I have no idea when this will happen, but I know for sure that this will happen. It will take a lot of time to be finally legalized. We need a new generation of world leaders who understand the value of crypto and they can make this thing happen. So let's wait for that day. Because in the presence of this old generations, this will never be possible.
Everybody knows that how much important of the Internet for social communication or information sharing. Likewise, there will be no need to explain the importance of Bitcoin for financial transactions in the future. At one time fiat money could also be characterized as a scarce commodity. That day is not so far. One thing is that the faster crypto is legalized the more we will continue to take its advantages.
Topic: What your ideas about bitcoin adoption in the future? - page 3. (Read 1398 times)
I am still very new to the bitcoin world and of course there are many questions I still need to ask this community about bitcoin to clear up any confusion.
Bitcoin is a new type of currency that is constantly evolving. Many new ideas about its use as a means of payment will be discovered and perhaps this revolution will continue to escalate. Here in my country bitcoin is not a legal tender, but I know that some of you may have used it as a means of payment for goods or services. As for new ideas, I think of a few but the fact doesn't directly allow me to legally adopt them as doing so would be against the law. How about you, do you have any good ideas for future bitcoin adoption?
Bitcoin is a new type of currency that is constantly evolving. Many new ideas about its use as a means of payment will be discovered and perhaps this revolution will continue to escalate. Here in my country bitcoin is not a legal tender, but I know that some of you may have used it as a means of payment for goods or services. As for new ideas, I think of a few but the fact doesn't directly allow me to legally adopt them as doing so would be against the law. How about you, do you have any good ideas for future bitcoin adoption?
The beauty behind BTC's technology is the power of the blockchain to create a public spreadsheet where it contains permanent information that people cannot change. Once you have this technology, you can adopt it to various services and products. For example, if you scan a fruit in the supermarket, its full database containing all the processes that it undergo will reflect. This will give you an idea if the fruit that you just bought is safe from all the harmful fertilizers or if the farmers handled it with care.
The example that I provided above is just one out of the many things that the blockchain technology can do.
I have no idea when this will happen, but I know for sure that this will happen. It will take a lot of time to be finally legalized. We need a new generation of world leaders who understand the value of crypto and they can make this thing happen. So let's wait for that day. Because in the presence of this old generations, this will never be possible.
It is never about generations. There are people who understand how bitcoin works and finds it harmful for their future and such people will always oppose bitcoin and its adoption, it need not be old or young generation. When a person sees their future crumble because of a factor, they will try to eliminate or delay the factor.Future governments might become more lenient towards crypto but this become more streamlined if the regulations come in place. So first will be regulation and then there will be widespread adoption.
Before this happens, we old timers need to accumulate as much bitcoin as we can so we have a profitable outcome in plan.
If the perception of accepting bitcoin as a means of payment and conversion to fiat is long-term, I think many sellers will experience capital difficulties because the proceeds from sales and profits they get are still held in bitcoin. It may be different from large companies if they accept bitcoin as a means of payment and on the one hand they have large reserves and capital. The situation is very different if small businesses accept bitcoin as a means of payment, on the one hand they have no choice but to make bitcoin in fiat form as quickly as possible because with minimal capital they cannot restock other goods. If you have enough deposits, of course, there is no big risk when you receive bitcoin payments and you can hold it at any time.
It's up to the adopters how they treat their bitcoin, and I think they're the only ones who know what's best to do whether converting them straight to fiat or holding them long term. I don't mind adopters' strategies because they know what they have to do for their own business.The risk involved is price volatility, but that is not the only risk to consider. I can think of a more extreme risk where an adopter loses access to his wallet because he fails to implement good security for his wallet. This must be rare because I think some of them will use an exchange wallet to receive a small amount of the price of the item.
The problem is, have you ever thought of new ideas for future use cases, such as receiving a salary in bitcoin at your workplace or maybe as a means of payment for public transportation?
It's part of its use case. There have been companies or freelance markets that do issue and pay their workers with bitcoin. That's not actually a new thing and it's just part of bitcoin as a use case. You'll see those coffee shops that have QR codes if you want to pay them bitcoin. Honestly, IMO, we're just getting started and more merchants and stores are starting to become open to it as a payment and that is because they like the idea of owning bitcoin. They'll get paid by it and then they hold it as an investment.
The problem is, have you ever thought of new ideas for future use cases, such as receiving a salary in bitcoin at your workplace or maybe as a means of payment for public transportation?
It's part of its use case. There have been companies or freelance markets that do issue and pay their workers with bitcoin. That's not actually a new thing and it's just part of bitcoin as a use case. You'll see those coffee shops that have QR codes if you want to pay them bitcoin. Honestly, IMO, we're just getting started and more merchants and stores are starting to become open to it as a payment and that is because they like the idea of owning bitcoin. They'll get paid by it and then they hold it as an investment.
