"Crypto is no longer in the early adoption stage" - page 5.

geegaw

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Quote from: bitgov on August 15, 2021, 09:00:35 AM

Quote from: Leviathan.007 on August 12, 2021, 04:06:23 PM

The cryptocurrency industry started with the launch of Bitcoin in 2009 and then flourished in the following years with various assets and blockchain-based solutions. According to Stephen Stonberg, CEO of Bittrex Global, this is no longer in its infancy.
“I think we’re already past the stage of crypto early adoption,” Stonberg told Cointelegraph adding:
“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a country and many other countries are considering adopting Bitcoin as legal tender.”
Bitcoin has also become a very common investment, as a number of large companies such as Microstrategy have invested in these assets.

Source: https://cointelegraph.com/news/crypto-is-no-longer-in-the-early-adoption-stage-bittrex-global-ceo-says

In a situation where many governments still ban cryptocurrency trading, we cannot say that Bitcoin has ended the "early stage of adoption". There is still a lack of automated, user-friendly micropayment applications. We will be able to talk about the end of the "early stage of adoption" when Bitcoin (or preferably at least a few cryptocurrencies) will be a globally accepted means of payment. Just because someone is thinking of accepting Bitcoin as legal tender doesn't mean it will happen.

Don't need a full support to go to the next stage, crypto just needs to be issued and acknowledged by the top centers and countries to have a good result, their promulgation and publication is more valuable than the sum of many small countries as a whole but the first stage of acceptance is still being vehemently rejected. For too many years, only a few basic laws were proposed and small recommendations were made in multilateral and multinational talks, it can be said that this is a very deep level of the first stage, but the second step has not been formed yet

haidil

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Quote from: bittraffic on August 14, 2021, 12:08:45 PM

Hard to see altcoins adopted because a city like Miami even created its own coin. It's an example of the adoption of an altcoin but not really the existing one.

Bitcoin will be more adopted than an altcoin because it's more popular and it's a store of value as a use case. Other altcoins has its own use case for their own community. Today we still consider altcoins as shitcoins.

You're right, for Bitcoin will be more of a more liberal system of legal payments within a country, Maybe altcoins don't play that wide role. Miami has not fully implemented the concept in a comprehensive way, but it is possible that Miami can implement all of it smoothly even though it requires a process of public acceptance and support from the government that really wants Bitcoin adoption.

Snappycoco

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Quote from: stompix on August 13, 2021, 11:38:20 AM

Quote from: Snappycoco on August 13, 2021, 10:58:23 AM

USA is in fact almost at the bottom and Nigeria is the king in terms using and having even 1 crypto so I believe we are still early in this space.

Loool, the joke of the year... Usage? Where in Nigeria is this usage we're talking about that puts USA to shame??

Maybe in the LN network?

Quote

United States
Capacity 1,024.480212410 BTC (45.012%) $47,444,754.34 Node Count 1,273 (8.99%) Channel Count 18,315 (28.35%)
Nigeria
Capacity 0.003562530 BTC (0.000%) $164.98 Node Count 3 (0.02%) Channel Count 3 (0.00%)

It must bein the companies investing in Bitcoin then, too bad I haven't heard from on Nigeria company doing so, numbers of ATMs, a number of nodes, hashrate, where is the usage you're talking about?
One example of how Nigeria mops the flor with the USA on usage? One!

I was referring from this article made by yahoo.finance https://tinyurl.com/c7zd7c6e. They got their data's from statista which I cannot find first hand. I somehow agree that USA has the most BTC but still most of them are whales not regular citizen. We are talking about popularity and utility and not total btc volume by country due to the difference of economic status between the two.

bitgov

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Quote from: Leviathan.007 on August 12, 2021, 04:06:23 PM

The cryptocurrency industry started with the launch of Bitcoin in 2009 and then flourished in the following years with various assets and blockchain-based solutions. According to Stephen Stonberg, CEO of Bittrex Global, this is no longer in its infancy.
“I think we’re already past the stage of crypto early adoption,” Stonberg told Cointelegraph adding:
“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a country and many other countries are considering adopting Bitcoin as legal tender.”
Bitcoin has also become a very common investment, as a number of large companies such as Microstrategy have invested in these assets.

