How to improve the usability of bitcoin? - page 5.

kemoglo

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Quote from: squatter on February 28, 2020, 06:23:52 PM

Quote from: abel1337 on February 28, 2020, 12:56:58 PM

There isn't much physical store that is accepting bitcoin as of now, Merchants don't want to have a transaction that has delays in confirming that's why in my opinion bitcoin transactions aren't suited for a physical transaction but it's good that some merchant is accepting bitcoin into their store or services.

Ultimately, Lightning can provide instant transactions for low value, frequent purchases at brick-and-mortar stores. The costs of merchant integration aren't justified yet until LN adoption is much more widespread. The same was true of credit cards at one point too.

In the meantime, there are apps like SPEDN that merchants can integrate with existing POS terminals. SPEDN uses Gemini to custody cryptocurrency so that merchants can accept it without requiring confirmations.

Quote

Flexa co-founder Trevor Filter told CoinDesk the wallet app works at Nordstrom, Barnes & Noble, Express, Lowe’s, GameStop, Office Depot, Regal Cinemas and Jamba Juice, just to name a few.

While I think that lightning has real use, I think it has yet to overcome at least part of its ailments. Bitcoin as a whole has gotten better and better at handling volume, just on the 27th this month we hit 369k transactions which is similar to the usual transactions you'd see daily back in Dec 2017, but without the excessive fees and long wait times to clear.

Although slightly Off Topic, Localbitcoins volume has dropped to lower than it was back in 2013, I guess it says a lot of the emerging platforms that people are jumping over to, all of these platforms in a way alleviate the burden on the mainnet. But maybe I'm just seeing things wrong

TIDOVEE

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Bitcoin usability is so far not what many of us have difficulty in, but looking to the improvement for the general usage, trading at lower price will help. Being a digital currency, educating people on the use of technology to meet up will help, Orientations, seminars and lecturing those who care to know is also important, sensitizing those who does not care is also important. If bitcoin can be brought to a state at which it can be used for daily trading. It will help too.

bearexin

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Quote from: kioicoin on February 03, 2018, 04:16:52 AM

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

I think in the case of Bitcoin the only problem most people are having is with it being volatile. And from what I understood, the volatility of Bitcoin might not stop until the market cap is very high. Some people have claimed that the market cap will have to be around trillions of dollars for it to become a stable currency.

There have been other currencies that were made to be better than Bitcoin, there are stable coins already and they are also fast for transactions and offer what Bitcoin offers, but still the world is not even interested in those altcoins, all they are interested in is Bitcoin.

fiulpro

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I do think usability is a very difficult thing to improve by yourself but I do think if a person starts accepting bitcoins and buying stuff with bitcoins then it could show a lot of positive remarks for the community.

For example if you own a shop and you are allowing customers to buy using bitcoins then it would advertise bitcoins at the same time even if the person doesn't know anything about Bitcoins he will still go back home and search it on Google.

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Quote from: alexsandria on February 29, 2020, 08:01:43 AM

Quote from: kioicoin on February 03, 2018, 04:16:52 AM

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

Actually if you will be talking about bitcoin, the one that will comes to your mind is that it is for just investments and gambling nor trading, but your wrong because bitcoin and cryptocurrency is always made for the people for them to be used by the people but as of now still a few people is just known this, to be honest it is known by everyone but still they don't know what the used of it so if there would be really a way on how to make a positive things on how it will be low risk then it will be good for the people.

One of the biggest coin into the market we called as the bitcoin that is related into cryptocurrency or we called as the digital currency many people see the potential of this coin to make profit so they made a lot of investment but not only that because they use bitcoin to make trading and gambling that affects the market of the bitcoin and now many people are using it because they know it is has a faster transaction and at the same time it has a low transaction fee. We can promote the bitcoin with the use of daily usage, making video content, and introduce to other people what are the things bitcoin can do so each of us can contribute to the market even it is volatile.