Bitcoin will gain more adoption from different countries in the future, already some government who criticise bitcoin are using bitcoin to invest and as a means of exchange for goods and services. In the future bitcoin the rate at which people use bitcoin and it may cause the price of bitcoin to be more expensive. Time to come people will be make use of bitcoin freely to purchase whatsoever they, bitcoin will be common currency for business.
Bitcoin adoption will be certain in the future as long as we continue to patronize bitcoin and use it more as a payment option rather than just a single investment. Although it’s seldom to see people nowadays that they are paying using bitcoin, I guess it’s also understood because most of the country’s government today are not into bitcoin adoption yet. However, changes are inevitable, and we can only see good future for bitcoin if they start supporting it rather than seeing it as an enemy and threat to fiat.
I have no idea when this will happen, but I know for sure that this will happen. It will take a lot of time to be finally legalized. We need a new generation of world leaders who understand the value of crypto and they can make this thing happen. So let's wait for that day. Because in the presence of this old generations, this will never be possible.
I would guess that people who are accepting it takes that risk, and doing it for long term and not just short term. Think about it this way, if you accepted it, and have to sell and get the product back, then it is not going to be actually that smart decision, it would probably be something bad.
This is why it is smarter to actually have something that is reimbursing you for the sold item in a fiat manner, and keep the crypto in savings account. That way you will not have to keep on selling or risking volatility, even if it drops, you will be doing fine and that will be helping you a lot. That's my personal view for people who would like to accept it, find a way to cover the expenses in fiat, then the rest goes to crypto.
If the perception of accepting bitcoin as a means of payment and conversion to fiat is long-term, I think many sellers will experience capital difficulties because the proceeds from sales and profits they get are still held in bitcoin. It may be different from large companies if they accept bitcoin as a means of payment and on the one hand they have large reserves and capital. The situation is very different if small businesses accept bitcoin as a means of payment, on the one hand they have no choice but to make bitcoin in fiat form as quickly as possible because with minimal capital they cannot restock other goods. If you have enough deposits, of course, there is no big risk when you receive bitcoin payments and you can hold it at any time. This is why it is smarter to actually have something that is reimbursing you for the sold item in a fiat manner, and keep the crypto in savings account. That way you will not have to keep on selling or risking volatility, even if it drops, you will be doing fine and that will be helping you a lot. That's my personal view for people who would like to accept it, find a way to cover the expenses in fiat, then the rest goes to crypto.
Why does volatility become the obstacle to Bitcoin adoption? I think volatility is even the advantage of bitcoin since the volatility makes people get huge profits by investing in Bitcoin. If there is no extreme volatility, people will have no chance to earn huge profits. You must know that volatility makes Bitcoin price to move significantly.
Not everyone in the world likes volatility. Especially retailers who only make an average profit of 10% of the wholesale price, they can't sell all their sales with just one click. On the other hand (if bitcoin is adopted) they will have to maintain the value of profits from volatility which will certainly be another job to think about. Bitcoins can erode the regular profits of businesses unless they behave like a typical investor i.e. “invest as much as you can afford to lose”, meaning they are fine if their stock of merchandise dwindles.
I'm not required to give ideas about future Bitcoin adoption. 
There are people, who are smarter than me, the Bitcoin developers. They will propose and implement innovations that will make Bitcoin better and help for mass BTC adoption.
It's hilarious to think that every member of the Bitcoin community is somewhat obliged to promote Bitcoin to friends and family and help in spreading the concept of Bitcoin around the world. There's no such obligation and everyone is free to learn about BTC and to choose whether or not to use in his/her daily life. There's plenty of free info about Bitcoin on the internet. I'm not going educate and spoonfeed anyone about BTC.
I'm not sorry to hear that Bitcoin is not a legal tender in your country, but that doesn't stop you from using BTC.
There are people, who are smarter than me, the Bitcoin developers. They will propose and implement innovations that will make Bitcoin better and help for mass BTC adoption.
It's hilarious to think that every member of the Bitcoin community is somewhat obliged to promote Bitcoin to friends and family and help in spreading the concept of Bitcoin around the world. There's no such obligation and everyone is free to learn about BTC and to choose whether or not to use in his/her daily life. There's plenty of free info about Bitcoin on the internet. I'm not going educate and spoonfeed anyone about BTC.
I'm not sorry to hear that Bitcoin is not a legal tender in your country, but that doesn't stop you from using BTC.
Here in my country bitcoin is not a legal tender, but I know that some of you may have used it as a means of payment for goods or services. As for new ideas, I think of a few but the fact doesn't directly allow me to legally adopt them as doing so would be against the law. How about you, do you have any good ideas for future bitcoin adoption?
