Bitcoin's USP is not (and never was) "easy to use"
All the people who started using Bitcoin from 2009-2014 were in it because it gave them better money, the banking industry was already making their type of money easier and easier to use, there wasn't much point in trying to outcompete them on UX (it can only be so easy anyway, what's next? money for people who can't count?).
To make that happen, Bitcoin necessitated an innovative & sophisticated design. So at the beginning, it was never going to be easy to use.
Despite this, programmers are making easy to use wallet software (Lightning wallets like Zap or Blue Wallet focus on ease of use, and really that's all that's needed to make increased adoption possible)
But even the basics require some learning. If you don't want to (or cannot) learn about how even the simplest Bitcoin wallets work, it's not for you (or at least not yet).
Topic: Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption - page 4. (Read 644 times)
August 01, 2020, 04:20:37 AM
July 31, 2020, 03:34:11 PM
My major issue has always been scaling of bitcoin, as more and more users are carrying out large transactions at same time. I understand we have off-chain transaction too. I wish the lightening network is fully functional and availalabe to all, this will send many altcoin that pride themselves on large TPS as their only underlining technology.
July 31, 2020, 12:54:41 PM
It's true.
Not only is Bitcoin too difficult for the average layman to use, but it's also too complicated to understand.
Do you really think the older generation are going to sit down and take the time to understand about transaction confirmations, decentralized consensus, inputs and outputs etc? This is the same generation that barely knows how to use the internet.
I think we're going to need, at the very minimum:
1. An actual fool-proof wallet that take all the difficulties out of the equation—something like BRD wallet is good for this.
2. A scalability solution that brings the transaction confirmation time to practically instant—similar to DASH's instant spend or something like the lightning network.
3. A human readable address system, similar to ENS.
Until we get these, Bitcoin is only going to grow among the computer literate.
Not only is Bitcoin too difficult for the average layman to use, but it's also too complicated to understand.
Do you really think the older generation are going to sit down and take the time to understand about transaction confirmations, decentralized consensus, inputs and outputs etc? This is the same generation that barely knows how to use the internet.
I think we're going to need, at the very minimum:
1. An actual fool-proof wallet that take all the difficulties out of the equation—something like BRD wallet is good for this.
2. A scalability solution that brings the transaction confirmation time to practically instant—similar to DASH's instant spend or something like the lightning network.
3. A human readable address system, similar to ENS.
Until we get these, Bitcoin is only going to grow among the computer literate.
July 28, 2020, 09:51:48 AM
We must realize that there's no definite use case of the world cryptocurrency and any blockchain based coin could be considered crypto if they prefer to call themselves. And we cannot force anyone to create anything.
There's nothing that can do to whatever the developers or creators wants to do or called with the projects that they've created, it's them to pursue the purposes of their projects.
The market itself would decide what they want to see and what's not. But some external factors like ease of trading and legality too would affect the adaptiveness of coins.
The market or the people around would define if how they understand and how they will support any project around this market.
July 28, 2020, 09:36:45 AM
Its the consciouness of all crypto enthusiasts at this particular point in time. The efficiency on bitcoin exists only in the blockcjain space and getting people to utilise bitoin will be first educating them on the blockchain space and then bitcoin. so the massive adoption of bitcoin and crypto is neccessary towards dominace of it through the financial industry.
Less hopes that people will likely utilize their brain learning how Blockchain space will do a favor with them/us. Those who are willing to learn will actually do it himself without any push from the others, the same thing that it happens to massive crypto adoption. yeah, I'm not looking that way (EVOLVE) just is a need for the people to adopt crypto because it was their intent to do so in the first place. Besides, we can't drag them to hell as Coinbase CEO says because of its high-risk and its volatility feature. But I'd never disclosed a thing to think that mass adoption will come soon even without such evolution takes place.
July 28, 2020, 09:17:46 AM
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
Its the consciouness of all crypto enthusiasts at this particular point in time. The efficiency on bitcoin exists only in the blockcjain space and getting people to utilise bitoin will be first educating them on the blockchain space and then bitcoin. so the massive adoption of bitcoin and crypto is neccessary towards dominace of it through the financial industry.
July 28, 2020, 09:06:04 AM
We must realize that there's no definite use case of the world cryptocurrency and any blockchain based coin could be considered crypto if they prefer to call themselves. And we cannot force anyone to create anything. The market itself would decide what they want to see and what not. But some external factors like ease of trading and legality too would effect the adoptivness of coins.
