ‘What would have happened if we had found a way to safely scale it?’ Maybe we would not have had a need for some of these other chains that have come up and divided focus.
Nothing special you quoted here.
He is clearly CEO not IT guy tho, its not that easy. You can scale things to some point but then you push boundaries for sacrifices only.
There is no perfect solution, thats why Bitcoin won't scale infinitely, layers two will be needed or Bitcoin will become/stay store of value at its core.
August 11, 2020, 07:17:23 PM
It IS a big issue.
But volatility would be less with more liquidity.
Bitcoin's reward has halved for the third time, but there's more transactions.
Transaction volume has grown since the third halving. But it has not grown exponentially. Scaling is a big issue if volume grows very fast. Most of the transactions are from exchanges. Exchanges can bunch up their transactions. There's no indication that people are spending bitcoins directly.
Bitcoin's price crashed 50% in March 2020. That's after the third halving. Liquidity can't fix this problem.
I just saw that Coinbase has been batching up transactions. It proves my point about scaling is not an issue. Whether you like it or not, 2nd layers will be more centralized.
https://blog.coinbase.com/reflections-on-bitcoin-transaction-batching-b13dad12a12
August 11, 2020, 09:26:39 AM
I believe that over time, the world community will inevitably use crypto. Of course, I believe crypto and blockchain developers have their own way of making crypto mass-adopted. There will come a time when crypto users will become the majority in the world. Therefore, let's think positively about crypto going forward.
We just need more time and keep to use bitcoin and blockchain to make everyone more aware against them. I believe both of technologoy is a revolution for human being. Like what has done by chinese government, how many industry that has been using blockchain as main system? At least this is pointed out that they already know how special is the two technologies. This thing will be encourge also for crypto currency as a whole that being known by most people. When most people know how their function then sooner or later they will use it and even will never be separated from their lives. It is just, they still reluctant to start using and what step that could be done to use it and also the regulation from their government is the main reason why they put of to using it.
August 11, 2020, 08:34:49 AM
Coinbase has really become one of the important bigwigs in the crypto industry, but unfortunately they are not ready to change anything yet.
August 11, 2020, 07:25:15 AM
“We have not taken any unnecessary risks with Bitcoin, and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two."
August 10, 2020, 06:22:17 PM
I am among those who are optimistic that cryptocurrency will evolve to reach mass adoption, despite the fact that it says differently.
But if you see Bitcoin price movements in the market continue to rise, this should prove that cryptocurrency is gaining popularity.
Hopefully the growth of cryptocurrency this year will be even better, then real mass adoption is indeed happening.
But if you see Bitcoin price movements in the market continue to rise, this should prove that cryptocurrency is gaining popularity.
Hopefully the growth of cryptocurrency this year will be even better, then real mass adoption is indeed happening.
August 10, 2020, 04:39:16 PM
I don't know, it's hard to say if cryptocurrencies will evolve to the phase of real mass adoption.
You just have to be optimistic, as no one not even Satoshi foresaw the level of success bitcoin is currently recording in a very short period of time. They might have wished for it but no one would had been 100% certain it'll come to pass. Just imagine the outrageous price of $1million trading price for bitcoin some speculators are currently predicting the price to range. Most of them aren't even certain that'll ever come to pass but only time will tell.
Having said that, I think the sign are everywhere that the industry would go far. We'll start by conquering the internet before we go manual. Currently I think we already got a darkweb covered now all is left is the e-commerce sector.
No one had really anticipated even into its own creator but we've seen on how far did things thing able to reach. 10 years and counting but the adoption and recognition is already there but it wont really be
that much a good idea if people are way too optimistic on where they do reach out unrealistic numbers.
Time would surely tell on how Bitcoin will able to survive or would be gone into this market.Nothing is sure when it comes to future talks since there are lots of things that can happen along the way.
Each of us can make his own prediction and its pretty common that these popular personalities in the market will really be given out that much of attention anytime they do make
some price speculations or predictions.
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August 10, 2020, 02:59:51 PM
I don't know, it's hard to say if cryptocurrencies will evolve to the phase of real mass adoption.
You just have to be optimistic, as no one not even Satoshi foresaw the level of success bitcoin is currently recording in a very short period of time. They might have wished for it but no one would had been 100% certain it'll come to pass. Just imagine the outrageous price of $1million trading price for bitcoin some speculators are currently predicting the price to range. Most of them aren't even certain that'll ever come to pass but only time will tell.
Having said that, I think the sign are everywhere that the industry would go far. We'll start by conquering the internet before we go manual. Currently I think we already got a darkweb covered now all is left is the e-commerce sector.
August 10, 2020, 02:35:39 PM
I don't know, it's hard to say if cryptocurrencies will evolve to the phase of real mass adoption. That would mean that it should be used all around the world, in a range as mainstream currencies and having in mind current very low level of adoption and how small number of people is actually familiar with crypto that doesn't see very much likely. However, we can't know what future brings and how this will develope although certain progress will be made.
August 10, 2020, 12:10:20 PM
It IS a big issue.
But volatility would be less with more liquidity.
Bitcoin's reward has halved for the third time, but there's more transactions.
Transaction volume has grown since the third halving. But it has not grown exponentially. Scaling is a big issue if volume grows very fast. Most of the transactions are from exchanges. Exchanges can bunch up their transactions. There's no indication that people are spending bitcoins directly.
Bitcoin's price crashed 50% in March 2020. That's after the third halving. Liquidity can't fix this problem.
August 10, 2020, 01:57:55 AM
To be fair, the fact that something needs to change to achieve mass adoption of cryptocurrency isn't exactly unexpected news. We all have seen the struggle BTC and other markets are having especially when major institutions pull off minor setbacks.
These setbacks don't affect investors who already understand how crypto world works but it is off putting to those wanting to join the network. This is the grey area great improvement is needed.
In essence, we need to make cryptocurrency easier to understand, buy/sell and use in every day life. Those are the obstacles that stand in the way of mass adoption.
I think the reason why the mass adoption is not yet happening is because there is misconception about bitcoin because a lot of people think that it is mainly a form of investment and not a currency. In my community, they see bitcoin as opportunity to earn and not a new technology that can improve the broken payment system that we are currently have.These setbacks don't affect investors who already understand how crypto world works but it is off putting to those wanting to join the network. This is the grey area great improvement is needed.
In essence, we need to make cryptocurrency easier to understand, buy/sell and use in every day life. Those are the obstacles that stand in the way of mass adoption.
Lack of access through internet is also a major problem, I lived in a 3rd world country so there are a lot of citizens in my country are still not aware to bitcoin and cryptocurrencies because of the lack of access through internet. The mass adoption will happen if every one will become aware on it and will have access to internet.
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