Topic: How adoption will happen - page 7. (Read 12717 times)

I think with the fact that Ohio state is accepting bitcoin payments for tax we can safely assume that the adoption is getting bigger and bigger in developed countries much faster because of the population and interest over those parts. But, if you look at it % of the wealth and so forth on other countries you will see that the % is bigger in underdeveloped countries.

So, when you look at it the totals are bigger in developed countries because even with less interest the amount is bigger but at underdeveloped countries even with higher interest it is definitely harder to reach those develop countries totals that is why I do not think we can really compare the two together, one is bigger already so their impact is bigger and the other is small so no matter what their impact is small as well.

There are different aspects to look at regarding adoption. One question was raised by you. It's a question of adoption by whom. I think that developed countries are less motivated to adopt Bitcoin, since they already have everything pretty much okay, and they believe in their fiat. Countries with bad economies, on the other hand, drive people to go for cryptos, because they don't have much to risk anyway. So I think it's gonna be poor countries first, but now on official level and not by dictators. This is a way out for people.
Another question is how Bitcoin will be adopted. It can attract people who need alternatives to fiat. It also attracts companies that want to utilize blockchain in narrow range of operations. It also also of interest to traders of all sorts. I think we'll see a mess of adoption in various ways by various people and entities. I hope that the adoption of Bitcoin as money will be the main drive, though.

From my understanding of how Bitcoin was built, it doesn't need the approval of countries. It a value or currency that is meant to be used in peer-to-peer manner.

 If you need to buy something from a local seller, just convince him/her to accept Bitcoin if he/she hasn't already done so.  He could easily exchange it for fiat or keep it in his wallet.

I think will happen over time in all countries, and will start on countries with good economies, and only after will be crypto adopted on poor countries.

Lately I've been asking partners if they want to deal in Bitcoin.

One of them has agreed. We still haven't closed the deal, but it's likely going to be a contract (paper contract) based on Bitcoin.

If every online pro starts proposing in Bitcoin, widespread adoption might happen faster than we estimate.

I'm going to sound like a broken record but adoption will not happen out of the blue.

We need ease of use, cryptos in all its glitz and glory are still beyond most 90-year-old grandmas. Until that happens you won't be able to lure in the people that really have money to use this tech.

Once that's taken care of we need a need of use. You can't expect people to ditch fiat and go all in on crypto without a proper reason for them to do so. However, the upcoming recession might provide the perfect "reason" .. beyond that new marketplaces would also push the adoption.

Then, we need a stable-er price. Sure, stablecoins exist, but stable coins are never going to be the reason why people join the 'crypto revolution'.

Finally, we need to create an ecosystem where no one needs to 'cash out' to fiat. The moment you do that, you're beating the purpose of Bitcoin as a functional currency.

There are many more technical reasons but I think for the purpose of this thread, this should be the focus of discussion.

I don't think so. These days, the number of people who is aware of Bitcoin is quite crowded, and they really want a new change. Hence, there is no reason for all of us to ignore such a good chance to invest like this. As we all know that it takes for granted that investing in bitcoin or other cryptocurrencies are both risky investment, but most of us are fond of investing it, that shows bitcoin attraction. If the adoption happens, it probably a common hope of many people.

Not really the area you have mentioned. Adoption is already going on in your area and mine too. We are both making use of cryptocurrency either in exchange for fiat or holding it as investment, that is adoption.

If you are talking of government making a statement on it, it is going to take legislation and that might not happen generally or not now.

How are you defining 'adoption' here?  Because I can think of a few ways bitcoin could be adopted by the masses.  One is by the common man like you and me, which would mean using bitcoin as a currency in lieu of fiat--or at least using it for transactions more than it's being used right now.  Another is adoption by big institutions where they either make it a payment option for their customers or, in the case of financial institutions like banks, they invest in it.

If mass adoption happens, I think it'll be at the institutional level.  I think banks will eventually get involved, as will traditional brokerage firms, but I think that can only happen if bitcoin's price continues to rise and people stay interested in it--both of which I think are probable.  Then we'll probably see more merchants start to offer bitcoin as a method of payment. 

The real question I have is whether more people are going to start buying bitcoin either as an investment or to spend--and I've had that doubt lingering in my mind ever since I got into crypto.  Fiat would have to become seriously devalued for that to happen, and I don't think that's going to happen worldwide.  Even in Venezuela, where their fiat is worthless, they're just using US dollars more so than bitcoin.  But I'm still optimistic.  Adoption will happen eventually.

