Topic: We should answer the important questions to increase Bitcoin adoption (Read 394 times)

I suppose that it is not possible to give a comprehensive answer to your question which can cover all aspects of using bitcoin, its benefits and weaknesses. Even though it is possible to make a comprehensive research concerning this subject but I guess that there is no a person who can comprehend everything so deeply and clearly. To my mind bitcoin has some benefits which were discussed many times on the forum and I consider that bitcoin is being used by lots of people unless something new, progressive and useful will be invented.

Yes this really cannot affect the bitcoin adaptation. This will be contributory but it not yet the main reason why. Government should be informed that bitcoin can be a multi purpose currency that can be use in different ways. Global adaptation needs a worldwide acceptance of every banks and countrkes all over the world.

Let bitcoin grow and develop as it is, and I am sure with the growing popularity bitcoin will realize the use and function of bitcoin is very good for them and gradually everyone will be interested to be involved in it.
and the growth of bitcoin is developing because of advances in technology and digital currencies, especially bitcoin which has been popularized through news, advertisements, and dissemination on social media or other and in addition more and more people who use it have become successful and their lives have changed for the better and it will make them curious and want to know more about bitcoin from the good and bad sides that will be faced.

exactly mate,looking fo what others can give is the best way on how to find the best bitcoin can.
if only people and government realize this?i am sure we will be in much progress now.
with many option?yeah Bitcoin is much cheaper than other for of payments ever exist.
as we have anonymous privacy?yes it is.
those answered is more than enough to prove that Bitcoin is the most competitive and reliable and advantageous than all of the existing payment method our world ever has now.

While we might make it seem like that sometimes, we Bitcoin Enthusiasts are not so blind that we can't see the handwriting on the wall, Bitcoin is presently now scalable enough for worldwide adoption as a payment method because in late 2017/early 2018 when we had a influx of some few million people, the bitcoin network was so backed up that it was taking days to make transactions in some cases and the transaction fees were off the charts, this is a problem and a solution for it is being worked on and it would eventually be solved.. Hopefully. Moreover the volatility in the price of Bitcoin disqualifies it from being a valid payment method too.

That is the challenge. We must be able to answer every important question concisely, concisely, and clearly. For example, there are ordinary people around us who are enthusiastic about our explanations, because we explain Bitcoin or cryptocurrency clearly and more easily than they read articles on the internet. And because our answer is clear and the person understands, it is not impossible that they will be attracted and enter the world of crypto.

aside from funds that you will need, you have to check the legality of cryptocurrency on that place. some are still hesitant to expose themselves because they are afraid what the authorities will do to their assets.
if you are just an ordinary crypto user, i think one of the best ways to contribute with crypto adoption is to help those new entrants understand crypto by explaining it to them, that is if they ask for it.

We can actually contribute and share these information to newbies by conducting seminars/blockchain events or meet ups in different places in your country, you just need to have fund in different projects, with this it helps a lot of people to reach and to ask questions regarding experts opinions and what blockchain is, the importance of it, why it has been trending for the past years, what are the disadvantages and so on, with this we are helping people as well as Bitcoin community.

Personally, I agree with you regarding identifying the problems and challenges we think Bitcoin can easily solve but the challenge regarding why people are finding it difficult to adapt to the use of Bitcoin is that the majority don't understand the whole idea of Bitcoin and the way it operates. This has brought fear in people because they have the perceptions that they can easily lose their money. Also, the volatile nature of bitcoin is making it difficult for people to adopt the use of Bitcoin for their transactions. Knowledge and understanding are the only way that can help the adoption of Bitcoin into the mainstream financial ecosystem.

We all have different ways of reasoning, and the thing is that there are some things that others sees as problem while some don’t see it as a problem, while some people care so much about the problems that arises with middlemen, some just dot pay attention to it because they are comfortable in their bondage and those are the kind of people that when something is going wrong in a country and you call them for protest, they will rather prefer to just sit down in their home with the claim that it is what they are looking for to eat that is their main priority, people forgot that whatever freedom that we seek now is the kind that will help our future generation and not just us alone, so if they don’t free themselves now from this present bondage, they might not be able to free themselves again.

I think that it still depends on the level of development of each country and how bad the government of the country is in being transparent to their citizens and also in handling their citizen’s financial affairs. Like in my country, bitcoin system supersede any system that has been established in the area of concerned here, and every time that I use bitcoin, those listed areas is always met by bitcoin and ever since I got to start using bitcoin, my whole life has changes, and it was like I was free from a financial bondage.

The bondage of not having work to do was provide by bitcoin opportunities and also, the bondage of not being able to take money out of the country for business without paying charges that is almost more than the amount to be sent is being met also.