White Christmas

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Quote from: FlightyPouch on February 28, 2020, 07:43:33 PM

Quote from: kioicoin on February 03, 2018, 04:16:52 AM

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

So what do you really want? lower the risk for the investment or for people to use it easily? In terms of usability, bitcoin can easily be used by a lot of people. It is efficient and fast in terms of transaction but the thing is that it is not that accepted by a lot of merchants and stores since it is volatile. I think we should also think that bitcoin should be stable which I don't think is a good thing since that means someone is controlling the market and that also means that there is no decentralization.

That's right, as a cryptocurrency user I see cryptocurrency and bitcoin as a good and easy to use because you just need an internet in order for you to access your wallet or buy any cryptocurrency like bitcoin and other coins. This probably the means of the volatility in which it is one of best thing here in cryptocurrency because there is no one who are controlling the market and the volatility itself is the one why many people are still patronizing it just because they know how to risk and bet in times but this thing what many people did not get and didn't want the volatility itself.

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Quote from: kioicoin on February 03, 2018, 04:16:52 AM

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

Actually if you will be talking about bitcoin, the one that will comes to your mind is that it is for just investments and gambling nor trading, but your wrong because bitcoin and cryptocurrency is always made for the people for them to be used by the people but as of now still a few people is just known this, to be honest it is known by everyone but still they don't know what the used of it so if there would be really a way on how to make a positive things on how it will be low risk then it will be good for the people.

FaithInCrypto

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If only merchants do accept payments in Bitcoin forms like credit card or fiat but I am not sure how are we able to handle the exchange part as it the rate isn't always stable. I guess it will only be a dream for now and I believe the crypto team are currently finding out how to overcome this problem.

It would be nice to have a Bitcoin app where you can store your BTC there and use it anytime you shop.

kryptqnick

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Quote from: joniboini on February 28, 2020, 02:42:03 AM

The current implementation is good enough imo. The rate of adoption might not be as fast as other tech but that's simply because there is much freedom in the crypto/bitcoin ecosystem. People need to learn to be their own bank, avoid stupid mistakes, etc which might be suitable only for those who are young or open-mined.

If we put the 10 year age into perspective, what we achieve so far is amazing. What started as a simple experiment has been used by some merchants and users to create their own economy, and that is great.

The spending culture or whatever you talked about will follow when there is enough clarity (either regulation, government stance tc) and exposure to new people, added with an increase of merchants accepting crypto/bitcoin. It will come sooner or later.

I am a fan of Bitcoin, and I think that it did achieve a lot, but that doesn't mean it's doing fine in terms of the spending culture or adoption. Only around 2% of the population use Bitcoin at all. At the current adoption rate, Bitcoin will take a couple if decades to catch up with top payment methods, if I am not mistaken. Moreover, I really don't think that most users of Bitcoin but goods/services with it. They gamble, trade or hold, but there options if spending Bitcoin as money are too limited. Not to mention that it's largely unrecognised, so any time one needs a proof of funds, BTC doesn't count.

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Quote from: 20kevin20 on February 28, 2020, 09:05:50 AM

It wants to become the universal payment currency, but it will never be. This is why I support the "digital gold" name of it. It's more of a transferable gold, but one with fixed supply.

Take it as if you were able to pay in gold coins/bars on some websites. The main problem here comes with the possibility of sending a fake gold coin and scamming the service. On the other hand, we have double spending with BTC but counter-measures can be taken. Double-spending aside, Bitcoin is much more safer for services to accept especially because it does not need a physical transfer but only a digital one.

One of the typical reasons services and companies do not accept BTC yet is volatility, and that is understandable. Unless you want to accept and hold BTC while also assuming a risk of negative price change, you'll have to rely on and trust a third party that exchanges your BTC into USD in an instant. Another issue comes with fees during network congestions and tx confirmation time. If all of these would somehow be solved, Bitcoin would be much more practical.

