Topic: Is Mass Adoption even possible.. - page 2. (Read 3681 times)

The use of Bitcoin is currently collectivized over the course of growth. In terms of new people coming, they first would have to get through the learning curve to then develop an interest in putting money in and gain off interest or luck using services.

It takes a lot to unlock full access in this economy and it can be done in any amount of time because of the steps needed before, during and after making moves into becoming established here.

Under the current conditions, I also think the odds are very low, but I believe that when the Bitcoin network improves, and solutions like lightning network become possible, we will see a larger number of users using Bitcoin.
I think there are big companies, especially in the online shopping business, that probably already have plans to adopt the currency, but the fact that the network is not yet ready for micropayments causes such companies to take a step back.

Mass adoption requires Bitcoin to adapt to larger blocks. Another aspect will be the implementation of Lightning Network to support ultra fast payments without the need of waiting for confirmations to come through. I think these two implementations will do pretty well when it comes to higher adoption levels. Regarding traders -- they will remain as long as the price keeps moving up and down regularly. Bitcoin is basically a free market where entities with the deepest pockets make the market move in their preferred direction. Volatility guaranteed.

I agree, we are just waiting sometime here.  And if they do not consider bitcoin will not be adopted by masses because of the high cost just accessing it like internet connection, lol then I can say internet has not been mass adopted.  Anyway, as the time pass I believe that access to bitcoin will be easier than it is now.  Development will be good enough to make it to mainstream.  From there we can see almost all internet user have adopted Bitcoin.

We need to keep in mind that bitcoin is really a very new innovation (it has less than a decade from its foundation) and people have used fiat money for centuries, and precious metals for millenniums. When first mobile phones emerged 30 years ago, none thought they will be in the hands of everyone these days. So I think it is just a matter of some years to achieve that expected massive adoption.

Well it is in the process, you have adopted it, I have , my neighbor has not adopted it, but definitely it will be adopted since there are already seeds in different nation to spread awareness about Bitcoins.  Aside from that Bitcoin developers are working non stop to the point of them arguing about the next implementation of updates on Bitcoin to be able to make the mass adoption faster.  So for now I guess it is in the works to be adopted , (mobile phone is enough to get Bitcoin and cheaper than PC )

the only things that can affect the mass adoption are the ability of bitcoin to handle the large number of transactions. and then it is the willingness of the investors to spend bitcoin or just trade it. and as long as they are not spending, no mass adoption and no merchant is coming in.

It's relative. Investors determine the price and mass adoption is how sad it sounds part of what the market wants... in this case the investors.

You could not be more wrong. Even if developers created consumer friendly Bitcoin services which markets do you suggest should it serve? The same markets that are serviced by the banks? How can Bitcoin compete with that and how can it make it more efficient? The people would still use their banking services because it is the most efficient and the easiest.

The unregulated markets is where Bitcoin will be useful because the banks do not have a service for them. Places like the dark markets, the black markets, the ransomware markets. Anywhere where there is an inefficiency in payments that the banks refuse to enter will be useful for Bitcoin. I hope everyone gets it.

I'm not sure Bitcoin is an online currency. I've held BTC for several years and I have never bought anything with it. I'm sure I'm not the only one.

After reading many news articles and blog i will tell my view over "Mass Adoption"

In this context Bitcoin became part of a larger question of payments innovations within the financial industries – an interesting angle, Bitcoin is an entirely separate system, representing the future of finance.

To Mass Adopt bitcoin will need help of more consumer-friendly Bitcoin services. (in all aspect of merchandise)

This should come as no surprise as a new generation of consumers are emerging who grew up on a diet of social media and mobile connectivity. (sadly but true)

Why?
Simply putted we are on era of mobile communication and internet grow so exponentially in last 10 years and most are users in 18-26 years old. They are main key in this to be successful in any way. Micro-payments like this are not possible under traditional payment systems yet they suit the online community perfectly. Newer generations are also more likely to be a part of a mobile workforce. The global economy is leading a jobs market where knowledge and skills are sourced internationally. Bitcoin has very real potential in serving the new mobile workforce in the area of remittances, but also in bypassing the need to integrate with localised payments cards, coins, currencies and financial systems. Bitcoin offers one global, digital currency. 

