Topic: The future of Bitcoin as a sustainable currency. - page 4. (Read 876 times)

The thing though is that it's really debatable if bitcoin is ready enough for your mom & pop store transactions, as I'm pretty sure a lot of non tech-savvy people wouldn't want to go through the hassle of properly backing up private keys and such, and they definitely wouldn't want their earnings dropping in price due to volatility. But that's what services like BitPay are for I guess?

Anyway, I somewhat agree. No matter how low the chances of convincing them to actually accept bitcoin, it definitely still helps adoption. Something something strength in numbers.

Yeah we need more helping hand, if everyone keep on waiting then we can't achieve anything, the popularity of bitcoin is quite high, but most of people didn't know that bitcoin supposed to be a currency, most of them treated bitcoin as form of investment, we need to give them proper acknowledgement, in my country bitcoin still in grey area, it is illegal to make a purchase using bitcoin, but we still can educate people about bitcoin through seminar and other activity

Impact 2017 during the price of bitcoin is in the pedestal on top as very expensive currency among other currency people was easily to convince and adopt bitcoin as legal tender no need to worry bitcoin will on top again and mos probably bitcoin is useful not a scamm only people use bitcoin to made scam.

Public perception needs to change, my thinking is seeing smaller places or any places starting to offer crypto as a payment option would help normalise it, rather than being the thing they spent ages jumping through hoops to buy only to be left with falling in value like a stone with nowhere to spend it.

Obviously there are another technical issues with Bitcoin for example like high TX fees during busy periods but I suppose that’s where either technical improvents come or something else down the line.

There must be others on this site who feel the same way I’m sure.

Noble thought! Even I am ready to commit my time into marketing such efforts. This community is already executing small trades for purchasing services and collectibles as well. But service and collectibles are not such item which can make great impact to the market.

An website like ebay is certainly a good idea but that platform has to be originated from a crypto friendly country with the capability to ship worldwide. However, the major challenge is the cost. If I want to buy a certain product, it will be be costlier for me if I source it from a foreign country than my local market. That's where the bottleneck is for such platforms. Think about it.

DNMs might only be 1% of current volume but that is probably a significant percentage of bitcoin being used to buy and sell goods or services rather than being traded online as a stock.

Being proactive seems like the best idea, it’s just hard knowing where to start. I do small bits of work for friends for BTC etc but it feels like I’m pissing into the wind sometimes...

But to do this we need governments to regularize this cryptos market. The lack of regulations are the main obstacle for mass adoption and for us to see bitcoin being used as a means of payment in all countries of the world. Without regulations, it is not possible to use bitcoin as a means of payment worldwide. we must persuade governments to regulate this market


is still very restricted to a small portion of people compared to the number of people in the world

Actually the application of bitcoin as a payment tool already exists in several online stores. For example, like Fasttech, you can use BTC, ETH to XMR for payment instruments. This shows that there are already those who use it, we as cryptocurrency users will certainly prefer it because it does not need to be complicated to exchange money in virtual forms like paypal and the like.

When I first asked my farmer friend, he had never heard of bitcoin. After I think 3 or 4 weeks of asking him, he said he had read a bit about it but didn't really understand it. Over the following weeks we talked more about it, and I answered some questions he had regarding transactions, wallets, that kind of thing. Then the conversation moved on to whether he should accept it and trade it instantly to fiat, or hold on to it himself.

It took a few months, but he went from having never heard of bitcoin to accepting it as a payment. If we don't talk to people who don't know about bitcoin, then it will never grow.

You could also take dothebeats' advice and get drunk first to get over the uncomfortableness.

Being proactive helps, and similar to what you have done, my local pub now accepts bitcoin and ETH for the drinks. A few drunken conversations with the owner plus some sober, straightforward exchange of ideas led him to consider integrating bitcoin and ETH payments on his shop. At first he was quite hesitant knowing that there isn't a wide market for cryptocurrencies, but after convincing him that cryptos are not his goods but his drinks and service and crypto is just a payment/investment if he so do wish, he thought about it and QR codes are just at the counter if someone wants to pay for crypto. While services and big companies are on their own when deciding for these kind of things, do remember that it's us, the consumers, who are the primary reasons why they are doing some shits and stuff to their brand.