July 28, 2020, 05:02:12 AM
The question here is how bitcoin can evolve? Mass adoption is really good, it would make the community bigger which can result in bitcoin inflation, bitcoin will become more prominent all over the world when this thing happens. Bitcoin is already good for some online transactions because we can use it for payment purposes which makes our lives easier. Mass adoption is good but they should learn things about crypto first.
July 28, 2020, 03:24:48 AM
Evolution means, for guys such as Brian, destroying it. The mass adoption some people imagine will never be a thing imo as soon as BTC will keep on being the decentralized crypto it currently is. Considering the way his exchange has "evolved" over time, his words are worth nothing right now for me, so is his supposed solution to the mass adoption. I'm currently fine without a company that is selling its own customers to the government and helping dissolve privacy day by day.
July 28, 2020, 03:11:49 AM
Ah he is a ceo and has his own agenda.
He is! We should never trust a person who made commitments with the New York Agreement/S2X, that were anti-Bitcoin, at a time when it was very important to stand united with the community.
July 28, 2020, 02:29:30 AM
Or if US or EU turns worst, going into negative interest.
And then those people who have a lot of money, millionaires or even billionaires, hedging their wealth to bitcoin specially against QE.
Or simply institutional investors who really see bitcoin as a way to make more money from them.
I think this could be some reasons why bitcoin could reach mass adoption and become a $1 trillion market value in the future.
A strategy with negative interest rates will perfectly work only in society that is completely cashless. In such cases, bitcoin may be well adopted by all people as a tool that prevents being forcibly compulsed to spend savings. Given that negative rates cannot be applied on physical cash and Bitcoin, in essense, is a perfect substitute for physical cash, it will be widely adopted by those individuals with low time preference who prefer saving over consuming. The problem here is that most people still have high time preference, it is better for them not to hoard money and spend it right now instead. And then those people who have a lot of money, millionaires or even billionaires, hedging their wealth to bitcoin specially against QE.
Or simply institutional investors who really see bitcoin as a way to make more money from them.
I think this could be some reasons why bitcoin could reach mass adoption and become a $1 trillion market value in the future.
July 28, 2020, 02:20:36 AM
I am not sure why but I don't see any problem in adopting bitcoin for normal ways of transactions. As long as someone is not involved with technical means bitcoin is just doing fine for others.
Like, if I am considering myself as common user / daily user of bitcoin then I am able to send the money with least fees in about 30 min to 1 hours in some cases. And that is all fine, since I can immediately give proof of my TrX by sharing the TrX Hash with the next party.
Since it's irreversible transaction, third party knows they are gonna get money. They can offer me their services immediately based on that.
This is just another positive perspective by overpassing all the discussion above.
Like, if I am considering myself as common user / daily user of bitcoin then I am able to send the money with least fees in about 30 min to 1 hours in some cases. And that is all fine, since I can immediately give proof of my TrX by sharing the TrX Hash with the next party.
Since it's irreversible transaction, third party knows they are gonna get money. They can offer me their services immediately based on that.
This is just another positive perspective by overpassing all the discussion above.
July 28, 2020, 02:16:29 AM
I personally don't even think that scaling is our main issue.
1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.
1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.
I think bitcoin will always remain volatile, it will never be fix, maybe the volatility rate will reduce but it will not be stable if that's what we are expecting to happen. As long as the interest of holding or treating bitcoin as an investment is bigger over its use case as a currency, then I would stick with my opinion.
2. People that have been burned in 2017 probably refuse to get back in. The only thing that would probably change their mind is a new ATH.
In the early days, there was also a big event where people got discourage, so I think this 2017 bull run and the big dump after has just become normal because we know in the first place that crypto is unpredictable and more of an speculative asset. July 28, 2020, 02:08:37 AM
1. Volatility is a direct result of people being uncertain about the future price if bitcoin, they still can't decide whether or not they want to hoard and hold bitcoin. The more people are becoming certain about the future demand for bitcoin, the less volatility there will be. Essentially, these processes are inextricably connected, volatility affects people decisions, people decisions affect volatility.
3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.
3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.
1. In a theoretical perspective, it's a combination of a few things, including what you said. But ultimately in a technical perspective, it's mostly a lack of market liquidity.
