Topic: What bitcoin adoption really is. - page 3. (Read 927 times)
There is a tangible reason that can be seen as a quick way to adopt bitcoin, and it is with countries with high inflation, since the local currency of countries with weak economies are the ones that have the most adoption today, such as the case of Venezuela, Argentina, where The volumes of Bitcoin purchases and sales at least at localbitcoins.com are very high, in fact for those who know about the technology they see bitcoin as safe savings.
Bitcoin has unique properties that no other asset has, I believe that these properties are the real value of bitcoin. Bitcoin does not need to be backed by anything except its properties. I believe that the main bitcoin purpose is a store of value. Many people say that bitcoin is not used as a medium of exchange and that's true, it's not convenient to use it because transactions are slow and fees are high for small purchases. People don't use bitcoin to buy stuff, people use fiat because it's more convenient, right? We have so many really good mediums of exchange, does bitcoin need to be one of them and compete with them? Hell no.
Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)
More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.
In one word Fully acceptance including the blockchain technology and become accessible everywhere, that is mass adoption for me. But it's difficult to happen. Why? Because government is the antagonist in bitcoin development and adoption. Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)
More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.
I believe that the main bitcoin purpose is a store of value.
Bitcoin, to me, can be anything but a store of value.People keep Bitcoin not as a store of value, rather they keep for speculative motives. Bitcoin is hardly stable to be a store of value.
Bitcoin adoption is all about the increase in the usage of bitcoin on daily life same as that we use the traditional currency at present. As of now through the word of mouth spreading bitcoin has now reached a higher level of acceptance.
I thought of it too, but it is clear to me now that bitcoin is heading to be an alternative investment and trading material with its volatility and ability to go up and down through speculation. I dreamed that we will use bitcoin in the future to spend just like a fiat currency but that ain't happening 90% of the chance. As you notice now, many government are creating their own digital currency to solve the convenient that most of the people wants to have. Bitcoin adoption isn't really a currency adoption I guess. Years back people weren't aware of such a technology based development, but things have changed and more and more newcomers can be seen using bitcoin. This is the real growth.
There is a growth indeed, but the growth is not into the one we thought of a few years back. But still who would know the future ahead of us? just a maybe. It's a shame that Bitcoin is still rarely used as payment, most people use Bitcoin as digital assets, like gold which is considered
good as a store of value. Therefore the development of Bitcoin adoption is fairly slow, I can't do much for Bitcoin more widely
used as an alternative payment. Because people are still doubtful about the price of volatile Bitcoin and also Bitcoin payment
transactions it can't be as fast as fiat.
I don't think that way nor to see that Bitcoin is being useless. Only a few have used bitcoin as a currency it is clear to see that is because only a few establishments have accepted it, in fact, the majority of the people have never known about Bitcoin especially in the 3rd world country. Crypto adoption won't work that fast and not even people have to use either. We can only tell that we are in full market adoption and consider this as a currency if people will never think that they can make money from it instead, they buy crypto because they want to spend it, not for investment.good as a store of value. Therefore the development of Bitcoin adoption is fairly slow, I can't do much for Bitcoin more widely
used as an alternative payment. Because people are still doubtful about the price of volatile Bitcoin and also Bitcoin payment
transactions it can't be as fast as fiat.
But since we still have FIAT and some cashless payment options, we can't expect that it makes possible at a very short period of time. We are truly far from that.
No matter how Bitcoin is going to be used, Bitcoin adoption comes from the fact that the community grows.
If we manage to increase the segment and the people who use the network - each one of them for their different reasons - then we are going to say that we achieved Bitcoin adoption...
If we manage to increase the segment and the people who use the network - each one of them for their different reasons - then we are going to say that we achieved Bitcoin adoption...
True, but the good news is that it's not like we should push it on others to increase adoption. It happens by itself because Bitcoin is the money of the future, and more and more educated people are beginning to see it. Maybe it won't be the only money in 10-15 years, but it will be among the most used ones for sure.
Btw, when we try to impose the idea BTC usage on others, it can often have the opposite effect.
Bitcoin has unique properties that no other asset has, I believe that these properties are the real value of bitcoin. Bitcoin does not need to be backed by anything except its properties. I believe that the main bitcoin purpose is a store of value. Many people say that bitcoin is not used as a medium of exchange and that's true, it's not convenient to use it because transactions are slow and fees are high for small purchases. People don't use bitcoin to buy stuff, people use fiat because it's more convenient, right? We have so many really good mediums of exchange, does bitcoin need to be one of them and compete with them? Hell no.
Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)
More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.
It is undeniable that right now bitcoin is more appropriate to be called an asset, I am a bit in agreement with the OP which from the perspective of the user at the time that bitcoin is slow and expensive fees. What I do not agree with is the level of trust, user confidence is changing, as evidenced by market demand and volatile values. We cannot guarantee that in 20 years bitcoin has a higher level of trust than this year. So do not be as if what you say is certain, where all you say is a predictionLet's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)
More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.
There will be trust in bitcoin only if people invest on it knowing how it works. The issue nowadays is that many adopters hear about bitcoin and invest on it thinking they will get rich in few months and actually what they have in few months is a loss, as it's very usual to see a dump in bitcoin price on short run.
So while adopters misunderstood bitcoin concept, usage and risks there won't be any trust *relationship* built around it. And to revert this situation is only possible through education of bitcoin adopters.
It will happen soon, and it's already happening in some country which people in that country try to use bitcoin or altcoin for the investment thing. But if the government makes it legally, people will use crypto as the new payment system. The adoption still on progress. With so many advertisements out there on the internet, people will see the benefits from the crypto, so they will start to use crypto. If that is happening to many countries, the adoption process will explode, and we will see a new era in which digital payment will be available in many places. So while adopters misunderstood bitcoin concept, usage and risks there won't be any trust *relationship* built around it. And to revert this situation is only possible through education of bitcoin adopters.
Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)
I'm not closing this somehow, trust could be build up soon stronger if all countries will support crypto and no banning happening. It gonna be another decade or more, keep waiting then.
It's a shame that Bitcoin is still rarely used as payment, most people use Bitcoin as digital assets, like gold which is considered
good as a store of value. Therefore the development of Bitcoin adoption is fairly slow, I can't do much for Bitcoin more widely
used as an alternative payment. Because people are still doubtful about the price of volatile Bitcoin and also Bitcoin payment
transactions it can't be as fast as fiat.
good as a store of value. Therefore the development of Bitcoin adoption is fairly slow, I can't do much for Bitcoin more widely
used as an alternative payment. Because people are still doubtful about the price of volatile Bitcoin and also Bitcoin payment
transactions it can't be as fast as fiat.
I prefer this concept, maybe the mass adoption that we need is that bitcoin will become the country's reserve currency apart from gold and USD. In my opinion, the adoption we should aim for is the free market and the freedom to use cryptocurrency every time we buy or sell goods. Having a model to spend bitcoin is a very good balance, unlike other bitcoin purists who try to push bitcoin as the only currency for each transaction, this thread is a breath of fresh air for all other purist-dominated threads, I prefer this concept, maybe the mass adoption that we need is that bitcoin will become the country's reserve currency besides gold and USD.
There will be trust in bitcoin only if people invest on it knowing how it works. The issue nowadays is that many adopters hear about bitcoin and invest on it thinking they will get rich in few months and actually what they have in few months is a loss, as it's very usual to see a dump in bitcoin price on short run.
So while adopters misunderstood bitcoin concept, usage and risks there won't be any trust *relationship* built around it. And to revert this situation is only possible through education of bitcoin adopters.
So while adopters misunderstood bitcoin concept, usage and risks there won't be any trust *relationship* built around it. And to revert this situation is only possible through education of bitcoin adopters.
Bitcoin is not really meant to be a store of value, it is created for peer to peer transaction so the real adoption is more people willing to choose decentralised payment modes and there are people who is willing to accept it as form of currency.Bitcoin is trustless since we don't need to trust anyone for using it so trust is not really a problem but we still don't have much people to understand how the bitcoin works.
No matter how Bitcoin is going to be used, Bitcoin adoption comes from the fact that the community grows.
If we manage to increase the segment and the people who use the network - each one of them for their different reasons - then we are going to say that we achieved Bitcoin adoption...
If we manage to increase the segment and the people who use the network - each one of them for their different reasons - then we are going to say that we achieved Bitcoin adoption...
For example Australian Telecom now accepts payments in Bitcoin. That's what I call mass adoption
We want to see more of that. As of now, I am still converting my coins to digital cash just so I could pay my bills.
Although I am paying it using a bitcoin online wallet, there is still the indirect payment that is happening.
That conversion. Might as well pay it with bitcoin to avoid necessary fees and also escaping the lower sell rate from online exchange.
