Not tired of waiting yet?
Despite the news of recent improvements and wider-acceptance of Bitcoin and cryptos in general, we have seen like one of the biggest dips in crypto-history. The crypto-space still hasn’t changed the way most people make payments and transact in general. Where is it headed? Let’s talk about it.
If you think sending or paying with bitcoin takes too long and is such a hassle for mass-adoption to be possible, just think about how people got their computers hooked up to the web just to send an email in the 1980s!
Would you use such old modems and computers? Maybe I would, without any other choices. Once cryptos gain wide-adoption, maybe one day, who knows, another blogger may ask: “Would you still use fiat currencies? Would you still carry cash?” The answer might be the same as we would give for dial-up internet. -Maybe, if we don’t have any easier/faster choices.
How does e-mail work?
It’s not at all simple, is it? Today, we’re seeing only what’s happening on the surface, i.e. the user interface of apps, so it’s quite hard to understand what’s going on under the hood. Before email started to become popular, it took a humble internet shop which allowed many users to cheaply use email. Computers, especially the portable ones were very expensive and only the rich could afford them. Remember the excitement of chatting with someone on MIRC?
It’s not far from bitcoin, by analogy, being ‘primitive’, slow and just like any fad, has a tendency to lose popularity at some point. -But some good things about bitcoin and cryptocurrencies in general, will make the technology useful and be here until a yet-better system gets invented. Chat and email are still here. They have just been upgraded to use different protocols and platforms. -But they still serve the same purpose - communication. So far, going back to cryptocurrencies, their primary function of speedy and low-cost transfer of money across borders is unbeatable. So, unless governments establish an international money-transfer facility which performs better than any cryptocurrency (preferably using decentralized blockchain technology), cryptos will prevail. It’s like having to choose between two options: snail mail or email. -Fiat or cryptos?
How popular is bitcoin?
News about bitcoin, other cryptocurrencies, and blockchain technology have surprisingly reached the corners of Africa and many Africans eagerly await the availability and benefits of using cryptocurrencies. The problem is: many lack the access to the internet and online cryptocurrency exchanges sometimes require a bank account and most require a government-issued ID to use. In many developing countries, there are still many adults who can't read or write (using thumbprints instead of signatures). If they can't send a text message, sending bitcoin is out of the question. When buying bitcoin, you have to have a way to cash-in from fiat to crypto. Many people do this by registering at an online exchange which accepts fiat currencies and depositing money at convenience stores, bill-payment centers or banks. These exchanges are bound to be highly regulated and most of them now follow the KYC (Know Your Customer) policy. What am I getting at?
The point is: It’s just about the same as email or any new, useful technology. There are of course limitations and not every single human being can use it. -But wide adoption is very much possible. According to Coinatmradar.com, about 1400 cryptocurrency ATMs have been installed in the US. Around the world, about 10 crypto-ATMs are being installed every day.
ATMs vs. Mobile Apps
ATMs can come to the rescue if you don’t have a mobile phone at hand. An offline hard wallet (printed on paper) is all you need. No personal information is required at most ATMs. If someone without a mobile phone would like to use bitcoin to send money to their loved ones, they just have to find a bitcoin ATM which can take cash. They will have a copy of the recipient’s paper wallet scanned by the machine, key in the amount they want to purchase, insert the bills and send the bitcoin. It will be received in any country within minutes. It couldn’t be easier! This is one of the main reasons I think wide-adoption is just a question of when.
The biggest hurdle to mass-adoption
The biggest challenge seems to be price fluctuation. The more the prices change, the more people see cryptos as investment opportunities. Businesses see them as “risky” transactions so they may charge exorbitant fees. If more people would use it as a currency and whales stop pumping and dumping the price on a daily basis, there is a bigger chance for adoption on a wider-scale. After all, bitcoin was designed to be a mode of payment and remittance. How many people do you know invest in Japanese Yen because they expect it to increase in value?
Please upvote, resteem and follow me. Thank you.
Yes indeed the price fluctuation is the problem that hinders cryptocurrencies from being mass-adopted. But the fluctuation itself is probably what brought many over the globe interested in crypto, seeking for fast earnings. I guess time will solve this issue :)
Crypto is the most exciting thing right now
Almost like that one time...at band camp
Haha
Totally agree, there is no way back, the technology is released and will not go away anymore. Since it is better money than the scammy fiat that we use now it will eventually replace it.
Isn’t it a great feeling when most everyone in this community realizes fiat is a scam?!
