Topic: Thoughts about Bitcoin adoption - page 3. (Read 746 times)

The problem is the fees for small purchases. It currently cost too much in fees for it to be worth it for Bitcoin to be used for small transactions. Plus the tax implications when you have to report every transaction to the irs.

we do not know the great people behind the development of bitcoin can make more than LN to be another solution, discussing the issue of mass adoption, it is actually easy if all the people in this forum introduce bitcoin en masse or expand it will be great, because there is no mass adoption without mass promotion, this is my open mind because it would not be possible for bitcoin to be famous today without any mass promotion

How about not waiting for them to get confirmed?

Stores accepting unconfirmed transactions is an interesting idea. I think some Crypto casinos do this, but in a secured manner.

One of the best ways this could be handled is by creating a Bitcoin payment processor that depends on trust/collateral to allow users shop with unconfirmed transactions. A user could just pay into the company's Bitcoin Address and the company automatically pays a store in its fiat equivalent. If a transaction is reverted after many hours or days, the company will automatically deduct from user escrowed fund.

I think this could also work on decentralized platforms/wallets if users or buyers are willing to lock some funds on smart contract with their preferred stores
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— Another alternative is to pay (via a safe wallet that has inbuilt-in escrow) by transferring private keys to the store(is that even safe?).   Before a transfer is made, an equivalent amount is automatically escrowed, then transfer is made. The receiver (store) may automatically move the coin to its own address once fund is received. Most of this tasks should happen automatically on a single (well trusted) wallet/platform without the seller and buyer even realizing it.

— Or you could even automatically escrow twice the amount you want to spend in a store, a day or an hour before buying from the store. Once you pay from the escrow/smart contract, you get your goods/services, and the remainder of the escrowed amount is sent back to you when the transaction is confirmed.

Mass adoption for bitcoin looks possibility when many investor have given positive way with investing in bitcoin and altcoin, when government looking many benefit from bitcoin and altcoin investment they will give good service for their people take much profit with bitcoin and altcoin as legal currency transaction, so far have little way why make government worry for adopting bitcoin as legal currency payment like hacked exchange account cases.

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?

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?

Mass adoption of Bitcoin is not only that Bitcoin is recognized as a payment method or digital money but mass adoption has to do with the entire world understands and knows what exactly bitcoin is and the benefits attached to it. People need to know and understand what bitcoin is to avoid unnecessary scams.

I think that if we talk about mass adoption, it should mean that Bitcoin is largely recognized as a payment method.

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?

It is an individual's perspective, and not all of us considering crypto as a currency but rather to think as a store of value. And badly I'm one of those.
Adoption is something to think that we are going to accept as what it is but the real thing it happens is very different. We can't deny that some people will consider this as purely an investment particularly to those countries that never accept Bitcoin. And can't blame them either.

I believe this word MASS adoption will take time to develop and it only happens when there is a massive improvement in the market.

You can't blame the stores, the usual Merchants that we have been spending if they wouldn't go with the new bitcoin payment systems. The major problems here are volatility and transaction fees. But still, there are particular physical and online stores that have been welcoming the new payment system. However, this does not mean that mass adoption is fully achieved since the number of consumers and merchants should fully adopt the said technology.