It would be if Bitcoin would scale. Which it doesn't. It's running at maximum capacity already and solutioms or stwps towards a solution are being denied by the community.
It would be if Bitcoin took privacy serious. Again, which it doesn't.
Topic: Is Mass Adoption even possible.. - page 4. (Read 3681 times)
it should be in the future tbh imo
That's why I've always thought it's going to take a popular App that uses Bitcoin to get more people using it.
Whether this is going to be a popular app that applies bitcoin or pays bitcoin, mass adoption is going to be possible.
As most of the people are wanting to have an investment that is going to be possibly learn easily. And people are interested in stocks if you just don't know.
Bitcoin is simply money, don't worry about its popularity will vast in the near future.
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
Cryptos are way to volatile to function as money.And who tries to take advantage of volatility? Traders!And there are a lot out there.
In terms of mass adoption it is still way too early.And most alts won't make it.They will continue to exist as some kind of penny stock investment vehicle or just disappear.
Maybe a good hand full of decentralized cryptos will make the breakthrough as technology platform, currency and investment vehicle or object of speculation.
with the current block size and also with the current way price changes (the volatility) no.
when price is volatile this much, we will only see adoption by more speculators trading and riding the waves up and down to make more money, and will never see real adoption to see bitcoin be used in real life as currency.
and the block size and the limitations to number of transactions that bitcoin network can handle we can not expect a large amount of people using it (mass adoption) things are clogged as of these days enough without more people coming in.
when price is volatile this much, we will only see adoption by more speculators trading and riding the waves up and down to make more money, and will never see real adoption to see bitcoin be used in real life as currency.
and the block size and the limitations to number of transactions that bitcoin network can handle we can not expect a large amount of people using it (mass adoption) things are clogged as of these days enough without more people coming in.
well no, i don't think they are that akin, can stocks be used as a currency? no of course, bitcoin can and it is accepted widely, new generation need to adatp and it willr equire a very long time
you can even bet that this long tiem can be when the block reward is almost irrelevant, but then you have the known issue which need to be solved if you want all this
you can even bet that this long tiem can be when the block reward is almost irrelevant, but then you have the known issue which need to be solved if you want all this
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
I think that mass adoption is possible only if bitcoin becomes a more "offline" currency.
By "offline" i mean that you won`t always need electricity and internet in order to use bitcoins.
The purpose of bitcoin is to be a digital currency,so mass digital adoption is impossible,i guess.
Casascius coins or paper wallets (notes) accomplish this.
then what is the point of using bitcoin?!
using paper wallets (notes) or physical coin or anything like that means trusting a centralized place to print them honestly and that everyone trusts them. this sounds so similar to fiat (paper money printed by government) then we are better of using fiat then.
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
I think that mass adoption is possible only if bitcoin becomes a more "offline" currency.
By "offline" i mean that you won`t always need electricity and internet in order to use bitcoins.
The purpose of bitcoin is to be a digital currency,so mass digital adoption is impossible,i guess.
Casascius coins or paper wallets (notes) accomplish this.
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
I think that mass adoption is possible only if bitcoin becomes a more "offline" currency.
By "offline" i mean that you won`t always need electricity and internet in order to use bitcoins.
The purpose of bitcoin is to be a digital currency,so mass digital adoption is impossible,i guess.
I addressed these questions below:
Why bitcoin does not function as a store of value:
https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-vol-7-bitcoin-is-not-an-actual-store-of-value-because-there-is-no-real-price-floor-or-inelastic-demand
and
Why bitcoin does not have value as a settlement layer:
https://steemit.com/bitcoin/@r0achtheunsavory/the-roach-report-vol-10-why-bitcoin-is-currently-a-roach-motel
The TLDR version is:
A settlement layer has to compete with or beat gold as a store of value. Bitcoin cannot accomplish that task so it has to do something else besides being a settlement layer or there is no point. The only way possible for bitcoin to have any real use is with a lightning network-type solution that vastly increases load capability. But even then since it doesn't function as a store of value, and the economy of scale forces centralization, I'm not sure what the value proposition will be in holding the coins - if there will be a value proposition or if it will just be like holding Paypal units.
This is all forward looking, long term, endgame analysis here. Even though it doesn't appear to have a viable endgame without a LN, and questionable value even with one due to not functioning as a store of value and inevitable centralization - who knows, it could go up 10x before people figure that out.
