Topic: Why consumers are not adopting BTC - page 2. (Read 7300 times)

Spoiler alert: Consumer adoption is continuing it's strong growth. 

Bitcoin is already pretty simple and will get even easier and more user friendly as time goes on. People don't need to know what Github is to use it either. I'm sure most people who use Paypal don't know what Github is either but they work their accounts just fine.


Transactions are already instant, but how long would you suggest it takes before something is fully confirmed? The confirmations are there as a safe measure to protect people and drastically lowering them could cause problems.

The reason why consumers are not adopting bitcoin is all evident in this video of these 2 amateur wannabe traders:

https://www.youtube.com/watch?v=vnm4xFC2xNo

Look at the idiots panicked faces after only 1 day of buying a bitcoin at the end of the video.

Looks like this guy was right. Now the price as stabilized and it's finding a balance vs miners dumping. Maybe we have to wait until the halving for major movements to start happening as it will cut the inflationary process in half and we'll need less BTC to maintain the same price.

No, not really. Many in not the most casual users of bitcoin have no idea about something like confirmation times, they think that bitcoin transactions are instant.
There is a lot more other problems beside that long confirmation times behind lack of mass adoption. We don't have any killer apps, or any incentives which make bitcoin needed.

Agree, technology also has a big role in BTC to be adopted by people. There is still so much poor country that haven't developed their technology and thus the people doesn't really understand about the basic things.

What car?  Year?  Price? Do you have a link?

i think confirmation time is our problem,if that could be solved i believe so many consumers will adopted bitcoin as payment

BTC must be made far simpler to understand before people will start using it en masse. At least in the West, BTC entails many changes in how people think about money, which means it's not easy to grasp. It has to be friendly for non-tech people, which it really is not right now. Most people don't know what Github is, or their computer's terminal, etc. They don't necessarily have the stepping stones to understand what BTC has to offer.

Regarding §Legal and Regulatory Issues, §§Power of Congress under Article I of the U.S. Constitution:
Does the U.S. Constitution's saying Congress has the power "To coin Money, regulate the Value thereof" mean it has jurisdiction over Bitcoin? Congress doesn't coin bitcoins; thus, how can it have any jurisdiction over bitcoins?

This was written by an economist and 2 lawyers employed by US Congress...
And explains Bitcoin within the American legal framework to be read by lawmakers at various levels.

The US Congress exists to create laws... and punish those that ignore the law.


This is a key point................. Bitcoin Not Legal Tender

"The dollar is legal tender and by law can be used to extinguish public or private debts. A creditor
is required to accept legal tender for the settlement of a debt. At a minimum, the payment of taxes
forces U.S. individuals to hold dollars. Arguably, for many, such a government endorsement is
comforting and creates a strong underlying demand for the dollar. By contrast, a currency like
Bitcoin that is linked to a complex computer program that many do not understand and that
operates without accountability to any controlling entity could be an unattractive vehicle for
holding wealth for many people."

300 million people have to pay US tax every year TO  STAY  OUT  OF  JAIL...
That's what gives the USD enormous demand and value outside of any economic activity.

They trashed it? Judge for yourself. Here it is for free:

Elwell, Craig Kent, M. Maureen Murphy, Michael V Seitzinger, Library of Congress, and Congressional Research Service. Bitcoin Questions, Answers, and Analysis of Legal Issues. Washington, D.C.: Congressional Research Service, 2013. (updated: January 28, 2015)

It's pretty interesting, just to see how how they understand Bitcoin.

I agree that adoption by the consumers is all that matters; adoption by merchants alone means little by itself.

The price is NOT dropping because of traders cashing back into fiat. That is a myth. It is dropping because the mining monopoly has been (temporarily) broken and the cost of mining has risen - and so most miners are now selling as they mine (instead of hoarding as before). All that is happening now is that BTC is going down to its genuine market value, it should smoothly swoop down to this over the next 3 months.

marketing student trying to sell a car for Bitcoin

btc has no politial or philosophical anything, it was created by the NSA to track drug dealers and fund NSA op's

It's a dark currency the NSA uses for it's OP's

The ONLY reason anyone has any need for btc is to vice related transactions other than that btc has no protection the average consumer expects from a credit card or a bank

So vice use like drugs, gambling, porn and ho's will be why people acquire it

It may also be good to move money to 3rd world nations by illegal aliens or poor immigrants

If say a doctor from some 3rd world country emigrates to a real country and makes money they will use legitimate banks to transfer money, they don't care about the minor fees

Now some illegal alien with a minor income will try to save a few bucks and use it

Drug users that want to buy dope may use it instead of cash

Gambling and adult stuff is a good use

Other than that, most people have zero need for a dark currency

Face it there's tons of reasons to believe btc was and is an intelligence project

If it is or isn't doesn't really matter much now

All that matters is adoption by the average person as a type of quasi currency

Everyone can see all the big news about major retailers taking btc did NOTHING to help btc value did it

So most here are delusional as to why the value of btc moves up or down

As long as retailers are churning any transactions into fiat the currency will have downward pressure

As it is, none of the retailers have seen any significant amount of sales, it's a niche currency that was created to track drugs and terrorists by the NSA most likely IMO

I'm not the only person saying it either

Just look at the crypto it uses you see Koblitz Curve ECC

Days before the Satoshi paper was released (who is he/her? an intelligence team most likely) you had Koblitz releasing his pro NSA and ECC crypto non-sense too.