It is the reason why conducting your own research is a lot better than relying on untrusted sites in that way you can see different information and details about bitcoin that can help you understand things about it, people usually, think that it was a scam because of some of the information that they have seen in scam sites. It ruins the reputation of bitcoin and it is possible that it is one of the reasons why they don't choose to accept bitcoin or even invest. Some people fall for these kinds of things because they don't have enough knowledge that can guide them to make the right decision for themselves. Sometimes it depends on the person itself if they wanted to adopt bitcoin because people have different preferences and levels of perception.

in my opinion all those questions can be answered when bitcoin has been legalized in a country and the government also supports and provides services so that we can access and use our bitcoin comfortably. but if a country or government has not legalized bitcoin as an alternative means of payment then I don't think I will be able to answer all of these questions. but at this time even though we cannot use bitcoin for payment we can still use bitcoin for investment and trading.

How familiar does it have to be to use money? It only took a few hours for most kids to learn what money is and how to spend it. Yes, there are

some initial steps that you have to follow to get started, but wallet providers has made this so simple, a 5 year old will be able to do it. I know a

lot of young kids that install Apps & games on their phones, so setting up a wallet should be a breeze for them. As time goes by, Crypto will become

easier and easier to use.  

Yes but it's upto users like us to educated those who are still using traditional way of money transfer to send and receive money across borders and inside borders as they will be the one to quickly adopt the idea of crypto as it will be used for the reason it's created rather just just being a risk investment. We need to educate people about bitcoin and crypto for the reason it was created rather than selling the idea as investment.

Most people are so used up of the spoonfeeding idea that they don't like it if they don't get it in one go. That's why they stick to the traditional settings where everything is already given but they don't know that it is somehow a breach to their security and privacy. If would like to know more about of cryptocurrency they should have done their research in the first place.

When anyone, even unfamiliar with crypto, will be able to use them for purchases, then the adoption will happen much faster.

maybe at this time bitcoin hasn't been able to resolve the challenges of what you mentioned in utasa because now there are still many shortcomings in bitcoin that need to be updated like when we do transactions with bitcoin which takes a long time to confirm unlike traditional currencies (fiat) which only requires a few seconds and bitcoin does not fully guarantee the security of our assets. but I believe that bitcoin users are currently developing in various countries because some of them believe bitcoin is good in the future.

I fell like one of the big issues that bitcoin faces right now is the false idea or the false vision that most people have on it, because of how the y media has always talked bad about it and just relates bitcoin to hacking and the use of it for illegal things, it sets out a bad idea for especial for the ones that don't really know much about it, and that really needs to change and we need to be out there clearing this idea and showing what it is truly about , another thing is that most people think that it is complicated to use they don't bother trying to learn it.

In addition, big countries are now creating their own centralized digital currency through the use of Blockchain technology like China thus massive adoption of Bitcoin might not happen. Yeah, few countries like Japan had already legalized the utilization of Bitcoin and that is a good start for adoption but there's a high chance that total adoption across the world is impossible to happen.

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.

I'll better answer this question. Bitcoin might be the key to corruption in countries that are not mainly regulated fairly by their government. In such a case that if Bitcoin doesn't have taxes, then there is no fund to be corrupted. The question is, how about the projects and infrastructure that should be built with these taxes? My point is, we are to pay our taxes using bitcoin itself, the advantage of it is we can verify where the taxes go, and we could verify if it is really utilized in various projects that our government has. Thus, making our country and economy develop with fairness and transparency.

These are some relevant questions that needs to be addressed. However, i think we can also consider the following questions as well
1. Are there enough marketplaces or online stores that accept bitcoin across the world?
2. How are sellers and buyers going to be protected against the volatility of bitcoin?

One of the challenges in the traditional payment system that bitcoin has solved is keeping the financial records of people private but in terms of speed and convenience, Fiat beats bitcoin in that.

I united these two because they seem to be about the same thing. Convenience is a matter of interface and devices that can be introduced to utilize payments. If it's implemented in a 'pay with your smartphone' kind of solution, it is/will be convenient. Moreover, it's a matter of habit, so it might not be easy and convenient to use Bitcoin at first but people can come to like it when they get used to it.
Yes, if we are talking about big transactions. It can solve problems of SWIFT-like money transfers or transaction fees when spending money on a big purchase ($200+).
Yes, it's safer everywhere you use it.
Well, it can be faster than international bank transfers, but it's way slower than instant transactions with fiat.
I think we should focus on currency, but that means we need to solve some serious problems.

The truth is we are not asking these questions until now because we know the answers are not going to be in favour of bitcoin. See:
~~it's not more convenient to use than credit cards, debit cards as they are much more quicker and less costly.(objectively talking about convenience)
~~no it's not cheaper than normal payment methods solution may be Lightning Network
~~Obviously bitcoin is much safer compared to traditional systems yet risk of hackings are still prevelant.
~~Yes it's easy to use if someone tries to use but obviously not easier than cash.
~~No it's not LN might be the answer.
~~Problen is that we cannot govern the applications on how people use bitcoin.

