What Bitcoin services do we need for mass adoption? - page 2.

QueenVera

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Quote from: OgNasty on March 19, 2023, 12:42:40 PM

For mass adoption I don’t think it’s necessarily more services that need to be created as much as it is the basic acceptance of crypto for existing services. El Salvador being a good example. The government could kick off mass adoption by just announcing that Bitcoin is legal currency. When you can use it to purchase everything that a dollar could buy, then we’ll see mass adoption.

That's very true, we have to be able to use Bitcoin in buying our everyday needs. We have to be able to walk into any supermarket and make use of Bitcoin as a means of payment. These are the things that'll bring about adoption from the high demand of the currency. More services who only increase bitcoin to be used more as a store of value.
Accepting Bitcoin isn't that hard anymore, the Marchant must not hold the Bitcoin been accepted, there are service that can convert that Bitcoin immediately to the traditional currency when the transactions had been successful. When more people begin seeing Bitcoin as another means of payment, it'll encourage them to research more on bitcoin.
From this research, we'll get more users joining the market and also when people begin seeing the advantages of using Bitcoin as a payment method, they'll begin joining the market.

Plaguedeath

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Quote from: thecodebear on March 19, 2023, 12:21:09 PM

Bitcoin DEXs

Bitcoin-first online merchants

Decentralized Bitcoin lending

Decentralized exchange doesn't increase mass adoption because most people aren't privacy oriented and as long as they can buy Bitcoin through centralized exchange, what's the problem?

As you said above there are a lot of online merchants accepting Bitcoin, the reason why there's no big online merchant is not many people tend to use Bitcoin as a currency, they prefer to hold it as a commodity.

Decentralized Bitcoin lending is impossible to happen, lending is really need escrow or third party who act as a mediator.

yazher

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I think what we need to have right now is to have fair news concerning bitcoins in mainstream media because until now they haven't given up on confusing people with their misleading news, especially in their news.

But I think if we have more big stores and big companies will adopt bitcoin this year, it will be the best thing to have and it will surely increase the price of bitcoins in the crypto market.

S A KHAIR

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People are afraid of bitcoin because the government prevents it, fearful of its volatility, many people do not like to use it for investment but use it as a currency. So, I think for bitcoin to be widely accepted, firstly, it needs the help of the government, secondly, bitcoin will become more stable for people to use with peace of mind.

wxa7115

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Quote from: Marvell1 on March 19, 2023, 09:38:24 PM

Today, it's easy to create services or apply bitcoin to existing services, but what keeps it from gaining mass adoption is the government. They are the leading cause hindering the popularity of bitcoin, even though bitcoin is accepted on every service but without government approval, it will never be popular and gain everyone's trust. Bitcoin can work and exist without government permission or support, but if it wants to be mass adoption, it needs a lot of government help.

There is another scenario in which this may happen and this if people finally begin to think by themselves and not let the governments t ohave such control over them.

Right now governments have a very high level of control, but if their control begins to weaken, due to the economic conditions being unfavorable and people finally wake up and ask questions, then they will soon realize that everything that governments do is to put themselves in a better position even if this means hindering their citizens, and once this realization is made some of those people will begin to use bitcoin and reduce their usage of fiat.

m2017

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Good question in the title of this topic.

I don't think we should wait for someone else to do everything for us. That is, it is naive to expect that there will be a big online service with the slogan "you want to buy things with Bitcoin just go here!" or Amazon will start accepting bitcoin as payment. You need to start small. Himself. P2P (or small business) selling and buying is the key to this. Little by little it will grow into something big and massive.

Quote from: _BlackStar on March 19, 2023, 01:51:53 PM

Individual adoption may be a good move to expect more adoption in services or large businesses. I believe one government adoption decision can affect the percentage of adoption somewhere, so I agree if the government declares bitcoin legal as a means of payment then adoption will really increase there.

The problem: how can we expect governments to adopt bitcoin legally when they have always been on the side against the decentralized nature of bitcoin?

It is quite possible that this problem has no solution in principle because of the unfavorable attitude towards bitcoin of the government. While the community hopes for their favor. Maybe stop expecting a miracle from them?

Flexystar

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Quote

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?

We never stop and we never learn about it. Why do we need billions of people to be onboarded and possess bitcoins? Has it got any first thoughts associated with the increased prices and stuff like that? Then let us drop the idea right there. Bitcoin is designed in such a way that, it will deplete the reserves slowly and increase the demand with the timeline. This will automatically create hype and raise the "value" for bitcoin and every satoshi unit that you can buy.

The problem started when some brainiac used the entire idea of bitcoin to make millions of dollars. They brought in centralized exchanges and got the money from Crypto Investors who still think they are in the crypto sphere. However, they left the Cryptonian space the movement they handed over their coins to an exchanger.

We can't expect billions of people to use decentralized exchanges, the way we have taken our first steps through bitcoin's journey as I mentioned above.