Now everyone knows how back doored ECC is via Snowden docs

Is bitcoin back doored? Who cares unless you are doing illlegal stuff

Now drugs, they're illegal in most areas of the world yet many acquired btc to do just that and look what happened the king of btc drugs is in jail

Gambling, well it's highly regulated but some may acquire btc for betting

Sex and Adult stuff, some may want anonymity for those vices

BTC serves vice purchases, so that's the real selling point

As long as people have btc and as long as retailers are willing to take it, then it will exist to some degree

Personally if it weren't for the vice angle of btc, it would have no real value IMO

I still think the downward pressure by retailers will last for some time

BTC needs a big user base for a strong vice, and IMO gambling is the only long term vice that might propel btc long term

Banks will exist and I don't see any major global crash coming, the crash happened in 2008 and the govs rescued the system and the system is what it is

BTC's value will only increase if it can capture a significant portion of the GWP, right now it's a minor percentage of GWP so it has minor value

If it gets a large percentage of the GWP then due to having 20M max coins or so, it could become worth much more than the minor amount it trades for now

80 Trillion GWP is the reality and the 8 Bil market cap of btc is NOTHING

Now if btc eventually grows to 10% of gwp, then it could have major value

Right now it's a minor part of the GWP

800 Bil is 1% of the gwp

8 bil is .01% of the gwp

Do any of you understand how insignificant .01% of the GWP is?

Yet the people posting here think btc is a major part of the global economy, it's not

Even if btc controlled 100% of gambling it would be a minor percenage of the overall GWP

Now drugs it would be a bigger currency if it controlled a huge share of illegal drugs

major industries are

military spending and you will never see btc have a piece of it
housing it won't do much there
medical it won't do much there
food it won't do much there
education it won't do much there

Does btc have value? Yep for dark/grey vice buys

In the near future all these bs financial players trying to act like btc is a viable currency will be gone, it is not a currency

It's a niche net instrument best suited for hiding wealth which most people have no wealth to hide and it's good for vice buys

It's good for intelligence groups to track money too

The whole system revolves around a very slow public ledger

The whole system has major issues with theft of coins

The average person will be hacked if they try to use btc and so far look at all the btc hacks

Look at all the exchanges that went bust

So there's way more reason for the average consumer to never acquire btc than there are to acquire it

The averge person is not a sophisticated consumer of anything nor a geek that could practice good net use to protect from hackers

The average person is broke and has very little wealth

Now why should a high net worth person that paid taxes move anything into btc?

The top of the wealth pyramid didn't make their money illegally

Sure drug dealers and underground biz owners maybe can use it to 'hide' wealth

But most wealth is above board not hidden

Nothing has changed IMO as to where btc will be end of 2014, the downward pressure by retailers will continue to crash the value

Only major vice adoption may stabilize the value of btc short term

Long term it has potential since it's an established vice currency

Its an incentive for EVERYONE, the OTHERS dont realize this incentive at all.

People dont like change and sometimes it takes horrible circumstances before they realize the true value of what was sitting right in front of them the entire time.

I fell for the insurance thing once with a stupid bitcoin investment, but I learned and I'd like to think that I'm smarter than that now.  How is it even possible to insure something like bitcoin?  Frankly, I still pay all my bills using the US Dollar.  What happens if someone claims to be insured, gets hacked, and while the hack is going on, the value of a bitcoin doubles or triples?

Let's say they pay out their insurance.  What do I then get back?  The amount of bitcoins normalized to the dollar value of my original investment?  The complete amount of bitcoins I had on deposit, to make me whole in my book, which costs the bank double or triple to pay out than it would have at the original dollar amount?  The amount of bitcoins I had originally, plus interest for keeping it with the "bank" for x amount of time?

Really, you can manage risk by making things harder for hackers to steal, but can you really properly insure something as volatile as bitcoin?

That is an incentive for US not for the average dudes.

Actually, incentives are there, people just dont realize it. Everyone sees the 'news' about bitcoin which is mostly portrayed as bitcoin being evil .. by the press. I think as a community we get spoiled by how fucking easy it is to move 'value' around the internet using bitcoin, that alone is an incentive.

I wont disagree with this but it just admits that btc doesn't have any of the incentives for the consumer until the crashes happen.