Why Is Mass Bitcoin Adoption Still Not Happening? - page 2.

toinew

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Quote from: SuperHakka on June 09, 2015, 06:25:49 AM

Hear me answer, I live in UK and its easy to pay for everything with bank card e.g.

1. i go to shop and buy food with contactless payment, whole thing takes less than 10 seconds.
2. for larger purchases, I put in PIN number. this process gives average Joe feeling of warmth and security like he contributing to security process.
3. for buying stuff online, I put my bank card details into Amazon and do 1-click to buy. Every 2 or 3 years I update card information when I get a new card.
4. only drawback is international wire transfers are expensive, but I sometimes use transferwise.com. average joe does international transfers maybe once or twice a year, maybe never?
5. travel on holiday, I use bank card and elect to get charged in local currency. my bank charge me flat 3% on all purchases. ok not great but I accept this.
6. my bank gives me fraud protection. once I had £1500 taken from me. I reported it to bank and said it wasn't me and no questions asked they gave me the money back in a day or two.

all I describe above are benefits I get from using an ordinary UK bank account with card. Peeps on this forum are not average joes. The points I write above will completely satisfy 100% the average joe's financial needs. This why no mainstream adoption of btc.

This .

SuperHakka

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Hear me answer, I live in UK and its easy to pay for everything with bank card e.g.

1. i go to shop and buy food with contactless payment, whole thing takes less than 10 seconds.
2. for larger purchases, I put in PIN number. this process gives average Joe feeling of warmth and security like he contributing to security process.
3. for buying stuff online, I put my bank card details into Amazon and do 1-click to buy. Every 2 or 3 years I update card information when I get a new card.
4. only drawback is international wire transfers are expensive, but I sometimes use transferwise.com. average joe does international transfers maybe once or twice a year, maybe never?
5. travel on holiday, I use bank card and elect to get charged in local currency. my bank charge me flat 3% on all purchases. ok not great but I accept this.
6. my bank gives me fraud protection. once I had £1500 taken from me. I reported it to bank and said it wasn't me and no questions asked they gave me the money back in a day or two.

all I describe above are benefits I get from using an ordinary UK bank account with card. Peeps on this forum are not average joes. The points I write above will completely satisfy 100% the average joe's financial needs. This why no mainstream adoption of btc.

gogxmagog

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Ad maiora!

Quote from: GingerAle on June 08, 2015, 02:58:30 PM

Quote from: LFC_Bitcoin on June 08, 2015, 02:13:07 PM

If we believe that bitcoin has a big future across the world then we need to have patience, bitcoin is still in its infancy, everything could change with literally 5 or 6 things happening.
We need the COIN ETF & Gemini Exchange to be granted approval, we need 3 or 4 huge merchants to accept bitcoin as a payment method.
Say for example if Amazon, Walmart & Cosco accepted bitcoin the price would probably shoot to 1000 USD over night, its a chain reaction, a firework display.
We just need something to ignite bitcoin...........

I do not agree. Why would it matter if these companies accepted bitcoin? "Oh walmart accepts bitcoin. I'm going to go buy some bitcoin so i can go to walmart and spend my bitcoin"

Merchant adoption is not the key that will unlock mass adoption. There needs to be a fundamental reason for why, in the future, I'll pull out my "Bank of Bitcoin" card to purchase my groceries as opposed to my visa check card. One fundamental reason is that I might be paid in bitcoin - this is a biggie, IMO. Once we see the first company distribute bitcoin for salaries, that might be a trigger point. Then the employees could hodl or convert to fiat for all of their fiat needs.

I wonder when the first company will experiment with this. The costs associated have to be less than current payroll systems...

Quote

For example, a Northern California retail store with two locations and 12 employees pays about $80 a month to a CompuPay[2] franchisee for issuing twice-monthly paychecks as well as calculating and filing all monthly, quarterly and annual state and federal payroll tax forms.

from my googling effort: http://smallbusiness.costhelper.com/payroll-serivce.html

I bet a nationwide business with disregard for its employees (*cough* walmart *cough*) could see some huge cost savings with a bitcoin payroll system. Essentially offloading the fiat conversion effort / costs / hassel to the employees.

Though that would be interesting if a big company had the option to receive bonus income in bitcoin. Like, every month they just deposit 0.005 bitcoin in your address...... successive approximations.

Absolutely agree with the part about btc accepting companies also paying forward salaries in btc. The problem is, a "Walmart" might not mind cycling their btc to employees if there is stable exchange. But would shut it right down at any spike. They couldn't handle btc without counting every penny as they did. They're greedy. They probably much prefer the idea of accumulating enough to manipulate the market, if they have considered btc at all and looked at it realistically, which I'm sure there is some research. Walmart, and every chain like it only wants to win, and at any cost.
I don't understand your last paragraph. Who's going to give who 0.005 btc and why?

