Topic: What Bitcoin services do we need for mass adoption? (Read 387 times)

Among the 3 listed, the least that we need for Bitcoin to reach mass adoption is decentralized lending. I don't think we really need that. Bitcoin DExes and Bitcoin-first online merchants are more important.

However, what we need more than those are Bitcoin P2P platforms. We badly need those. They will make Bitcoin more accessible to everybody sans the hassles of centralized platforms. I also wish there are more OTC venues, for everybody to easily convert fiat to Bitcoin and vice versa. At least we don't have to go through banks anymore. We need to make Bitcoin more accessible to everybody.

Well, I personally think that there are a few key services that need to be developed further in order to make Bitcoin more usable for the masses.

First off, we need more Bitcoin decentralized exchanges or DEXs. While DEXs are popular in the Ethereum ecosystem, Bitcoin DEXs are still low volume and illiquid, which leads to terrible prices.

If we can start seeing Bitcoin DEXs with much higher volume and prices closer to market price, then it will become much easier for people to buy Bitcoin privately without getting tracked by centralized exchanges.

Secondly, we need a Bitcoin-first popular website that can become the "Amazon for Bitcoin". While it's great that more and more e-commerce websites are starting to accept Bitcoin as a form of payment, we still need a major player in the online shopping space that operates exclusively in Bitcoin. That way, people can easily buy things online with Bitcoin without having to worry about converting it to fiat first.

Lastly, I think we need a decentralized collateralized lending platform that's specifically designed for Bitcoin. Non-collaterized lending with Bitcoin just won't work due to legal enforcement issues, but collateralized lending can work because it already involves financial enforcement.

This would give people with a lot of their wealth tied up in Bitcoin the option to leverage that wealth without having to risk it on a company that might fail.

The fluctuation of bitcoin price move almost per seconds so it will distract to the customers (if they want to use bitcoin as daily purchase paying methode) how much the exact amount of bitcoin to be transferred since the exchange rate is volatile.


bitcoin transaction fee is quite high that some one may decide to use other payment methode rather than bitcoin as payment methode. They will decide debit or credit card or other payments methode that are less fee transaction. So this is one of the main obstacle to bitcoin to be massively adopted.

For mass adoption of decentralized monetary system first people need to get awareness about its significance, not just only from investment perspective but also the actual purpose for exchange of goods with no third party.

Bitcoin DEXs are bot having user friendly UI that is why people prefer centralized exchanges cause for anyone it's easy to become familiar with the website where with dex when someone do a small mistake can end in a complete loss.

In the bitcoin aspect, why would fiat complicate the process? In fact, that is what is popular. See Bisq, https://bisq.markets/markets. Dexes can't exist on the bitcoin protocol, you have to build it on top of L2 chain or sidechain, like Sovryn on top of Rootstock or any apps over Liquid.


To get business on going, it need not be specifically filled with the bitcoin crowd, except it is a specific case where bitcoin user is the target market. If we talk about adoption, I think it is better to encourage a company or SMEs to adopt bitcoin as one of their payment options, instead of, advocating a new business to open up only with bitcoin publicity.

I agree with your thoughts on the needed services in the Bitcoin ecosystem. I think the Bitcoin DEXs with high liquidity will be a game changer, and it would be great to have a decentralized platform for collateralized lending.

These services will definitely attract more people to use Bitcoin, especially those who are privacy-conscious and don't want to use centralized exchanges.

Regarding the need for a Bitcoin-first popular website, I say YES and agree with you. It will be great to have an Amazon-like platform that accepts only Bitcoin as a payment method. This will definitely help in the mass adoption of Bitcoin as a currency.

Additionally, I believe that a more user-friendly and accessible Bitcoin wallet is essential for mass adoption. The current wallets available in the market are not user-friendly for the average person, and this might discourage some people from using Bitcoin. We need wallets that are easy to use and accessible to everyone, not just tech-savvy individuals.

