Topic: We should answer the important questions to increase Bitcoin adoption - page 2. (Read 367 times)

Bitcoin will never be an answer to any of these problems, however, it can help and it can be used as an alternative option or a counterpart solution that will help its users.
I don't think that legalization will happen so easily, as we can see, the only thing that some countries do adopt is only the blockchain technology and not bitcoin. In this part, we can see that mass adoption will be hard, but there is a bright future that blockchain technology will improve and this might lead to huge development not only to other crypto but in the whole crypto space.

You just literally answered those questions without further understanding.
Anyways, you said it right that everything about it will only be useful or convenient if you are familiar and you know its proper use.

- Of course bitcoin is more convenient to use if you are familiar with but if not, opposite will be the answer.
- Compare to banks, bitcoin is much cheaper.
- Bitcoin is safer to use than traditional payments. Ex. You are going to pay 1million USD, in bitcoin you can just pay it using the CEP or computer while traditional payments you need a lot of suitcase to put the money and you need security guard to secure it so you can pay it without any issues.

I don't think bitcoin can solve the problems mentioned by the OP. because at this time bitcoin has not yet reached mass adoption and also many countries do not legalize bitcoin as a means of payment so some people still prefer to use fiat for everyday transactions. but I still prefer bitcoin to fiat money. because bitcoin investments can give us profits. and I am sure that as more people believe in bitcoin, the mass adoption of bitcoin will soon be realized.

The most important thing to clarify to them is, Bitcoin is not some kind of investment materials where you invest your money to some people and let them use some kind of program or some sort of mechanism to increase it. As most of my fellow countrymen have fallen to this kind of scams where they thought bitcoin its just the name of the company who will take care of their investment in the long run without even knowing whos behind it and where it came from.

That's why they often fell into the scammer's trap, they don't even bother to make a research or ask some authority about bitcoin. this is not a joke, you can read it from here. https://www.rappler.com/nation/199915-filipino-couple-amasses-millions-bitcoin-scam

At first I want to say that bitcoin isn't escape for this universe. Then:
1. Whether bitcoin is convenient or not depends on person's choice. Imagine I am in supermarket and have to pay 1)Touch card to terminal 2) Log in to bitcoin wallet, scan barcode, choose fee and then click on send button. I prefer first one.
2. It depends on bank's terms. For me it's cheaper to use fiat cause I pay zero fees + even get some interest (bonus points which I can exchange).
3. Safer in what way? For privacy protection, yeah but for refund options - no.
4. It's very easy to use.
5. No, I get instant confirmations when I pay with my bank but when I send bitcoin, I depend on confirmations which take some times but lighting networks changes everything in good way.
6. My answer on this is that bitcoin was great 8 years ago. Now it's mostly commercial thing.

This is not entirely true because your Bitcoin wallet can be seized too in case of illegal activities.
This is not the point now and it's true that Bitcoin has a llot advantages that people don't recgonize. Since Bitcoin is decentralized and there is no institution that is in charge for it who exactly should be the one to promote Bitcoin? No one, except Bitcoin community and obviously we lack a good promotion and education.

Yes.
Online.
Yes, online.
Improve the help section of the wallet so new comers understand it.
Yes, in things like wire transfer or online payment.
Currency. You can always trade your currencies (ie. forex), but that is besides the point.


There are some issues regarding "instant" use in physical situations (the infamous pay for coffee use case), which is what LN is attempting to address. The success of this idea will largely depend on the wallets implementing it. But for most common uses, the way traditional bitcoin is, is quite good enough.

If it were me, i would default the wallets to 1 sat/B tx fees. And optionally add some button or setting in case the user rarely needs the transfer to process "fast" (and with RBF you can always do that after the initial broadcast, ie. later). If you honestly and seriously analyze your online transactions, most can easily wait a day or two. I know some traditional methods involving bank wire transfer can take longer than that and merchants usually wait until that is cleared before shipping. Compared to that Bitcoin is instant. And most of the time, 1 Sat/B transactions get confirmed within an hour or two... At some point they will allow 0.1 sat/B, when that comes i would switch wallets defaults to it.

I don't like the wallets that try to guess network traffic and pick a fee that would "probably" get confirmed within a block or three. Some at least give you the option to manually input your tx fee, which to me, should always be the smallest non zero value. Especially after LN comes in widespread use for the "instant coffee payment" scenario.

This is to debunk the myth that "Bitcoin transactions are too expensive", no they are not, you just didn't set the proper fee, silly. If you are tipping someone some satoshis, you DON'T want your wallet picking a fee for you...

I'm not saying that it's hard, but there are caveats, and when you combine it with the fact that Bitcoin is very unforgiving, there's a lot of potential for negative user experiences.