Why bitcoin does not function as a store of value:
https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-vol-7-bitcoin-is-not-an-actual-store-of-value-because-there-is-no-real-price-floor-or-inelastic-demand
and
Why bitcoin does not have value as a settlement layer:
https://steemit.com/bitcoin/@r0achtheunsavory/the-roach-report-vol-10-why-bitcoin-is-currently-a-roach-motel
The TLDR version is:
A settlement layer has to compete with or beat gold as a store of value. Bitcoin cannot accomplish that task so it has to do something else besides being a settlement layer or there is no point. The only way possible for bitcoin to have any real use is with a lightning network-type solution that vastly increases load capability. But even then since it doesn't function as a store of value, and the economy of scale forces centralization, I'm not sure what the value proposition will be in holding the coins - if there will be a value proposition or if it will just be like holding Paypal units.
This is all forward looking, long term, endgame analysis here. Even though it doesn't appear to have a viable endgame without a LN, and questionable value even with one due to not functioning as a store of value and inevitable centralization - who knows, it could go up 10x before people figure that out.
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
bitcoin is different than stocks, you can't spend stocks or a portion of a stock (paying for coffee with $1 worth of stock) but you can do that with bitcoin.
and that is a big difference already in my opinion.
and as (mass) adoption goes, i believe we will see it someday or at least a version of it. certainly not every single person will use bitcoin but it can reach a level of adoption that you can at least see it in almost all of online shops and many offline ones.
And with 3 transactions per second and 7 billion people on earth, every person can make 1 transaction every 74 years. You'd better plan ahead.
Maybe we should restrict it to just the 300 million people in the US. If we do that, we can each make 1 transaction every 3 years.
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
bitcoin is different than stocks, you can't spend stocks or a portion of a stock (paying for coffee with $1 worth of stock) but you can do that with bitcoin.
and that is a big difference already in my opinion.
and as (mass) adoption goes, i believe we will see it someday or at least a version of it. certainly not every single person will use bitcoin but it can reach a level of adoption that you can at least see it in almost all of online shops and many offline ones.
As a transactional currency, it has no chance unless we can reach consensus on a scaling path. 3 transactions per second is a joke.
As an investment, all we need is for the SEC to get out of the way and allow ETFs and options on those ETFs. That will give bitcoin the liquidity it needs to be taken seriously by the people who have enough capital to take us to the next order of magnitude. It will also make bitcoin available as an investment vehicle to anyone with a brokerage account or self directed IRA.
As an investment, all we need is for the SEC to get out of the way and allow ETFs and options on those ETFs. That will give bitcoin the liquidity it needs to be taken seriously by the people who have enough capital to take us to the next order of magnitude. It will also make bitcoin available as an investment vehicle to anyone with a brokerage account or self directed IRA.
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
The main reason? "Money".
They don't want to go to stocks because they can't afford it. If they have the money, they won't invest it because they think it is a gamble so they fear that they will loss their money. While others won't because they don't understand it. simple as that. Or they believe that stock markets is not the place to get rich. Some have other prioritize like homes, cars and their children's education before they are willing to go to invest into something.
That's why I've always thought it's going to take a popular App that uses Bitcoin to get more people using it.
Oooh...
Most people DO have interest in the stock market...learning it probably less so, but most people with money want to get involved in how to make money off their money.
Mass adoption is possible but we need to understand what "mass" means. Bitcoin available in most places, but perhaps not used by most people. Stocks are everywhere but not everyone buys them. Credit cards are everywhere but not everyone uses one. Paypal is everywhere but not everyone uses it.
There's adoption as a currency and adoption as an investment, the latter is easier but makes a much better endgame if the former is successful
Bitcoin as currency gives is it validation alongside other The key to greater adoption as currency is getting businesses to accept it for payment. The rest just falls into line.
That said, there's still an investment route adoption without currency but it requires more investment companies to recognize it - analysts talking about it as a commodity or an asset class.
...and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
Most people DO have interest in the stock market...learning it probably less so, but most people with money want to get involved in how to make money off their money.
Mass adoption is possible but we need to understand what "mass" means. Bitcoin available in most places, but perhaps not used by most people. Stocks are everywhere but not everyone buys them. Credit cards are everywhere but not everyone uses one. Paypal is everywhere but not everyone uses it.
There's adoption as a currency and adoption as an investment, the latter is easier but makes a much better endgame if the former is successful
Bitcoin as currency gives is it validation alongside other The key to greater adoption as currency is getting businesses to accept it for payment. The rest just falls into line.
That said, there's still an investment route adoption without currency but it requires more investment companies to recognize it - analysts talking about it as a commodity or an asset class.
Cryptos are almost like stocks and most people have no interest in learning stocks even though the stock exchange is trusted platform.
Thoughts?
Thoughts?
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