Challenges for Bitcoin for Mass adoption

[troubled soul]

• price volatility
• Bitcoin needs smartphones/computer/laptop/tablet any kind of device to work , Some time it is hard poor country market
• Time To Confirm A Transaction
• Supporting More Transactions Per Second For Bitcoin
• how to reduce criminal fraud/activity
• To complex to understand for Non tech people in the beginning
• Lack of standardisation
• Energy Consumption

 

[Silvio]

More shitcoins
More pumps
More printing of tether so the price can reach $100K soon

To the moon! LOL

 

[jjrapy]

Things like this

https://www.coindesk.com/turkish-state-news-crypto-exchange-ceo-disappeared

 

[ShillGates]

Sorry but I do not believe in crypto.

sure I believe in a ledger to solve real world problems - or perhaps for audit trails and so on - but whatever ledger doesn't cost anything to setup.

why is there value in Bitcoin - just because believe the hype on social media? Tether is printing away - it's like a central bank I'm with hyper inflation - but worse - no accountability

 

[JohnnyDoe]

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[void]

JohnnyDoe said:
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it never gets old

 

[troubled soul]

subscriber growth of /r/Bitcoin

You can hate it or love it ...but You can not ignore it...

 

[Jerry1911]

The funny thing is that Bitcoin is obsolete already, yet from a market cap/adoption standpoint it hasn't even started... Too bad the development has been taken over by the deep state through Blockstream. It should've been what Monero is now - fast, cheap and untraceable.

We now know that BTC is correlated to the stock market and that the "store of value" argument was total horsesh*t:

https://www.institutionalinvestor.c...More-Correlated-to-Stocks-And-It-s-Your-Fault

Last edited: Apr 18, 2023

 

[void]

Jerry1911 said:
The funny thing is that Bitcoin is obsolete already, yet from a market cap/adoption standpoint it hasn't even started... Too bad the development has been taken over by the deep state through Blockstream. It should've been what Monero is now - fast, cheap and untraceable.
Click to expand...

what you might consider as signs of obsolescence are actually features that make it what it is - rock solid ground and (a hottest candidate for) the next world reserve asset
there is no reason why it should be fast or cheap
I agree that more privacy and untraceability on the base layer would be nice but it already happened this way and won't be undone

IP is obsolete, HTTP is obsolete, SMTP is obsolete and yet they are still here and will be

 

[Jerry1911]

void said:
IP is obsolete, HTTP is obsolete, SMTP is obsolete and yet they are still here and will be
Click to expand...

None of them are obsolete, they are continually being improved, IPv6, HTTP2/3, and mail (SMTP) with DKIM, SPF, etc. - unlike Bitcoin, where a Rothschild-funded company called Blockstream essentially did a coup, hindered the development and created a half-assed solution called Lightning network for a problem that didn't even exist in the first place. Which by the way no one even uses because it sucks.

In the meantime you have XMR which is exactly what Bitcoin was created for (digital cash); it's fast, cheap, untraceable and reliable. And that's precisely why they want to ban it, because it's not under their control.

void said:
there is no reason why it should be fast or cheap
Click to expand...

Read the BTC whitepaper: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Of course electronic cash needs to be fast and cheap, otherwise what's the point? Might as well use Western Union then.

 

[troubled soul]

https://99bitcoins.com/bitcoin-obituaries/Bitcoin has died 473 times

My personal fav
https://www.gizmodo.com.au/2011/08/the-bitcoin-is-dying-whatever/

 

[void]

Jerry1911 said:
All of these are continually being improved, IPv6, HTTP2/3, and mail (SMTP) with DKIM, SPF, etc.
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sure, these are softforks and new layers on top of the original standards - just like segwig, taproot, lightning, ....

Jerry1911 said:
created a half-assed solution called Lightning network for a problem that didn't even exist in the first place. Which by the way no one even uses because it sucks
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like IPv6 which is still waiting for serious adoption after all those years - you can easily say that "no one even uses it"

if you don't like LN then don't use it, improve it, use a competitor or realize you don't need it personally - let the market decide - "this is the way" 🙂, the only way

Jerry1911 said:
In the meantime you have XMR which is exactly what Bitcoin was created for (digital cash); it's fast, cheap, untraceable and reliable. And that's precisely why they want to ban it, because it's not under their control.
Click to expand...

again, use it, promote it, support it - if it has value it will thrive
it's a cool project which I wouldn't bet on but who knows

Jerry1911 said:
Read the BTC whitepaper: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Click to expand...

that's exactly what BTC does right now (for me) and I'm happy as never

Jerry1911 said:
Of course electronic cash needs to be fast and cheap, otherwise what's the point?
Click to expand...

