What is holding Bitcoin and other crypto currencies back? It seems like everybody is talking about it, and Blockchain and Bitcoin are constantly in the news. So what is missing to get back to that 500 million and higher market cap? I think it is mass adoption, and we who are already in the cryptospace can help out here.
Honesty compels me to say I got this advice straight from Charlie Lee's Twitter feed, and as such it will not be anything new for a lot of Steemians. But I thought it important enough to repeat here for all that haven't thought about this yet. I'll repeat his Tweet from April 3th, and just replace "Litecoin" with "Bitcoin", just to prove this advice is universal and goes for all crypto currencies:
"Ask not what Bitcoin can do for you, ask what you can do for Bitcoin."
Here's how:
- Tell all your friends and family about BitCoin
- Show your favorite merchants how to accept BTC
- Spend BTC wherever you can
- Buy back your BTC that you've spent
All important points, but especially the last two are essential in my opinion and where we can all help speed adoption up. I know it can be a hassle, but if you can, don't just hodl but try to spend and buy back; there's no better way to get cryptocurrencies into the "real world" and speed up mass-adoption.
Hi! Great point, although I think the masses in built up country have been subconciously programmed too associate the word Bitcoin with the word Crime. Its much better to introduce people to crypto by telling them NOT about Bitcoin, but instead about other coins and tokens, depending on if they want to invest them tell them about the tokens representing company shares. I think we should start to steer away from bitcoin, of course hold some for a pension, but bear that in mind how fucked up it will all be at the time when you want to sell the BTC. As for me I wont be with a microchip in my hand, having eyes scans to get my food whilst being programmed from a chip in my brain. So thers no chance in the future for free people to cash btc in because its not anon. BUUUUT for a 5 year investment, tokens are the best. Btc was just the key that opened the huge gliming gates of free markets and peer to peer trading possibilities. I resteemed this for you ! Have a nice day!
Wow, thank you for such a well thought out response, @movingman :-) I'll try to return the favor as best as I can.
Yes, that's true. And they've also been programmed to associate the word "bank" with "trustworthy", at least until the crisis of 2008 / 2009. Now we still have a long way to go, but that's at least a century of subconscious programming wiped away from the minds of a good portion of the "western" population. We are living in exiting times my friend because the growing mistrust against banks and other institutions that don't actually produce something, but only make money because they already have money, is accompanied by a growing mistrust for governments and their henchmen, the mainstream media.
This is something I see happening right now; my younger colleagues at work increasingly come into contact with crypto via some small altcoin they heard about.. "my friend said that this POWH3D is something I should buy to make a lot of money fast". And next thing you know this total joke of a coin (come on... Proof Of Weak Hands?) is the talk of the day at the coffee machine. I don't know if that's necessarily a good thing, other than that they get sucked into our world. Bitcoin still has the longest track-record of being trustworthy and I'm afraid that a lot of the "new blood" will leave crypto-space as soon as the experience their first loss with that small pump-coin; they are the so called "weak hands" that have left the market in this latest correction after the december pump.
For me this is the million dollar question and I will write an article about this: do we really want anonymity in transactions as a truly free society? This is something to think about, even if Bitcoin is designed as a trust-less means of transacting between individuals. I also touch upon this issue of trust (in a slightly different perspective) in this article: Who Do You Trust? Full Disclosure!.
In general though I agree with a lot of what you're saying here. We're not there yet, not by a long shot. But I do see a lot of positives and have a good feeling about the future!
Thanks again, also for the resteem. And if you don't mind: you also have a new follower here :-)
Ive got ot go out ! but im following you now also , and will give a friendlier reply at some point later on!
I want to see you other posts so will when im back , or even on the app is possible also
btc is not fucked up. it's the media trying to fuck it up XD
@oliverlai, The cost of transaction and the waiting times is ridiculous with BTC, and thats why it cant really be used for purchasing much things apart from things that price. I havent watched or read msm in around 9 years so im just saying it from a view from the outside :)
The basics of a currency is that it becomes worth more, the more that it is used. Id guess that 98% of people that have bitcoin in good amounts will just hold it, thus its not really a coin anymore, its like an asset as is gold. It was the first and always will be, but its not safe and private. How easy do you think it is to trace and locate all the wallets of bitcoin and then to start charging taxes? How much would bitcoin tax be?! Hahaha I am a true anarchist and nonconformist who steers clear since a while of the system. To tell you the truth I will just keep 0.1 Btc that I mostly end up giving to my nephews in years to come. There are much better things out there to get rich with without being stuck to Bitcoin lol.
I dont know about you, but when growing up, the rich were rich because they had shares in successful companys and they were rich from that. Now with Tokens, *the working class people" have the chance to become something like "high flying investors" of the future.
So what wise invester would put all there finance on one thing thats old, slow and not private?
Yesterday I found Hexx and took profits from DNT to use to place a buy order with after the hype there.
Seriously if you look on coinmarketcap.com and see the tokens that are ranked in the 200s, go see the website, see what they are about, and then see the price of pennys they want as a share and go find them even before they hit the trading sites :)
Currently Bitcoin is working pretty much like it did in earlier times - transactions are going through, there is no congestions, and one can get a transaction confirmed even with a minimal fee.
However, the main developers of Bitcoin thinks the congested situation is all OK. There is a hardcoded cap on the transactional throughput, meaning that Bitcoin currently can't be used as a a medium of exchange for the masses. Too many people trying to transact at the same time, and we get congestions. When there constantly are more people trying to create transactions than what the network can handle, we get longer periods where transactions are getting stuck despite quite hefty fees paid. And, surprisingly enough, quite big parts of the community seem to be comfortable with that, claiming that Bitcoin is meant to be a "store of value" and not a medium of exchange.
To be fair, they do have a road map involving second-layer-transactions, which may really rock (i.e. lightning network). However, the congestion problems and schism between "small-blockers" and "big-blockers" have been a big set-back for Bitcoin and crypto as such.
Great info :) Yes i heard about the development plans on btc but havent looked more into it 😂 I think im just getting more drawn now to coins with anonymity- yesterday I found HEXX,waiting for hype price to drop down though ☺
not sure if i actually sent that message before, " i just read your message, best to mail me movingman@protonmail, I have to do the morning shifts from 6 am til 9am thursday, friday but I can help out both days after work!"
btc like anything else needs a period of time to grow up. it will be great some day.
e.g. the speed and cost problem like you mentioned will be handled with lightning network soon.
and e.g. people don't like its traceability, so there came monero and zcash.
i have great hope on this thing :D
Yeh its bound to be great as it already is for sure.. Just easy to be manipulated also by dumping like yesterday. I brought my first silver yesterday and wrote a post on it,it was mainly inspired from your post 😂
Good point brah
Thanks!
upvoted and resteemed :) welcome to Steemit
Thank you so much for the warm welcome! :-)
great point! upvoted and bought 10 steem power immediately XD
LOL @oliverlai :-)
Thanks for the support!