Topic: Crypto and the Masses - page 2. (Read 471 times)

Perhaps ease of use could help bring bitcoin closer to the masses. Otherwise, these difficulties with seed-phrases and private keys (try to save and not lose), transaction fees (in which careless users often make mistakes and pay overpriced funds), problems with the mempool overload (which makes transactions take a long time) are frightening using bitcoin. If these points were eliminated, this could affect the distribution to the broad masses, but will bitcoin remain the same as before? And won't we get something like CBDC or centralized coins? Simplifying bitcoin would rob it of its benefits.

I imagine that it will be difficult for bitcoin to become truly mainstream due to its features, which are what make it unique. This is the nature of bitcoin, requiring a certain threshold of entry (knowledge and skills).

For crypto to get adopted by masses, crypto should do better than what is already mainstream. Why pay with crypto with it's long confirmation times and hefty fees when they can use card/cash to make payments instant and free.

You can't do worse than what's mainstream and expect that it'll get adopted.

Crypto must become feeless, instant and able to handle large amount of transactions.

Curiousity and the dream of achieving financial freedom are two factors that drives the masses to blockchain technology or cryptocurrencies. Here in my country a lot of people are jumping into the world of crypto in the hope of getting profit and other opportunities. With NFT games that is on trend it drives people crazy and that is how adoption started. Since we are in a cryptocurrency friendly country the percentage of mainstream adoption is increasing.

I have been pondering through these since last night trying to ascertain the core reasons the adoption of Bitcoin is intricate. To dilate the usage of Bitcoin let's take a look at this few following points of mine.

1. Trustlessness:

Risk is what comes to ones mind when you mention btc, people have been made and recked in the market. The trustless ideology have instill greatly in the mindset of the masses as well as the government authorities.

2. Bitcoins are not widely accepted:

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency.

3. Bitcoin valuation fluctuation:

The value of Bitcoin constantly fluctuate according to demand. Which currency should Bitcoin tied to when comparing valuation? These are still important questions the Bitcoin community still has no consensus over.

4. No valuation guarantee:

Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the market, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing.

It takes a strong mind to invest in this kinda system bearing all of these at heart. I do not blame anyone for any reason he or she has to jettison/adopt Bitcoin.

As an idea that is extremely radical as Bitcoin, 14 years is actually not a long time, not to mention that in my opinion. Crypto only just actually booming worldwide after 2016 (CMIIW). I think the crypto community and enthusiast has been doing a good job in introducing and spreading word about Bitcoin. It's just that something new and radical like Bitcoin needs a long time for the general public to accept it, and to realize that this is what they need.

Even something like the Internet which a very useful and revolutionary which much less controversy and rejection needs more than 15 years to be accepted and applied globally.

The community or other people must also have a mindset that is eager to teach new people that is starting to get introduced to Bitcoin.
We must think that learning or using Bitcoin is not only for investment but for innovation.
From what I observed, most of the people that getting introduced to Bitcoin are just only for money, they are greedy enough to not learn anymore the basics of Bitcoin or how it works and some are ended being scam because of their grediness.

We dont!
The continued appearance of bitcoin in the movies, advertisements, and even in any commercial areas or businesses, will do the work. If people are constantly seeing or hearing about it every single time, it'll  catch their attention. From there, they will do their own research about bitcoin. The blockchain technology is a little complicated than learning how bitcoin works and how to secure it to lessen the risk of getting loses.
We don't need to rush and push harder on the global adoption since bitcoin is doing so well even if it's not widely adopted globally, but that doesn't mean there were no improvements on the adoption, bitcoin has been gradually being adopted more than any governments in any country who's banning crypto transactions. The continued increase of value every year passed is a living proof of it. So, again we should never stress ourselves out on how to spread the word about bitcoin to try to speed things up regarding global bitcoin adoption.

Cryptocurrency has become influential since seven years ago so therefore I will like to say that we have to understand the accessibility of bitcoin to individual right now, I know quite well that the adoption of bitcoin is something that bitcoin influencers have done to bitcoin,  so therefore I believe that to be part of bitcoin adoption is base on the initial awareness

There is a time when we need to stop deluding ourselves about being "early adopters". When we reach the point when almost every adult has at least heard about crypto - then it's fair to say we're no longer in the early adoption phase.
Why would the masses adopt crypto in the first place and what does it mean exactly? Replacing fiat money with crypto? That's not going to happen unless there's some sort of financial collapse or hyperinflation event. Otherwise, people will be spending the money they earn and maybe hold crypto as an investment or a hedge. And there's nothing wrong with it.