3. Yep. Hence why bitcoin's importance is obvious to some people on countries like Venezuela and Zimbabwe; and hence why most Americans haven't realized it yet because the USD hasn't imploded at least as of yet.
Or if US or EU turns worst, going into negative interest.
And then those people who have a lot of money, millionaires or even billionaires, hedging their wealth to bitcoin specially against QE.
Or simply institutional investors who really see bitcoin as a way to make more money from them.
I think this could be some reasons why bitcoin could reach mass adoption and become a $1 trillion market value in the future.
July 28, 2020, 01:55:33 AM
1. Volatility is a direct result of people being uncertain about the future price if bitcoin, they still can't decide whether or not they want to hoard and hold bitcoin. The more people are becoming certain about the future demand for bitcoin, the less volatility there will be. Essentially, these processes are inextricably connected, volatility affects people decisions, people decisions affect volatility.
3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.
3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.
1. In a theoretical perspective, it's a combination of a few things, including what you said. But ultimately in a technical perspective, it's mostly a lack of market liquidity.
3. Yep. Hence why bitcoin's importance is obvious to some people on countries like Venezuela and Zimbabwe; and hence why most Americans haven't realized it yet because the USD hasn't imploded at least as of yet.
July 28, 2020, 01:38:07 AM
1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.
2. People that have been burned in 2017 probably refuse to get back in. The only thing that would probably change their mind is a new ATH.
3. As of now, most people simply don't get the importance of a decentralized, permission-less, and scarce asset.
1. Volatility is a direct result of people being uncertain about the future price if bitcoin, they still can't decide whether or not they want to hoard and hold bitcoin. The more people are becoming certain about the future demand for bitcoin, the less volatility there will be. Essentially, these processes are inextricably connected, volatility affects people decisions, people decisions affect volatility.2. People that have been burned in 2017 probably refuse to get back in. The only thing that would probably change their mind is a new ATH.
3. As of now, most people simply don't get the importance of a decentralized, permission-less, and scarce asset.
2. I partly agree here. Speculators that were trading and buying bitcoin in 2017 are still somewhere here, they will definitely come back when bitcoin is again highly valued in terms of dollar.
3. From my point of view, most people living in contries with relatively stable economic situation, where private property rights and human rights such as right of free speech, freedom of expession are protected and respected will never fully get the importance of bitcoin.
July 28, 2020, 12:59:51 AM
Yes, It has evolved! We all know that the global economy is inevitably moving towards a digital ecosystem and specifically the real-world use-cases of cryptocurrencies over various platforms fueling the mass adoption of Bitcoin and other cryptocurrencies. 
July 28, 2020, 12:40:14 AM
Mass adoption? No. How about more people come and buy bitcoin.
That will not work, in my opinion the mass adoption can't happen because there is a problem with bitcoin generation, no matter how many farms or machines work to solve the blocks, the time to generate one block is still the same which is inefficient in the long run. The problem arises from that ineffieciency, let's say that there is a mass adoption and everyone in the world buys bitcoin, do you think the current supply is enough to accomodate this demand? I do not think so. The way to revolutionize bitcoin and its generation speed is by developing more quantum computer and a commercial one in that case because right now we are slowly reaching the plateau for computing speed which means that no matter how much we keep on upgrading our current computer, the plateau will never be broken. July 28, 2020, 12:24:50 AM
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
I do think the man meant that we should start using Bitcoins and other cryptocurrencies for :-
Buying/selling
Normalizing it just like Fiat and having the option of paying in cryptocurrencies available.
But for that I do think we have to solve many problems first:
-We have to upgrade the lightning network
-We have to do something about the fee
-We need to form a body to tackle the issues which are always being presented by the Government and such , so that we can have a legalized body for fighting those accusations
-Maybe next time you go out for coffee and food , try asking them if you can pay in Bitcoins , they might now have that available yet but for the future the employee can tell the manager and to improve the business the manager can make sure we have some payment strategy like that.
-*-*-*-*-*-*-*-*-*-
But for most I do think I am really happy with the investment part of Bitcoins. , Trading and Holding are wonderful options and gives you opportunity to safely hold your assets , plus you don't loose as long as you don't encash .
July 27, 2020, 10:38:45 PM
Mass adoption? No. How about more people come and buy bitcoin.
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