Though I totally agree with what you said, but to be honest, it is not really possible to be done by everyone living in any corner of the world. There are still countries where Bitcoin is not so general among the general public, which doesn't make it possible for even a small retailer to accept it since they won't do it if you are the only customer for them to pay in Bitcoin. It wouldn't be of help that way. Who (possessing Bitcoins) doesn't want to have a place around where they can buy something paying with Bitcoins? But again, it is not yet possible for some people to get this to happen. In my case, since I know that not a lot of people around me know about Bitcoin in general, I feel uncomfortable in asking to pay with Bitcoin, because I know it would be awkward if they don't even know about it.

I agree with you that Bitcoin must be more in use like a currency globally accepted by merchants
I very much count on Bakkt i see Bakkt developers are putting great effort for Bitcoin mass adoption
Unfortunately Bakkt launch is experiencing delays because of USA shutdown
I have found really good article what is explaining what Bakkt going to be

http://fortune.com/2019/01/14/bakkt-acquisition-consumer-payments/

I think 2019 will be dedicated to build reputable services and from 2020 we will see more adult and legitimate market

I disagree.

We can push for adoption. Sometimes I feel like a bit of a broken record saying this. People seem keen to just do nothing and wait for a shop, service, facility, person, whatever to accept crypto. If they don't know the demand is there, then they have no reason to adopt it. Ask them to accept crypto. State you want to pay in crypto. Get your friends to do the same, and then support the business in doing so. Obviously you can't do this in big supermarkets, but it is completely possible for smaller and independent retailers, tradespeople, etc. After asking repeatedly over a couple of months at one of my favorite sellers at my local Farmers' Market, he now accepts bitcoin and I pay in bitcoin every time I'm there, and I'm no longer the only one. This would never have happened if I hadn't made the first move. Don't just sit and wait for adoption - go out and help!

Bitcoin will be adopted when it's ready to be so. For now, pretty much all we can do is to wait.

About the scams though? While it's definitely unfortunate that a lot of people lost money due to they scams(and possibly are turned away from the cryptocurrency space because of this), there's so little we can do unfortunately. Scams have existed since forever, and will continue to exist for years to come. It's honestly partly their fault, as they just throw their money wherever, without doing any research at all.

Last time I heard, illegal transactions were only 1% of Bitcoin's volume, this is hardly a driver for Bitcoin's price.


No arguing that ICOs and alts are scams, but the bubble wasn't caused by them, and they didn't pop it, Bitcoin was the culprit because it dictates the prices of all cryptocurrencies, both today and back then.


There's no lack of services that are built around Bitcoin, they just can't take off Bitcoin there's very little interest from the general public. Most people have already heard about Bitcoin and they are not interested.

Bitcoin needs to be traded for goods and services for it to be a viable currency, in the past (and currently to a lesser extent) DNMs and illicit trades were the driver for Bitcoin and cryptos worth, but that is never going to support growth into general use.

 I believe that 2017/18 was the worst thing to happen to Bitcoin and crypto currency in general, it burst into the lives of the majority of the population only for them to get fucked by POS scammers, bullshit Facebook scams and ICOs, the bubble was always going to pop but the level of dishonestly is something the average person isn’t going to forget for a long time. On top of that the instability (and Tx fees during the tulip rush) in prices of the crypto market has seen a lot of the DNM sellers and other illicit uses shut shop meaning the use as a currency is declining. All you have in it’s place are speculators and traders propping up the price, not going to end well for anyone.

As a community this large there must be people with the skills and creativity to come up with a sustainable public facing way of using Bitcoin/crypto as a form of currency, be it a Ebay-esque site to trade legal goods, or even setting up local networks for people to trade between themselves. I understand this stuff costs money, but so does bitcoin failing as a currency. As a community could something like this be crowd sourced between us all? I’d happily commit time and effort into an attempt at creating something that can show crypto isn’t just for buying weed online and laundering money.

Just my thoughts anyway