Topic: What can we do to speed up Bitcoin mass adoption? - page 8. (Read 1523 times)

If you are running some business then you can add bitcoin related payment options with your customers or if you have some fixed group of them you can open up a Lightning Network channel with them to avoid the fees to some extent.

Spread some awareness among your circle by educating them about its usage and importance by which they can invest some amounts in it.

If you have some group support then organize some seminars in which you can deliver the lecture to people and promote the adoption.But with time i think the popularity is growing at much faster pace and everyone will be hearing this term bitcoin.

What we need to accelerate the adoption of bitcoin are the ideas as you mention them.
Marketing as you describe it could be a good option. If businesses offer their customers a discount if they pay with bitcoin, it is very striking and invites customers to use this means of payment.
There are ideas to get people to include bitcoin in their businesses but ignorance is the biggest obstacle.
Although bitcoin began to be used in 2009, statistics say that we are a small percentage that use bitcoin in the world.
Probably this year that percentage will increase and we can see adoption more closely.

This will not happen anytime soon. More less Bitcoin may never become the main currency to use for getting goods and services. As so many people do not understand the money and economic systems. Many only see their form of FIAT as the way to do things.
The governments and powers that be will do what they can to keep that mindset as well.

It is more less a case of self education. However many people are too busy trying to make a living to have anytime to look at money systems. Yes many will see Bitcoin forever as a rich man's coin. Reason as the "whales" promote as having Bitcoin. Therefore is seen as something only the more wealthy can afford.

It is true. On this sad but true. I am a not anti bitcoin by any means. one just has to see the true picture.

The only way is to be open minded and take small steps. Maybe form smaller communities and create internal economies where one can transact in Bitcoin on that way.

Just a catch 22

Yes, you got it right - paying with Bitcoin and some altcoins is completely legal, although the question is how many people use such payment methods. I can only say that the payment processor and the company behind it are generating more and more revenue year after year, although I believe most of the revenue comes from their crypto exchange business.

I didn’t want to put links in a previous post, but this is one of the very popular web stores in my country, and everything you see can be paid for with cryptocurrencies. Another example of how easy it is to accept cryptocurrencies in everyday business.


This is more than evident, but very little can be done about it. Most people are far from understanding Bitcoin to the level where they could use it as a currency, because the problem with on-chain transactions is that they are not instant and people do not understand how fees work, not to mention the input/output factor and transaction size. Some say the solution is in LN, but the whole thing would have to be considerably simplified to be widely accepted.

In this regard, we currently have a problem due to the influence of people who promote Bitcoin as digital gold, and ordinary people are just following their example. It is ideal to find some balance between using Bitcoin as a currency and at the same time as a long-term investment.

I spoke from the position of my experience and the characteristics of my region. Of course, each region has its own peculiarities and nuances. It is in your country you can use 2 currencies (EU and national currency), and in mine only 1. Other options are officially impossible. Even a business that receives income in dollars is obliged to exchange them for the national currency (such a tricky way for the government to take away $).

Quite right. Everyone looks at any situation through the prism of their experience and observations, but we have some advantage - a forum. Here we can share our knowledge, information, experience, thoughts, which allows us to get a versatile and close to complete picture. To do this, I raised these questions in this topic in order to hear different points of view and look at the situation from different angles.

Indeed, so! This is its main function, everything else is idle talk.

Did I understand correctly that people in some places in your country pay in bitcoin, which are converted into fiat and go to the seller's account from which taxes are paid? So basically everything is legal?

I am also inclined to the point of view that bitcoin has strongly departed from Satoshi's concept. The function as a means of payment has evolved / transformed into an investment tool, a way of accumulation, savings. The role of the method of payment for goods and services has been partially preserved, but the share of this is already smaller.

Just remove out on someones mind on having that "Bitcoin could replace fiat in the future" yet this is something an impossible thing to happen no matter how Bitcoin would progress out on the future but still
wont be enough on kicking out Fiats ass in the waters because as long government do exist then there's no way that this thing would really be replaced out thats why its really a very wrong kind of mindset.
Speaking of speeding up mass adoption then let recognition and exposure do its job even though there are some bad publicity on which bitcoin could get but we know that the truth does prevail
and to those people who would seek out on whats its actual usage and utility.

