Topic: Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption - page 3. (Read 621 times)

Actually, multiply merchants who accept payments with Bitcoin, there will be mass adoption. Bitcoin and altcoins must be able to function
as a means of payment, not only for investment. This is not going well until now, like in my country the government prohibit using Bitcoin
as payment, and therefore there has not been a mass adoption in my country.

Good of the technology advancing with time, but the real growth relies on the usage from common people. As of now the traders and individuals with good knowledge were a part of cryptocurrency and bitcoin. The real adoption or the success of bitcoin can be experienced when common public give priority to Bitcoin and cryptocurrencies in relation to gold standard. With more and more user friendly access and development we're getting close to the point. Within few years of time to some extent this can be made true.

Anyone who started bitcoin at an early stage had a lot of fun as there were no transaction delays and we would usually input huge transaction fees as the price was not that huge and those were the dream moment but once there are more transaction the network was not able to handle and the experience was horrible. Mass adoption is not the major issue, if we have a good scaling solution then we will see adoption.

Right now there are a lot of people want to make an investment with the use of the bitcoin but the problem is they don't have enough knowledge and sometimes they don't want to take an investment to study, just to make an investment and put their money and wait for the right time to earn their profit.

Sometimes they are lacking of patience they don't want to wait for a long time and they already pulled out their funds because they scared to lose more but at the end of the day they didn't know they are wasting their time and money because of that mindset.


Well learning of cryptocurrency and all of those concept to make more understanding how it works you need to identify the root so you know how to works and manage properly that's the reason some of the people don't want to make an investment and risk their funds with the use of it. We have different learners by reading and by experience either you are there.


Because of this pandemic outbreak some of the people right now are thinking about things happen with the use of the bitcoin and how does it work so they can make an investment to which is a good thing but still they need to make an investment to learn regarding with this. The reason why most of us are using the bitcoin is the security and integrity it has and this is the blockchain that is transparent that we can see what are the things and confirmation process doing to our transactions.

Lucky you. Learning how BTC works isn't the easiest thing for most people. I now have 7 years since I started my journey and I still have a lot of things I do not know (or know the wrong way). Reaching mass adoption means teaching everyone how to use it - give $5 in BTC to a 10, 20, 30, 40 and 50 years old person and you'd see that, the higher the age is, the harder it is for them to understand the system. I personally think this is the best way Bitcoin could ever evolve: becoming easier to use and understand. Until then, it's going to be "the crypto/privacy/tech geek's currency".

For sure Bitcoin is going to survive the test of time, it has done that in the past several times it was said that it’s going to fail, but it is still here today and won’t be stopping. I don’t see anything difficult in making use of Bitcoin, when what we are talking about is mainly transaction; what is hard in using a cryptocurrency wallet, when all you have to do is to just copy the address of the person that is receiving and paste and then you send it?

When I started using bitcoin I didn’t see any difficulties, and I was able to get the hang of it easily. For Bitcoin reach mass adoption it’s going to take time, and if it’s able to stay that long, I believe the world will be developing interest in it.

Thats on the good side but there are really people who do really love to tackle down in regards with its negatives which is highly being emphasized.They can talk all they want yet we do have all the rights
and own free will on what is our perspective towards it.We, supporters wont really matter in talks of adoption slowdown or whatsoever commentaries about its flaws because sooner or later
we would really able to see in our very own eyes on how this tech will be adopted and would be recognized in future years to come.Yeah, nothing is certain but its still going strong
for 10 years of existence. No matter whose CEO's or other popular persons do comment about, those are just presumptions/predictions.

Here we discuss innovation, mass adoption must be followed by how useful it is in life, at least bitcoin must have a new thing which can solve the problems that are happening right now. Over time, bitcoin will become a mass adoption either as a gold standard or an easier transaction tool. It further convinced me that the need for ideas to reorganize our views on blockchain, bitcoin, and cryptocurrency. Cryptocurrency must compete on innovation first.