Dictators wants to control everything. So it's pretty obvious that they won't operate it under his regime because it will give too much economic freedom for his constitute so this is not the way for adoption.


We haven't had any approval yet so I won't factor the two. What we need is people using crypto to pay and merchants allowing it as payment system, whether crypto-crypto or crypto-bitpay-fiat.

Adoption of bitcoin is happening in large scale through the word of mouth spreading. When people begin to know good about the bitcoin, automatically they'll start using it. When country's adopt bitcoin surely the impact created over the cryptocurrency market will be much more effective than the one created through individual level of acceptance.

If cryptocurrencies get a reputation of a currency of dictators and scammers then why do people in normal countries have to use it? This kind of adoption definetely won't happen.
Such things like Bakkt may increase the BTC volume and market cap, which would lead to more stable exchange rate and decrease of volatility. That still can't be considered as adoption but it would make it easier to use BTC for daily purposes.

Dictators are using Bitcoin to finance their shitty governments. But it's very unlikely that they'll release an official statement or decree that says 'you can use btc to pay for goods and services' as it would give less power to the regime. Remember that oppresive governments need the population to live in constant uncertainty and fear about the economy and their own finances. You can find some stores accepting btc as an alternative to fiat, but they're probably just a few.

Even without a bitcoin ETF, adoption has been growing in the US over the past few years. Sure, the big retailers and multinationals are not accepting bitcoin, but you can find a lot merchants and small stores accepting bitcoin payments.

The adoption will start from the country who has inflation and don't trust the government, but it could also happen to the developing country or in the big country.
When the government from each country can accepting cryptocurrency/bitcoin, then that is the time for the adoption to start because people in that time will have a new source to make money, so I think they will start to use the chance.
The more people will come to the cryptocurrency, and that means, the adoption still going on.

From what I'm seeing, adoption would start from countries oppressed by the poor management and regulation of their governments and economies badly struck by hyperinflation (Venezuela and Argentina for starters.) Next would be countries who are very much open into accepting cryptocurrencies within their gates, helping merchants and consumers integrate bitcoin and cryptocurrencies within their business frameworks and model. It would be a domino effect from there once businesses saw that people are interested into using bitcoins and the governments are positive into getting the word out for the acceptance of the people.

..both of this two reason will going to make a major role in the adoptation of bitcoin..a mass adoptation should happen anywhere any time and it will start in every individual that truly believes in the technology of Bitcoin..if all of the people will be educate in crypto currency and in the use of Bitcoin,then the society will going to legalize bitcoin and make it as a mode of payment in all transaction,then Bitcoin will become the most usable crypto in all times..

The adoption will start from the people then followed by the companies and not from the government or country. If a big company decided to adopt bitcoin surely a lot of its users will think twice and get involved in bitcoin too.

Poor countries can't handle the volatility of bitcoin and only its dictator can gain wealth from bitcoin. The lowest class in a country can't afford bitcoin and if they manage to buy just a few satoshis it will still not be enough to sustain their daily living.

What's the relation of these questions to adoption? adoption can take place anything as long as the people agrees to the use of bitcoin. Government and powerful countries plays an important role to this, they can give certain words on why people shouldn't ignore bitcoin that can change the feeling of their citizens including the skeptics. Actually, adoption is already happening if you just didn't know. There's many companies that are looking to the acceptance of bitcoin and other acceptable altcoins.

The adoption has already begun years ago and is slowly developing.  In the past, I thought there had to be a big bang adoption, but I do not believe it anymore. It's a steady process to convince people of the benefits of Bitcoin. In particular, studies show that especially young people use Bitcoin more often. The problem is the great mass of elders/baby boomers.

I also think that the adoption is driven by industrialized countries as a result of a lack of investment opportunities and loss of confidence in the central banks and not by the developing countries (which was my earlier assumption as well) because economic or monetary crises e.g. in Venezuela, Zimbabwe or India have not led to a significant adoption of Bitcoin in these countries.

It won't "happen", there will be no sudden realization that Bitcoin is great from average joe's point of view, followed by a flood of new users. Adoption has been already happening for years, and it will keep happening at some pace. Maybe it will be a bit faster or slower, but I doubt it will be too much different from what we have now. Some people are waiting for a new economic crisis to boost Bitcoin's adoption, but I don't think that people will invest in a risky currency during uncertain times. There's no clear mechanism that leads to an explosive adoption, so it's naive to think that it is somehow bound to happen in the future.