One more important, for the sake of mass adoption, Bitcoin needs to become more accessible, user-friendly and provide the most common services people are used to in traditional currency.

All the services mentioned by the OP is great and I totally agree with them. However, I have tried to look at it from my own point of view. My point of view of my local community where people are not so tech savvy. Personally, I would love to see people of all age-groups adopt bitcoin and not just the youths which is what is the case in my locality. I think one of the services that will be most crucial for mass adoption is the services of a bitcoin communicator.

In my own words, a bitcoin communication would be someone who can explain bitcoin to people irrespective of their age, social and economic status, religious affiliation in a way that they would grab the concept, what it is, what it holds. The problem I see with bitcoin in my community is that most people do not truly understand what it is. We need a bitcoin communicator who would be able to break it down to their level. This is how to get individuals to adopt it.

1.I agree that we need Bitcoin DEXs. Centralized crypto exchanges must stay in the past. The problem is that the governments want to stick with centralized crypto services, because they are easier to control.

2.Bitcoin would never be popular for daily purchases because of the price volatility and the constant expectation that the BTC price will skyrocket. Most of the Bitcoiners would just keep HODLing their BTC rather than spending it on an "Bitcoin Amazon" or "Bitcoin eBay".

3.BTC lending won't work because of the price volatility. If the BTC price crashes severely, all the borrowers will have to default and the lenders will simply collect the collateral. Usually the collaterals will in a stable currency or stablecoin.

The only way to speed up mass BTC adoption is to make the process of buying BTC as easy and convenient as possible. I don't know how that will happen, with all the KYC procedures and high fees.

It's still a real Bitcoin, the currency doesn't change like WBTC, but the problem is just the network where there's no one can know what will happen in the future. But currently lightning is still trusted and there's no flaws, for the better option just hold Bitcoin on chain network and use lightning network when you want to pay something with Bitcoin. Similar like how you use an exchange, it's not for long term holding.

It entirely depends on where you stay and what legislation is available for bitcoin. In my country, we have an imposition of 30% tax. So as per my country, I would need a debit card service which can be loaded with bitcoin and can be used in all POS terminals.

I think that will become a turning point for bitcoin ecosystem in my country. Instead of converting bitcoin into fiat and pay taxes on it, people will get to spend bitcoin directly into the local economy.

We already have most features. Bitcoin transactions take some extra time to get confirmed compared to Card sweep. Card payments are instant but Bitcoin transactions need time to get network confirmation. I wish Bitcoin transactions take less time. It is already possible with the lightning network but a lot of people argue that it's not real Bitcoin because it's not on the main chain. I saw school kids buying fruits from shops using lightning wallets. It's nice to watch but I never tried it. Another issue could be fees when the mempool is congested, people have to pay more fees to get their transaction confirmed.

No education is not the problem for why people do not like using bitcoin in El Salvador, I reckon. Price volatility is what is discouraging people in adopting it as a currency. I shake my head why we cannot admit this.

Also, I cannot say what is needed for mass adoption, I can only speculate based on what might occur. It appears that many people in the bitcoin community are underestimating the growth of NFTs and the adoption it might bring for the whole cryptospace. Everyone should not forget that NFTs have cultural value because it is art and art has existed before money was invented. People have been collecting and trading art since ancient history. This development should never be underestimated.

For me, lightning networks and technologies will able to accept payments in no hassle and convenient way. For example, when you are paying using your fiat currencies, then I am hoping we can do that in Bitcoin which for me, it is possible with the help of the lightning network. So besides the lightning network, we need some other platform that will help to achieve it for mass adoption, like wallets that can easily to used for paying via a lightning network.

You have raised an important point regarding the legality of Bitcoin as a means of payment.  It is true that many governments have not yet adopted a clear position on how to regulate and legalize Bitcoin and other cryptocurrencies as currency.  This can make it difficult for people and businesses to use them as a means of payment, as they may not be legally recognized or regulated.