Definitely isn't lost, its just currently with the volatility as you mention, it doesn't make a whole lot of sense. Holding it, makes much more sense. I basically, hold my Bitcoin, rarely ever spend it, and then do most of my spending in fiat. I think that's what most non traders are doing. In my eyes, and I know this is part of a problem here, Bitcoin at its current price is just too valuable to justify spending it. There's too much potential there if you get what I mean.

I don't think we're miles off using it as a currency though. I'm hoping within the next twenty years we'll be using it more as a currency, and not just a reserve fund. I'm just saying even if we didn't, it doesn't mean Bitcoin instantly becomes worthless.

OP, yes..... if a government does not accept Bitcoin as a legal tender, people can choose if they want to accept that or if they want to change that government to reach their goal. I think people has not come to a point where they see the need to use Bitcoin and not Fiat currencies..so they are not forcing the issue to get governments to change their minds.

Let's not forget that most politicians rely on "voters" to keep them in power.... and a lot of money to fund their election campaigns. I think we (bitcoiners) should create powerful companies that can influence politicians with money to reach our goals. The current people like Warren Buffet and Bill Gates are Fiat supporters, but the new generation will replace them..and we know what the newer generation supports.  

This might not happen in our time.... but our kids might see that happen. (It might not even be Bitcoin)  

Just to add to your constructive post, I think one factor is the overall legalization of the use of bitcoin around the world. With some countries releasing their stance on the use of BTCs, there are people who view it as something negative which adds to their ongoing biases towards cryptocurrencies.

If the government of some countries acknowledge and view BTCs as something that can be transacted for the purchase of products/services, more people would be inclined to use it. I guess another factor is by making it legal tender to their respective countries- like employees may have the option of receiving their salary in cryptocurrencies, etc.

Using Bitcoin as a means of payment is an option in El Salvador, I'm surprised the op doesn't mention that. Also, some cities allow some usage of Bitcoin in the US and, I believe, Switzerland, and there are countries that are looking into allowing using Bitcoin as a means of payment along with the national currency. And I do believe that more and more will allow it, but perhaps set some requirements. Some countries also have tax regulations for cryptos, so that people can report income and can make it legal. So the situation doesn't seem too pessimistic to me, and while I don't think Bitcoin will replace fiat, I think its usage will continue to grow and there will be more options to use Bitcoin as payment in the future.

Slightly agree, but I don't think it's necessarily "lost", it's just not ready yet due to the heavy heavy volatility. I think the best time for bitcoin to be actually used a currency is if it's already cemented itself as a great SoV with a good amount of adoption. Waiting for that time(whenever that is) would probably give us ample time for layer-2 solutions to mature as well.

I guess bitcoin will only be limited on its adoption, it cannot compete with fiat as some countries are planning, or maybe some already issued their CBDC which is way faster compared to crypto transactions, and probably less fee or no fee at all.

Crypto's edge is only the decentralization, therefore its adoption will be pretty limited only as not everyone needs that, unlike fiat where we use it on a daily basis, whether you are an investor or not.

While we've come leaps, and bounds in terms of usability, I do still believe we aren't quite there yet. We need to try, and simplfy Bitcoin, so that everyone understands it. At the moment, especially on securing your Bitcoin there's a lot to learn. Hardware wallets have pretty much launched has ten fold in terms of allowing users that don't have much knowledge on the security side of things, being able to secure it at a decent level. However, there's still the complication of them being a little too hard to understand, and use. For example, ColdCard is brilliant in terms of the technical side, however its just too hard to understand, and setup for an average person with no cryptocurrency background.

Yeah, Bitcoin isn't being used as a daily currency by the masses. Instead, they're using it for a means of potentially escaping the rat race that fiat promotes i.e they're using it as a reserve currency, as a way of escaping inflation. I don't have a problem with that, and even if pretty much everyone used it like this, it would still be valuable. I've said this many times, but I think the original purpose of Bitcoin has been lost by the many, and now they just see it as a potential way to make money, rather than acknowledging the problems with banks, and how fiat fundamentally stripes their freedom.

