Topic: Thoughts about Bitcoin adoption - page 2. (Read 746 times)

It can also be a part of a lifestyle, using bitcoin can be in our lifestyle like paying using this in some transactions. By that we can more advertise or promote bitcoin. Although simple thing involving bitcoin can be a big part in spreading bitcoin in our community. Adoption takes a lot of time for it to become natural and normal for the people in a certain community. It will surely grow if it is used in some other factors not only in paying. Trading also helps to share bitcoin. Communicating, sharing and understanding the advantages of the bitcoin in the economy is also important that it gives you way to gain more money.

I think they will not dare to take the risk by making Bitcoin as a legal payment tool in their store, if the businessman is a Crypto lover then I think he will choose a stable coin that does not volatile in price. Volatile prices indeed are not suitable if used as payment

The original purpose of Bitcoin was to act as a payment method. But nowadays, very few of the users are using it for that purpose. There are multiple reasons for that. First of all, the transaction fee is very volatile and there were times when the users had to pay as much as $2 or $3 for a single transaction. And secondly, the prices have risen steeply, when compared to the levels we had back in 2012 and 2013.

That's right. Perhaps, we can use the other coins which have low volatility, so we don't have to worry about spending too much amount to pay something. Using the other coins, we don't have to use bitcoin for the payment method, but we can use bitcoin as the investment, which will give us a profit. I am sure that in the future, or from this year, the adoption will grow, and I guess that we already saw that the adoption is already happened since a few years ago. But with the bitcoin price increases, that will make people open their eyes to see that bitcoin comes to give them new hope to make money.

Indeed why some merchants don't want to apply Bitcoin payment in their stores because of its volatility. It's very risky for every businessman to adopt Bitcoin because during bear market they can lose their capital. Using crypto payment, perhaps they will prefer stable coins. But if they are risk taker enough to accept Bitcoin, then that's good.

Indeed why some merchants don't want to apply Bitcoin payment in their stores because of its volatility. It's very risky for every businessman to adopt Bitcoin because during bear market they can lose their capital. Using crypto payment, perhaps they will prefer stable coins. But if they are risk taker enough to accept Bitcoin, then that's good.

Pay in store with Bitcoin can happen but you should undenstand that this have very volatile price so there's a risk if you use this still i think some stable coins can be like useful and helpful in store(grocery) so in future adoption of cryptocurrency will grow by this so just wait i'm sure that will happen because this brings so much convenience

That's right. Perhaps, we can use the other coins which have low volatility, so we don't have to worry about spending too much amount to pay something. Using the other coins, we don't have to use bitcoin for the payment method, but we can use bitcoin as the investment, which will give us a profit. I am sure that in the future, or from this year, the adoption will grow, and I guess that we already saw that the adoption is already happened since a few years ago. But with the bitcoin price increases, that will make people open their eyes to see that bitcoin comes to give them new hope to make money.

Yes that's right. It needs mass promotion before the adoption because the people can adopt this kind of currencies if they lacked of knowledge about it? It really needs more time and also no one can predict if the cryptocurrency will be allowed by the government all over the world because we all know that there are still countries that is not advance when it comes to technology.

in my opinion it takes a very long time for bitcoin to reach mass adoption. because now most people are comfortable using fiat money for everyday transactions. then also there are still many people who do not understand about bitcoin and also the value of bitcoin that has high fluctuations is not suitable for use as a means of payment. but I am optimistic that as more people know about bitcoin, bitcoin can be adopted in bulk. so we must always promote bitcoin to others so that the number of bitcoin users is increasing.

I think that if we talk about mass adoption, it should mean that Bitcoin is largely recognized as a payment method. So I'm talking about the reality where you don't have to look for specific stores to use Bitcoin but can go to your regular ones and use Bitcoin to pay for groceries. I know, scalability. It's indeed a serious problem. Is the Lightning Network the only solution? Is it even a realistic solution?
Here's what I thought about to address the issue of transactions getting confirmed slowly. How about not waiting for them to get confirmed? When a person uses a debit card to pay for food, it's not like the transaction actually get's processed and the money is sent right away to the store. No, this process takes about a day or two, I've learned that about half a year ago when there was a mistake with a transaction. The money is blocked by your bank, and you don't see it anymore, but it's actually still there. So how about accepting that a person paid the moment after this person hit the 'send' button on the screen or something like that? What are the odds of a transaction not getting through eventually (if a person paid a normal transaction fee, of course) and being returned back to the sender's wallet? Is that happening that often that shops would not be able to take those risks?
Now, I realize it won't solve all of the problems, because if there are too many transactions that are being put through like that, the number of unconfirmed transactions will be building up. However, I think it could be a solution for a less significant adoption step or as a temporary measure. What do you think about all that?

Not only the fees is the problem why bitcoin not adopted also because of its volatility. Its hard to adopt a currency which dont have a exact value.  When it comes to fees I think that was not really a problem because that was the paymeny for the person or anything behind every transaction made by people.

Bitcoin will really help a lot in payment method. It will be easier and faster and efficient. Adopting bitcoin should be open for everyone. As much as we can we'll be able to see the difference and its significance specially in the payment process. On the part of the merchant it will be more likely lesser payment errors or refund issues. Hopefully this can be fully adopted.

In my opinion, we don't need to report its tax because bitcoin is decentralized and the only problem we only have is the condition of the transactions we are experiencing which is in fact, need a allot of improvement. Though, we already utilize segwit, it isn't enough to satisfy the quantity of transaction created by many people in a day. But it is way to impossible for us to further upgrade bitcoin unless we are willing to accept a newly created cryptocurrency through the process of forking bitcoin.