No. Double spending is not an issue, this is why people wait for confirmation(s). Many things can be paid waiting, they don't have to be instant. Online purchases are a great example of this, it doesn't matter if it takes 1 hour or 6 or 12 to confirm, once confirmed they ship the items, end of drama. For the same reason people should not mess with the transaction fees, or let their wallets do so. 1 sat/B is the only fee that matters, the rest is for emergencies only.

If you don't want to keep the bitcoins, fine, exchange them. Pricing is not much of an issue, as you can simply use the price in another coin and simply accept the equivalent at current market exchange price. Under inflation price move all the time, you are simply spoiled to have never experienced it, thinking life could not go on with moving prices. It can, its not the end of the world. A merchant may lose a bit someday, but will gain anotherday. This is bitcoin, not some altcoin that will never recover. In the long run bitcoin always goes back up.

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Quote from: kioicoin on February 03, 2018, 04:16:52 AM

~

It took how many years before fiat has been used worldwide??
How many years did fiat currency take so that it will be known as our universal currency?

Knowledge. This will help people in all aspects from lowering of the risk to the usage of it.
Development. I know that we are in the development stage right now or the evolving stage where some problems of Bitcoin is getting solve bit by bit.

Give time for crypto to be known worldwide and lets see how it goes within the next decades. Don't expect too much with Bitcoin at this moment because it is only 10 years but what it achieves right now is good already. Adoption will increase little by little. Lets just wait for it to be used globally.

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Quote from: kioicoin on February 03, 2018, 04:16:52 AM

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

As a payment system, I guess the main thing that Bitcoin should be improving is its transaction speed. If the system will become the main global payment system, it has to be able to process thousands, if not millions, of transactions per second. At its current 7 TPS, it has a long way to go.

Sadlife

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I think for bitcoin to become a universal payment for salary or any types of services is, it needs more adoption from governments and country's. But bitcoin is decentralize so these guys are most likely impossible to adopt bitcoin, so we can rely on average joes and Institutional investors.
If most of the worlds population uses cryptocurrency then banks and governments has no choice but to adopt it.

Thus making bitcoin a universal payment that is peer to peer.

FlightyPouch

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Quote from: kioicoin on February 03, 2018, 04:16:52 AM

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

So what do you really want? lower the risk for the investment or for people to use it easily? In terms of usability, bitcoin can easily be used by a lot of people. It is efficient and fast in terms of transaction but the thing is that it is not that accepted by a lot of merchants and stores since it is volatile. I think we should also think that bitcoin should be stable which I don't think is a good thing since that means someone is controlling the market and that also means that there is no decentralization.

gundala

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This is a new innovation, all things related to cryptocurrency are very closely related to the internet, gadgets, and the like. This is very effective for millennials, who are easy to accept and adapt to technological developments. As for the older generation, this will be difficult to understand and learn. If we look at the side for the millennial generation, the progress so far is very good, this decade has shown very significant developments, especially from price developments. Meanwhile, in terms of utility for broad adoption, many personalities can become banks for themselves without a third party, although it is difficult to be widely accepted. So for me this is good enough, slowly but surely. Online shopping trends are also slowly adopting cryptocurrency, the weakness may only be in the volume, the rest is quite perfect I think.

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Quote from: abel1337 on February 28, 2020, 12:56:58 PM

There isn't much physical store that is accepting bitcoin as of now, Merchants don't want to have a transaction that has delays in confirming that's why in my opinion bitcoin transactions aren't suited for a physical transaction but it's good that some merchant is accepting bitcoin into their store or services.

Ultimately, Lightning can provide instant transactions for low value, frequent purchases at brick-and-mortar stores. The costs of merchant integration aren't justified yet until LN adoption is much more widespread. The same was true of credit cards at one point too.

In the meantime, there are apps like SPEDN that merchants can integrate with existing POS terminals. SPEDN uses Gemini to custody cryptocurrency so that merchants can accept it without requiring confirmations.

