Topic: How can we accelerate the mass adoption of crypto? - page 4. (Read 611 times)

At the end of the date, the world is and will be divided into many countries for a long time to come. Each country has it's own set of laws to navigate and different cultures with all sorts of different values. The fact that Bitcoin has been widely accepted by countries in the Americas and Europe is the best we can hope for short term. As these countries have stable societies that can build out the legal framework for it to exist and later on be copied by countries with less resources to devote to such activities. At the heart of it all cryptocurrency needs to maintain transparency and freedom with an effort from existing holders to push back against oppressive governments who want to ban it outright for the greedy and self interested needs of the politicians in charge.

It's not about how to speed up mass adoption, but the real use of crypto must be really useful and requires research to do mass adoption for real use.
Crypto is indeed very hype right now and crypto users are increasing. But mass adoption has not yet fully occurred. there are various kinds of pros and cons of using cryptocurrencies so that some countries carry out strict regulations on cryptocurrencies.
Many aspects are considered to initiate adoption, so it will not be easy to do mass adoption and cannot be accelerated.

In as much as Bitcoin can't gain stability and regulation it's impossible to adopt Bitcoin as a generally accepted payment method or as a legal tender. Outside all this Bitcoin don't have an intrinsic value it rely solely on fiat currency to get it's value. Another pressing issue is it's high volatility. Unless Bitcoin can counter all this limitations it's would be difficult for Bitcoin to be a legal tender

Do you really think that government would just simply do that? Never ever on my dreams that each one of them would be ending up on a one harmonious decision towards Bitcoin.
They had been blocking and prohibiting bitcoin to become mainstream on most of those governments around the world excluding to those who had adopted bitcoin.
For now the best thing to be done is not to mind off that much because adoption is on the move even though it isnt on full scale but at least we are seeing some progress.

Part of the reason for slow btc adoption is mainly the government, without the full support and acceptance from government of various countries it will be difficult to experience rapid adoption, in other to accelerate or speed up adoption the government must give their full consent and support btc to operate legally without any form of restrictions.

This. It is going backwards. For obvious reasons that when Bitcoin gets more attention in the mainstream media, the more likely that the government of every country out there to take action on whatever regulation they have in mind.
Just about 3 weeks ago, I have my custodial wallet asking me to provide details of where did my Bitcoins come from, while it is just obviously coming from my own hardware wallet.

Well I do think some things that can be done would depend on who is doing it !?
Well for people who are very interested in Bitcoins and are positive about the future if cryptocurrencies like bitcoins as well then I do think what they can do is:
Educate other people about it as well, clear their doubts, help them set up their wallets and give them a push. Proper education is the key. Well media does not provide any of that therefore it might be better coming from a person who is involved with the bitcoin community and has good experience as well.
For small business who wanna add bitcoins in their payment methods as well :
More improvements can be made with lightning network as well.
The government can try and integrate bitcoins in their economy and make it legal as well, but all these things needs a lot of research beforehand and they should know how they are handling it as well. ( There should be very well informed people in charge of all these actions and activities and not just old congressmen who knows nothing about bitcoins )

In order to be used as a currency, Bitcoin's volatility needs to stabilize. It also needs regulation so that users can be safeguarded, but not so much that it can stifle development. Besides, we need to have a more friendly way of using BTC and other cryptos. If crypto wants to become mainstream, an easier way of use needs to be developed.

Regulation is something that can realistically be solved by the legislators. It's not that hard to write down that crypto income is subjected to the same taxation as income in fiat, that it's legal to use cryptos for payments and that it's also legal to invest long-term and trade cryptos. I think it's okay to calculate monthly profit from trading in fiat for the purposes of taxation, and to fix the initial price of purchase and the sell price to calculate long-term profit for taxation purposes. Sure, there are some adjustments to figure out, but it's not an impossible task. As for ignorance, writing standard programs of school subjects and mentioning some info about cryptos and blockchain there isn't a hard task (France already did this). Regarding volatility, that's not something any authority can control, so people will have to live with it. But fixating the prices in fiat while allowing to pay with Bitcoin also shouldn't be much of an issue.

     There are already various means of mass adoption happening. You should realise that regulation isn't the only way. Still though, it gives a greater push to hasten things up but at the expense of the crypto enthusiasts being taken advantage of. The big news about ETHs happening although not helping bitcoin directly, it helps spread awareness about this industry which is a good thing. I guess more than major news to boost the common people's awareness about this industry, regular promotion from common folks to their peers or influencers to their audiences would work like magic also.