..& let us not bring in alternate network into this mess, because it is same thing all over again with more centralisation out of decentralization claims. Funny.

bbc.reporter

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Quote from: OgNasty on March 19, 2023, 12:42:40 PM

For mass adoption I don’t think it’s necessarily more services that need to be created as much as it is the basic acceptance of crypto for existing services. El Salvador being a good example. The government could kick off mass adoption by just announcing that Bitcoin is legal currency. When you can use it to purchase everything that a dollar could buy, then we’ll see mass adoption.

However, in El Salvador the government did declare bitcoin as legal tender but mass adoption has not occurred. I reckon that from this observation there should be something more in bitcoin that people think they need to use it. I speculate that if Defi and NFTs come to bitcoin, this might bring more adoption and acceptance in 5 years than it has for the last 10 years.

Fundamentals Of

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Why can't we just have all of them and drive Bitcoin's adoption at a much faster rate? After all these things are not prerequisites of each other. You can build any one of them anytime. You can also develop any 2 of them. So why don't we just have all of them and many more in fact to make sure Bitcoin is reaching everybody, serving their different needs.

But I think the best thing that would drive Bitcoin's mass adoption is when business establishments accept Bitcoin payment and Bitcoin owners spend Bitcoin.

Marvell1

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Today, it's easy to create services or apply bitcoin to existing services, but what keeps it from gaining mass adoption is the government. They are the leading cause hindering the popularity of bitcoin, even though bitcoin is accepted on every service but without government approval, it will never be popular and gain everyone's trust. Bitcoin can work and exist without government permission or support, but if it wants to be mass adoption, it needs a lot of government help.

bayudndy

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As the OP mentions, I've heard of some solutions to this in terms of cross-chain restrictions that aren't so common yet.
However, in the case of BTC I think in a slightly different way in terms of application here, in essence it represents the success of this market.
And as this market has become more accepted, more products come to life, it must be no different than accepting bitcoin in life has many benefits.

BlackBoss_

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For mass adoption, we need to make Bitcoin transaction fee cheaper and feasible for everyone especially people who are living with hard conditions or in third-world countries. With them, $0.5 or $1 in transaction fee is a lot and I am sure they would feel painful when using Bitcoin with such expensive transaction fee.

To get it, we need to have better adoption for Lightning Network or even new layer-2 solutions for Bitcoin.

It is best if we can have something in protocol to make transaction fee cheaper in Bitcoin network and don't rely on layer-2 solutions.

Hydrogen

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Quote from: franky1 on March 19, 2023, 07:41:18 PM

Quote from: Hydrogen on March 19, 2023, 07:34:22 PM

Quote from: thecodebear on March 19, 2023, 12:21:09 PM

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?

Past studies have claimed bitcoin caters to 4 billion unbanked demographic worldwide. Which could imply BTC has already exceeded 1 billion global users.

there are only 87m UTXO's

and following the rule of #not-your-key-not-your-bitcoin
there are under 80m holders.
everyone else is a CEX balance holder. not a bitcoiner

Franky!

Can you please comment on the post I made here earlier today:

https://bitcointalksearch.org/topic/today-i-learned-some-us-states-mandate-gold-and-silver-as-legal-tender-5445614

Its an interesting topic, that needs your input.

franky1

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Quote from: Hydrogen on March 19, 2023, 07:34:22 PM

Quote from: thecodebear on March 19, 2023, 12:21:09 PM

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?

Past studies have claimed bitcoin caters to 4 billion unbanked demographic worldwide. Which could imply BTC has already exceeded 1 billion global users.

there are only 87m UTXO's

and following the rule of #not-your-key-not-your-bitcoin
there are under 80m holders.
everyone else is a CEX balance holder. not a bitcoiner

Hydrogen

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Quote from: thecodebear on March 19, 2023, 12:21:09 PM

What sort of Bitcoin services would you like to see get built out? And what do you think is required for mass adoption, let's say onboarding the first billion people?

Past studies have claimed bitcoin caters to 4 billion unbanked demographic worldwide. Which could imply BTC has already exceeded 1 billion global users.

For bitcoin to penetrate further into mass adoption, implies wider integrated support on social media platforms. Twitter, facebook, instagram, tiktok, youtube or another major service incorporating bitcoin support would be the best method to it attaining broader mainstream acceptance and support.

We know that cryptocurrencies enjoy the most support with younger generations. The area where crypto could exhibit the greatest growth is with older population demographics. Targeting platforms and media used by older generations could give it the biggest boost.

There are certain spokespersons and celebrities who have the ear of those groups. Who might be used to encourage crypto acceptance in the age bracket where it has made the least progress.