Quote

Flexa co-founder Trevor Filter told CoinDesk the wallet app works at Nordstrom, Barnes & Noble, Express, Lowe’s, GameStop, Office Depot, Regal Cinemas and Jamba Juice, just to name a few.

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Quote from: 20kevin20 on February 28, 2020, 12:04:44 PM

Quote from: mk4 on February 28, 2020, 10:22:09 AM

Why do you think so? I agree to the SoV narrative of bitcoin, but I believe that it can be both a SoV and a payment currency. It's really not just the best for-payments currency today hence the low payment usage, but it doesn't mean that it will never be ready for payments in the future. It's just going to take a while for the volatility to go down, as it would be very unrealistic to expect bitcoin to have a somewhat stable value this early on.

Because realistically, the idea of Bitcoin as payment method will not be that widely agreed. It's okay now that we only have a few services accepting BTC, but if it ever becomes widely used, it will become a problem for authorities.

I understand it could and probably will be modified in time according to what it needs to become a good payment currency, but it just won't work.

By volatility, I did not mean the Bitcoin price has to necessarily be stable in order to be considered a great payment option. If we ever move from fiat to crypto completely as in having the possibility to not only use satoshis (or mBTC) as prices in stores but to also literally live only on BTC (including paying for bills/taxes etc), volatility will basically be over and everyone's money will only have a higher purchasing power as time passes (thanks to halving). This is, however, very unrealistic.

Right, There isn't much physical store that is accepting bitcoin as of now, Merchants don't want to have a transaction that has delays in confirming that's why in my opinion bitcoin transactions aren't suited for a physical transaction but it's good that some merchant is accepting bitcoin into their store or services.

Volatility is also one of the attributes of bitcoin and some merchants don't really like change of the money they are holding that may cost them a few bucks when the price falls. In the future, we might see more merchants who are accepting bitcoin but I'm not really expecting so much that it will become our main currency in buying and selling physical stuff.

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Quote from: kioicoin on February 03, 2018, 04:16:52 AM

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

I don't think that the main problems with Bitcoin are that people cannot get started easily or have a low risk. Bitcoin is quite user-friendly, IMO, there's nothing that hard in using it. Plus, there're multiple tutorials, safety tips, and stuff. As for the risk, it's not that high IMO, since Bitcoin has proved to grow over time. Plus, it's not like a crash game where something gets busted within a second and is worth zero. If people feel uncomfortable, they can sell anytime and not lose much. The main challenges I see are scalability, lack of trust from the authorities and the giant and powerful banking system.

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Quote from: kioicoin on February 03, 2018, 04:16:52 AM

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

If we need Bitcoin to become a universal currency payment system, I think bitcoin needs to scale and the confirmation time of each transaction should be greatly improved. I wanted to see Bitcoin beat XRP in terms of confirmation speed, I don't care whether it is an on-chain or off-chain upgrade as long as it can compete with the world's fastest confirmation time and not compromising security.

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Quote from: mk4 on February 28, 2020, 10:22:09 AM

Why do you think so? I agree to the SoV narrative of bitcoin, but I believe that it can be both a SoV and a payment currency. It's really not just the best for-payments currency today hence the low payment usage, but it doesn't mean that it will never be ready for payments in the future. It's just going to take a while for the volatility to go down, as it would be very unrealistic to expect bitcoin to have a somewhat stable value this early on.

Because realistically, the idea of Bitcoin as payment method will not be that widely agreed. It's okay now that we only have a few services accepting BTC, but if it ever becomes widely used, it will become a problem for authorities.

I understand it could and probably will be modified in time according to what it needs to become a good payment currency, but it just won't work.

By volatility, I did not mean the Bitcoin price has to necessarily be stable in order to be considered a great payment option. If we ever move from fiat to crypto completely as in having the possibility to not only use satoshis (or mBTC) as prices in stores but to also literally live only on BTC (including paying for bills/taxes etc), volatility will basically be over and everyone's money will only have a higher purchasing power as time passes (thanks to halving). This is, however, very unrealistic.

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