Bitcoin doesn't have to be legalized in your country to own Bitcoin, and that's why we have the peer2peer market where people living in an area where Bitcoin is prohibited could easily connect with each other to exchange Bitcoin for Fiat money. All you have to do is look for a exchange which supports your country, of which "Binance" and "LocalBitcoin" are my recommendable exchange that supports most countries but don't know for yours. Because just like Nigeria whose government is against Bitcoin and yet Nigeria happens to be the top list in terms of Bitcoin trading volume all around the world. Because all that could only be made possible through the use of the peer2peer market.
Another risk with adopting bitcoin as legal currency transaction when price suddenly drop how many people already accepting their investment or currency transaction values drop. Maybe as investment assets not really problem when bitcoin become legal currency transaction because they keep hold and wait until price going up, but what happen with market place when accepting bitcoin as legal currency transaction but not convert to be fiat money before bitcoin going dump, actually they will loss and can get back capital based on product selling, but if they can convert bitcoin transaction faster not matter what happen with bitcoin going up or down.
I would guess that people who are accepting it takes that risk, and doing it for long term and not just short term. Think about it this way, if you accepted it, and have to sell and get the product back, then it is not going to be actually that smart decision, it would probably be something bad.This is why it is smarter to actually have something that is reimbursing you for the sold item in a fiat manner, and keep the crypto in savings account. That way you will not have to keep on selling or risking volatility, even if it drops, you will be doing fine and that will be helping you a lot. That's my personal view for people who would like to accept it, find a way to cover the expenses in fiat, then the rest goes to crypto.
I would like bitcoin to be accepted all over the world as a form of payment, because bitcoin is just over 10 years old, and already has millions of followers and this figure is growing every day. For me, this area is unique in its kind, because if you direct your financial flows in the right direction, you can have passive income, which sometimes saves in difficult times.
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As for myself, I don't expect price stability to come to bitcoin in the future, and if bitcoin becomes more stable and less volatile, I think it will negatively affect the appeal of bitcoin.
Why did you think less volatile would negatively affect Bitcoin? Currently most of people who don't like Bitcoin is because of the high volatility, they're scared if the price can increase or decrease for 10% in a single day. Take a look with the other assets, they're have more confidence and trust when the price didn't change very massive. IMO if Bitcoin is less volatile, I'm expect more adoption will happen since there's no need to worry for them.We know that cryptocurrency or bitcoin attracts a large number of investors to the market because of the volatility of the market. Bitcoin is considered a risky form of investment because of its high volatility, high volatility that will bring great returns to investors. I think most market participants are looking for high returns and not bitcoin stability. We are all looking at bitcoin as an investment rather than a currency.
That was uncertain OP and it remains like that forever.
And I would like to say that adoption will take so long, it was too long to imagine and it was continuous. But the only thing that makes me certain about Bitcoin is that people had enjoyed and benefited from this. Besides, that is what we wanted to happen and I believe that we are never disappointed with the trust we give to Bitcoin.
Apart from the fact that people have benefited from bitcoin, bitcoin is also in the hands of people and not am individual, for bitcoin to fail it means we all will agree that I fails and not one person. I just wish many people can start to run full nodes in order to have a little say about Bitcoin. Bitcoin is precious and we need to guide it, and the future of bitcoin is very bright. And I would like to say that adoption will take so long, it was too long to imagine and it was continuous. But the only thing that makes me certain about Bitcoin is that people had enjoyed and benefited from this. Besides, that is what we wanted to happen and I believe that we are never disappointed with the trust we give to Bitcoin.
really be just the same in future years to come.We dont know if there would be something better which would really be patching up into its current place but in overall its really hard to consider nor mind
off about those probabilities since we do know that it cant really be just easy to replace on something that is really on the first cryptocurrency existence which is really hard
to ignore and wont be putting some consideration and recognition to it.
I fully agree with you that extreme volatility of Bitcoin is the main hindrance in its mass adaption,
Why does volatility become the obstacle to Bitcoin adoption? I think volatility is even the advantage of bitcoin since the volatility makes people get huge profits by investing in Bitcoin. If there is no extreme volatility, people will have no chance to earn huge profits. You must know that volatility makes Bitcoin price to move significantly.volatility will only come down when its marketcap will reach at least $5 trillion, then whales won't be able to shake its price easily because its investment base will be broadened
What do you mean? I don't think volatility will be over once BTC market caps reaches $5 trillion. Volatility is the nature of Bitcoin, it is happening because Bitcoin is decentralized. Anyway, whales can manipulate Bitcoin price any time, as long as bitcoin is decentralized.
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Bitcoin is a new type of currency that is constantly evolving.
