2 barriers to crypto mass adoption- speed and convenience

in bitcoin •  3 months ago

Speed 15.jpg

Photo is from Unsplash

I have decided to change the title of this article to speed and convenience because convenience is really more of the problem. There aren't enough secure wallets out there for people to store all of the crypto they buy and there aren't yet enough mobile wallets where spending crypto will become faster and easier to spend and sell over time. These things are changing rapidly though, and overall I am very confident about the future of crypto.

When most people think of cryptocurrency they still think of Bitcoin. In fact, most people that don't know much about Bitcoin think that every currency is Bitcoin. So therefore anyone new or not very aware of crypto thinks that every transaction is slow, expensive, and possibly not all that secure. Because there have been big incidents in the news involving Bitcoins or other altcoins being stolen most outsiders are beginning to believe that all crypto is insecure and unstable. However, if you look at the Bitcoin hacks that happened they all involved exchanges being hacked. I haven't heard of many users have their Bitcoin or altcoins hacked if it was from their personal secure paper or hardware wallet. The actual process of making Bitcoin transactions and other altcoin transactions is very secure and the way that you store them can be as well. Anyways, my point with all this is that the news always makes mistakes when they report on crypto. They believe that crypto isn't secure because Bitcoins were stolen and they are only half right.

As crypto slowly progresses and we exit this bear market which I still believe will happen soon, I think we are going to see more of the currencies address one of the biggest barriers to crypto which is the speed and usability of Bitcoin or altcoins in general. For example, I remember last November when I was downloading the Reddcoin wallet on my computer, and the desktop wallet said that it would be fully synced to the network in about 38 hours or more. At the time I had no other fast and secure wallet to store my Reddcoin. I had only really been buying Bitcoin and Litecoin up till that point so I wasn't aware anything in crypto could take that long. I think once we address more problems about speed and security in the crypto it will be ready for mass adoption on a greater level.

While Bitcoin is getting faster and the fees are also much lower than they were last December, I think that investors are still hoping that there is a crypto with the same mass adoption as Bitcoin but is also much faster and has lower fees. I was hoping that there would be a handful of altcoins with at least half the adoption of Bitcoin that would compete with Visa's approximate 1,500 transaction per second, but Bitcoin is still the most used currency even though Bitcoin has slower transaction times than most of new altcoins out there with about 10/second. Ethereum can't compete with the transaction speed of Visa either with about 30+ transactions per second. I aware that all of this can change and that Bitcoin and Ethereum are probably some of the slowest because they are more secure than most cryptos.

Here is a list of altcoins that have the potential for mass adoption because they are some of the fastest cryptocurrencies out there: Credits is a new coin that entered the market back in March which was almost the worst time to enter the crypto market, so therefore they have not benefited from the bull run that happened last December. Credits is claiming that their main net will be able to handle approx. 1 million transactions per second with fees that are $0.001 or less per transaction. Nano is another possible alternative which has a very fast transaction speed of about 5 seconds because it is using the block lattice technology and it also has free transactions. EOS is able to process about 50,000+ transactions per second and has low fees. Tron just launched their main net and the transaction speed is about 2,000 transactions per second with no fees. Steem has a transaction speed of about 3 seconds and can withstand about 10,000 transactions/second and is free, Stellar has a transaction speed of about 5 seconds with very low fees. I know I left out a bunch of currencies that could've make this list, so feel free to include more below. Also, the transaction speed of these currencies also depends on your internet speed, etc. so these are just estimates.

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don't only like 5% of the population even use crypto? that is a huge hurdle is dumbing it down for the masses.

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Appreciate it bro..well said

Good work👍

Good list. Wish I'd been speedier to upvote and re-steem this for ya ;)
-exp

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Thanks for the help. I plan on posting 2-3 times a day, so there will be more opportunities.

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Okay, I've added you to my auto-upvotes for now. Re-steeming is manual on my part, working around a night job. As long as you're promoting, I'll re-steem all the ones I catch that have big upvotes coming.

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These votes sometimes don't come right away, as the post isn't always as visible as I'd like it to be. but thanks for the help.

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Btw, I don't know a ton about this, but Initiative Q is building a new payment network and giving away significant sums of their future currency to early adopters. It’s by invite only and I have a limited number of invites. This giveaway is worth about $10,000+ if they can achieve their goals. Sounds interesting at least.

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Here's the invite link if you're interested: https://initiativeq.com/invite/HfpQ86aVX

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Thanks i will definitely look into it

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Done. It asks me to remind you to verify me.
Off to work now, thanks for the invite!
-exp

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Good job...hard work👌

omg! i read again your post and again some important info i see that ,,keep it up man you are rock😘

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Thanks, I'm trying to create good content that I'd also want to re-read a year from now.

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Hey, thanks for all your comments! If you're interested, Initiative Q is building a stable coin and is giving away a significant amount of their currency in an airdrop. Worth about $10,000+ in future value, but only if they are successful. here's my invite link: https://initiativeq.com/invite/HfpQ86aVX

Very good photography!

nice post,

Speed had always been barrier , I agree with you. But security will improve with time , as we get people into this industry , let’s support so that we repeat 2017 again in near future

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I guess I seem more negative about this than I really feel. I think positive things are happening for crypto and are just around the corner. We just have to hang on a bit longer. I see a recovery in a few months or less. I think next December will still be interesting.