You see all the answers reflect that bitcoin is not something people would opt because it's convenient, cheaper, faster. So let's see we can find answer to these questions or not.

If you talk about Bitcoin adoption worldwide as a payment system, there are both advantages and disadvantages regarding the same. The advantages of bitcoin over other payment system is that they can be used as a global currency and we don't really need to depend upon the government for changing our currency notes while leaving the country as you have pointed out in the above reply. The same scenario could be very well taken as a disadvantage such that, will you be able to buy and sell $1,000,000 worth of bitcoin in a go? Will the price of bitcoin be as stable till we reach the other country? The core problem prevailing right now with the adoption on a larger scale might be because of the huge volatility it has.

Regarding some of your questions posted above,

Bitcoin is convenient to use on a smaller scale based on the legality of the bitcoin in a country, but on a larger scale people still fear about the government's regulatory practices. Adoption is hindered again with the scalability factors since Visa processes around 45,000 transactions per second whereas Bitcoin processes around only 7 transactions per second. All these problems would be solved only when devs come up with innovative ideas like segwit.

I don't believe Bitcoin as a trading mechanism and I spend my bitcoin for global transactions rather than holding them. But it's based on user's perspective since if Lazlo wouldn't have paid 10,000 btc for pizza we could have not seen the adoption in future. I follow the same as when I got more mature regarding the usage of bitcoin and I never hold btc and would spend them as a means of international payment very often.

Bitcoin was created to be used as a global currency, but does the majority of the global population really use them like that?

+1 for your signature campaign earnings.     It is sad to see that people simply read the reply of previous posters and then just put a little

twist on it to make it their own. No creativity or even constructive contribution to the thread at all, just pushing out the spam as usual and then

getting paid for it.    Also, try using a spell checker -- "Adaption"    ...it is called adoption.  .... This probably took you 14 seconds

to post this garbage in my thread.

To be honest, this has nothing to do at all with the bitcoin adaption, these questions you have mentioned are answerable via google and bitcoin mass adaption is dependent on the majority of the world's population, and Government will be the key to all of that, but the bitcoin mass adaption seems to be a bit imposible to happen in the next following years because Governments are leading people to misunderstanding about cryptocurrency by feeding them false information about it.

Unfortunately Bitcoin cannot solve that problem, but it can bypass certain restrictions that are put in place by these corrupt governments. Let's

take one example : Your government does not allow you to take out more than say $100 000 out of your country (also called capital controls)

You have say $1 000 000 and you need to quickly exit the country because of a civil war or some external threat. Well, this is where the

borderless and unstoppable nature of Bitcoin comes to the rescue. Convert your wealth into Bitcoin and move it to a paper wallet and leave the

country with that piece of paper with a bunch of numbers on it. (Nobody will even know what it is, if you scramble the numbers or even better,

send it to a friend in another country) - Problem solved. 

Do you think these are the major issues due to which bitcoin adoption is not growing? Then start rethinking! You didn't ask about the most important question!

Bitcoin's adoption majorly depends on its legitimacy. If you go to Japan, you will see bitcoin is being accepted almost everywhere! Even an employee can take salaries in bitcoin! Now if you visit India, you will hardly see anyone talking about bitcoin because it's still not legal there! Do you think those above questions even stand valid here?

It's the regulation and legitimacy of bitcoin that slumps the growth of bitcoin adoption! Technical things will obviously be there but can be addressed later!

As an entrepreneur I always look for the challenges when I want to think about something new that would change the normal way that people are

doing things. This mindset has never changed and I am always looking for easier and more user-friendly ways of doing things. Back in the day I did

most of the boring work with complicated Dos batch files or scripts to get things done quicker. So how do we apply that mindset to Bitcoin?

The answer is simple >>> "Look for the problems in the other payment systems and solve that with Bitcoin"

~~ Is Bitcoin more convenient to use?
~~ Is Bitcoin cheaper to use and where will that solve problems?
~~ Is Bitcoin safer to use than traditional payment options? Where will it be safer to use?
~~ Is Bitcoin easy to use (How can we make it easier to use?)
~~ Is Bitcoin faster than other payment options? (Where can we apply it to solve problems with other slow payment options?)
~~ Are we using Bitcoin for the correct applications? (Trading or Currency) What should we focus on?

These are just some of the questions that we need to ask to get to a better solution for the problems with the other payment options. Can you

think of any problems and challenges that Bitcoin can solve now and how do we use Bitcoin to solve these problems now?