How can we accelerate the mass adoption of crypto? - page 5.

uneng

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Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

In my opinion, regulation, practicality, and stability are definitely required for the mass adoption of crypto as a payment method/currency.
What are your opinions on this?

Regulations are already on the way and practicality will depend on the kind of regulations that we are going to have. Fair and simple regulations help the practical aspect of bitcoin, while bureaucratic and abusive regulations make people have negative experiences when dealing with bitcoin, what will consequently impact mass adoption negatively.

About stability I just hope it isn't a requirement, because if it is, mass adoption isn't going to happen, as nobody can control bitcoin's price artificially to make it stable. Bitcoin exists as an alternative to the traditional currencies' system. If it had to work following the same model of fiat currencies there wouldn't be a reason for bitcoin to exist at first place. The volatile nature of bitcoin must be accepted by everyone who uses the crypto currency.

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The use of cryptocurrency is now widely accepting some of the countries already supported this kind of payment method because it's all secured, transparent and has less transaction fee unless it's congested. Some of the countries won't support this kind of crypto because we know that some of them do not have any kind of law regarding the taxation of the crypto and they want to focus on their own economy only. To the country accepted the use of it a good thing because they are opening a good innovation and adaptation. Blockchain itself might benefit not only crypto transactions but also for secured information.

aoluain

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People are slow to wake up to Bitcoin, they are happy to continue their financial
struggles with the FIAT system, a lot of people, the vast majority are financially
illiterate they dont realise the implications of inflation on their money let alone
the benefits Bitcoin can offer...
so its a slow process, what helps are bull markets like what we are experiencing ATM,
but so many people see only short term gains and are not interested or are oblivious
to what Bitcoin was designed for.

I would love to know what are peoples vision of mass adoption?

Rishabh riyz

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the only way I can suggest is by putting some regulations on crypto stating with regulating the value of cryptos which are mostly very fluctuating causing a problem among those who use crypto for transactions , no one would want to overpay and no stores would want to get underpaid just because the value of crypto keeps on changing.
then we need to make transaction a little more traceable like not the trades where we cannot trace back to the source of funds.
we need a little bit more security on our funds and on the cryptos such that in case of it being removed or delisted from the wallet we would have at least (not private keys) some way to convert them into out another assets .
and obviously more people like Elon chacha Grin

who would promote cryptos and blockchain tech itself.

CryptocurencyKing

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Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

the lack of regulation, volatility, ignorance, etc.

Regulations is the very thing bitcoin doesn't want, you won't want that as well as it would be bringing some forms of centralization to a perfect decentralized system which would defeat one of the things we very much enjoy about bitcoin and decentralisation.

Volatility, do bitcoin really lack that? When compared to other cryptos and a few commodities going about online, bitcoin has got just that and is doing okay to me.

Where most of the problem lies is in the part of Ignorance and you can't blame bitcoin for that. It's more about the people, both the ignorant individual that lacks curiosity and bitcoin enthusiast in the society. Sadly, there are lines to persuasion and one cnat do more than use a few lines not excluding seminars, mouth to mouth preaching on the system, article publications, donating a few coins and until recently been used in movies. Songs too would be another way to its awareness creation but, the government have been the major barrier to the success of this innovation.

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Through education— it's the reason why most people still don't see the importance of bitcoin and think it's a scam in the first place. But you'd probably immediately realize that it's just not feasible to attempt to educate everyone, unless they deliberately want to learn about it. Hence why most people will only realize the importance of it at the time when they're going to need it most.

ene1980

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Volatility is a major factor for mass adoption and you cannot expect everyone to invest in cryptocurrency who have no idea about trading and the risk involved in it. When it comes to regulation, you cannot expect regulations as soon as the market opens up. It will take a long time and in the next few years we might see more regulations in the market than we see now.

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Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

I just saw this topic "What problems in Bitcoin's infrastructure prevent it from being adopted more easily?". All the answers were really interesting, mentioning the lack of regulation, volatility, ignorance, etc.