It's not a problem, Bitcoin wasn't created to be faster or more convenient, it was created to simultaneously be a long-term store of value and a currency. Unlike with cash, you don't lose value to inflation, unlike with banks, your account can't be seized, unlike with gold, you can easily spend it. But, like I've said in the previous post, the population doesn't value this property of Bitcoin much.

Using Bitcoin is not as difficult as people assume it to be. If you are little tech-savvy then creating wallet and doing transactions is very easy, especially when we have simplified wallets like Electrum and MyCelium.


The more serious issue is that Bitcoin doesn't solve any specific transaction problem except anonymity. Let it be convenience, speed, universal applicability or fees - the traditional methods outshine Bitcoin in all those aspects. We can argue that Bitcoin is more secure than traditional methods but again I am a banking user from last many years and done lot of transactions. Till date I never faced a single instance where my security was compromised. So when people like me who are in bitcoin business from last many years don't have any complain from banking security then how can we expect general public to turn towards bitcoin without any reason?

if those are the question, overall rating of bitcoin is good it is convenient to use because you can make a transaction thru mobile devices but when it comes to fees there are lots of utility coins in the top position and they are much faster than BTC. Those questions above cant affect the reputation of btc as major utility coin in the market.

I think it's incredibly hard or even impossible to simplify Bitcoin for end users without compromising its decentralization. Both banks and Bitcoin heavily rely on cryptography, but banks managed to abstract it away from users because they are centralized. With Bitcoin it's not possible, there's no "I forgot my password" button, and we have to manually select addresses because we can't have both stable identities and privacy on a public network. These and others things create room for errors, and errors in Bitcoin are often final.

But while these problems negatively affect adoption, I don't believe they are the main reason why adoption is low. Most people just don't share the views that lead to Bitcoin's creation - people don't see problems with middlemen, with banks and governments, and even when they do, they just want to change the management rather than change the whole system.

I agree those above questions are not too important to ask. Those question also not the reason why there is no adoption happening in some other countries. If other countries do not accept bitcoin then we cannot force them to adopt it if they didn't really want it. Some other governments will not allow that maybe because bitcoin doesn't have tax.

These questions have long been answered but the problem is, none of those are actually catering to the most important part of the equation as to why bitcoin isn't as widely accepted as it should be. Legality still remains to be the primary enemy of the said cryptocurrency, moreso the users who are wanting to use it but are afraid for the negative legal implications of it. There's really not a single question needed to be answered in order to know the secret of widespread bitcoin adoption. It naturally happens; especially if the need arises and people realize that it's the next big thing since sliced bread.

People have been asking those questions since bitcoin launched. But because bitcoin is super conservative, all the solutions have come from alts.

For example litecoin, ethereum and doge all confirm faster than bitcoin. They have lower fees. Doge in particular has been known to cope with large volumes of transactions without problem.

The issue is coalescing around one of these solutions and getting retailers to adopt them. What is holding everyone back is people hoping that bitcoin will solve it's scaling issues and being reluctant as a result to back an alt. But bitcoin may never solve it's scaling issues.

Most of the above problems are already solved by other countries, the only problem is that some don't use it and some use it in their countries. We have different issues here and that's one of the factors that bitcoin is still not on mass adoption. Bitcoin is trying to change mindsets of people around the world, and most government don't want that, they put regulations and put pressure on bitcoin and thus people won't bother to use it, look at some parts of the world where bitcoin is totally banned. The only country that is the most bitcoin friendly is Japan, and look at them despite the calamities they have suffered, they fix their selves very quick.

These questions are somehow basic questions that can broaden the ideas of bitcoin. Convenience, easy, faster and reliable those are just some of the adjectives I can say for bitcoin. Its the game-changer in the financial world. Adopting to it will make procceses easier and faster.

The biggest problem with Bitcoin is acceptability. The more it is accepted the more we can talk about those problems. At the moment it is considered as a commodity which has a good Fiat value.

The biggest hurdle with Bitcoin is the commodity tag. Rather using it we tend to save it. That is why it is being compared with gold.

You are falling into the trap you mention in the OP. You need to step back, and lose the public perception of Bitcoin. By thinking of it as a simple payment system, you lock yourself out of the major benefits, and you won't be able to take advantage of the investment and economic changes it has stimulated.

For bitcoin adoption to become a mass phenomenon, more people need to understand how it works and it should work as intuitively as possible.

In fact bitcoin does not require government permission or legitimacy.

It is in fact fraudulent, corrupt, criminal, bankster government cartels that rejects bitcoin.

Legitimacy is found in honest, accountable, immutable, trustless, bitcoin p2p transactions.