Source: https://cointelegraph.com/news/crypto-is-no-longer-in-the-early-adoption-stage-bittrex-global-ceo-says

In a situation where many governments still ban cryptocurrency trading, we cannot say that Bitcoin has ended the "early stage of adoption". There is still a lack of automated, user-friendly micropayment applications. We will be able to talk about the end of the "early stage of adoption" when Bitcoin (or preferably at least a few cryptocurrencies) will be a globally accepted means of payment. Just because someone is thinking of accepting Bitcoin as legal tender doesn't mean it will happen.

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Quote from: Leviathan.007 on August 12, 2021, 04:06:23 PM

“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a country and many other countries are considering adopting Bitcoin as legal tender.”
Bitcoin has also become a very common investment, as a number of large companies such as Microstrategy have invested in these assets.

I do not quite agree that many countries are looking to adopt Bitcoin, I know these countries are well aware of the benefits and advantages of Bitcoin, but unfortunately they are not going to adopt the technology, because it's decentralized and they cannot control it, and many of them already have plans in motion to launch their CBDC, and they have this erroneous conception that for their CBDC's to thrive, then they have to attack the progress of Bitcoin in their country.

As a result of the pandemic, Bitcoin became more popular amongst institutional investors who are looking for assets that can be a hedge to fiat currencies that are currently struggling with inflation and devaluation, but that doesn't make Bitcoin an asset that has attained mainstream adoption, I honestly believe it will, but it still has quite a long way to go before mainstream adoption becomes a reality.

TheGreatPython

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Quote from: Leviathan.007 on August 12, 2021, 04:06:23 PM

“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a country and many other countries are considering adopting Bitcoin as legal tender.”

I cannot agree both bitcoin has entered into mainstream and main stream adoption is the indication of early adoption stage. Early adoption phase is something we cannot figure out with the help of price level nor age of bitcoin. Because, if you consider 10% of peak value and life time of bitcoins then I guess we are still into the early stage of bitcoin ecosystem.

Because in my speculation, I am expecting bitcoin to value around one billion dollars and may serve human race for another 10 to 20 centuries. So, we are not even 1% of those parameters.

Moreover, mainstream cannot indicate that we had passed early adoption phase of bitcoins. In my view, main stream adoption is needed to end the early adoption.

molsewid

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Quote from: Victorycoin on August 15, 2021, 04:20:31 AM

That's right, many people use bitcoin but bitcoin is not yet legalized in many countries, and many people have no idea about bitcoin there is a lack of adequate knowledge that's why bitcoin in the early stages due to the high demand for bitcoin many countries are legalizing it. They are considering introducing cryptocurrencies, so bitcoin may come out of its early stages very soon even if there is a legal tender it will not be able to interfere in bitcoin the number of users being added to the project is increasing.

I think cryptocurrency is no longer in early stage but it is on the stage where it only need to be adopted as a legal tender and this platform will continuously soar high once it done. I've known this platform way back 4 years ago and at that time the platform is definitely in the early stage. Though cryptocurrency didn't need to be recognized as a legal tender because it can stand alone without the regulation or simple as decentralize however this is important for the traders and investors of crypto currencies.

Victorycoin

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That's right, many people use bitcoin but bitcoin is not yet legalized in many countries, and many people have no idea about bitcoin there is a lack of adequate knowledge that's why bitcoin in the early stages due to the high demand for bitcoin many countries are legalizing it. They are considering introducing cryptocurrencies, so bitcoin may come out of its early stages very soon even if there is a legal tender it will not be able to interfere in bitcoin the number of users being added to the project is increasing.

Rruchi man

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Quote from: Leviathan.007 on August 12, 2021, 04:06:23 PM

“I think we’re already past the stage of crypto early adoption,” Stonberg told Cointelegraph adding:
“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a country and many other countries are considering adopting Bitcoin as legal tender.”

