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Topic: Mainstream Adoption - page 6. (Read 6460 times)

newbie
Activity: 56
Merit: 0
July 20, 2015, 08:01:15 PM
#53
In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.
It is still an alpha software. Bitcoin Core is still alpha and hasn't even reached version 1.0 yet.


Yes, but it is ALMOST ready.  BC might be in alpha, but bitcoins are in beta if you know what I mean.  I think the biggest obstacle is how hard it is for the average person to buy bitcoins.  It is not that easy!

And that's a good thing. If it was easier more people might realize how backward keeping bitcoins safe is.

Imo. all comes back to finding ways for people to keep them sage easily. Once that happens all the rest follows naturally.
sr. member
Activity: 322
Merit: 250
July 20, 2015, 05:09:30 PM
#52
In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.
It is still an alpha software. Bitcoin Core is still alpha and hasn't even reached version 1.0 yet.


Yes, but it is ALMOST ready.  BC might be in alpha, but bitcoins are in beta if you know what I mean.  I think the biggest obstacle is how hard it is for the average person to buy bitcoins.  It is not that easy!
staff
Activity: 3458
Merit: 6793
Just writing some code
July 20, 2015, 05:03:26 PM
#51
In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.
It is still an alpha software. Bitcoin Core is still alpha and hasn't even reached version 1.0 yet.
newbie
Activity: 22
Merit: 0
July 20, 2015, 04:59:39 PM
#50
In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.
sr. member
Activity: 294
Merit: 250
July 20, 2015, 04:53:37 PM
#49
In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.
full member
Activity: 210
Merit: 104
“Create Your Decentralized Life”
July 20, 2015, 04:36:36 PM
#48
The fees are broken down here https://bit-x.com/guide/bitx-cards

More expensive than a credit card but possibly cheaper and far more rapid than having to dick around with exchanges. Depends on your spending patterns I guess.
I love how the US is in the same boat as North Korea... just sick...
Quote
Restrictions

Residents from the following countries may order cards, but may not raise card limits to level 2: Afghanistan, Albania, Algeria, Angola, Cambodia, Ecuador, Guyana, Indonesia, Iran, Iraq, Kuwait, Democratic People's Republic of Korea, Lao People's Democratic Republic, Myanmar, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Romania, Sudan, Syrian Arab Republic, Uganda, United States and Minor Outlying Islands, Yemen, Zimbabwe.
source: https://bit-x.com/guide/bitx-cards

I may be amero-centric in this view, but I think the US regulatory / judicial systems are a major barrier.  There is huge market opportunity for billion dollar investors to make winfalls in bitcoin based industry, but the investors are very slow to enter this market because so many early adopters are getting thrown in jail.  The regulatory burden is overwhelming.  This is made even worse in the areas that are not regulated.  The unregulated areas could land investors in jail for any number of out dated backward laws dating back to the steam engine.

I would like to think that the US would eventually break out ahead of the pack, but I'm not totally convinced.  I think that major adoption will follow when some country gets serious about allowing it's citizens the freedom to develop bitcoin based industry without looking over their shoulder.
newbie
Activity: 28
Merit: 0
July 20, 2015, 03:15:29 AM
#47
Mainstream adoption is coming along. It will take time. First, we need more people worldwide to own bitcoin. Secondly, a way for them to use bitcoin very easily. I expect it too be much much easier than camera and qrcode, and less worries about being hacked and confirmation times. Until that happen, bitcoin can only be an online payment system in a niche market.

Exactly, like I said previously :

At the end it is only about knowledge...

If bitcoin is not better (so ... easy and secure to use) than any other method of payment, how can we take to see it 'mainstream'?

Wait for better infrastructure, killer app and user acceptance. I will give examples:

Remember how we used credit card decades ago? We give a card to salesperson to fill in a small form, "swipe" the carbon copy form with this roller thing, phone the credit card company for a authentication code. This used to take ages and lines were busy at peak times, so end up paying cash. Merchant fee was high, not many places accept credit cards and there was no point having one.

Remember how we send email? Logon to a terminal, select email in a menu, start typing email on a blank screen including "to:" and "subject:", press some keys in sequence, it vanishes and you hope it's sent. Attaching a file was a major operation where you have to use tools to compress and then uuencode your file. Not many people had email accounts, it is much quicker and safer to fax a message to your friend.

