Topic: What Bitcoin services do we need for mass adoption? - page 3. (Read 387 times)

How about the banks simply put it that way that they're also having some services that support bitcoin deposits and withdrawals? It may seem odd to us because we know that we can be our own bank by holding it.

But for those people that still don't have the whole trust in bitcoin but trust the banking system, it's like a good gateway for them to be introduced to bitcoin through these banks.

Like those institutions that do offer bitcoin trust although there's already that has an existing company that does it but for the majority of the retailing banks, it will give mass adoption vibes.

"Bitcoin-first online merchants"

I think this is what we have been calling for years, to see some online business as big as Amazon to accept bitcoin as payment scheme and then see how it goes. There are a lot of websites that is accepting BTC as of now, but I think there hasn't been one as huge as Amazon in the e-commerce. Although there are news that they are going to accept it way back, but it didn't materialized. One big negative though that maybe why there e-commerce are not accepting BTC universally is that it is very volatile and this businesses needs that liquidity right away. They don't have the luxury to wait for the price to increase or even break even. So it's really a big challenge for us to see it one day BTC being accepted.

For me, I think Bitcoin-first online merchants will do the magic, I have been wanting to buy some stuff online, outside my country and have it shipped to my country, payment in bitcoin, but unfortunately, I have found none, I have contacted some sellers on Aliexpress, Alibaba, eBay etc., but non of them are willing to take payment in bitcoin, it is really unfortunate, considering the fact that there is no other means of payment available to me since the central bank of my country have blocked debit/credit card payments for international transactions..

Having online shops where users around the world can buy items and pay in full with bitcoin would aid in massive adoption of bitcoin, this is what I think.

I think every Bitcoin service needed for mass adoption is already implemented.  What lacking is the blessings of the authority for Bitcoin to use as either mode of payment or legal tender.  I agree that the decision of the government on the acceptance of Bitcoin will greatly affect its adoption.  Since the involvement of the government accepting Bitcoin, the trust rating of Bitcoin will go up to another level and those who are hesitant before the government acceptance will certainly accept Bitcoin too.

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?

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.

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?


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.

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!

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?