Topic: What do you believe is needed for crypto currencies to be mass adopted? - page 4. (Read 614 times)

For my own idea, the main reason that should be needed for the total mass adaptation of bitcoin are all about safety and security to all users. It is all about the one hundred percent total trust of people who accessed bitcoin. Because when time comes that some of us victimized by some hackers and scammers, we cannot file a legal complain against those person who victimized us. And we all know that all people here joined bitcoin business are all secrets profile, and no one knows whose that people really is. That's why many personalities who takes advantage like hackers and scammers because of secret identity in this business. So, for me, I would better agree if bitcoin creator implements a transparency transactions to those people who participates different transaction in bitcoin. But only limited display of transparency transactions, only between the persons who deals their transactions. In order to minimize scammers and hackers.

That's right! Think about mass adoption and then think about the masses. Even the few who can discern technology will not necessarily make that a priority when choosing to use tech. Regulations will actually go a long way to convincing people that it's safe to be involved, it'll certainly win over one or two generations before us. But I feel that our current generation and the ones after us will have lost their appetite for regulations. Certainly we have a huge appetite for risk.

You mentioned economic factor and I believe the biggest obstacle seems to be price volatility. I can use a certain amount of coin today to bet on football, pay a bill, buy a TV subscription, and I know almost for sure I'd need more or less coin tomorrow, next week, next month, to do the same thing. I think there's little we can do to change that. As bitcoin matures, it should become less volatile (but I suppose if regulation can help with that...).

In my own opinion, I think that the most important thing for implementing using of crypto currency is by having it's stability value in the market, therefore the people doesn't feel doubtful while engaging to this system. I think the main reason why it's not yet totally adopted by other people is just because they felt to this system that it has a less security and unsafely storage of their money because it's full volatility in the market. Some people are much wiser and smarter that's why they don't undergo in somethings more risky.

Actually  all of those statement above is true .  But for me i think the most important  thing to have a mass adoption in  crypto currencies is   to advertise/promote it on public through good ways rather than spreading false information about it 'cause that is common reason why some of the investors declined crypto due to different thoughts and doubts about it.  

Add a lot of options and or at least advertise it more and allow the big establishments to accept bitcoins as a mode of payment.  In our country, bitcoins have not yet penetrated in the market to the middle-class citizen so the acceptance is not yet popular at least.   Maybe, 2 to years when the people are ready to accept it...

You will get mass adoption when Bitcoin solves problems :

~ When Bitcoin is more secure than other online payment options.
~ When Bitcoin is cheaper than other payment options.
~ When it is a good store of value/wealth.
~ When the price is stable and less volatile for merchants.
~ When it is borderless
~ When it is not controlled by a centralized authority.
~ When it is reliable.

Bitcoin cannot be all of this at once, so people will use it differently, depending on what their specific needs are. Even if only 2 or 3 of these requirements are met at the same time, then Bitcoin has succeeded for many people.

Yes, for mass adoption bitcoin needs promotion from media and government, so that people that were afraid of digital world so far can trust it and blend in with other people. Also if bitcoin is to aim towards mass adoption, it will have to solve its main issue that is scalability, liquidity, transaction speed and transaction fees.

When these four will be solved, bitcoin will be ready for mass adoption. Also the volatility of bitcoin must be bought a bit under control for people to trust the coin.

The important factors that are needed for crypto currencies for mass adoption are :
1.   High transaction speed
2.   Low of no transaction fees
3.   High scalability
4.   High liquidity
5.   High privacy
6.   High security
7.   Less power consumption
8.   Technology to solve real world problems.

Don't need, it's easy to have knowledge if you want to know what it is and how it's work. In social media is the biggest way to know what is CryptoCurrency, like Instagram, Twitter, Facebook and YouTube they can get a lot of information if they really want to learn it.

Thay can collect tax with it in anyway they want(although indirectly) as everything purchased have 12% of vat in it and companies that accept crypto as payment are obliged to pay their due tax to continue their operations. They will get tax from a decentralized system although it is lesser than what they get from the current centralized way of paying. For it to be mainstream, IMO many countries need to establish a regulation law first and tax law regarding cryptos.

Holding is not at all needed for bitcoin and other crypto currencies to attain mass adoption. Holding just reduces the trade volumes. Instead, people buy use crypto currencies as much as they can just as any other regular fiat money.

That will increase the trade volume and also affect prices in some manner, but moreover it will let people know how much demand there really is in the market for crypto. Holding is like investment, but if we need mass adoption, people must make use of virtual money.