End line
Paypal may have eaten a chunk out of the payments market in the beginning and he done his job, but now Bitcoin may have the potential to consume rest of it. If this adoption continues like this it will be begging of new era, digital era of payment.

There is always a possibility.  We know that there are people giving up on bitcoin but there are more people that are adopting Bitcoin everyday.  With this trend of event continue, we can see more and more percent of people will be involve in Bitcoin economy.  Mass adoption is happening, it maybe not that fast but it is. So I guess we just need to wait until we can say Bitcoin had been adopted by masses.

Since fiat is more uses and more common people believe into it, there's hard way even no chance for bitcoin to get mass adoption, since it's designed as more likely alternative currency, limited supply and fluctuate price which mostly people avoid it.

Stock? Bitcoin can be anything.


I don't have idea what you talking about, the system already decentralized you can know where the mining activity come from, how the transaction activity movement and it's transparent.

Chinese people wants to learn the new things which have an opportunity to make into something profit. It's come from the diligence of those people and they have an advantage to get a cheap equipment for do a mining.

No doubt few million people around the world uses Bitcoins, but mass adoption means more than 70 percent of the population uses bitcoins. I think this is for now look  nearly impossible because to be able to use bitcoins everywhere and in every shop, it requires good infrastructure of Internet and PC everywhere and everyone know the basic to use computers. All this is not possible at once.

But what about those markets that need Bitcoin for it to become efficient. The banks will not touch those markets because of regulatory issues so there is the second best thing. Bitcoin. If you are wondering what markets I am talking about it is the dark markets. There is also an opening market for the ransomware users and victims. Maybe soon the Mexican cartel will learn to use Bitcoin for their ransom demands, that is the organized crime market. Bitcoin cannot be compared to gold or the banking system because what you think it tries to be is not and it changes and evolves depending on who you are talking to or depending on who you see is using it.

Mass adoption of a singular cryptocurrency (Bitcoin?) will be achieved when all or most of the following happens:

1) A single, unified cryptocurrency is collectively recognized on a worldwide scale by the majority of merchants, vendors, and users as a form of payment for products, services, and local currency exchange (if needed)

2) Marketcap inflates and scales to some fairly stable level with much lower volatility.

3) Inflation rate falls below 1%

4) Highly-decentralized proliferation of mining and nodes worldwide achieved through breakthroughs in inexpensive, low-power mining equipment (e.g., I imagine a future world where a small mining chip is in every household router, business routers, etc.)

5) Onramps from local currency --> cryptocurrency EVERWHERE, INEXPENSIVE (< 1% conversion), and FAST

6) Faster to make a small payment with the cryptocurrency than with traditional fiat/card (like almost instantaneous with offchain transaction, using nothing but a cell phone or dedicated device, etc.)

Achievable? I think so, and many other people do as well.  Many of these things are already in the works, others will just take time to breakthrough.

Honestly I don't know how the term mass adoption would be defined.
Bitcoin is mainly an online currency and a few million people all around the globe use it already.
From that point of view you could say that a mass of people has already adopted it.
But will a majority of the people use bitcoin one day?
I don't think so. People like their fiat, and for most of them there is no need to go into bitcoin.

I think developer can see this clearly that is why there are lots of solution each team of developer is suggesting to the point they argue about it.  I still believe that mass adoption is very possible with bitcoin. Lots of promotion, advertisement and company especially those that are using network marketing scheme that are keep on pushing bitcoin and introduce it to different people.

Bitcoin is not defined as commodity unanimously. There is more that one definition of bitcoin and every country has its own interpretation.
So far I heard that BTC is: digital currency, commodity, asset or something undefined.
Countries which defined BTC as commodity and not currency did that because they want to milk bitcoin with more taxes.

Well Bitcoin is defined as a commodity and commodities are usually traded on stock exchanges. The average person on the street might find it difficult to comprehend the fact that Bitcoin can be traded like a stock and used as a currency. We have a new technology here, that are not clearly defined yet.

People are lazy, and will over think this without spending the time to experiment first, and this will cause problems with future adoption.