Carl Mullan • 9 years ago
Yes, US Consumers Will Adopt Bitcoin....Just Not Right Away
BIGbtc • 9 years ago
Great article!..Author writes "The problem is that wider merchant adoption has not thus far translated into an increase in consumer demand for the currency." Where is this wider adoption? There has been no true Merchant adoption. People can pay with Bitcoin and the Merchant promptly converts it to USD or CAD or whatever the local "fiat" currency is. The real measure of wider Merchant adoption will come about when the retail industry is retaining a greater portion of Bitcoin received and returning it to the digital economy by paying staff, vendors, landlords etc. First we need to see- a) Confidence in Bitcoin as a store of value (volatility). b) that Bitcoin is less synonymous with anarchists, libertarians, radical coders, attention seeking 3D printing gunsmiths, Silk Road, and orgs associated with the dark underbelly of business.
Wall Street will bring some credibility but its not guaranteed as they bring a whole new set of problems and confidence busters. Wall Street never does anything for the good of anybody but the Wall Streeters... this will be interesting blend but overall a good thing simply because brand recognition.
Serving the unbanked has great potential and no doubt will do wonders for third-world and exchange volume. this is a very worthwhile long term project.
BIGbtc ca - Bitcoin Integration Group - Toronto, Canada
Guest • 9 years ago
Bitcoin will reach mass acceptance only in your dreams. It's nothing more than a trading vehicle right now. Buy low, sell high, and repeat.
Milly Bitcoin • 9 years ago
Some investors see it that way but there is more to it.
Jeff Perkowitz • 9 years ago
Pretty obvious stuff, but a decent read overall. I think the Wall Street investments are going to come very soon, probably Q3-Q4 of this year.
Milly Bitcoin • 9 years ago
You need a large merchant adoption before people will start to use it and that is the phase we are in now. Once people start buying it the exchange rate will rise and Wall St. will take notice more.
You missed on common school of thought by some of the wing nuts: that Bitcoin will be adopted because it will end war and completely change society.
Curren$y • 9 years ago
Why can't Bitcoin end war and change society? The internet has completely changed society for example, maybe war someday.
Milly Bitcoin • 9 years ago
I agree with this guy: " I am by no means a believer that a few cryptographic hashes and a fancy database somehow changes any of the real human dynamics which scientists, artists, philosophers, and the like have been pondering for a couple millennia."
Curren$y • 9 years ago
that guy need to familiarize himself with Moore's law and Metcalfe's law. Society is changing at a pace never before seen and this trend will only continue. Also, if technology allows to fundamentally change how humans exchange value then stopping war is ancillary imo
Cool stuff, Dwain. Really nice overview.
But according to you main adoption will start when the price will increase, and the price will increase when "institutional investors such as insurance companies and retirement funds start to invest"
What should attract those institutional investors? Whats the reasons behind them doing so? Would be cool to hear your thoughts on this.
Because now it looks that its a never ending closed circle, or maybe I'm just missing the point.
[just interested.no trolling]