Topic: What is truly missing in the Bitcoin ecosystem to get this to the masses (Read 498 times)
April 28, 2022, 01:57:21 PM
While the op is probably right that it's a popular topic, it doesn't mean it's not relevant and worthy of another revisit. I think that Bitcoin ecosystem is currently sufficient for global adoption. What's missing, usually, is user-friendly interface and simple options that could allow people to pay in Bitcoin, and it's not likely merchants make an option of paying with BTC widely available. What's also lacking is the need to adopt. If people are fairly okay with banks and fiat, and they can widely use them, they can feel like there's no need to try something new, since what they have is already working and is more widely usable than Bitcoin (because bank cards are accepted much more often).
April 28, 2022, 01:28:51 PM
One thing we all have to understand that no other asset or currency can be adopted more than the legal tender. Other currencies available are always going to be seen as an alternatives.
But, so far we have already gotten much adoption in the cryptocurrency market. You can use Bitcoin for a lot of things these days, it can be used for transactions in so many ways, there are now stores where you can buy whatever you need and make payment with bitcoin. I am not really expecting any much adoptions aides the level we have gotten to so far.
But, so far we have already gotten much adoption in the cryptocurrency market. You can use Bitcoin for a lot of things these days, it can be used for transactions in so many ways, there are now stores where you can buy whatever you need and make payment with bitcoin. I am not really expecting any much adoptions aides the level we have gotten to so far.
April 22, 2022, 07:14:56 PM
I believe the major thing that's missing in the Bitcoin ecosystem which hindered it from getting to the masses is
1) Scalability
2) Ignorant about the true potential, concept, and the purpose of Bitcoin, especially among the government and the central bank around the world which sees Bitcoin as a threat when there's nothing like that.
1) Scalability
2) Ignorant about the true potential, concept, and the purpose of Bitcoin, especially among the government and the central bank around the world which sees Bitcoin as a threat when there's nothing like that.
April 22, 2022, 09:24:00 AM
True adoption is when you’re able to make use of your bitcoin for transactions easily and everywhere you go to. It’s not by having Bitcoin being mentioned on the TV and having banner being posted in front of one local store. And like you have said, that’s what a lot of people do see as an adoption, they think that they should be seeing the logo wherever they go to, but it doesn’t work that way. Adoption is having higher liquidity and easy to be used or spent wherever you are.
Just because it's easy to do something doesn't make it something people want to use or adopt. It's really easy to connect a wallet app now to any number of dapps online, but even with all the hype around 'defi', for example, it's still the plaything of several tens of thousands of people.
That's a far cry from the millions of Bitcoin owners (I stop at saying users), and as this thread title suggests, we're still missing "mass adoption".
April 22, 2022, 09:05:32 AM
So I am sure this has been discussed multiple times before, however as I enter into the rabbit hole of Bitcoin, I am interested what others see as lacking in terms of how to get this to the masses. I run a node and LN Channels, however not being a developer, I wonder what other roles are out there. Would like to hear your thoughts.
Thanks!
Thanks!
I think the most important thing to do is how to mine Bitcoin and other coins without burning so much fossil fuels. Climate change is real, if there are no solutions to this then lets just be ready to be annihilated by it's after effect. The earth is getting warmer and few years from now on we will be able to experience more problems in our ecosystem. Adoption of bitcoin is good but, we won't be able to use those coins if there is no earth to live in.
April 22, 2022, 08:45:49 AM
But why are they not into Bitcoin? It is probably because of the technicalities involved.
Or simply, because:- They're ignorant. They don't know how their money works etc.
- They can't comprehend the benefit of being self-controlled, financial sovereign.
- They've been misinformed.
- They're satisfied with credit/debit cards, online payment systems, banking accounts and don't bother to take it once step further.
Here are a few other reasons to play with.
