Topic: What is truly missing in the Bitcoin ecosystem to get this to the masses - page 3. (Read 560 times)

What we really need is some honest reviews from mainstream media and some real understanding of promotions to the people. not some black propaganda from so-called trusted media that are always putting the blame on Bitcoin whenever there are some illegal activities caused by some criminals and they highlighted the bitcoin names to push away the masses from investment. It's not always to put something in the current industry but we also need to subdue the causes of the main problem by this biased mainstream media.

There are multiple entry barriers for bitcoin to reach the masses. Let me tell you some of them,

1. Government and organized banking system - They are the main entry barriers for the common mass to enter into bitcoin ecosystem. In majority of the countries, regulations are not available, taxes are high and mandatory KYC is imposed in order to buy some bitcoins. Also frequent mailers and negative advertisings against bitcoin turns down people.

2. Mining is expensive - Bitcoin mining requires specialized hardware and availability of cheap electricity. So an average joe can't enter into mining bitcoin.

3. High number of scams - Majority of the cyber frauds involve bitcoin in some manner. Either it's ransomware, terrorism financing, money laundering etc. That brings down the reputation of bitcoin significantly in the minds of people who has not yet entered into bitcoin.

Unless, there is a favorable regulation available, it is extremely difficult for a common people to enter into bitcoin ecosystem. 

I think approach towards an understanding of not just only Bitcoin but also the technology behind it. And these are Blockchain and Cryptography.

As per our system of education, very few percent of people are tech-savvy. So people belonging to other streams are far away from Bitcoin's existence.

Globally very few percentages of people are involved in crypto. And this is just because of lack of awareness.

The approach of the government towards the implementation of these technologies can make much more difference within all environments.

And by this way, the Bitcoin ecosystem can be reached the masses.

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.

Your problem is a common one.  The information available on Lightning and the discussion surrounding it are nonexistent in most circles.  Even on this Bitcoin website there is no place to discuss issues with other developers or get access to needed development resources.  I get that we're trying to push this BS narrative that Lightning is Bitcoin, but it seems almost nefarious that Lightning is paraded around to big companies as the future and claimed to be doing a lot of activity in places where it's being legalized (even though usage pails in comparison to stable coins) but there are more and more red flags popping up.  Fake demonstrations of Lightning's abilities.  Major bugs being swept under the carpet.  If the LN is the future of Bitcoin, I am concerned (and have been for about 5 years now) as it's development seems to be a small club of people trying to steer Bitcoin's ecosystem towards their patents.

There's this common term often used "fear of missing out" (FOMO) which has been a kind of force unnoticed by many that people out there has this kind of fear that how can i risk out my hard earned income on what is unclear to me to do, they lack the knowledge and understanding to how bitcoin works and thereby develop this fear of uncertainty (doubt) that bitcoin could be this and that, let me not risk it.

 Also since its a digital currency coin and it almost required being online to perform most of the operations they as well believe its may be fraudulent because I've seen many people who only believe in physical business rather than online or proxy one like bitcoin, but i see this stage to be soon overcome as the adoption widens, if in a household a young child can invest on bitcoin then within a little time his influence will impact all other members of that same household to all invest in it through his help because by then, the results could have been evident in clearing all their doubts.

A big ecommerce site like Amazon or Alibaba accepting BTC, it would be the one that will push everyone to also accept BTC so far most sellers online will just be skeptical because the news every time about Bitcoin is related to scam still and regular people are not surprise every time a news like that happen.

For a regular person who works 9-5 day job the news about institutions like JPMorgan or well known person in crypto like Cathie Wood are banking on BTC, its just nothing.
But having a news that BTC is now accepted by Amazon, shopping malls will also be interested to accept BTC.

I think an effective exchange that is on the level of Paypal and move funds effectively between users. That could increase speed and minimize fees which are the two major obstacles to wider adoption in my opinion. There may be plenty of exchanges out there which already do this, but none have reached the worldwide level and user base of Paypal. That may never happen because there are many countries out there who take a very unfair stance on anything crypto related and prevent millions, if not billions, from being able to access it. Having this middleman sort of operation might also somewhat defeat the purpose of even transacting in Bitcoin but at least it removes banks from the equation.

This may look simple but very important. infact, beside the technical aspect I think this is one important part, btc needs to be simplified enough to make an uneducated person to be able to use it. let's face facts, not everyone that make up the masses are educated, if btc is to reach the general masses then a lot of them will have issues to use btc, even if you are not able to read and write you can use fiat for transaction with your local dielect  which is not possible with btc.

Another very important point, for some people the transaction fee may seem okay but for the majority of the masses who are less fortunate this is a big problem, it will be hard for such people to always pay such amount of money anytime they want to buy every little item.

There is also the security and safety part, do you know the number of people that will have their wallet hacked as a result of lack of understanding. There are so many things to be considered to be honest and I don't know how these can be address easily. It is easy for those of us who came in base on our interest, it won't be the same for those who have no interest for it but had to use it either way.

In fact, the Bitcoin system itself is quite ready for distribution to the masses. But the question is different - are the masses prepared for this?

