What one change to Bitcoin can make it's adoption faster?

Faisal2202

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Quote from: krishnaverma on November 27, 2023, 01:53:48 AM

Nothing is perfect and Bitcoin is no exception. Let us discuss in this thread that one change which can increase the adoption of Bitcoin further at a rapid rate.

Low transaction fees and fast processing, easy conversion from BTC to local currency, these features will make BTC the top priority over other currencies because BTC will be providing the feature of a currency while it actually an asset. So, small merchants and vendors who are taking off from BTC as a payment method due to high fees and slow transaction confirmation will adopt it in a second.

And besides merchants and vendors, there comes, investors of both kind (traders and holders) who will be adopting it anyway, whether this issue will be resolved or not because they have to spend money one time from one wallet to another. What in most cases I do is, if I have to send BTC in high congestion time from one wallet to another is.

I try to convert my BTC into some other coin and then send it to my required place and after receiving it on the other side, I use the built-in swap to convert it back into BTC. It also costs a fee but in most cases is less than the BTC fee. Because last time I checked, the fee to withdraw funds from Binance was around $17, and now is $8, but the fee was lower with other coins and then swapping it.

ZAINmalik75

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Quote from: krishnaverma on November 27, 2023, 01:53:48 AM

Nothing is perfect and Bitcoin is no exception. Let us discuss in this thread that one change which can increase the adoption of Bitcoin further at a rapid rate.

If governments will adopt it like they adopt fiat then the old-minded people who don't like BTC will begin to like BTC. Because in my own country, it is banned so most of people don't even want to think about BTC because they think, it is a waste of time on thinking about BTC because it is banned by the government so why would we call it extra trouble when we are dealing with enough financial shits.

So, if the government is able the buy and selling of BTC directly from banks in a P2P manner without any involvement of centralization, then people will be convinced to adopt BTC at all costs. Because in my opinion, if a platform is promoted by the government then the people of that country will adopt it faster than a platform that is being promoted by some foreign, or third-party authority who have no devotion toward the country.

Government adoption is one of the many ways to increase the adoption, now the current way might be to increase the scalability of BTC because it will solve many of the other things collectively.

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Quote from: krishnaverma on November 27, 2023, 01:53:48 AM

Nothing is perfect and Bitcoin is no exception. Let us discuss in this thread that one change which can increase the adoption of Bitcoin further at a rapid rate.

Many people do not like bitcoins mainly because the government has not mainly said it is good. These people trust the government so much that they still want to believe that they are good and always make decisions that are good for them. If the government accepts bitcoins and finally it is good, it will affect the decisions of these people about it. Also, more people will adopt bitcoins if more people around them adopt bitcoins. There is a psychology to not wanting to be left out when there is a new and trending technology around you, if more people start using bitcoins, some of the people who do not have or use bitcoins now will adopt it.

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Quote from: coupable on November 27, 2023, 07:25:10 AM

Quote from: Despairo on November 27, 2023, 02:16:01 AM

Reduce or eliminating government intervention, this will make the country is free to choose what they likes including Bitcoin. But this change is something like won't going to happen since government was created to control the citizens. They control through the system where teacher can only teach base on their curriculum, TV broadcast or articles that only mention about crypto scams instead of Bitcoin is better than banks etc.

Like you, I do not like the state's heavy intervention in a way that does not take into account the privacy of citizens. But I disagree with you very much when we are discussing ways that can accelerate Bitcoin adoption. We can never cancel the fact that we still live in a global economic system based on centralization, which in countries occupies the most important place in regulating financial operations and everything related to finance. According to this standpoint, it would be very beneficial for the state to include blockchain education within the educational curricula at all levels (secondary and university), which will raise awareness of the technology and provide room for its use and thus adoption.
Today we have the United Arab Emirates as the most important example, although it does not fully recognize crypto, but adoption rates are on the rise after granting activity permits to crypto service platforms like Binance.

I would guess that going against the government is not the way to get adoption higher. I mean you may "wish" for something but the reality is different than what you wish for. The situation is clear, we are talking about something that would not be all that troublesome, I think it should be important to notice that if you really want no intervention by the government at all, then you are going to face some trouble, instead you should be trying to do something that will benefit you one way or another, and for that to happen you need to make sure that you have government on your side.

Not saying government should be against it, no, you can't even have government ignoring it, you may want that, but even that's bad, you literally need it supporting it. That will change everything, we need more legal tender nations, and possibly even bigger ones. That would make adoption of bitcoin a lot more, it should be something that would be considered positive for us.

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Quote from: krishnaverma on November 27, 2023, 01:53:48 AM

Nothing is perfect and Bitcoin is no exception. Let us discuss in this thread that one change which can increase the adoption of Bitcoin further at a rapid rate.