I agree with you as well, the technology is out, it isn’t “if” anymore it’s “when” will mass-adoption take place?!
indeed, very well said my friend
I am sure this is the future. Year and a half ago a friend from Canada introduced me to all of this i knew nothing about it, did not even knew what BTC meant. Now i am all about it and i will try to push it forward, because we all are like a large family.
"Put your heart, mind, and soul into even your smallest acts. This is the secret of success." - Swami Sivananda
I can't wait to see what happens! Great post! Upvoted!!
@hiroyamagishi Great analyzation and brilliant points, however, price fluctuation certainly seems to be a hurdle in mass adoption but it requires some time for people to understand it's potential.
This is really amazing post @hiroyamagishi your post always awesome 👍😊
As the industry matures and the hype fades a true winner will emerge. In my opinion we're about 3 to 5 yrs away from mass adoption. The technology needs to become simpler for the average person to use regarding keys and wallets etc.
I think bitcoin needs more derivatives since it's expensive to trade. It's done pretty well though for being partially banned in the USA.
Awesome post! I really liked the video and you can learn a lot just by watching it. It's true it's not a question of "if" anymore but a question of "when". I think the answer is "soon"
Very soon my friend, we gonna see it with our own eyes if God permits
crypto volatality is a major concern
I'm glad to learn about bitcoin ATMs. I hope existing bank ATMs will eventually accept crypto transactions, especially widthrawals from an authorized exchange. It probably has to start with stronger partnerships between banks and crypto-exchanges.
I used to think this a few years ago. But adoption as a payment is going backwards, and it's because crypto is too volatile.
Thank you for a thought provoking post. It is an issue that I mull over on a regular basis.
Price fluctuation is one important factor preventing mass adoption but not the only one.
Most of my friends and family know very little about btc and crypto. In the main they regurgitate the MSM narrative that cryptos are worthless ponzi schemes used by criminals and terrorists etc etc.
Media FUD over the last year has played a major role in this mis-education of the masses. It will take time and big events to overcome this.
The next world recession, which if the yield curve inversion taking place continues means it is a historical certainty, will test people's faith in fiat currencies and banks/governments that prop them up.
They will then have a choice: either continue with the present financial system that is rigged in favour of the 1% or adopt crypto currencies.
yes. there have no chance to go back anymore
Wow this is really impressive post
You are spot on!
The volatility is not only the problem when sending money to your dearest but also when running a business or purchasing something with bitcoins or any other cyprocurrency!
We all don't want to be the next pizza guys after making a purchase with a cryptocurrency, just like business don't want to take the gamble yet that the coins they received could be worth 10 to 20% less the next day!
I do expect that bitcoin always have some investment tag related to it, it think that it will become the new gold. While other cryptocurrencies will actually be used as payment! But that's my 2 cents!
I did wrote a post a month ago, that fiat money also is becoming more and more virtual (depending on the country where you do live). I rarely have cash at hand and most puchases are done with a debit card! I also use cash money when buying a bread or something like that or to pay for my beer :)
Probably my kids, will never use cash money anymore!
Great article!
The price of bitcoin is very volatile is because of the small market. I can see crypto reduce its volatility when we reach a much higher capitalization of the whole crypto. Today's market cap of $400B dollar is nothing in comparison to Stocks
One of the biggest hurdles in my opinion is the influence of the media. There is a tendency to overreact to any form of rise or dip in the markets, and we saw this come into effect just before the most recent major dip. Bitcoin fever took over, and people were investing into something that they knew nothing about. Of course, once a dip then occurs, the same people run around screaming 'bubble', and the media talk about 'crashes'.
I expecting many more people will do their own due diligence as time goes by. Because of the results of the scams. Great comment @philnewton
You targeted different topics in one post, Awesome!
First of all email marketing is still a big way to market in this digital era but it should be done carefully so first everyone learns these tactics then implement properly.
Secondly crypto market is not static because it depends on trades on trends like yesterday SBD and BTC moved up suddenly.
Thanks for reading @fahedawan
All those in my world reluctant to buy all ask the same question.."can I spend it at macdonalds"?
As soon as one of the giants starts accepting crypto it's on!
That, and right now we are already very close to "smart phone proximity payments" with all crypto. Teams are working very diligently. Teams like crypterium for example.
We all know that is a huge leap forward but many believe it can be solved very soon.
They intend to have any crypto converted to Crypterium to fiat - then make the "bump" transaction to pay. That is not easy but of course it will be solved.
Imagine paying in crypto with a "bump" of your smart phone. It's coming and crypterium is leading the way...