Until common man and even semi-illiterate understand and can use crypto, there will be nothing like massive adoption. We are in the world today that literate individuals even find it difficult to understand and use bitcoin seamlessly not to talk of market traders and individuals that hold and transact bulk of fiat daily. blockchain technology must reach a point where it is defined to be very simple to make payment and do other transaction before there can be massive adoption.

why not take Satoshi's opinion? he referred to both "goldbugs" and "libertarians", two groups which taken together are quite popular, but certainly not a majority of people



what possible reason do you have to say that



what possible reason do you have to say that

Certainly evolution is a part of adaption when we are talking about a new technology and currency like Bitcoin. However, Bitcoin is progressing everyday and making it easier to use for people how are interested with it, in the other hand altcoins and other crypto projects are starting to do the same. By rising the price of gold and rise of inflation rate in all over the world, many investors are joining bitcoin project and of curse by doing so bitcoin will need too progress the evolution to answer all these new demands and needs, incoming to it.

How so? If evolving means trying to centralize mining power and wealth distribution, I personally don't think it's good news at all. I am here for the exact opposite of what this so-called "evolution" would be: I'm here to support financial freedom and decentralization.

One might argue that even with a centralized mining power, besides rolling back blocks and censoring some addresses, they can't do much. The thing is, if they'd be controlling all (or the largest part of) the newly mined supply, it would be not much different from what most ICOs and XRP is currently doing. If Satoshi is/was a central bank experimenting on us, then it means we're probably going to see the fundamental ideas of BTC get destroyed, all in a matter of time.

The Coinbase CEO isn't relevant anymore.I don't understand what he is trying to say.
Does he mean that the off-chain solutions like Lightning Network are a mistake and a bad thing for the Bitcoin community?
What does he mean by "scaling"?Is he saying that Bitcoin Core has to increase the block size?
This guy is just talking lots of BS and he fails to suggest anything specific that would help for the "evolution"
and mass adoption of Bitcoin.

Well I believe that Satoshi was a small tram working for the central banks, and Bitcoin was an experimental project to explore the possible successors to the failing fiat system. Keeping Bitcoin as a store of wealth is a great option, and they probably own more than half of the coins anyway. The next stage will be to own a few of the mining farms. All that is good news for us if you think about it.

I believe Satoshi, did believe it, but decentralized, censorship-resistant, blockchain on-chain transactions cannot accomodate billions of transactions per day without centralization. Centralizing the network would only turn Bitcoin into an expensive database.

Off-chain transactions layer on top of Bitcoin?

In my opinion Bitcoin was not created for mass adoption. Its 10 minute block generation time, and 21 million cap will stop that. It is far better if it takes its place alongside gold and silver, and the mass  adoption is left to alternative coins, or even government tokens.

Is the girlfriend "using" Bitcoin, or trading Bitcoin? Because Bitcoin is censorship-resistant if someone's girlfriend is actually using it.

Does Coinbase use Segwit, and batching to help the network? Help develop Lightning? Liquid?

Personally I am less concerned about scaling (you can use off chain for micro purchases), ease of use (it could easily be as easy as using Apple/Google Pay via your phone if their was market demand), or comprehension (I don't really understand how Google Pay works, but I use it anyway...maybe not a fair analogy since Paypal, google pay, and apply pay aren't as much of a leap than a bitcoin wallet use). 

I think the biggest barrier to mass adoption in USA is that the IRS considers bitcoins as assets, rather than currency. Therefore US taxpayers must report ALL bitcoin transactions for tax purposes which would be beyond annoying for micro (or even larger) purchases so I don't bother using it.     https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

Plus I like my credit card miles so really I suspect the primary target audience would be debit card/cash users right?

That's true, but I want to add that cryptocurrency is easy in use for educated ones. I think mass adoption is impossible when most people have no idea about Bitcoin and how it works.   

the problem is not on the bitcoin side, the problem is on the side of governments that even today still do not know which way they will go (if create favorable laws are created for bitcoin and its entire ecosystem).

I will give an example:

Someone has a girlfriend and tells the girlfriend about bitcoin, but that person cannot withdraw bitcoin using your country's bank and also has no way to ask for the Bitcoin debit card, what the girlfriend will think:

the girlfriend will think that bitcoin is illegal and since she can't use bitcoin in the real world she will hardly want to know about bitcoin