Sadly, it is still largely known as an asset.
Yes that's right,people choose digital payments now because it's more convenient and safe to use, so there is a higher chance that more people will know and use bitcoin.
With more people being exposed online due to this pandemic, those who doesn't have any idea about bitcoin will start to recognized it as part of digital money, a good sign that it will exist together with more other types of digital money.
Well, to be frank holding Bitcoin in the long term could be considered as one of the main adoption, because they believe that in the near
future it will give a nice savings for them to their goal. And second used bitcoin as mode of payment in electronic transaction was also an adoption of Bitcoin as well.
future it will give a nice savings for them to their goal. And second used bitcoin as mode of payment in electronic transaction was also an adoption of Bitcoin as well.
Both have it's own shares for adoptions, storing bitcoin as valuable assets gives potential growth in value while using t for payment process adds
usages and more adoptions to take part.
Bitcoin adoption is all about the increase in the usage of bitcoin on daily life same as that we use the traditional currency at present. As of now through the word of mouth spreading bitcoin has now reached a higher level of acceptance. Years back people weren't aware of such a technology based development, but things have changed and more and more newcomers can be seen using bitcoin. This is the real growth.
Bitcoin right now is very popular there are a lot of people makes an investment regarding with this coin even some of them does not have enough knowledge but still, they do the basic earning which is the buy low and selling high some of the reason why the bitcoin becomes popular is in the news some of them become millionaire by just investing on it so some of them right now are hoping they will earn this too by the time goes by even the popular person into the world of sports and entertainment recently there are a lot of threads created into our board and shares they are now supporting the use of the bitcoin which is a good thing to have.
Bitcoin serves different purposes, you can’t say that it is not a medium of exchange when that was the main purpose it was created for. It’s up to us, the way we understand it, because our perspectives on what this digital asset is about differs.
Okay, you have said that it’s not a good option when you are making small purchases. But what about sending a huge sum of money abroad, can you compare Bitcoin fees to banks? Bitcoin is a medium of exchange and also a store of value, use it for what suits you best. I have been using it for transactions, and till now that has been the main thing, and I am also investing in it, because it’s an assets that’s profitable.
Okay, you have said that it’s not a good option when you are making small purchases. But what about sending a huge sum of money abroad, can you compare Bitcoin fees to banks? Bitcoin is a medium of exchange and also a store of value, use it for what suits you best. I have been using it for transactions, and till now that has been the main thing, and I am also investing in it, because it’s an assets that’s profitable.
Bitcoin adoption is all about the increase in the usage of bitcoin on daily life same as that we use the traditional currency at present. As of now through the word of mouth spreading bitcoin has now reached a higher level of acceptance. Years back people weren't aware of such a technology based development, but things have changed and more and more newcomers can be seen using bitcoin. This is the real growth.
Bitcoin has unique properties that no other asset has, I believe that these properties are the real value of bitcoin. Bitcoin does not need to be backed by anything except its properties. I believe that the main bitcoin purpose is a store of value. Many people say that bitcoin is not used as a medium of exchange and that's true, it's not convenient to use it because transactions are slow and fees are high for small purchases. People don't use bitcoin to buy stuff, people use fiat because it's more convenient, right? We have so many really good mediums of exchange, does bitcoin need to be one of them and compete with them? Hell no.
Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)
More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.
Let's look at bitcoin from a store of value perspective. How would a new store of value adoption look like? What is the measure of it?
Just two things:
1. Accessibility, convenience of buying and selling bitcoin.
2. Level of people's trust (most important)
More people believe that bitcoin has value, more valuable it becomes; that's a simple rule of a store of value. So, bitcoin adoption is in level of people's trust. The higher level of trust bitcoin has, more adopted it is. I think while bitcoin keeps its properties, it will earn people's trust and become more and more valuable. In 20 years, no one will ever doubt that it has value and the exchange rate will reflect it.
I don't really think the adoption of Bitcoin is based on the level of trust people have for Bitcoin. Adoption will come when people understand and know the true nature of Bitcoin. Trust comes into place when people have sufficient knowledge about Bitcoin. Without knowledge, people can not trust the outcome of something. What is actually delaying the adoption of Bitcoin is based on the fact that majority of the people living in this world do not really know what Bitcoin is and come to think of understanding its decentralized nature. Knowledge and understanding is the only way to get people to adopt Bitcoin.
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