For me and my observation, i think we are still in the earliest stage of bitcoin adoption. Most people still have no idea what BTC is. My neighbors and coworkers don’t own any bitcoin. Folks are investing huge amount of cash into bitcoin not because they are adopting it but because they see it as a get-rich scheme. They want to cash out when there is a price increase. Some are just curious and have never tried it.

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Quote from: Sithara007 on August 14, 2021, 11:38:27 PM

The numbers suggest otherwise. Out of the 100 million or so cryptocurrency users, how many are active? Innovators and Early Adopters should account for 10% to 20% of the potential user base. And I am sure that we haven't reached there yet. IMO, the potential user base for cryptocurrency is in billions. And even if we take the users who are not active, we are yet to reach 10%. And if only active users are taken in to account, then we maybe at 1%-2%. And that means that we are currently at "innovator" stage and not even at the "early adopter" stage.

User is different from the created wallets and accounts so there is no way that there will be data about how much people are using crypto or holding it because if the basis is wallets? then there are so many users that has different wallets same us those who holds this.

so giving 10% of the billion target cannot be justify so maybe yes or maybe not.

but about this being in early adoption or not? after more than 11 years of existing and with 2 trillion capitalization ? indeed we are not in early adopting now.

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The numbers suggest otherwise. Out of the 100 million or so cryptocurrency users, how many are active? Innovators and Early Adopters should account for 10% to 20% of the potential user base. And I am sure that we haven't reached there yet. IMO, the potential user base for cryptocurrency is in billions. And even if we take the users who are not active, we are yet to reach 10%. And if only active users are taken in to account, then we maybe at 1%-2%. And that means that we are currently at "innovator" stage and not even at the "early adopter" stage.

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Quote from: arallmuus on August 14, 2021, 06:09:34 PM

Quote from: DooMAD on August 14, 2021, 03:51:40 PM

After 'early adoption' comes 'early majority' and there is absolutely no way we are at that stage yet.

Dont you think that we will be getting to the stage of 'mass adoption' after the 'early adoption' ?

I was speaking in reference to the Rogers Bell or Diffusion Curve. It's an easier concept to work with than the slightly amorphous notion of "mass adoption". Everyone seems to have their own definition of what that actually means in practice. Speaking in terms of early majority/late majority/etc is more measurable.

Quote from: arallmuus on August 14, 2021, 06:09:34 PM

Quote from: Viscore on August 14, 2021, 05:42:26 PM

Bitcoin has even become a legal tender in El Salvador and it's already a big achievement for crypto.

It doesnt mean alot coming from a third world country like El Salvador

That sounds a little dismissive. Small steps lead to bigger things. And it's generally safer to start small. Nothing like this has ever been done before, so why would you want to risk doing it on a massive scale? I genuinely prefer that it has unfolded this way.

Hamphser

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Quote from: istiak2277 on August 14, 2021, 08:35:04 AM

Quote from: Leviathan.007 on August 12, 2021, 04:06:23 PM

The cryptocurrency industry started with the launch of Bitcoin in 2009 and then flourished in the following years with various assets and blockchain-based solutions. According to Stephen Stonberg, CEO of Bittrex Global, this is no longer in its infancy.
“I think we’re already past the stage of crypto early adoption,” Stonberg told Cointelegraph adding:
“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a

I think crypto is still in its early stage but in a more mature form. There was a time when most people don't understand the use case of this technology. But now things have changed but this technology has a lot of ground for development. Crypto will be mainstream when people will use crypto in their daily life like they are using fiat right now. Value doesn't comes first use case does.

referring to your word means in a subtle aspect it can no longer be said to be an early stage but has entered a developmental phase. and when they say there was a time when they didn't understand the system that was here but now it's different this indicates that they have developed their mindset here and there is nothing to worry about that because this technology is getting more and more profitable and we really don't know what will happen. will happen in the future, but with things like this I am very optimistic that this technology leads to better things

I have no doubts when it comes to Blockchain technology when it comes to its potential where it could really be adopted heavily in the near future.We are already seeing some integrations and applications of this tech and that's already a considerable benefits that we could get from this.

