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What does it take for Bitcoin to achieve Mass-Adoption?

The biggest obstacle for Bitcoin right now is, that so few people use Bitcoin. But why do so few people actually use Bitcoin from a day-to-day basis? Well, the answer is, because so few people use Bitcoin. That might sound a bit confusing right away, but I will explain myself.

Bitcoin has the obstacle to overcome, same as Facebook. Facebook became so valuable, because literally every friend of yours, and their parents where using it. If no one used Facebook, then I really doubt it would be nearly as valuable to humanity as it is today.

The same exact thing also applies to Bitcoin. What makes money valuable, is the fact that you can pay anybody for anything with it. Good luck paying your local supermarket in Bitcoins. It just doesn’t make sense to do so.

This is also called the network effect. It sates, that a system is only so valuable, as the number of people using that system.

So, let’s dive into the 3 deciding factors, that must happen for Bitcoin to fully achieve mass adoption.

First, of course, is the support by a big corporation or even country. For example, if a big company like McDonalds starts to accept Bitcoin, then people would be more inclined to make purchases with Bitcoin. This makes total sense, because why would anybody adopt the usage of Bitcoin, if you couldn’t make any real-world purchases with it? Exactly, it doesn’t make any sense whatsoever.

The first point was pretty obvious, so let’s look at the other deciding factors, that are crucial for Bitcoin to be mass-adopted.

Did you actually know, that a third of the world’s population, 2,5 million adults to be precise, do not have access to the banking system? Yeah, what people in the first-world countries take completely for granted, isn’t all that common all around the world: A bank account. On the other side, many more people in these third-world countries do have mobile phones, but no bank accounts. So, what if all those people start using Cryptocurrencies, like Bitcoin, for their online and day-to-day transactions? They could skip the traditional banking system and directly buy and sell Bitcoin from their smartphones. If one third (or even less) of the world population starts to use Bitcoin, it will gain world-wide recognition and overtake any other currency.

The third scenario that could happen, is that a major economic collapse or abuse occurs. When this happens, lots of people will want to transfer their wealth to something that isn’t dependent on any country or government, but is universally accepted in every country of the world. There aren’t many options for such things. One of these things is, gold. And the other could be Bitcoin, which I see as the digital version of Gold.

I hope we will never have to experience such a catastrophic event in our lifetime, but it sure is a positive thing for Bitcoin, since lots of people will adopt it.

These are all the point I could think of. Thanks a lot for reading and have an awesome day! Visit me at flashipcrypto.com for more Crypto-article? 

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C.

Credits showcases over a million transactions per second unreachable for any other blockchain platform

CryptoCoinPrediction.com is not responsible for the article’s content or accuracy and may not share the author’s views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

On September, 14 Credits performed a capacity test of its blockchain platform in a real life environment using thirty two geographically distributed nodes and broadcasted it live on Youtube. The test showed that the Credits blockchain platform can perform a peak number of 1,327,152 transactions per second with the average load of 130,400 transactions per second, a result that so far has not been reached by any other blockchain platform.

The test was aimed to showcase a stable operation of the platform and provide an indication of transactions per second. The environment was designed to fully imitate real life conditions. Thirty two nodes operating on both Windows and Linux systems exhibited cross-platform interoperability. The nodes, equipped with transaction generators to simulate network loading, were located in Canada, Germany, Australia, Poland, Latvia provided a realistic geographically distributed testing environment. Network load was simulated by adding 275 transactions per second until the maximum capacity was reached.

 

“We made another step towards solving the key existing blockchain problems – scalability, security and decentralisation. The test proves that our platform is capable of coping with the scalability factor, with the solutions for the other two on the way. In addition we continuously expand the amount of partnerships with businesses from various industries, thus contributing to blockchain adoption worldwide.”, – commented Igor Chugunov, Credits CEO & Founder.

The detailed report containing the full data as well as the answers to the questions that followed the test can be accessed via this link