The fact that crypto is here is to stay and not going away is one we can hold.And it will begin to mass adopt sooner or later. Thanks for dropping some comments @cryptocoinexam
No probs man..! TY! Just time...it's coming and it's gonna be awesome!
Very interesting information friend technology has no return back greetings
just a matter of when at this point
This is amazing
Thanks for your post.
The pace at which the world is shifting towards cryptos is agonizingly slow and many countries are reluctant to follow suit. If we take your e-mail - snail mail analogy we're talking a decade at least God forbid!
Those days, some people are calling the internet very simple to use. Today, I call internet a super very duper mega quadruple very simple to use... Lol
Good ideas and contributions from these great developers. The revolution of technology is unstoppable.
The fact that it is here is to stay, all we are seeing is how it grows as time goes by... Thanks @ordosjc
Bitquin is a very difficult coin
It is a currency that invests more than the investments of countries like them
It really became great
The idea behind bitcoin is great and there's still a huge potential, but instead of building useful business solutions for it, there is this gamification where people prefer to gamble for a marginal profit. So, yeah, crypto will have to reinvent itself in order to survive
Searching was very difficult at first, fortunately, it was made easy by the like of google etc
It’s crazy to see where this bitcoin thing has gone
Hello @hiroyamagishi, thanks for the insightful piece! (:
when do you think cryptocurrencies will reach mass adoption stage?
Do you think it's a matter of five years, or like ten, even twenty?
It's a matter of time. Some people have no interest of accumulating it because they are saying the price is too high. But if we take a look at our environment many merchants still didnt know how bitcoin works and for me that is a sign that crypto are still had plenty of room to grow, its price and value
I agree that price volatility is a big hurdle for business addoption. The success of Stable coin projects ( such as Dai coin) will be very important into bringing cryptocurrency to SME and widespread use by merchants. Having say that, we should not forget that crypto-assets based on utility and storage value are made to grow against fiat currency and are not meant to be stable.
I see stable coin projects as a an important tool to grow mainstream adoption of crypto-currencies and crypto-assets.
Thanks @hiroyamagishi for this post, so I started to understand about BTC. For me this post is very valuable. Hopefully @hiroyamagishi more successful
Great article and very informative, thanks for sharing. I've smashed the upvote button for you!
If you are looking to get hold of some crypto without investing or mining, look into https://www.crowdholding.com. They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
Great post. I'd appreciate that you see my content as well. I do technical analysis for the community with a focus on teaching.
https://steemit.com/bitcoin/@philakonesteemit/bitcoin-btc-the-road-to-all-time-highs-of-usd35-000-believe-in-bitcoin
Maybe the biggest bullrun will come after the biggest dip, we will see!
Brother Help me to level up !!
I'm super excited as many probably are of the future! Best wishes to you :D
The switch to crypto WILL happen its so much more fluid but it's definitely years away just because of how much backing and history traditional banks and currency have but when it happens the world will be for the better
Excellent post. I completely agree. I was just reading a an article that attempted to explain why bitcoin was created. Very interesting if you'd like to check it out: https://steemit.com/cryptocurrency/@workin2005/why-was-bitcoin-truly-created-to-get-rich-ponzi-scheme-launder-money-guess-again
si hay hispanos dale chulito :D
buen post pero largo
I believe in the possibility that bitcoin will be widely accepted and adopted. We should spread the information about bitcoin and cryptocurrencies. The downside of this is that there are those who are scammed from this which then builds distrust.
Well said, wonderful article.
please continue to write more on this topic.
Thanks, resteemed:)
the good thing about paying with bitcoin is you are sometimes anonymous to each other and the transaction fee can be so high but the good thing is it its anonymity.
Wonderful post. I really do believe in a decentralized future.
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Congratulations @hiroyamagishi!
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Hey @hiroyamagishi, well-written article bud! I was not familiar with coinatmradar.com. Very interesting to know there is a site out there that tracks the amount of Bitcoin ATMS. Based on my intuition and many institutional investors being involved in Bitcoin, I wouldn't be surprised if mass adoption occurs at a fast rate towards mid-late 2018 and 2019. It seems as more stores are accepting Bitcoin payments due to the efficiency and the preparation of Bitcoin becoming a popular form of payment. Knowing that more businesses are accepting Bitcoin gives me a sign that mass adoption will likely occur sooner than expected. Great topic/article bud, keep it up!
wow, great post :-)
Exactly what i have been saying. The Tipping Point is getting closer....