The mass adoption can also be accelerated by active involvement in Cryptocurrency and ensuring all related elements of scam is totally avoided, educating the rural settings, community, organizing crypto exhibition show, talent acquisition, free crypto tutorial then the respective governments too will develop interest towards it adoption, also i think most countries dont see crypto as a game changer to better boost of their economy else they would have supported it enhancement impact to rehabilitate a dilapidating system.

Thinking that it's only the Bitcoins infrastructure that's the blame for the slow mass adoption is not taking into consideration many social aspects that tend to play a factor. Surely there are technical aspects of Bitcoin that can be worked on to better accommodate mass adoption, but we as a society need to develop towards adopting a whole new system.

Bitcoin will never be able to replace fiat and i think that would never be a problem. Bitcoin being a currency is already good enough because that's the goal exactly of having its mass adoption. And to think we are already enjoying its process, in few years from now, majority of the developing countries are already using bitcoin as a payment method. The only thing that i think can also help bitcoin to accelerate mass adoption is simply using it as what it is intended. Spend some of your bitcoin, and maybe keep investing the rest so you will definitely enjoy using bitcoin and investing in it at the same time.

You can but it is very difficult to do and most people do not. If you have signed up to an exchange, then you are not anonymous.

No, it isn't. It was created to allow payments directly between parties without an intermediary or third party being involved. The whitepaper only mentions anonymity once, in the context of keeping your public keys (and therefore addresses) anonymous, which of course most people do not do since they trade on centralized exchanges.

Good. Bitcoin doesn't need governmental support. All it needs is the government to stop trying to stick their noses and grubby fingers in to something they don't understand. If you want government regulated money, then fiat is the choice for you.

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This entire thread is a mess. I am astounded by just how many people on are calling for more regulation, on a bitcoin forum no less. The whole point of bitcoin was to create money for the people, which they could use without a government trying to tell you when you can spend it, what you can spend it on, who you can trade with, etc. You think governments are going to pass a law saying "Bitcoin is a currency now", and be done with? Of course not! They will want to regulate it until either they can control every aspect of it, or it no longer exists. They are already using it to spy on you and monitor your behavior. Next step is to control your behavior. Government regulation is a path to the end of bitcoin as we know it.

Regulation? Its not needed but with some service correlated to it then we do need that but of course KYC be a big problem.
Volatility? Deal with it because this is actually the one reason on why people do love to invest on not only basing up on real use case.
Ignorance? This is a personal problem because anyone could deal if they do just know on how to jump on whats the current trend.

For now it could really serve as a method of payment but wont completely able to replace fiat no matter what.

1. It needs support from the government. Once it becomes considered as a legal tender, the more it gains trust from the community but until this was not seen by them, it remains undecided and slowing the adoption.
2. People must have to stop thinking that regulations make crypto become centralized. We mostly look at in a negative way which brings us not agree with the government.

If all of these things have been corrected, I believe we can expect more and fast adoption. And with the participation of business owners, it is likely to see that major establishments will accept crypto as a mode of payment.

During the early days of bitcoin, we're not asking for regulation and just simple adoption. I think time after time, we're realizing that despite cryptocurrencies are decentralized although some of them aren't, is requiring regulation for the mass adoption and that's the reality.

Without having such, there's no support that it will be getting from the government which is also getting the public trust. But for me, as long as there's no negative signs that a country is against crypto and they're allowing transactions, that's much better for the adoption.

It is right that regulation and stability are the main factors that can drive adoption. However, the reason why this market is attractive to investors and crypto users is because of its volatility aspect as well as being decentralized in nature. You can transact anonymously and that's why this was created. However, when regulation comes in, people will be subjected to kyc requirements and the anonymity will slowly disappear. But if we want to make this mainstream, some of the factors will really be compromised. And in this regard, we need to prepare for what is inevitable.

TBH, adoption's already started and regulation will help for mass adoption, no doubt about it. Also, people needs to be educated more about it, than practicality will get the right direction, IMHO. Although bitcoin or crypto market is volatile. So stability might increase the adoption those stablecoins, but it might not help with the adoption for other assets directly. Although people will divert into other assets from those stablecoins in the long run.

Regulations - is necessary but will give the power to governments and central agencies that will be used to uncensor transactions of suspected people (like tax evaders or I would tag them as tax savers, money laundering, etc.)

Practicality - depends on the mentality of how people see bitcoin, how they are taught about it, how they are made aware of the security risks of btc if not kept private keys properly, etc.

Stability - is needed but it will remove the pleasure we have right now of enjoying volatile benefits while we speculate. Stability is for fiat currencies, and bitcoin is not a fiat currency, it is not even a currency, so stability is not wanted.