I am working full-time in crypto world but if I really wanted to I could have gone and get the same job somewhere else, probably would have made a lot less, like 70% of this, but I would have still survived and had a decent job, why in crypto then? Not only because of the money, but because I believe that crypto gives me a freedom that nothing else could and that's the most important thing that I was looking for.
April 22, 2022, 03:48:40 AM
The Bitcoin ecosystem is not missing anything. In fact, it has everything more than most people can make use of. For example, technology. There is a huge percentage of people across the globe who have no idea what bitcoin is because they can’t make use of technological advancements.
April 22, 2022, 02:06:46 AM
first people need to define how they see 'reaching the masses'
==
some just want to see bitcoin mentioned on TV shows and movies as much as say american shows mention about euros or yuan
==
some just want to see bitcoin mentioned on TV shows and movies as much as say american shows mention about euros or yuan
Reminds me of some years ago (or maybe not so long ago, it's all a blur now) when I thought mainstream adoption would mean seeing BTC/fiat on any regular moneychanger you'd see on tourist streets. Not sure what would be needed to get there.
Think even if Bitcoin were easily spendable as a currency (arguably, it's not), people in general still see it as something to hold and stack, so I don't think spending apps and retailers really do much, unless paired with deep discounts and other incentives (like bitrefill, lolli, etc.).
April 21, 2022, 02:32:29 AM
Missing? Maybe it was the recognition of the government. There must be something on bitcoin on why governments cant easily legalized it, it could be that bitcoin isn't backed by anything or doesn't have a central authority? And then it's also decentralized. Government recognition is the key to the mass adoption.
This is where it starts. You are not a developer but you are doing some things that a developer usually do. I am not a developer and I don't deal on those things because I don't know how they work but I know I am not alone with that. Most people are already contented on investing and trading btc. For the other roles, mining can be one if it.
Governments are getting more and more friendly with crypto and I am happy about that, but at the same time I have to say that it is not really going to be something simple neither, it is a bit of a difficulty because it gives us decentralized freedom.This is where it starts. You are not a developer but you are doing some things that a developer usually do. I am not a developer and I don't deal on those things because I don't know how they work but I know I am not alone with that. Most people are already contented on investing and trading btc. For the other roles, mining can be one if it.
This means that governments are cornered, if they do not allow it then people will still keep on using it illegally and they won't be paying any taxes, if they make it legal then they are allowing people to use something that is giving them decentralized power over government and hide their money or at least put it somewhere government can't reach, but they could at least tax it and make some income from it. It is a double edged sword for sure.
April 21, 2022, 12:29:11 AM
OP:What is truly missing in the Bitcoin ecosystem to get this to the masses
It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
Bitcoin has already reached millions of people and that everyone is already aware about it. But using it as a currency is not yet realized which is its very own first goal. The government may have underestimate bitcoin and i think that is one thing that lacks, acceptance from the government. Because once the government starts to accept bitcoin and use it as an alternative to fiat, then bitcoin will be accessible to all and will be widely used globally.It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
This is probably the crux of it all if once the government accepts bitcoin, all doubts about it will be removed, people will start using bitcoin the same way they use fiat now. The government does not underestimate bitcoin but they fear the consequences if accepting bitcoin without finding a solution to thoroughly control bitcoin, their power will be threatened.
April 20, 2022, 07:42:32 PM
OP:What is truly missing in the Bitcoin ecosystem to get this to the masses
It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
Bitcoin has already reached millions of people and that everyone is already aware about it. But using it as a currency is not yet realized which is its very own first goal. The government may have underestimate bitcoin and i think that is one thing that lacks, acceptance from the government. Because once the government starts to accept bitcoin and use it as an alternative to fiat, then bitcoin will be accessible to all and will be widely used globally.It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
Maybe, not everyone, but a large percentage of global population already heard about bitcoin or any other crypto-related words. For a lot of them, it is a new technology and they are hesitant to touch this market because mostly they are not very well-informed on how things are being done on this market. I believe it is more on education as the key factor to engage more population into this crypto technology. The more they know, they will appreciate more of its existence.
everywhere or you do have connection then its impossible for someone on not to make out some simple search about bitcoin.Adoption and recognition is on the move even though its not on full-scale
but at least we are really seeing some progress about it which does indicate that community or people do really consider out its existence.