Yatsan

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For mass adoption to take place, regulation of this technology is the only way. Many people are still in doubt of this technology simply because of the risk involved. It would be a downward process; Countries to big organizations to small investors and to normal people. In order for normal people to trust this technology, it should be first acknowledged by big industries first. And I doubt it is services Bitcoin is needing for such thing to occur. Bitcoin is simply a digital currency and will only be used as an alternative mode of payment to fiat. It just happened that volatility exist which generates profit for those who manage to make use of the changes on their market price from time to time.

loopes

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Quote from: thecodebear on March 19, 2023, 12:21:09 PM

Bitcoin-first online merchants
We also need a Bitcoin-first popular website. Someone needs to create Amazon for Bitcoin. Yes it'll be great when the already established e-commerce websites start accepting Bitcoin at naturally that is needed for mass adoption and acceptance of Bitcoin as a currency, but that could be many years off. In the meantime I'd like to see a successful bitcoin-first online shop open up so that it actually becomes easy for anyone to buy things online with bitcoin. I'm sure there are bitcoin online shops but there's no Amazon for bitcoin where people are like oh you want to buy things with Bitcoin just go here!
mass adoption?

Accepting bitcoin as payment method in large e-commerce like Amazon will certainly adopt bitcoin massively, but bitcoin's price fluctuations that move very quickly, up and down, will be one of the problems. Bitcoin transfer fees which are high enough will also be a fairly difficult consideration for customers who want to buy goods in e-commerce. despite of all that, i agree that this way, will increase the adoption of bitcoin to use massively.

Quote from: thecodebear on March 19, 2023, 12:21:09 PM

What do you think? What other basic services do you think are needed in the Bitcoin ecosystem to make it better, more usable, and more ready to enable mass adoption?

supporting the mass adoption of bitcoin, Role of the government to legalize bitcoin will have a huge impact because when the government in a certain country legalizes the use of bitcoin, people will be free to use bitcoin in their daily transactions

hatshepsut93

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Quote from: thecodebear on March 19, 2023, 12:21:09 PM

Bitcoin DEXs
I think we need large liquidity Bitcoin decentralized exchanges. DEXs are popular in the Ethereum ecosystem, but Bitcoin DEXs are very low volume and illiquid and therefore the prices are awful. We need to start seeing Bitcoin DEXs with many millions of dollars in volume per day and prices near market price to allow people to easily pick up bitcoin privately, rather than getting tracked by centralized exchanges.

Ethereum DEXes are popular because most tokens exist on Ethereum blockchain. So those DEXes represent zero useful economic activity, they are just tools for shitcoin speculation.

Quote from: thecodebear on March 19, 2023, 12:21:09 PM

Bitcoin-first online merchants
We also need a Bitcoin-first popular website. Someone needs to create Amazon for Bitcoin. Yes it'll be great when the already established e-commerce websites start accepting Bitcoin at naturally that is needed for mass adoption and acceptance of Bitcoin as a currency, but that could be many years off. In the meantime I'd like to see a successful bitcoin-first online shop open up so that it actually becomes easy for anyone to buy things online with bitcoin. I'm sure there are bitcoin online shops but there's no Amazon for bitcoin where people are like oh you want to buy things with Bitcoin just go here!

There were multiple attempts to do it. Like Open Bazaar. They failed because people are not interested in using Bitcoin as a currency today. They trade it and they hodl it.

Quote from: thecodebear on March 19, 2023, 12:21:09 PM

Decentralized Bitcoin lending
Probably also a decentralized collateralized lending platform. The lending platforms have gone out of business because they have been centralized companies. Non-collaterized lending with Bitcoin won't work because that requires legal enforcement, but collateralized works because that already involves financial enforcement (you don't get your more valuable Bitcoin back if you don't pay off the loan). I'd like to see a decentralized bitcoin lending protocol start giving people with much of their money in bitcoin options to leverage that wealth without getting rid of it and without risking it on a company that might fail.

What do you think? What other basic services do you think are needed in the Bitcoin ecosystem to make it better, more usable, and more ready to enable mass adoption?

Collaterized lending isn't very useful in real world. Especially with Bitcoin, the only collateral that can be implemented in a decentralized way is some altcoins via crosschain smart contracts. So this lending can only be a tool for shorting Bitcoin, and not actually giving loans to consumers or businesses.

Woodie

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At this point I think we have all the tools to fire cryptocurrencies to all door steps of the world but the number one inhibitor at the moment has to be regulation !!

I couldn't think of anything besides regulation because these govt we have try to impose laws that threaten people with stringent laws that will ensure that they look away whenever they come across a crypto but if these are relaxed or made more friendly mass adoption will be triggered.

Of course other obvious factors as having exchanges that won't really require KYC could help the ecosystem but I think investing in the Telcom technology and education should get the adoption game going....

sheenshane

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IMO, those you stated above are the main core of services to help drive mass adoption, isn't it?
There are too many various ways that people benefit from the use of Bitcoin services but there's one obstacle that most people are afraid of to keep spreading the mass adoption, and it depends on government regulation. For the government, it's not easy for them to embrace the decentralized stuff and mix it up with the centralized one.

Quote

What do you think? What other basic services do you think are needed in the Bitcoin ecosystem to make it better, more usable, and more ready to enable mass adoption?

I think the potential example is Bitcoin wallets with more intuitive user interfaces, better education and support resources for new users, and improved infrastructure for scaling and transaction processing.

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