As for me the first thing to do in order that crypto currencies will be mass adopted in a society is that all establishment like grocery store, gas station, department store and any others that are mostly access by the people that they have to accept bitcoin or any crypto currency as mode of payment, but i can't think how it does since the government does not want that they have no collection for the tax as we know that crypto currency is a decentralized system.

Bitcoin or any other crypto currencies that exists currently is not suitable for being a currency cause of the volatility in the price of the coins. The only time when a crypto will act as a currency is when it will be centralized and made by the government. Government wont allow some decentralized crypto to be used as a currency which is volatile in market and can disturb the whole economic of the country and also the international trade markets.

Cryptos will only be used as an asset and nothing much, the point is about mass adoption, which is also possible even if cryptos are considered as an asset. Gold is an asset, but it has mass adoption. In the same manner crypto will have too.

Government recognition is a actually a big factor. At the same time the mainstream media should ptoperly inform priple ehat cryptosystems is all about. People's impression about bitcoin should be change, more people will pay interest on it once majority found out the future of bitcoin might bring.

Once all are well informed, the next step woukd be partnership of different institutions. This would allow to use bitcoin as a form of payment in their kind of service.

What I think is essential for bitcoin to be widely accepted by a lot of countries is stability in value. When the value is stable a lot of people, investors and even heads-of-state would be enticed or compelled. Anotger is reaching a very high market value that they cannot ignore bitcoin's abd other cryptocurrencies' market power anymore.

Don't you think its a little too much to ask? Stronger security? Updates should be fine to do.
High amount of data transaction? There are transaction involving thousands of bitcoins,what are you talking about?
Speed? Well at one point,yes there were a huge amount of unconfirmed transactions in the mempool,but segwit adoption and the massive fee reduction,as helped. Your transaction now gets confirmed in the very next block,in most of the cases at least.
Lower power consumption? Well,that's a con in bitcoin,and we all have to deal with it. Unless comes a great innovative solution.
Other than that,bitcoin is not that of a eco-friendly concept as,in related to your lower power consumption idea,so I'd really love to see bitcoin to be economic friendly.

You have spoken about the technology side in your thread. It certainly needs higher amount of data transaction and speed, lower power consumption and stronger security. But then what? What to do with lightening fast speed and strongest security if there is no market? So let me talk about the economical perspective here,

1. Market for crypto currency:
It is the main thing needed for a crypto currency to survive and thrive. Today, we have a massive online market of crypto currency where people are are buying and selling it, but when we look at the goods and services market, we see a big blank space. We have a very few options where we can use our crypto currency for regular purchase of goods and services. Whatever small options we have, that is too restricted by countries. So we need our merchants to accept crypto currency for a healthy crypto ecosystem. Here technology can bridge the gap currently exists.

2. Regulations:
It might sound awkward but it is true. Regulation can make the crypto market shine like a moon. Over 90% of the world population are very conservative about their finances. These percentage of population would not try anything new in their entire life if that particular thing is not approved and regulated by their government. The statistics looks shocking but it's true. The members of these community don't come under this percentage hence it will be hard to digest, but try talking to your grandparents about crypto currency and ask them to invest in it, you will understand the fact. If crypto currency is adopted and regulated by a majority of the government, the entire market dynamics will change for better.

There are other factors as well. However, these two are the basic factors which will help crypto currency to be adopted by the common mass. Obviously we can't think anything less about the technological aspect of it because we will need to infrastructure to support this market and technological advancements is the only we can achieve that.  

Its a catch 22 situation.

With more adoption there may be more introduction of control and regulation
by governments and banks. With more usage banks will become more threatened
and so they will move to block fiat flowing in and out of crypto.

For the lovers if high value crypto more adoption is a must.

Why would you move to Arizona? There is Internet access. It will take time and bitcoins will be accepted for payment in any online store. It seems to me that you want to have it all. It does not happen. Cryptocurrency will develop in an evolutionary way. Even the consciousness of the cryptocurrency community is not yet ready for this.

Like everyone else here, I want bitcoin to be fully utilized and adopted to it's full capacity and
potential. It's been a very long and challenging journey but has proven to be most pleasurably
rewarding. We must also understand the change bitcoins has done and the change that bitcoin
has undergone. We want it as a currency considering it's far more than that. We want it adopted,
despite it's issues with authorities. The best thing for it to be fully adopted is regulation, it's an
unlikely statement but it may be the only way to make it work with government assistance and
approval.