My question is: How can these problems be solved? And is it ever possible, what do you think?

In my opinion, regulation, practicality, and stability are definitely required for the mass adoption of crypto as a payment method/currency.
What are your opinions on this?

Mass adoption is very difficult to happen for bitcoin unless lightening network or similar type of technology supports the entire infrastructure. There are definitely other thinga out of bitcoin network, but we need to fix what's there already.

We talk about mass adoption, but can bitcoin network handle millions of transactions daily? Bitcoin network can handle upto 7 transactions per second while Visa handles 1700. There no way bitcoin will become a regular currency for the mass.

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Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

I just saw this topic "What problems in Bitcoin's infrastructure prevent it from being adopted more easily?". All the answers were really interesting, mentioning the lack of regulation, volatility, ignorance, etc.

My question is: How can these problems be solved? And is it ever possible, what do you think?

In my opinion, regulation, practicality, and stability are definitely required for the mass adoption of crypto as a payment method/currency.
What are your opinions on this?

IMHO, I think for that to happen, it needs a true and user-friendly regulation second is the system must be simplified in order to attract many possible users unlike now that sending and paying Bitcoin and other cryptocurrencies is still in a complicated form using those unfamiliar complex addresses and third is the transaction fees. it must be affordable because nowadays it's too much expensive that ordinary users can't bear it.

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Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

I just saw this topic "What problems in Bitcoin's infrastructure prevent it from being adopted more easily?". All the answers were really interesting, mentioning the lack of regulation, volatility, ignorance, etc.

My question is: How can these problems be solved? And is it ever possible, what do you think?

In my opinion, regulation, practicality, and stability are definitely required for the mass adoption of crypto as a payment method/currency.
What are your opinions on this?

simple rather. No touchy.

legacy banking systems are busy doing themselves in at a rate that you couldn't help along if you tried.

The Cryptovator

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Should we expect more quick adoption? As we can see Bitcoin adoption growing up, not downwards. A few countries already adopting Bitcoin and accept it as a legal tender, on the other hand, a few more countries wondering to do so. I think this is an adoption definitely. From our end, we can spread the word about Bitcoin worldwide, nearby, in our country, family and friends everywhere we can reach. That is our responsibility and regarding the volatility, we cannot really prevent that.

Bitcoin is much popular and the reason is volatility, we can not stop it technically. Because Bitcoin is totally decentralized and we have no control over that. A few developing countries and poor countries do not want to legalize Bitcoin but most of the developed country thinking to accept Bitcoin as a legal tender although it will take time but hopefully soon we will see more mass adoption.

Fesatmas

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As has been going on until now, crypto adoption especially Bitcoin, has increased from year to year. Even though we want to emphasize that it continues to be adopted quickly, it will never be realized if every regulation limits it. We cannot force adoption in any way. Except every regulation in different countries has its own interest in Bitcoin and let them experience the benefits first.

But if we evaluate the growth of adoption then we have realized that by the end of 2021 adoption will increase significantly.

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Quote from: kidbounty on October 18, 2021, 04:08:43 AM

all problems related to it can be solved with the help of the government. To accelerate adoption, the government's role is very important in this regard.

Bull. The whole point of bitcoin is to not have a centralized regulator or third party or government controlling its use. Most of the time a government somewhere in the world tries to get involved in bitcoin, they make things worse. Look at the endless bans coming from China (although if you have to ban something more than once, all you are doing is proving that it cannot be banned) to the new crypto legislation coming out of the US. The opposite of what you have stated here is true - a lot of issues facing bitcoin could be solved if most governments and associated agencies would just leave it the hell alone.

In terms of OP's question - what can you do to help bitcoin adoption? Spend it! Use it as a currency, just as it was intended. Seek out merchants which sell goods or services in bitcoin, or contact merchants you frequently use (particularly smaller independent merchants and retailers) and ask them about accepting bitcoin. If you cant find a merchant accepting bitcoin directly for a good or service you want, then see if you can use bitcoin to buy a gift card instead. If you still want to hold long term, then simply periodically replace whatever you spend.