Bitcoin was launched in 2009 which was 13 years back. From the initial lounch of $BTC, it had no value despite being refered as a store of value but in the past few years, lots of investors has developed the desperation to own Bitcoin, some companies has also chosen to accept $BTC as means of payment. I believe more innovation will come as time proceeds. Quote
Many new ideas about its use as a means of payment will be discovered and perhaps this revolution will continue to escalate.
If Bitcoin persevere, I believe more usability will be unravel. On May 22, 2010 Laszlo Hanyecz made the first recorded purchase of a physical goods were he spent 10,000 Bitcoin to purchase two Papa John’s pizza. (Read full story here: https://www.google.com/amp/s/www.forbes.com/sites/rufaskamau/2022/05/09/what-is-bitcoin-pizza-day-and-why-does-the-community-celebrate-on-may-22/amp/) Microsoft company has been accepting Bitcoin for use in their online Xbox Store since 2014 (you can read here:
https://buybitcoinworldwide.com/who-accepts-bitcoin/) other companies too accepts payment in Bitcoin. Perhaps in more years to come there may be more usability in of Bitcoin.
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Here in my country bitcoin is not a legal tender, but I know that some of you may have used it as a means of payment for goods or services.
In my country, Bitcoin/use of crypto is not totally ban but the CENTRAL BANK of my country has warn all banks to discontinue every transaction of cryptocurrency with debit and credit card. We are now leaving by P2P as means for adoption of cryptocurrency - fiat or fiat -crypto.
On May 22, 2022 was the first time I sold BTC this year (https://imgur.com/ZL0tf3K). I had no other options of paying my school fees, so I had to sell some portion of my $BTC to fulfill the school fee (https://imgur.com/lmm5CYO)
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As for new ideas, I think of a few but the fact doesn't directly allow me to legally adopt them as doing so would be against the law.
Advicing you to go against your country rule is bad because going against it may attract some penalty as well.Quote
How about you, do you have any good ideas for future bitcoin adoption?
I think future adoption of Bitcoin may be more easier considering that some Decentralised or centralized Blockchain platform will be developed with more features.
That was uncertain OP and it remains like that forever.
And I would like to say that adoption will take so long, it was too long to imagine and it was continuous. But the only thing that makes me certain about Bitcoin is that people had enjoyed and benefited from this. Besides, that is what we wanted to happen and I believe that we are never disappointed with the trust we give to Bitcoin.
Apart from the fact that people have benefited from bitcoin, bitcoin is also in the hands of people and not am individual, for bitcoin to fail it means we all will agree that I fails and not one person. I just wish many people can start to run full nodes in order to have a little say about Bitcoin. Bitcoin is precious and we need to guide it, and the future of bitcoin is very bright. And I would like to say that adoption will take so long, it was too long to imagine and it was continuous. But the only thing that makes me certain about Bitcoin is that people had enjoyed and benefited from this. Besides, that is what we wanted to happen and I believe that we are never disappointed with the trust we give to Bitcoin.
I am still very new to the bitcoin world and of course there are many questions I still need to ask this community about bitcoin to clear up any confusion.
Bitcoin is a new type of currency that is constantly evolving. Many new ideas about its use as a means of payment will be discovered and perhaps this revolution will continue to escalate. Here in my country bitcoin is not a legal tender, but I know that some of you may have used it as a means of payment for goods or services. As for new ideas, I think of a few but the fact doesn't directly allow me to legally adopt them as doing so would be against the law. How about you, do you have any good ideas for future bitcoin adoption?
Bitcoin adoption will take place, and anyone who understands crypto developments will adopt Bitcoin as an asset as well as a means of payment. The legality of the law will go along with the times. Currently it is impossible to issue a legality, because there are still many people who are unfamiliar with blockchain technology. So that the legality is not misused by certain parties. Although currently there is no legal legality, the use of Bitcoin can run smoothly, meaning that those who use Bitcoin today must be prepared with all risks. The biggest risk in my opinion is price fluctuations. Bitcoin is a new type of currency that is constantly evolving. Many new ideas about its use as a means of payment will be discovered and perhaps this revolution will continue to escalate. Here in my country bitcoin is not a legal tender, but I know that some of you may have used it as a means of payment for goods or services. As for new ideas, I think of a few but the fact doesn't directly allow me to legally adopt them as doing so would be against the law. How about you, do you have any good ideas for future bitcoin adoption?
Yes, I agree. Of course providing an understanding of blockchain is much more important nowadays than legality. Precisely because people are still unfamiliar with blockchain so that legality is difficult to obtain. The pros and cons of crypto are still going on. Current crypto users in the world are still below 5% of the total world population. Not to mention we're talking countries that don't understand and that reject crypto.
I think that it is our job who understands crypto, especially Bitcoin, to give a positive view and use it in positive ways, so that Bitcoin will automatically be adopted by society in general.
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