April 20, 2022, 07:32:07 PM
OP:What is truly missing in the Bitcoin ecosystem to get this to the masses
It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
Bitcoin has already reached millions of people and that everyone is already aware about it. But using it as a currency is not yet realized which is its very own first goal. The government may have underestimate bitcoin and i think that is one thing that lacks, acceptance from the government. Because once the government starts to accept bitcoin and use it as an alternative to fiat, then bitcoin will be accessible to all and will be widely used globally.It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
Maybe, not everyone, but a large percentage of global population already heard about bitcoin or any other crypto-related words. For a lot of them, it is a new technology and they are hesitant to touch this market because mostly they are not very well-informed on how things are being done on this market. I believe it is more on education as the key factor to engage more population into this crypto technology. The more they know, they will appreciate more of its existence.
April 20, 2022, 07:23:58 PM
OP:What is truly missing in the Bitcoin ecosystem to get this to the masses
It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
Bitcoin has already reached millions of people and that everyone is already aware about it. But using it as a currency is not yet realized which is its very own first goal. The government may have underestimate bitcoin and i think that is one thing that lacks, acceptance from the government. Because once the government starts to accept bitcoin and use it as an alternative to fiat, then bitcoin will be accessible to all and will be widely used globally. It is only necessary to continue... I do not see any problem in the outcome of what is expected of bitcoin, so reaching the people (masses) is so relative in the result, that only the fact of circulating bitcoin parallel to $ market, it is already a result in that aspect, why are you not satisfied with what exists in the adoption? what really matters is that bitcoin is available to anyone and that already makes it massive, the fact that at the beginning there were only 2 people and now we are millions, already meets the criteria of masses.
April 20, 2022, 11:56:43 AM
So I am sure this has been discussed multiple times before, however as I enter into the rabbit hole of Bitcoin, I am interested what others see as lacking in terms of how to get this to the masses. I run a node and LN Channels, however not being a developer, I wonder what other roles are out there. Would like to hear your thoughts.
Thanks!
Thanks!
I think we just need more practical use cases which are no complicated and as easy as pie. People need to start small with things they already know. After they have gotten in the Bitcoin game that way, they might be interested in learning the more complicated ways of the Bitcoin world. At some point I definitely believe that they will be interested in learning more. Bitcoin itself is very fascinating when you see your Bitcoin money gaining on FIAT money but it becomes much more fascinating when you find out blockchain can do much much more than that.
April 20, 2022, 07:13:28 AM
I wonder what other roles are out there. Would like to hear your thoughts.
How the information regarding Bitcoin is being spread to everyone. The information regarding Bitcoin is being spread only in social media platforms and some other news channels in television. Not all people have access to social media platforms and not all have access to smartphones as well. At the same time, not all people have accessibility to televisions and if they have their news channel isn't featuring Bitcoin or anything related to crypto that is why people still don't know what Bitcoin is or they still don't know that there is something called Bitcoin that is existing.Price volatility. This maybe for me is another reason. Maybe there are some people who knows about it but since the price is very volatile, some are just opting out and not investing into it because they think that they will lose money because of price volatility. This kind of thinking is happening because of lack of financial literacy.
Complexity of Bitcoin. Bitcoin is too complex for some investors that they are also opting out to not touch it thus, it isn't for the masses but for only those who can understand the technicalities of it.
April 20, 2022, 06:49:39 AM
So I am sure this has been discussed multiple times before, however as I enter into the rabbit hole of Bitcoin, I am interested what others see as lacking in terms of how to get this to the masses. I run a node and LN Channels, however not being a developer, I wonder what other roles are out there. Would like to hear your thoughts.
Thanks!
Thanks!