Bitcoin is decentralized, the reason why the government is not supporting it because they can't control it unlike fiat is. If only the government is being fair and will not see bitcoin as a threat, then the rate of adoption will certainly increase. The people won't question it because the government is already supporting bitcoin, so it will be an advantage for bitcoin to speed up its adoption process.

However, this is far from the reality that the government will support a decentralized currency. But if only the government is fair and just, then the people will not be restricted anymore to use bitcoin.

cafter

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Making people understand what bitcoin is, Most of the people don't research about bitcoin because many well known people who has big influence on the community have created an image of bitcoin as a scam.
people aren't familiar with what bitcoin truly is, and they don't take the time to research or learn more about it. instead, they rely on well known personalities on YouTube/TV for guidance and trust them.
I am telling this because i myself had viewed bitcoin as scam and had not done more research about it, because of influencers on youtube.

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Quote from: krishnaverma on November 27, 2023, 01:53:48 AM

Nothing is perfect and Bitcoin is no exception. Let us discuss in this thread that one change which can increase the adoption of Bitcoin further at a rapid rate.

Nothing more needed as that important than what's already there under the bitcoin network and the blockchain technology protocols, being a decentralized digital currency is one of the ways people developed interest in bitcoin, it's serving it's purpose already and we cannot say the little increase in the cost for making bitcoin transactions will be a reason for a decline in its adoption, the value and the needs for people to make use of bitcoin as an alternative currency alone is good enough to always adopt bitcoin because you are in charge of your finances.

krishnaverma

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Quote from: Jawhead999 on November 27, 2023, 10:05:51 AM

Quote from: Smack That Ace on November 27, 2023, 09:39:36 AM

We should come up with practical ideas instead of just thinking aimlessly.

There have been many ways to promote Bitcoin, this one of the way.

With the current technology, no one can't search and learn about Bitcoin. There are many promotions about centralized exchanges, crypto casino or shitcoins, although it's not 100% promotion to Bitcoin, but they've know if Bitcoin is in there.

Bitcoin is known used to fight against the centralization and most people still think Bitcoin is only for rich, so it's really dangerous for Average Joe to promote Bitcoin.

What percent of poor people are currently using Bitcoin according to you?

kentrolla

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In order to make people adopt Bitcoin faster we need to have a strong community who should make Bitcoin accessible for everyone and to be honest Bitcoin cannot be used as an daily payment method for day to day shopping or paying bills due to volatility, though Bitcoin volatility is very lesser in crypto domain but for mainstream industries it's way too much this it will remain as P2P.

Some of you might not agree but these unreasonable extortion in the name of transaction fee is something which no one would like to pay and will always be a blocker between Bitcoin and adoptability though P2P will continue seamlessly

Lorence.xD

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If we are talking about Bitcoin adoption, well, from the replies here I agree that the government is one of the factors that affects the rate of adoption of Bitcoin. But sadly, Bitcoin here in my country in the PH is not that popular as few people are actively engaging in the crypto industry. From that, I could say that Bitcoin lacks the publicity and promotion for people to gain interest as they could see it in their everyday lives, since it's not popular only a few people there would be fewer promoters cause in the first place they wouldn't benefit if they pay for advertisement. Since crypto-related activities became popular back then as the government noticed that people could earn huge amounts without paying taxes, they tried to be involved by trying to put taxes but it's not possible at all since it's a decentralized system. But it gained attention from the public and many people entered the market.

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Quote from: Smack That Ace on November 27, 2023, 09:39:36 AM

We should come up with practical ideas instead of just thinking aimlessly.

There have been many ways to promote Bitcoin, this one of the way.

With the current technology, no one can't search and learn about Bitcoin. There are many promotions about centralized exchanges, crypto casino or shitcoins, although it's not 100% promotion to Bitcoin, but they've know if Bitcoin is in there.

Bitcoin is known used to fight against the centralization and most people still think Bitcoin is only for rich, so it's really dangerous for Average Joe to promote Bitcoin.

kingvirtus09

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Even though many governments are blocking Bitcoin, they still haven't stopped Bitcoin's dominance from rising, which is why it has taken 14 years. Take note: there are many who oppose bitcoin. What if most of the countries around the world have adapted Bitcoin to their territory just like El Salvador did?

So that means the adoption is accelerating even without the help of the government that is not open to Bitcoin, because there are as many communities that share the loveliness of Bitcoin's concept in the reality that happens in our lives.

