Topic: Mainstream Adoption - page 2. (Read 6476 times)

First: Is the targets of this mainstream adoption very conserned with those questions?

Second: If someone hacked a site and got my credit card info i just reported it and i would get my money back. Also for bitcoin to be usefull for most people you have to use online wallets. Then you get the same problem with hacking, but no chargeback to save your ass.

What about identity theft? Everytime you pay with your credit card the merchant has to secure all the information you have to give.There is a reason why brands like Target, Sony, Home Depot, Asley Madison attract hackers like flies.
Credit cards are working as a pull mechanism. With all that data hackers can empty your account very easy or sell your in deepweb and other criminals use your datas to do some other bs.
Bitcoin is working as push mechanism. No one can withdraw from your wallet without the private keys from your public adress.
If that is not a big advantage I would ask myself what else.

You are right. A credit card is just a payment processor and the underlaying currency is not very interesting. I dont care what the underlying currency is called. I only care about how i can use it and if it is accepted wherever i need to spend my funds.

At the moment there is nothing with bitcoin that makes it better than my current payment processor and therefore is will not get used.

What is a credit card? It's a payment processor for fiat transactions. Well then there will be payment processors for bitcoin transactions much like bitpay that can offer protection against this.

Acceptance is low because people still have never heard what Bitcoin is and those that did (that are not geeks) have a vague idea of it and don't see any real use for it unfortunately. Lets hope the future will make people see its place.

Your average customer doesn't give a shit about the historical trustworthiness of who they're dealing with. All they care about is price or convenience.

People mindlessly feed their details into all kinds of crappy sites and expect to have their hand held if it goes wrong. Some type of escrow might temper that but you're stuck with third parties again unless it can be somehow automated.

So only those merchants who have built up trust with fiat trading would be trusted with bitcoin trading?

If those merchants offering bitcoin trading would offer discounts then they should pop up when i search for the best offers but they dont. Those discount must also be very high since my credit card gives up to 20% discount in a lot of the places i do my shoping.

No chargebacks mean that sellers have to work towards building trust.
It is not necessarily a bad thing, the bad apples will get weeded out eventually.

Bitcoin does offer benefits, but the discounts that could be possible using bitcoin haven't materialized yet.

Possibility to prune the blockchain somewhat helps in this as one doesn't need lot of storage space. IIRC current minimum is 512 MB. Network bandwidth could become a real problem though, limiting nodes only to people with very good internet connections.

What do you mean that people offers no benefits to the users.

Having the control over their money so that bank cannot seize their funds is a quite big benefit if you are asking me. Sending money for the minimal fee and nearly instant to the other part of the world is another major benefit. The list goes on and on..

The problem with Bitcoin at the moment are the users. There are not enough enough users to use these features. And that's called an adoption. Another problem is Bitcoin itself. We are really not ready for a mainstream adoption. Just imagine if we would have 2 million users over the night that would join us. The network would be paralyzed. The blocks are too small.

All of the above is called progress, so time is needed and things will line itself up.
But the big potential use cases on the massive scale are present in Bitcoin, we just need to come to that level, both users, and the Bitcoin itself.

No chargeback is a bad thing for consumers who loose the safety credit cards offer. If consumers prefer the safety of credit cards then the merchants will ignore bitcoin.

Bitcoin must offer something that benefit people before they want to use it. No such benefit exist today and therefore there is no interest in bitcoin.

Nobody knows what's next when it comes to bitcoins, that’s the joy of it. The way it works is quite weird, although fundamentally it's digital cash it could be accepted as the de facto online payment system for the internet, or it could fade away into an obscure chapter of digital history. But it'll be fun to watch in either case.

We have several issues why Bitcoin hasn't become mainstream yet. One is it's past with several frauds who give the system a pretty bad image and of course the banks and media where pushing it.
But to be honest right now the system can not handle a new big wave of users joining the network. For that we need more capacities.Meaning bigger blocks for instance. But bigger blocks will also result in less nodes the bigger the blocks get. That will mean the system will become more centralized. That's why we are having this endless debate of how to scale and increase the system right. It's all about more time and other solutions as increasing blocksize only. Give it a few more years and let's hope that the devs can come down from their ego trips soon so that we can continue moving forward.

Yes, the banking industry is a major reason why Bitcoin hasn't been widely adopted, but I go back to what I think is the bigger reason: most people don't know about BTC, and therefore the demand can't exist.

If the masses (not to mention the small-mid business world, even large businesses) knew about BTC and what it could do for them, there would be a demand for it. When there is a demand, it will happen. But demand can't exist for something that is virtually unknown.

Bitcoin needs marketing.

When the demand is present, especially in a market economy, innovation will (and has) overshadowed the will of big businesses and even governments.

Demand is the door, and the key is marketing.

You make really good points here. Empoverished zones and people groups would require, however, that Bitcoin is accepted to buy regular things where they live, as exchanging for fiat has some difficulty and is not supported in the same fashion by all countries.

Yeah, once people starts knowing the concept of bitcoins it would definitely attract them towards bitcoins, as at present everyone have heard about it but very few have used it, once they are aware about the benefits of bitcoins, they would surely switch from banks and WU to bitcoins as it is very cheap and time saving too.

In my opinion, Bitcoin right now is where the internet was in the 80-90's. Once people realise the advantages of the decentralized currency, they will come... or they will stay with their fiat currency and when we face the consequences of money printing, debt spiral and financial slavery (Greece for example, can't inflate their currency and get out of debt, because Germany and ECB doesn't allow them to do it.), when people realise that, they will come.

Simply there is no other alternative. Even gold, because we live in a digital world plus the real innovation is not the Bitcoin itself, but the technology behind it, which is blockchain.

At the same time, volatility is becoming less of an issue. Right now volatility is really low, we are in 224 days of consolidation period. Also at times Bitcoin was actually less volatile even than the Euro.

You need to be patient, there is a lot room for improvement yet. Do you think that big companies will not use bitcoin to make there international money transfers, which are super expensive right now? Of course they will, but Bitcoin is not ready yet.

Do you think that people in Africa will use credit/debit cards made by Goldman? Of course not! The current financial system is not a scalable model, but Bitcoin is!

Do you think that immigrants will continue to use Western Union to send money to there families? Of course not. Once people realise that they can do it much cheaper through bitcoin, they will change their habits!


Banks are releasing this, that's why they started talking a lot about blockchain (they don't use the word "Bitcoin" because it has association with the deep web).

Exactly, what you are saying is absolutely correct, and I believe that banks and governments are creating a major issue when it comes to mainstream adoption for bitcoins, and also the awareness level among the people is not too high which is creating a  major problem towards the mainstream adoption, once the people are made aware and shown the benefits of bitcoins it would be much more easier to hit the mainstream.

The reason why mainstream adoption taking so long is that Banks do not tolerate decentralized currencies and I believe this is one of the major reasons. however, another key factor that spooks people out is the high volatility and of course education is another factor with its own weight.

Let's be realistic Bitcoin is not a consumer ready product and won't be for a couple of years.