It's actually not that easy to encourage merchants in stores by suggesting they accept payments via Bitcoin. Here unless the merchant in the shop is a bitcoin lover. Maybe once in a while, if you really want to try it won't be too risky. However, keep in mind that the rules of a country that only allow one legal currency to be used for transactions will definitely be bound by that law. Because generally in some countries Bitcoin is only considered as an investment alternative that is equated with gold, stocks, and other types of digital asset investments. So that the transaction process outside the stock exchange that has been prepared by the government is clearly not allowed.

Bitcoin's "main use case" isn't for buying altcoins for a while now, as the liquidity of x/ETH and x/USDC trading pairs have been a lot higher compared to the past now. And it's totally fine!

Unpopular opinion: holding bitcoin is using it. Each person will have different use-cases for bitcoin as each people's needs are different.

The thought that Bitcoin would be used for payments mostly evolved during the initial 6-7 years of this forum and Bitcoin. People loved giving example of Bitcoin's ease and speed versus a wire transfer or a cheque payment.

Things changed a lot as Bitcoin became common in developing countries like India, Indo-China etc which surprisingly, have far better banking practices than lot of Europe and America. The availability of a "scan-to-pay" fucntionality in these countries has been far more pervasive way before Bitcoin became a thing.

Arguably, Bitcoin is still better than wire transfers for international settlements. This use-case has been overshadowed by evolution of hundreds of new alts and the question that needs to be resolved is regulatory in nature. How will Bitcoin be regulated? If it can't be, then what about the Alts? The question is no longer of adoption. It won't matter to the governments that everybody is using it. It doesn't matter when or how mass adoption happens.

Seems to me like we've already hit some pretty insane adoption levels.  Even high school kids nowadays own crypto.  Granted it's usually ethereum, but they are very familiar with the whole ecosystem.  The thing that seems to need acceleration is actual use of Bitcoin.  Wall Street is scooping it up, billionaires are promoting it, businesses are adding it to their balance sheets, more and more people are accepting it for payments...  Actual usage appears lower than it was 5 years ago.  Maybe this is due to the popularity of altcoins, but it makes me sad to think that Bitcoin's main use case is buying altcoins.  We need to see more people using Bitcoin.  Back in 2011 there were people on these forums using it to bet on Monopoly games or anything else you can think of.  Now it seems everyone wants to HODL but also wants adoption to spread.  It's an interesting scenario that has so far played out in price appreciation.  I don't think that will last forever.

Education for the people is key. It helps them to know lies from governments, central banks about Bitcoin and cryptocurrency. It helps them to realize value of Bitcoin and its role in the world for people freedom and prosperity in finance.

Without knowledge, understanding on Bitcoin and experience in the market, with Bitcoin wallet, address, transactions, people will never actually understand what Bitcoin is by themselves.

More education, better support, more adoption, brighter future, higher price.

Why would a company or a business owner give a discount to people? What for? I mean they are doing business, it's their purpose is to be profitable, and giving discounts would mean they'll lower their income. If we look at the volatility side, that alone is a risk that business owners will take, of course on the positive note, they can also enjoy high profitability when the price is bullish, but as I said, that volatility is a major problem for most businesses which the main purpose is to use bitcoin as a payment system.

IMO, an increase of adoption is only possible when governments fully regulate crypto.

I really doubt that you might be able to get a discount while using bitcoins in any shop, there is a lot of volatility involved and at the same time people generally don't have enough profit margins to integrate the discounts in there. It's certainly legal to pay for anything with bitcoins as long as the currency is not really illegal in your area and also there are also bitcoin machines everywhere now, even in small towns therefore I think we can use those things to create a better environment making it more normal for people to buy/sell/trade easily anywhere.
There are also bitcoin banks which might be working soon enough and at the same time there are also countries like Ukraine who are accepting bitcoins on a broader basis. Using NFT's and donations as well, they will also issue bank cards for people using cryptocurrencies like bitcoins for trading etc.