Crypto or specially Bitcoin did exist already a decade plus but the total relevance or recognition was started on 5 years ago.So I can still say that we are still on early phase.

We do have our own impressions and views.So lets just respect if others do see that it is already on the other level.

arallmuus

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Quote from: DooMAD on August 14, 2021, 03:51:40 PM

Like this CEO somehow doesn't appreciate just how much potential is there.

Most people dont and the fact is that most people actually think that bitcoin is just another instrument for hedging against inflation

Quote from: DooMAD on August 14, 2021, 03:51:40 PM

After 'early adoption' comes 'early majority' and there is absolutely no way we are at that stage yet.

Dont you think that we will be getting to the stage of 'mass adoption' after the 'early adoption' ? Few companies have started to adopt bitcoin as one of their payment option but only those that have purchased bitcoin before will use this payment option and for the mass that have never even heard of bitcoin probably wont even bother use it

Quote from: Viscore on August 14, 2021, 05:42:26 PM

Bitcoin has even become a legal tender in El Salvador and it's already a big achievement for crypto.

It doesnt mean alot coming from a third world country like El Salvador

Viscore

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Quote from: teosanru on August 14, 2021, 02:05:23 PM

This is true, both as a currency as well as investment crypto cannot be seen in it's early stages now, there are enough users who have invested their money into this market and also now the traditional investments banks like JP Morgan and Credit Suisse have starting giving services related to crypto investment to their users which means money through hedge funds is also being channelized into this economy now. Also in terms of currency, we have a country that has made it a legal tender so I think this person is absolutely correct, we have passed the early adoption stage now.

I also agree that we have a passed the early stage of crypto adoption since we got big institutional investors now who have backed up bitcoin. Although this crypto is not yet in mainstream but there are really positive changes that have taken place in crypto within its 10 years of existence.

Bitcoin has even become a legal tender in El Salvador and it's already a big achievement for crypto. So for me, crypto has already made great changes in crypto knowing the fact that it's still a decade from the time it was developed.

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Bitcoin is still early, but not "early early". We have started passing some milestones like first country to make it legal tender, adoption as store of value by companies, laws being adopted around it, etc. This makes it very different from where Bitcoin was 5 years ago when it was largely ignored by everyone except for a small number of retail investors. But still Bitcoin is not really mainstream, only a little amount of companies adopted it as store of value, and even less as payment method, only 1 country in the world made it a legal tender, and its adoption as a payment method is progressing very slowly in general.

terrorJR

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with what's going on now it looks like stenberg made a bit of a mistake because judging by everything so far crypto should have gone through early adoption and now is the time to try to recover and maybe what is expected now is to wait and wait.
besides that for now every day new investors, lots of new investors have taken and secured their place this should no longer be called the early stage

DooMAD

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It almost feels like a veiled insult to say we've passed the early adoption stage. Like this CEO somehow doesn't appreciate just how much potential is there. Bitcoin is only mainstream in the sense that just about everyone has heard of it now. But I get the sense that very few people use it, or even understand it yet. I think there's so much more to come. After 'early adoption' comes 'early majority' and there is absolutely no way we are at that stage yet.

verita1

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Once the Bitcoin Law takes effect in El Salvador on September 7. Bitcoin will take a new step and all the eyes of the world will be attentive to how the population of El Salvador will change its destiny. In this country, one of their main income is remittances and the 30% that they previously paid to receive them now with bitcoin will be invested in improvements for the nation.
In addition to the use of bitcoin as a legal reserve that the country will use, it will be a projection towards a better future for the nation.
For bitcoin and the community it is a historical and important fact to advance the mass adoption of bitcoin and cryptocurrencies.

teosanru

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This is true, both as a currency as well as investment crypto cannot be seen in it's early stages now, there are enough users who have invested their money into this market and also now the traditional investments banks like JP Morgan and Credit Suisse have starting giving services related to crypto investment to their users which means money through hedge funds is also being channelized into this economy now. Also in terms of currency, we have a country that has made it a legal tender so I think this person is absolutely correct, we have passed the early adoption stage now.

Topic: "Crypto is no longer in the early adoption stage" - page 5. (Read 885 times)