Can Bitcoin Ever gain mass adoption?

[Tribalchief]

The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.

I happen to be a strong promoter of Bitcoin and also love to see its widespread adoption in this fast evolving world. However, that doesn't mean I support those who force Bitcoin information on others who are not willing to learn. In other words, I prefer to target the right audience.

Bitcoin, which was primarily introduced to eliminate the involvement of third parties in financial transactions, has turned out to be a secure and fast-growing currency in the business world. Alongside its main introductory purpose, we've also seen it as a good investment asset that yields significant returns in the long run.

There has been a classic debate that Bitcoin could gain mass adoption and might possibly weaken the use of fiat currencies. I consider this debate unnecessary as there is a slim chance for this to occur. My reasons:

The term DYOR is well associated with every cryptocurrency, helping enthusiasts learn about any project they are investing in or buying. Unlike fiat currencies and the banking related system that doesn't require research to understand how it works, we can see a clear distinction between those who are uneducated and Bitcoin. Uneducated people can use banking services easily and perform transactions with fiat currency without doing any research.

My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.

Note: Even the ignorant ones among us use banking services/fiat currency.

[bitmover]

The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.

I

There is already a very high adoption imo.

People are selling their life savings to buy bitcoins.

We have bitcoin etfs all over the world
Basically everyone in the world know what is bitcoin

[0t3p0t]

1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.

Well yes and no. Yes because some people that are not tech savvy will surely hesitate to jump-in and no because those who are not having this IT knowledge will surely rely on DYOR YouTube is always there for tutorials so it counts.

2. Would this limit it's mass adoption?.

It depends on how people will see Bitcoin if they see it as a potential investment then why not? If they see it as the best payment method then it all good. The only drawback here is on how governments treat Bitcoin most especially the regulation. But on the other hand I can see this massive adoption coming if Bitcoin will reach certain price like $80k-$100k and also we need to take ETF into consideration as rumors circulating that stocks investors are now moving into Bitcoin. I don't know if that was legit but yeah good to hear news like that.

[SamReomo]

1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.

Yes, the ones who don't do personal research and who worry a lot about technical aspects of Bitcoin won't be able to adopt it. That's a fact, the ones who are illiterate might not be able to adopt Bitcoin very soon. But, if awareness and education of Bitcoin is given to such people then they might adopt it. However, no one is going to teach such people about Bitcoin and thus they won't be able to adopt it.

2. Would this limit it's mass adoption?.

Yes, that will limit Bitcoin's mass adoption to some extent but man these days the world is full of information thanks to internet and video sites like YouTube. Even the ones who are less technical may adopt Bitcoin in future if their heirs tell them about it and convince them to be part of it. I'm still positive that Bitcoin will be widely adopted within a decade and two because by then most people would be good in technology.

[Aanuoluwatofunmi]

My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.

Answers.

1. we know about bitcoin not because of how educated we are, just as in the society today, you will discover that the rich people are not the most educated fellows, they are instead those that have made it a sacrifice to learn and developed themselves in other to have something to offer.

2. No, and not in any way will literacy has to do with affecting bitcoin adoption, one does not have to go to school before making money or knowing how to spend it.

[Sim_card]

Bitcoin has gained mass adoption, and we can see that everywhere we go. Bitcoin ETF approval alone has helped in mass adoption of bitcoin, because people that do not understand that they can be their own bank or do not want to take the responsibility of being their own bank, can now buy bitcoin and leave it with the institution to keep for them. ETF approval allows even illetrate to be able to buy bitcoin, but it is not good to keep our coins with a third party, and this is where I feel for the illetrate. You must not have IT knowledge before you can buy and use bitcoin, as long as you can read and write, you can be a bitcoiner, because you only need to know the basics of bitcoin. The illetrates can be taught bit by bit, over and over again, if they are interested to invest in bitcoin.

[robelneo]

My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.

Note: Even the ignorant ones among us use banking services/fiat currency.

We have to admit it this is one of the hindrances of Bitcoin adoption, the technicality, lack of proper knowledge and the threat of hackers are what make total adoption very difficult for many people, for example there are many areas in our country where there is no or very weak internet connection so they are late in the news about Cryptocurrency because mainstream media in our country do not deliver news about Cryptocurrency.

[Cryptsafe]

Op it is no longer news that Bitcoin.iss becoming popular in various countries of the world. As we may know, bitcoin is under crypto currency and it is a very broad prospect and has lots of careers which one can do. Bitcoin can be used by both educated and uneducated individuals all round the world. Using Bitcoin does no ot requires much technicalities as it used to be onset from its inception. As it stands now an illiterate can conveniently use Bitcoin as long as they understand the basic fundamentals of it.