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Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

My question is: How can these problems be solved? And is it ever possible, what do you think?

all problems related to it can be solved with the help of the government. To accelerate adoption, the government's role is very important in this regard. all the things that are decided by them become very important for crypto adoption.

Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

In my opinion, regulation, practicality, and stability are definitely required for the mass adoption of crypto as a payment method/currency.
What are your opinions on this?

yes it is very important, stable, safe, and legal is the most important benchmark for adoption.

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Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

I just saw this topic "What problems in Bitcoin's infrastructure prevent it from being adopted more easily?". All the answers were really interesting, mentioning the lack of regulation, volatility, ignorance, etc.
In my opinion, regulation, practicality, and stability are definitely required for the mass adoption of crypto as a payment method/currency.

Lets start by clarifying that there is a big difference between "crypto" as in altcoins and "bitcoin".
To get any adoption, let alone mass adoption for altcoins you first have to produce a useful altcoin which we still don't have. The only utility altcoins provide so far is pump and dumps.

As for bitcoin the only reason that has slowed down adoption is the fact that bitcoin is a new technology that people aren't familiar with and like any revolutionary technology it takes time to be adoption. The internet or any other similar new technology didn't reach mass adoption overnight, so you shouldn't expect it to happen to bitcoin fast either.
On top of that there is a lot of misinformation about bitcoin misleading and discouraging people every day. That too slows down adoption.

Things such as lack of regulation, volatility, etc. are silly irrelevant reasons. Bitcoin as a decentralized currency doesn't even need regulation! and volatility is because of lack of mass adoption.

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Quote from: Vaskiy on October 18, 2021, 03:08:13 AM

Already we're experiencing mass adoption through different means. The real-time usage as a currency isn't available much, because cryptocurrency accepted stores are very limited and found in limited locations. Maybe in the future this can change. Apart from that in terms of usage as investment/trading asset, cryptocurrency usage have gradually increased. Particularly over the last two years the new users to the market have sky rocketed.

In my view, let bitcoin have its own characteristic features. It takes time for people to get used to it and understand. People who opposed or believed it a scam years back have started using it now. This is what growth in my understanding. So, with time people understand about the market and without big promotion it have grown to this extend. Same will continue.

It's also accelerating, we have yet not heard of BTC having so much attention from the SEC and Senate so the adoption I believe had sped up. The crisis had help this adoption and it's up to the businesses now whether they believe cryptocurrency is the future or not, if they accept BTC it's good for them but if not, they'd be affected by the inflation.

Quote from: bayyildiz on October 18, 2021, 03:02:11 AM

My question is: How can these problems be solved? And is it ever possible, what do you think?

I think Elon is right for once despite all the shit coming out of his mouth. "Do Nothing." that's what he said.

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Already we're experiencing mass adoption through different means. The real-time usage as a currency isn't available much, because cryptocurrency accepted stores are very limited and found in limited locations. Maybe in the future this can change. Apart from that in terms of usage as investment/trading asset, cryptocurrency usage have gradually increased. Particularly over the last two years the new users to the market have sky rocketed.

In my view, let bitcoin have its own characteristic features. It takes time for people to get used to it and understand. People who opposed or believed it a scam years back have started using it now. This is what growth in my understanding. So, with time people understand about the market and without big promotion it have grown to this extend. Same will continue.

bayyildiz

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I just saw this topic "What problems in Bitcoin's infrastructure prevent it from being adopted more easily?". All the answers were really interesting, mentioning the lack of regulation, volatility, ignorance, etc.

My question is: How can these problems be solved? And is it ever possible, what do you think?

In my opinion, regulation, practicality, and stability are definitely required for the mass adoption of crypto as a payment method/currency.
What are your opinions on this?

Topic: How can we accelerate the mass adoption of crypto? - page 5. (Read 611 times)