Two things are missing in the BTC ecosystem.User convenience and price stability(although Bitcoin became very user friendly in the last few years).
The problem is that a stable Bitcoin price means that Bitcoin will decrease it's value as fast as fiat money.
The Bitcoin Core blockchain basically has it all-security,trust,great development.
Price volatility is the main reason why most of the people are scared of joining the Bitcoin world.The big amount of crypto scams can also be mentioned as a reason that scares many people away,but most of scams nowadays are shitcoins/NFTs.
What kinds of roles are you asking about?There are Bitcoin developers,miners and regular users(traders).
I don't know about any other roles.
April 20, 2022, 06:41:17 AM
first people need to define how they see 'reaching the masses'
==
some just want to see bitcoin mentioned on TV shows and movies as much as say american shows mention about euros or yuan
==
some just want to see bitcoin mentioned on TV shows and movies as much as say american shows mention about euros or yuan
Reminds me of some years ago (or maybe not so long ago, it's all a blur now) when I thought mainstream adoption would mean seeing BTC/fiat on any regular moneychanger you'd see on tourist streets. Not sure what would be needed to get there.
Think even if Bitcoin were easily spendable as a currency (arguably, it's not), people in general still see it as something to hold and stack, so I don't think spending apps and retailers really do much, unless paired with deep discounts and other incentives (like bitrefill, lolli, etc.).
April 20, 2022, 06:30:52 AM
Missing? Maybe it was the recognition of the government. There must be something on bitcoin on why governments cant easily legalized it, it could be that bitcoin isn't backed by anything or doesn't have a central authority? And then it's also decentralized. Government recognition is the key to the mass adoption.
The reason why governments doesn't want to legalize Bitcoin yet is because they're worried Bitcoin would overtake their centralized CBDC. Bitcoin doesn't really need to legalized or legal tender like the previous country have done e.g. El Salvador, but at least make Bitcoin can be used and not banned. When a currency got backed by something or any stuff, that's mean it's centralized. Bitcoin doesn't need any backed asset, it's backed by freedom.I think the truly missing on Bitcoin ecosystem is less usage of decentralized exchanges, most people still sticking to centralized exchanges which is against of decentralization.
April 20, 2022, 05:48:42 AM
Missing? Maybe it was the recognition of the government. There must be something on bitcoin on why governments cant easily legalized it, it could be that bitcoin isn't backed by anything or doesn't have a central authority? And then it's also decentralized. Government recognition is the key to the mass adoption.
This is where it starts. You are not a developer but you are doing some things that a developer usually do. I am not a developer and I don't deal on those things because I don't know how they work but I know I am not alone with that. Most people are already contented on investing and trading btc. For the other roles, mining can be one if it.
This is where it starts. You are not a developer but you are doing some things that a developer usually do. I am not a developer and I don't deal on those things because I don't know how they work but I know I am not alone with that. Most people are already contented on investing and trading btc. For the other roles, mining can be one if it.
April 20, 2022, 03:39:27 AM
as a mater of fact, in Croatia we can even do that as the biggest supermarket chain accepts bitcoin through payment processor for online purchases
Lucky you!
There may be more people spending bitcoin than you'd think. Or maybe my logic is flawed.
Maybe, but I was just surprised to see some people here advocating for not spending bitcoin, at least not yet and I always thought of bitcointalk as a place that gathers people who want to spend bitcoin and use for what was it initially intended for. Well, at least more than in some other places.I expect a majority of those in here do spend, especially if the price is right (yes, I know that this is the weak point and it can depends from person to person).
I used to operate that way, waiting for bitcoin to reach certain price and then spend, but now honestly I don't care and I stopped checking the price. I would of course time it if I am buying something expensive like a house or car, but for stuff like PC hardware or something in that price range I don't care anymore. Just month ago I bought new monitor and keyboard using bitcoin and didn't care that price is like 40% down from ATH. One can hope, OK? 
Never say never
True that. After all, crazier things have happened when it comes to crypto Never say never 
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