I would say that Bitcoin is getting much popular now but it is still in the early stages of adoption and would definitely gain massive adoption in die course when the time comes. As it is that every one can learn business so easily, so it is with Bitcoin, individuals both educated and uneducated can easily learn Bitcoin ecosystem.

[MrSpasybo]

My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.

+
Current payment technologies also require technological savvy. Using banking applications on smartphones also requires users to know how to use smartphones, have an account to download the application, have a phone number to receive OTP code, know how to operate correctly to provide recipient information and amount of money to transfer... About 10 years ago, I refused to use a banking application because it was too complicated, but now I use it quite often after learning and knowing its advantages.

So I believe that as long as future applications provide more user-friendly approaches, BTC will be one of the popular options. TrustWallet or SafePal only require users to store a single set of seed phrases to own dozens of accounts on different blockchains. Users only need to perform a few simple steps to easily send and receive crypto. I think it's extremely easy for El Salvadorans to have access to BTC payments via the Lightning Network.

So, in my opinion, there are no more barriers related to technology and understanding that can hinder the development of BTC. The barriers of legality and high price volatility are of more concern.

[Don Pedro Dinero]

I believe that the mass adoption of bitcoin will come. In fact, we are on the way, but not to the adoption that was once dreamed of, of massive P2P use outside of states and central banks. Adoption will come in the sense that having bitcoin and cryptocurrencies will eventually be as normal as having stocks, investment funds or pension plans. And I think there are not many years left for that, I would say less than a decade.

[Carbitcoin]

Bitcoin is being accepted all over the world, and it is only a matter of time before retailers realize that they can save some money by accepting Bitcoin.  They don't have to pay banks and credit card manufacturers 

[Faisal2202]

1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.

To use or acquire BTC a newbie does need a little knowledge of how to use apps, and from where to buy them, etc. etc. but it is not as hard as it sounds when you use the first IT education. NO one needs that much knowledge, and even if a person can easily use fiat currency but can't use the banks apps to use the digital form of fiat currency until he/she has been given a tutorial of how to use the baking apps, etc. The thing is a little information, help or assistance is needed for a newbie to buy, hold, and keep BTC safe. Once given, they need nothing else.

2. Would this limit it's mass adoption?.

Before ETF's approval, it might become a mass adoption limitation but now that ETFs have been approved and people can directly buy a share of BTC from the banks using the fiat currency so I don't think we have to care about this factor becoming a limitation for the mass adoption of BTC.

[Stompix]

My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.

Follow-up question, what do earn by mass adoption.
1) People owning bitcoins, having them in custodial wallets over CEX
2) People owning bitcoins storing them in their cold wallet but not spending them, interested only in getting a return in a bull run
3) People owning and spending Bitcoin but doing so with 4 party services
4) People owning and spending bitcoin, never from a 4rd party , never with a custodial wallet

First 3 might be doable, the first one that involves no actual use but just holding promises over deposited coins one might even consider it achieved at massive scale if we believe crypto blogs that two around 10-155 percentages of owners.
The forth one, no, it won't!
The fourth and actual true decentralization with no 3rd or 4th party, the full your keys your coins material will only be in reach of achieving once the material quick gains mirage is perturbed, till then, with more interested in holding numbers on a screen for future profits that actual usage there is no way for it!

[vegasus]

I think that's actually very possible. Even now, the development of mass adoption of Bitcoin throughout the world is growing and many are being discovered. especially in countries where Bitcoin has been legalized. However, there is still a long way to go when it comes to mass adoption in all countries in the world because it really covers various interests and things that Bitcoin can achieve. various regulations by the government are often the problem that hinders this mass adoption. Because however, mass adoption for Bitcoin can actually be done in various fields, but remains limited due to certain regulations from the relevant government.

[taufik123]

-snip-
various regulations by the government are often the problem that hinders this mass adoption. Because however, mass adoption for Bitcoin can actually be done in various fields, but remains limited due to certain regulations from the relevant government.

Looking at how many countries like El-Salvador are openly adopting Bitcoin en masse certainly makes El-Salvador the center of attention.
However, El-Salvador has also bought Bitcoin gradually since they first adopted it.

The regulations they apply certainly aim for the wider use of Bitcoin and this covers their economic sector and how to use Bitcoin and Fiat side by side.

Unlike when the adoption of Bitcoin is only allowed as a commodity that should not exceed it.
In developing countries like Indonesia, it is already grateful to be able to trade Bitcoin, because some other countries are busy to ban Bitcoin completely.

Government regulation will indeed hinder bitcoin adoption, but they have their own reasons and how it impacts their countries.