What if I told you that it’s even better for it to take more time but grow well than for it to be forced to grow. Without trying to speed up Bitcoin’s growth and adoption, it’s already done really great. Look what was worth a couple of cents, it can buy a brand new car today. Also, I think it’s unrealistic to expect a total or even fast adoption. Because people did not grow up with Bitcoin. It just happened eventually about a decade ago. People born today will easily adapt because this information was already available before they were born. Just like we all know what a bank is and we use it. We were born into it. Just my opinion though.

Crypto services work like middlemen between the masses and blockchain technology, because they make the whole adoption process simpler and intuitive for those who aren't skilled on informatics field. Through crypto centralized platforms, newbies can start purchasing and holding their first sums of Bitcoin, while through hardware wallets such as Ledger and Trezor, they can start holding their assets in a safe manner. If it weren't for such services, adoption process would be much harder and exclusive to a small portion of the global population who masters informatics, programming and internet know-how.

With that in mind, we can't completely blame and condemn centralization, as it's helpful in some aspects and even necessary if we want Bitcoin and cryptocurrencies in general to become more recognizable and adopted in global scale. It's necessary to understand most people aren't programming specialists, therefore those who are have to create alternatives for those who aren't to also become part of crypto universe, despite their limitations.

The masses don't need to adopt cryptocurrencies on a whole. Understanding the benefits of what Bitcoin gives you is more than enough. After that, you will realize that almost everything else are cheap knock-offs and copycats only good for a quick pump and dump. Bitcoin is a great alternative for those who have experienced problems with the traditional financial system. It's great for the unbanked. Those groups are potential target audiences.

It's difficult to get big names involved, especially if they acquired their wealth with traditional investments. That's why I never cared what Warren Buffett and the likes think of Bitcoin.   

The masses are primarily responsible for the market trends that emerge. We share our thoughts and ideas, some of which work and some of which do not, that's simply what we call failed projects. The market has changed due to the current parameters of our investment strategy; in the meantime, we hoped for solid positive developments. We've become acquainted with the system, and I can tell you that the vast majority of people have turned their backs on crypto, and they're the current traders who are deeply regretting the lack of balance in the system.

I think regulation of crypto industry will change the face of crypto investment as it will instill confidence and trust in the industry unlike what's happening now that there's a preponderance of unchecked scam activities. I know many in this industry don't like it as they think it will compromise their privacy. Well, maybe. They could be right on the privacy thing but I think the overall effect will be for the betterment of the industry.

You didn't lie there. I've seen cases where bank staff aren't even in the know of what Forex trading is. It's really disappointing that those we assume would know certain stuff begin to display their ignorance around it.

The education level should be emphasized on;that is breaking down the complex sectors,ideas and benefits of adoption.
 It's not just an investment factor,but Also a currency that puts us in charge against fait fears and insecurities.Let's show the masses the opportunities that bitcoin has to offer people in contrast to fait.

It is accessible and can be used to purchase goods and services anywhere,transaction transparency is also a good feature that needs to be fully considered.

It depends on them because they are the ones who decide to adopt blockchain and crypto technology. They will not do it and watch if they think they do not yet need blockchain and crypto technology.
However, there has been progress in the adoption process because crypto is now more developed than it was a few years ago. Indeed, crypto has yet to become mainstream but it's only a matter of time so we still have to be patient.
With the internet making things easier for the public, it should be able to help people find the information about crypto they need. From there, they can start to understand crypto and see how crypto opportunities can help them.

We still have a long way to go i mean we have not even made bitcoin more understandable to the general public much more how to use it

A lot of people still have a lot of misconceptions regarding bitcoin or cryptocurrencies in general a lot of them still think that cryptocurrency is nothing but a get rich quick scam but we have to make them understand that cryptocurrency is more than that it requires intricate knowledge backed up with technical skills i think we should definitely start with trying to relay the correct information regarding crypto first and then go on from there

am not  sure being early adopters after 13 years of existence? well that is still early comparing to what willcome in the next century .

like what you said we are the early adopters  so people are starting to be like that as years and years coming to being adopted.that  is bitcoin and crypto.

Well, for one thing... Bitcoin developers needs to solve the problem with the congestion on the Blockchain. We had problems before and they developed SegWit and also the Lightning Network... now is the time, where they come up with something that can be developed on-chain to fix this problem for once and for all. 

Mass adoption will happen when everyone can see Bitcoin as a better alternative than all other financial options available to them.. and that is currently not the case. 

Most people know about Bitcoin, but how to use it is a bit difficult, because there are not too many educational public spaces to get ways or minutes to play, so you can't get a better understanding educationally.

In fact, education about bitcoin needs to be provided in the North for participants to be more confident about how to use bitcoin.