Amph

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Quote from: Natalia_AnatolioPAMM on June 08, 2015, 03:37:54 PM

Quote from: GingerAle on June 08, 2015, 08:15:53 AM

The reason its not happening is because there's nothing to buy with cryptocurrencies that leverages their unique properties.

baleted.

probably it really is the reason

they(some shops) should force to buy in bitcoin, by removing other payments, or should provide a high bonus to cover the possibility of a dump while someone buy with bitcoin(this is an nother reason why many are not buying with it) they still have that fear aboout bitcoin volatility despite the current stable situation

Quote from: toinew on June 08, 2015, 09:10:45 PM

Mass Adoption is Impossible, since only 7 transactions per seconds.

the block isn't saturated yet, it will be increase slowly, so we can accomodate a slowly adoption

noobtrader

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bitcoin need to enhance their wallet capability to make it idiotproof.

1. easy backup to all address (maybe 1 button to backup all and spit out the result on notepad/preview window that user can save/print anywhere)
2. auto encrypt (1 button encrypt all wallet)
3. simplify change address or not use at all, ppl think they lost money because of change address

the easiest wallet i use dont use change address, but to do backup and encrypt feel seem difficult for average ppl.

toinew

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Mass Adoption is Impossible, since only 7 transactions per seconds.

Erdogan

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Mass adoption happens now, but apparently the new users start with only small amounts and hold them only for a short time before they spend them (to some vendor who is not interested in keeping them). New user hoarding is not enough to match new miner coins and old hoarders benefiting from the convenience of the new bitcoin accepting vendors.

We have new users, but they don't save enough in bitcoin.

Natalia_AnatolioPAMM

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Quote from: GingerAle on June 08, 2015, 08:15:53 AM

The reason its not happening is because there's nothing to buy with cryptocurrencies that leverages their unique properties.

baleted.

probably it really is the reason

GingerAle

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Quote from: LFC_Bitcoin on June 08, 2015, 02:13:07 PM

If we believe that bitcoin has a big future across the world then we need to have patience, bitcoin is still in its infancy, everything could change with literally 5 or 6 things happening.
We need the COIN ETF & Gemini Exchange to be granted approval, we need 3 or 4 huge merchants to accept bitcoin as a payment method.
Say for example if Amazon, Walmart & Cosco accepted bitcoin the price would probably shoot to 1000 USD over night, its a chain reaction, a firework display.
We just need something to ignite bitcoin...........

I do not agree. Why would it matter if these companies accepted bitcoin? "Oh walmart accepts bitcoin. I'm going to go buy some bitcoin so i can go to walmart and spend my bitcoin"

Merchant adoption is not the key that will unlock mass adoption. There needs to be a fundamental reason for why, in the future, I'll pull out my "Bank of Bitcoin" card to purchase my groceries as opposed to my visa check card. One fundamental reason is that I might be paid in bitcoin - this is a biggie, IMO. Once we see the first company distribute bitcoin for salaries, that might be a trigger point. Then the employees could hodl or convert to fiat for all of their fiat needs.

I wonder when the first company will experiment with this. The costs associated have to be less than current payroll systems...

Quote

For example, a Northern California retail store with two locations and 12 employees pays about $80 a month to a CompuPay[2] franchisee for issuing twice-monthly paychecks as well as calculating and filing all monthly, quarterly and annual state and federal payroll tax forms.

from my googling effort: http://smallbusiness.costhelper.com/payroll-serivce.html

I bet a nationwide business with disregard for its employees (*cough* walmart *cough*) could see some huge cost savings with a bitcoin payroll system. Essentially offloading the fiat conversion effort / costs / hassel to the employees.

Though that would be interesting if a big company had the option to receive bonus income in bitcoin. Like, every month they just deposit 0.005 bitcoin in your address...... successive approximations.

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Quote from: LFC_Bitcoin on June 08, 2015, 02:22:45 PM

Quote from: Fakhoury on June 08, 2015, 02:18:05 PM

Quote from: LFC_Bitcoin on June 08, 2015, 02:13:07 PM

If we believe that bitcoin has a big future across the world then we need to have patience, bitcoin is still in its infancy, everything could change with literally 5 or 6 things happening.
We need the COIN ETF & Gemini Exchange to be granted approval, we need 3 or 4 huge merchants to accept bitcoin as a payment method.
Say for example if Amazon, Walmart & Cosco accepted bitcoin the price would probably shoot to 1000 USD over night, its a chain reaction, a firework display.
We just need something to ignite bitcoin...........

I agree with everything you said except the Gemini exchange, I'm not aganist it. But, what will make Gemini unique to attract normal users to be bitcoin users and exchange their fiat to bitcoins ?

I suppose its a safe & trusted method for people to purchase bitcoins.
For the average man/woman on the street it can be quite a complicated process, I guess Gemini will buy bitcoins for their clients & help them keep their coins secure.
Security is a problem for average joe, even a very successful older investor may have trouble learning about bitcoin so presumably Gemini will act as a broker on behalf of people to make acquiring bitcoins easy, there will be no chance of being scammed too e.g. Localbitcoins or on here, dodgy european/chinese exchanges running away with funds etc.

Good catch and maybe it will facilitate buying bitcoins for the average joe.