I don't agree... no problem for me

Jerry1911 said:
Might as well use Western Union then.
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no, it's a centralized service that survives only because it uses the desperacy of people that have no choice (or didn't realize yet they have)

 

[369]

there wont be mass adoption at all.
bitcoin is a ponzi and nothing else.
no store of value no currency but simply a ponzi created by banksters to make the public fine with virtual money and how JPM described it in their report to make a quick 2000%.
At todays price levels of bitcoin the possible gain is nothing special.You can get way better gains on other assets.

And like in every ponzi the people who will join last will pay the bill
But when greed gets involved the brain stops working

JohnnyDoe said:
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Comparing bitcoins marketcap and ease to pump in 2011 with 2023 is funny.
You just need today 30000 times more capital to have the same effect/pump like in 2011 if you compare it in %

 

[Jerry1911]

void said:
like IPv6 which is still waiting for serious adoption after all those years - you can easily say that "no one even uses it"
Click to expand...

IPv6 adoption has been rising steadily YoY: IPv6 ”“ Google
Based on historical data, by the beginning of 2025 more than half of the Internet (51-52%) will be using it: Projection of IPv6 Metrics

void said:
let the market decide
Click to expand...

Exactly. And by looking at the market data one can clearly see that after 8 years of LN development there are only 5400 BTCs in it: Lightning Network Statistics | 1ML - Lightning Network Search and Analysis Engine - Bitcoin mainnet
... out of 21 million BTCs. That's approximately 0.026%. An irrelevant amount.

369 said:
bitcoin is a ponzi and nothing else.
Click to expand...

Ponzi or not, it stopped being useful in 2015 or so. A majority of people buying it nowadays do so simply to make a quick buck.

 

[JackAlabama]

Jerry1911 said:
None of them are obsolete, they are continually being improved, IPv6, HTTP2/3, and mail (SMTP) with DKIM, SPF, etc. - unlike Bitcoin, where a Rothschild-funded company called Blockstream essentially did a coup, hindered the development and created a half-assed solution called Lightning network for a problem that didn't even exist in the first place. Which by the way no one even uses because it sucks.

In the meantime you have XMR which is exactly what Bitcoin was created for (digital cash); it's fast, cheap, untraceable and reliable. And that's precisely why they want to ban it, because it's not under their control.

Read the BTC whitepaper: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Of course electronic cash needs to be fast and cheap, otherwise what's the point? Might as well use Western Union then.
Click to expand...

Monero has a lot of issues.

Inflation bugs cannot be detected easily. Can be a desaster and might be the reason why the price is so low..
monero has a low hashrate, this makes it unsafe.
monero has issues with being very clumsy, and hard to work with.

Price action supports all of this. It is trending down against Bitcoin.

Lightning works great in real life. There are places where you can try it out.

 

[void]

JackAlabama said:
monero has a low hashrate, this makes it unsafe.
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this is probably the most relevant objection against monero at the moment - not a long time ago I made a calculation what my idle server (24 physical cores I was not going to use for about half a year) could mine in monero network and the result was 30cents/day (not including electricity) 😀
of course there might be more efficient kinds of hardware but there is basically no direct viable case for mining monero which makes it fragile

 

[JackAlabama]

void said:
this is probably the most relevant objection against monero at the moment - not a long time ago I made a calculation what my idle server (24 physical cores I was not going to use for about half a year) could mine in monero network and the result was 30cents/day (not including electricity) 😀
of course there might be more efficient kinds of hardware but there is basically no direct viable case for mining monero which makes it fragile
Click to expand...

Yes.
But the non-auditable supply and hard to detect inflation bug is quite serious as well.
If someone discovers a money printer bug for xmr, your stake will get diluted.

 

[troubled soul]

The base of bitcoin​

 

[Jerry1911]

JackAlabama said:
the non-auditable supply and hard to detect inflation bug is quite serious as well.
If someone discovers a money printer bug for xmr, your stake will get diluted.
Click to expand...

That is a valid concern, yes

 

[troubled soul]

Why You Can't Destroy Bitcoin | Bit Digital CEO