Credit cards and email are part of our lives now. What's the different between the ancient times and now? Technology, infrastructure, app interface, and common availability. These are what Bitcoin needs to have to go mainstream.

Although I agree with that, I believe innovation in BTC companies and products will be important and if there is one thing that hinders or prevents this, it will be regulation. You've seen how governments around the world have reacted already, and the thing isn't even mainstream yet! Even though the government claim regulation is there to protect the little guy against fraud, crime and what not, there is no telling how hard it will be to even start an app or a company with the word Bitcoin in the title in the years to come.
legendary
Activity: 952
Merit: 1005
--Signature Designs-- http://bit.ly/1Pjbx77
July 20, 2015, 01:42:21 AM
#46
Mainstream adoption is coming along. It will take time. First, we need more people worldwide to own bitcoin. Secondly, a way for them to use bitcoin very easily. I expect it too be much much easier than camera and qrcode, and less worries about being hacked and confirmation times. Until that happen, bitcoin can only be an online payment system in a niche market.

Exactly, like I said previously :

At the end it is only about knowledge...

If bitcoin is not better (so ... easy and secure to use) than any other method of payment, how can we take to see it 'mainstream'?

Wait for better infrastructure, killer app and user acceptance. I will give examples:

Remember how we used credit card decades ago? We give a card to salesperson to fill in a small form, "swipe" the carbon copy form with this roller thing, phone the credit card company for a authentication code. This used to take ages and lines were busy at peak times, so end up paying cash. Merchant fee was high, not many places accept credit cards and there was no point having one.

Remember how we send email? Logon to a terminal, select email in a menu, start typing email on a blank screen including "to:" and "subject:", press some keys in sequence, it vanishes and you hope it's sent. Attaching a file was a major operation where you have to use tools to compress and then uuencode your file. Not many people had email accounts, it is much quicker and safer to fax a message to your friend.

Credit cards and email are part of our lives now. What's the difference between the ancient times and now? Technology, infrastructure, app interface, and common availability. These are what Bitcoin needs to have to go mainstream.
hero member
Activity: 504
Merit: 500
July 19, 2015, 11:39:02 PM
#45
When I read all the major cryptocurrency news sites, I get the impression that adoption is doing great. But we wont have some overnight change, it will take a few years but I'm fully confident that it will be mainstream (and in same cases already are). When that happens, those 21M coins will not be worth $270-$300.
hero member
Activity: 770
Merit: 509
July 19, 2015, 12:29:14 PM
#44
The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.


Simulate mainstream adoption? What are you talking about? Bitcoin is a valid alternative to send large quantitative of 'value' from point-A to point-B, without trust a third party service (like WU, moneygram, VISA, etc...). Think to use bitcoin for buy a caffe ( and multiply this action * 3-4 bln of people) is really insane (but maybe possible, who knows).



It's insane now, but it will not be insane in the future. Bitcoin will scale up so small payments (like that coffee) can be process all over the world. It WILL scale up trust me. Just like nobody believed the internet would scale up at the beginning, Bitcoin will prove everyone that doesnt think so wrong.
legendary
Activity: 1946
Merit: 1137
July 19, 2015, 04:44:04 AM
#43
Hey guys,

It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long! We're not saying invalidate fiat currency and only accept BTC or Alt-coin but businesses don't seem to want to touch it?

What do you guys think the real issue is? Education among consumers and businesses? Volatile BTC price?

Tully

i say it is both at the same time.
there has been quick a lot of media coverage about bitcoin in the past year but it seems like it is not enough and many people are still claiming that they have never even heard of bitcoin.

on the other hand the volatile bitcoin price makes it difficult for any business to trade with bitcoin while all their other trades are done in fiat.
legendary
Activity: 1778
Merit: 1043
#Free market
July 19, 2015, 04:37:48 AM
#42
It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long!

Bitcoin is not a "product" to move into an empty market. Bitcoin needs to gain market share in a saturated market. It has to compete with already successful systems like PayPal, Credit Cards, Western Union. You cannot deny that paying with credit cards is so easy and free (for consumers). So many people use credit cards to the extent that businesses will loose customers if they do not accept credit cards. How can bitcoin compete with that?

Mainstream adoption is coming along. It will take time. First, we need more people worldwide to own bitcoin. Secondly, a way for them to use bitcoin very easily. I expect it too be much much easier than camera and qrcode, and less worries about being hacked and confirmation times. Until that happen, bitcoin can only be an online payment system in a niche market.