Plus, the security thing and it will be licensed, so I think yes, it will have a good impact on the adoption.

Whatever, we are on the right track.

LFC_Bitcoin

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Quote from: Fakhoury on June 08, 2015, 02:18:05 PM

Quote from: LFC_Bitcoin on June 08, 2015, 02:13:07 PM

If we believe that bitcoin has a big future across the world then we need to have patience, bitcoin is still in its infancy, everything could change with literally 5 or 6 things happening.
We need the COIN ETF & Gemini Exchange to be granted approval, we need 3 or 4 huge merchants to accept bitcoin as a payment method.
Say for example if Amazon, Walmart & Cosco accepted bitcoin the price would probably shoot to 1000 USD over night, its a chain reaction, a firework display.
We just need something to ignite bitcoin...........

I agree with everything you said except the Gemini exchange, I'm not aganist it. But, what will make Gemini unique to attract normal users to be bitcoin users and exchange their fiat to bitcoins ?

I suppose its a safe & trusted method for people to purchase bitcoins.
For the average man/woman on the street it can be quite a complicated process, I guess Gemini will buy bitcoins for their clients & help them keep their coins secure.
Security is a problem for average joe, even a very successful older investor may have trouble learning about bitcoin so presumably Gemini will act as a broker on behalf of people to make acquiring bitcoins easy, there will be no chance of being scammed too e.g. Localbitcoins or on here, dodgy european/chinese exchanges running away with funds etc.

Fakhoury

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Quote from: LFC_Bitcoin on June 08, 2015, 02:13:07 PM

If we believe that bitcoin has a big future across the world then we need to have patience, bitcoin is still in its infancy, everything could change with literally 5 or 6 things happening.
We need the COIN ETF & Gemini Exchange to be granted approval, we need 3 or 4 huge merchants to accept bitcoin as a payment method.
Say for example if Amazon, Walmart & Cosco accepted bitcoin the price would probably shoot to 1000 USD over night, its a chain reaction, a firework display.
We just need something to ignite bitcoin...........

I agree with everything you said except the Gemini exchange, I'm not aganist it. But, what will make Gemini unique to attract normal users to be bitcoin users and exchange their fiat to bitcoins ?

LFC_Bitcoin

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If we believe that bitcoin has a big future across the world then we need to have patience, bitcoin is still in its infancy, everything could change with literally 5 or 6 things happening.
We need the COIN ETF & Gemini Exchange to be granted approval, we need 3 or 4 huge merchants to accept bitcoin as a payment method.
Say for example if Amazon, Walmart & Cosco accepted bitcoin the price would probably shoot to 1000 USD over night, its a chain reaction, a firework display.
We just need something to ignite bitcoin...........

GingerAle

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The reason its not happening is because there's nothing to buy with cryptocurrencies that leverages their unique properties.

baleted.

EternalWingsofGod

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Quote from: jaberwock on April 18, 2015, 01:02:45 PM

Most people aren't good enough with computer and smartphones.

But as decades pass people will get more used to computers and phones and have more internet access, and enough knowledge to use BTC, and slowly BTC will go mainstream

My main concern would be if BTC in it's current form will be mainstream or if there will be developed protocols that get the traction.
We already see some serious developments in 2.0 so by virtue of being frozen it could fall behind
That said as it is Bitcoin is the original source and will always have some level of support since it is key to building up the infrastrucutre and representative of all crypto also the main way to get altcoins.
Just hope that its not too slow to fall behind newcomers.

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Quote from: btcxyzzz on April 27, 2015, 02:00:01 AM

Because Average Joe is ignorant prick. Anyways, mass adoption is not what will drive Bitcoin up, it's store of value and remmitances.

Well I guess it comes down how you define 'mass adoption', but in my book 'mass adoption' also includes the (at least somewhat) widespread use of Bitcoin as a store of value and use of it in remittance services.

techgeek

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I still think its going at a rapid or good pace.

If you compare a system to have traction in a time period with the dollar.

Its doing more work then our current financial system, and beating golds standard as well with short period time. Not beat, but being comparable at a short span of time which most dont credit.

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Quote from: btcxyzzz on April 27, 2015, 02:00:01 AM

Because Average Joe is ignorant prick. Anyways, mass adoption is not what will drive Bitcoin up, it's store of value and remmitances.

Average Joe ends up using whatever the serious players and powers that be want him to use. If there's a collective will to have him ending up using BTC then he will eventually.

futureofbitcoin

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Quote from: btcxyzzz on April 27, 2015, 02:00:01 AM

Because Average Joe is ignorant prick. Anyways, mass adoption is not what will drive Bitcoin up, it's store of value and remmitances.

remittances aren't gonna work if average joes, i.e the people who are USING the remittance don't use it.

Also, remittances aren't going to work until bitcoin price is stable. i.e it will have already gone mainstream.

btcxyzzz

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Monero - secure, private and untraceable currency.

Because Average Joe is ignorant prick. Anyways, mass adoption is not what will drive Bitcoin up, it's store of value and remmitances.

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