Smack That Ace

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I think OP wants to discuss and come up with ideas to help bitcoin popularize faster. He's not talking about impossible scenarios like the government should stop paying attention to bitcoin, the government should allow people to use bitcoin freely...Those scenarios will never happen and are just illusions, not ideas. If we have a way to make that happen, I want the government to disappear completely, not just that I want them to stop interfering with our privacy or stop caring about bitcoin. We should come up with practical ideas instead of just thinking aimlessly.

moneystery

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adoption of bitcoin can be increased if governments do not hinder the use of bitcoin in their regions. so far, the problem most often faced by bitcoin in its adoption is that governments often prohibit the use and trading of bitcoin in their regions, as has happened in china, bangladesh and several other countries.

governments ban the use of bitcoin in their countries because they are concerned that bitcoin could disrupt their financial system and discourage many citizens from using fiat in their transactions, and that would impact their economy.

if only bitcoin could get regulation and be used in many countries, it would probably become a popular digital currency and its adoption would probably be higher than it is now.

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Quote from: krishnaverma on November 27, 2023, 01:53:48 AM

Nothing is perfect and Bitcoin is no exception. Let us discuss in this thread that one change which can increase the adoption of Bitcoin further at a rapid rate.

Accelerating bitcoin adoption depends on many factors - one of which is legal or regulatory clarity. If the government does not legalize bitcoin as a legal tender - then of course obstacles can be expected to accelerate its adoption. Many other factors also need to be mentioned such as security, innovation, convenience and community awareness of its use cases as well as sustainable and growing supporting businesses.

The adoption of bitcoin as a currency or means of payment has so far grown rapidly and it will continue to grow day by day. Support is not only coming from micro businesses but large scale companies are also starting to support bitcoin as a means of payment. The ecosystem is growing - but the case for using it as a currency is still hampered by regulations in some countries.

traderethereum

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The government could legalize bitcoin as a means of payment and investment instrument by making regulations regarding bitcoin. It can make people feel confident because their government approves the use of bitcoin.
Apart from that, the government is also trying to provide information that bitcoin provides more positive benefits than negative benefits to society so that people do not think that bitcoin is only for illegal activities.
Continuing to campaign for Bitcoin to be a long-term investment, maybe it will help people's curiosity to start learning about Bitcoin. That could provide an opportunity for it to accelerate mass adoption everywhere. But I don't know, that's just my thinking and maybe it could be wrong.

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Quote from: Zaguru12 on November 27, 2023, 02:15:59 AM

If we want to talk about something that could effect a rapid adoption of bitcoin i would say the government coming to fully support it. There are many people who still do not want to come in because of the government restrictions, so should the government actually supports it the way the do to their scam CBDC I think we will see a rapid increase in number of users. Take a look at how news of government relaxing its rules usually impact the price changes.

But do I see that happening? No because the government doesn’t want this freedom and privacy that comes with it. I also do not want government interference into it. So this current adoption rate seems ok to me

That can happen soon in the form of ETF. May be next year.

Sim_card

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Government should stay away from bitcoin and allow the bitcoin adopters to use bitcoin the way it was designed which is decentralization, and let them stop thinking that they can control bitcoin and also the people that are using bitcoin. This is because whatever the government controls end up being messed up, just like out fiat currency that they keep on printing and printing instead of tackling the problem of inflation. Bitcoin adoption is growing in the right way that it ought to grow and I don't see anything that is needed to help it grow faster because as the time passes, its adoption rate will keep on increasing and that is the best way slow and steady.

Despairo

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Quote from: coupable on November 27, 2023, 07:25:10 AM

But I disagree with you very much when we are discussing ways that can accelerate Bitcoin adoption. We can never cancel the fact that we still live in a global economic system based on centralization, which in countries occupies the most important place in regulating financial operations and everything related to finance. According to this standpoint, it would be very beneficial for the state to include blockchain education within the educational curricula at all levels (secondary and university), which will raise awareness of the technology and provide room for its use and thus adoption.

That's correct if the country is adopting or friendly with Bitcoin, it can increase the adoption because they can promote Bitcoin to their citizen. But I don't like the adoption because of centralization support since they might ask their citizen to use their centralized wallet, exchange etc which is an another way to track the coins of their citizen.

Blockchain education isn't always related to Bitcoin because blockchain is just a public ledger, anyone including centralized banks can adopt blockchain to accelerate their operation.

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The only key is the adoption of government. We all know that even if we criticize the government for their doings, if they still ban Bitcoin or do not allow its usage we will still follow no matter what, so if the government will not interfere or even announce to the citizens to use Bitcoin, for sure adoption of it is huge and the information that was fed in the media is good, not the same now that they will involve bitcoin in illegal activities that will lead to making the image of Bitcoin bad. Only the government can make this happen unless people are educated enough to see the value of Bitcoin like us.

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