 However, there are some exceptions to this situation.  For example, in some countries such as Japan, Bitcoin has been legally recognized as a means of payment. Anyway I think it takes education about Bitcoin to reach the people.

Meanwhile, when most people are educated but the government and regulations do not legalize bitcoin as a means of payment, then what should I say?

Adoption still fails and is hard to expect when the government doesn't legalize it as currency, this is a problem that is still always expected to be fixed in the future. Many bitcoin users in my country expect many online and physical businesses to adopt bitcoin, but we just have to comply with the regulations because bitcoin is not a legal currency to use. I don't expect truly global adoption to happen in the next 5 to 10 years, but I do expect many countries to consider adoption in the same timeframe.

Well mass adoption can't occur until people actually get educated on Bitcoin. Bitcoin is doing fine in El Salvador but like everywhere else in the world most people aren't educated on Bitcoin so they don't want to use it.

And no DeFi and NFTs are not what is needed. NFTs are a small niche fad, the opposite of what is needed to gain more adoption. DeFi as it has so far existed is basically just a bunch of gambling schemes. We need real services on Bitcoin not collections of crappy NFT images selling to a few thousand people or gambling schemes.

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There's is nothing about Bitcoin's design that prevents DEXes. DEXes do exist for Bitcoin there just aren't many and they have very low liquidity so the prices suck. I think over time with more and more people realizing the when you buy Bitcoin on CEXes all your future money movements get tracked by the govt that could lead to more desire for DEXes. Anyway, I didn't mix fiat and stablecoin DEXes, I would assume DEXes only use stablecoins because using fiat would complicate the process. Of course this means an extra step for people to get onto the DEX until/unless owning stablecoins becomes a standard thing for people to do. I could end up being like at first people just use CEXes but then they once they are in the ecosystem they learn about the privacy issues of using CEXes so then they do future buying on DEXes since it'll be easy enough for them to get stablecoins and send them to DEXes because they'll already be involved in crypto.

By Bitcoin-first merchants I didn't mean forcing bitcoin-only payments. But it could start as Bitcoin-only to get the bitcoin crowd onboard, and then expand to fiat shopping, while still promoting itself as Bitcoin-first.

The reason it's lacking is that the ecosystem of bitcoin doesn't build that way. ETH ecosystems are built around smart contracts where many "tokens" could exist, which favour the adoption of dexes. You also need to distinguish between Fiat on-off ramp dexes and token dexes, since it seems you mixed the two.


Seriously, it is likely not going to work. Why bother having a business plan that needs a specific bitcoin payment option, that is absurd. Enforcement of bitcoin-only payment options isn't going to help adoption. Building a new business and specifically made bitcoin only payment will surely have slow and lack of growth.

Until they are not regulated, we can never expect a change, and these media influencers will keep spreading fake news and wrong information for the sake of money. In fact, they have been paid to do that...
Bitcoin adoption will certainly come naturally but if we expect mass adoption, that seems impossible if the government won't give its support and lead the community to do it. Well, I don't think we need to such thing Mass adoption because what we need is the trusr for the people to use and accept Bitcoin as a mode of payment like fiat as this will also encourage others to try as well.

Don't stress it, if Bitcoin can be used for online payment this will work positively, not just any online payments, I am talking about the big players in online businesses like Amazon, Alibaba, and co, if they can implement Bitcoin it will mean a lot, many will finally accept Bitcoin as a legal online currency for making payment.

Those are all great suggestions for Bitcoin services that would certainly help with mass adoption. Here are a few additional ideas:
Bitcoin education and user-friendly wallets to make it easier for new users to understand and use Bitcoin.

Bitcoin remittances to reduce the cost and increase the speed of cross-border remittances.

Bitcoin debit cards to allow people to spend their Bitcoin at any merchant that accepts debit cards.

Bitcoin-based micropayments to enable low-fee, near-instant transactions of less than a cent for digital content monetization and microtransactions.