Exactly, like I said previously :


At the end it is only about knowledge...

If bitcoin is not better (so ... easy and secure to use) than any other method of payment, how can we take to see it 'mainstream'?
legendary
Activity: 1778
Merit: 1043
#Free market
July 19, 2015, 04:34:46 AM
#41
The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.


Simulate mainstream adoption? What are you talking about? Bitcoin is a valid alternative to send large quantitative of 'value' from point-A to point-B, without trust a third party service (like WU, moneygram, VISA, etc...). Think to use bitcoin for buy a caffe ( and multiply this action * 3-4 bln of people) is really insane (but maybe possible, who knows).


legendary
Activity: 952
Merit: 1005
--Signature Designs-- http://bit.ly/1Pjbx77
July 19, 2015, 04:19:27 AM
#40
It's been dawning on me for some time that there is one thing that businesses must hate.. credit card fees. So with this in mind why is mainstream adoption taking so long!

Bitcoin is not a "product" to move into an empty market. Bitcoin needs to gain market share in a saturated market. It has to compete with already successful systems like PayPal, Credit Cards, Western Union. You cannot deny that paying with credit cards is so easy and free (for consumers). So many people use credit cards to the extent that businesses will loose customers if they do not accept credit cards. How can bitcoin compete with that?

Mainstream adoption is coming along. It will take time. First, we need more people worldwide to own bitcoin. Secondly, a way for them to use bitcoin very easily. I expect it too be much much easier than camera and qrcode, and less worries about being hacked and confirmation times. Until that happen, bitcoin can only be an online payment system in a niche market.
legendary
Activity: 3248
Merit: 1070
July 19, 2015, 04:10:39 AM
#39
The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.

Really?  I thought it was only going to get worse with times.  How do the core devs get funding for this and if they have it why haven't they started.  It is very much needed.  It has been much worse in the past 3 months than ever it seems.

they can do it via sidechains only i can't see other ways, because the block target time will not be changed ever, random or unneeded change to the bitcoin core are not tolerated
legendary
Activity: 3472
Merit: 10611
July 19, 2015, 01:49:17 AM
#38

Not seen this project before. I'd wager the fees charged per transaction work out more or less the same if not more than a credit card. (if you take into account the fees\commissions and the calculated exchange rate of BTC, compared to the average indexed bitstamp price)

The day some company open sources one of these, making it zero cost relative to the bitcoin network, plus only charges a one time fee for the card issue, is the day everyone wants one.


The fees are broken down here https://bit-x.com/guide/bitx-cards

More expensive than a credit card but possibly cheaper and far more rapid than having to dick around with exchanges. Depends on your spending patterns I guess.

then what exactly is the benefit of using these kinds of cards aside from being able to use your bitcoin savings?

you are paying additional fees (more than credit card),
you don't actually use bitcoin instead you are using fiat but go through an additional step!, you don't have the privacy and anonymity of bitcoin anymore

so why use them instead of cash?
full member
Activity: 154
Merit: 100
That Darn Cat
July 19, 2015, 12:04:07 AM
#37
The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.

Really?  I thought it was only going to get worse with times.  How do the core devs get funding for this and if they have it why haven't they started.  It is very much needed.  It has been much worse in the past 3 months than ever it seems.
sr. member
Activity: 406
Merit: 250
AltoCenter.com
July 18, 2015, 11:59:56 PM
#36
Two words: Still Young

And with that time factor, comes the problem of price volatility. I think the bitcoin still needs time to sort itself out to have a settled price range. Unless that happen, no one is going to adopt a currency that is so volatile.
legendary
Activity: 896
Merit: 1000
July 18, 2015, 11:37:57 PM
#35
The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.

at some point in the future the core devs can decide to include faster confirmation times to stimulate mainstream adoption. i only think it will take several years, if ever.
staff
Activity: 3458
Merit: 6793
Just writing some code
July 18, 2015, 11:12:59 PM
#34
The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations.  Credit and debit cards will always be much faster than bitcoin.
Actually they is not true. Credit cards can be charged back up to 180 days after the purchase while Bitcoin become irreversible after a few minutes to an hour. The issue is that with credit cards the third party, the credit card company, is trusted and will protect the merchant from chargebacks while bitcoin relies on trusting the buyer to not double spend until the transaction becomes confirmed.
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