Bitcoin is always good, no other responsive spins like altcoins.  However, the way defi, ntf, metaverse on altcoins is to maintain growth due to increasing demand.  That doesn't mean bitcoin has to be, but if bitcoin actually distributes defi in some way on a sidechain, linked to LN, or an embedded layer 2 protocol, it could be an attractive proposition.  , opens many new utilities.  But can bitcoin be decided to move the way the public wants it to?  I think because bitcoin represents a store of value, which will become invaluable over time but meeting public demand can also be stimulating.

It's already on the mainstream and speaking of masses adoption if that's what you mean, it was already achieved by the Bitcoin.
Though the conflict is the government regulation why it can't spread further and have massive adoption, because they want it to regulate Bitcoin as a related like fiat currency which is a centralized currency.  This might the missing part of Bitcoin that the reason didn't accept by other countries, it loses control because of its decentralized nature, and no one can regulate the monetary policy which could be a threat to the monetary system.

LN is the perfect way to increase the speed of every transaction in Bitcoin.
Since you aren't an expert as a developer, you might read this discussion regarding LN, The Lightning Network FAQ.

IMO, I believe there are only a few things that need to be fixed in Bitcoin, first is the transaction speed but since the transaction speed problem can be fixed with LN so is not a problem anymore but other than that Bitcoin sending and receiving must be simplified because in the present system those long lines of numbers and letters act as a wallet addresses is a big issue for the novice users that's why it must be simplified just like sending emails, third is the transaction fees, is there any way to get rid of those transaction fees, because I think these transaction fees can also turn off the interest of novice users and it was my personal experience because I have a little store of prime commodities and I try to accept cryptocurrencies with Bitcoin, Eth, and XRP but it's not thriving because they said that the fees applied on crypto transaction makes their pocket to bleed more that's why they stop paying crypto instead they used the digital fiat because it was zero fees. so I think a problem like this is one of the hindrances why crypto will not suitable as a payment option.    

Imho Bitcoin is getthing this slow to the masses is political.
The governments and central banks do protect their fiat. Most commercial banks see bitcoin as a competitor. All of them are bashing Bitcoin as much as possible, spreading false news in order to keep average Joe wary about Bitcoin.
Bitcoin price cannot be easily explained by the economics, even more, nobody guarantees that the price cannot fall big. Bitcoin is still seen as a risky investment.
The fact Bitcoin daily price fluctuations of even 8% are seen as "not unusual", the merchants (who get the raw materials in fiat, pay salaries and taxes in fiat, ...) cannot easily show the prices in bitcoin makes it be avoided by many, hence the use as a currency is limited.

But what Bitcoin actually needs? Probably strong advertising. Probably somebody has to go to the businesses to strike a deal. Probably somebody has to pay for banners in the metro and at the tv. But since Bitcoin is not a business per se and there aren't that many businesses working with Bitcoin, we are pretty early for that. For now I see easier advertising to FTX, Binance and many others, but not that much for Bitcoin. But sooner or later they'll realize they have to do a bit more.

firstly. your first mistake..
.. confusing bitcoin with LN

they are two completely different networks offering two different demographs of users, utility and units of measure(value)
LN is not a bitcoin feature. LN is its own network offering a small amount value utility across multiple blockchains. its a bridge for many blockchains and not a unique layer that only skins around bitcoin.

secondly. the whole idea of debasing bitcoins 'digital cash for the unbanked' and replacing it with 'reserve currency for other networks' is where bitcoin is losing utility.

by forcing bitcoin to reduce/hinder/stifle its bitcoin network innovation and growth, just to promote the other side networks and altnet bridges as what users should use instead. is where bitcoin is being used less and less and other networks are getting more popular

with all the silly empty cries about bitcoins blockchain cant cope with the masses due to [insert blockchains current size] just makes people not use bitcoin.
take ethereum, its half of bitcoins age. yet the blockchain is over 1TB and growing yet no one is crying about the blockchain size of etherum even when its 2.5x larger then bitcoin.. so i guess the bitcoin cries are empty.. (i wonder why(sarcasm))

ethereum has become the defacto utility blockchain for multiple things/innovation. people have avoided using bitcoin as the network to peg NFT and contracts to because bitcoin has been stifled and hindered in its BITCOIN scaling. so people went elsewhere

To get what to the masses exactly? The knowledge/idea of Bitcoin? If what i am thinking is what you meant, then there is actually nothing much to do, Bitcoin is no longer news amongst the 'masses', and everyone is privy to enough materials to do their research about the network, to learn more about it and either choose to adopt it or not.

As for what is missing, one thing is for sure and that is there is no perfect currency (fiat currencies for example struggle with inflation) nor investments (they would have pros and cons), the Bitcoin network is growing just fine if you ask me, especially when you consider how long it has been since its inception (not too long). It is a currency that offers freedom/control, it is censorship resistant and has actual utility, and if you want to use it as an investment, then it gives good ROI in the long run, the 'masses' should focus on what it is/what it has, rather than what is missing. And then if they don't get it or are still unsure, then the famous words of Satoshi could just be perfect:

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!