You have recieved a free upvote from minnowpond, Send 0.1 -> 10 SBD with your post url as the memo to recieve an upvote from up to 100 accounts!

EOS still seems scammy to me but I'm always willing to stay updated and jump in if I change my mind.

Nice blog

Agree with these two and I would also add that UI/UX isvery confusing for those that aren't that tech savy.

Whats the problem with security, Crypto is Uber secure. The problem is people are not careful enough.

Crypto needs a merchant-customer based payment system. Everyone's trying to make a company with new Visa/Mastercard capabilities, while relying on the enemy - Visa/Mastercard infrastructure, which means triple fees for the customer - blockchain gas price, Visa/Mastercard fees and finally the service own fees. Relying on Visa/Mastercard alone introduces theft (aka regulation/taxation) from government, which defeats the purpose of crypto. This is absurd, the new payment system should be only smartphone based, since everyone has one. Only gas price should be paid to transact. But no one is doing a payment processing service that takes no fees. The next logical step for a better service would be apps for both merchant and customer, they only transact in crypto on spot via QR-codes, no conversion to fiat, transaction goes straight to miners and stored into blockchain, so we get rid of Visa/Mastercard and the government. Then customers will have 2 fees - service fees and gas price. It's not perfect, but this would be already better than what's available now..

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I agree, smartphones are slowly becoming the preferred payment method so we should move in that direction. I wasn't saying that we should have any crypto directly try to compete with Visa or Mastercard. I was saying that we need crypto to be at least as fast at payment processing as Visa and Mastercard in order to become the more preferred option.

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I agree that speed and security are important for mass adoption, but I think educating people on the value of decentralization is the most important step right now. Many people hear that crypto is associated with criminal/illegal activity and are immediately turned off. We need to prove that the advantages to decentralization are worth the potential problems it brings- such as the Augur assassination stuff.

What is cryptocurrency and how does it work? This article gives a glimpse into the cryptocurrency domain. Many people do not have much knowledge about this field. However, most of them have heard at least once about bitcoin but rarely about other digital coins. Moreover, they fear to have their accounts hacked. Nevertheless, this is not true as traditional currency is more at risk than the digital one. One more thing about cryptocurrency is that it still needs to address more issues about cryptocurrency speed and safety, therefore being more attractive to bigger audiences.

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The issue is not so much about security, the issue is more that people still aren't educated enough about it in the crypto world. Security on the exchanges has to be improved though too.

Such high quality photo.

Posted using Partiko Android

Reading about Bitcoin and eth I thought u would be throwing some light on ripple who had also claimed to have 10000 transactions per sec and relatively much more secure than EOS ,Tron ,nano only competitor I saw was stellar who is on par with the security of ripple.

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You're right, I should probably add XRP to the list.

For new wave of BTC value growth, you need higher demand (more users) and limited offer (supply).
And then, you will always hit transaction volume issues. No matter how advanced the blockchain would be in future.

To store something of great value, you need 100% security and consensus of who owns what.
To achieve that without central authority, you have blockchain with cryptography securing transactions and ownership.
But to PREVENT 2 different inputs having exactly same output in cryptography, you need long keys (insane number of possible combinations preventing conflict).
That's a lot of data in comparison with banks storing just transactions and calculating balance from them.

As blockchain is P2P tech with independent nodes, there would always be hard to maintain volume of transaction and cost of running a full node.

Couple of years back, everyone was running a full node Bitcoin-QT wallet with 20-30GB blockchain. Now nobody does.

If you want lots of users in P2P environment, you need lots of full nodes for P2P distribution of transaction to be smooth.
You can't just increase blocksize by 10x, that will greatly decrease the number of full nodes (blockchain would run soon into Terabytes). 24/7 server full node would need (RAID1/RAID 5/ZFS) and then you will need even more HDD space. SAS HDD's and SAS SSD's are expensive.

It's funny you're not mentioning Litecoin or Bitcoin Cash, which are designed for faster pay transactions.

Nano, would be great but it's early days for DAG in terms of attack vulnerability, which is vital in crypto.

In fact it's more important to understand the different types of crypto, and what they're focused on. Check out this post i made recently.

It's also vital to understand what tech these coins use: PoW, Pos, dPos, DAG, a mix. As PoS evolves, it should get more reliable. You can't beat Bitcoin's PoW decentralisation robustness, bear in mind, which is why it's a favourite, a store of value, digigold.

What about Steem? as a payment option accepted in stores one day? That would be cool. dPoS, but the Steemit inc, should be focusing on developing this as we speak.

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I maybe should have mentioned Litecoin and Bitcoin Cash, these are focusing on faster pay transactions than Bitcoin, but my focus was on even faster coins. And yes, Nano has had its security issues which was the reason for the massive price dump. This article is just meant to start a debate and have more people involved in thinking about where crypto is headed. One of these faster payment options will probably gain a huge user base as well.

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At this time, Stellar network is my preferred. For when you buy a coin, you're investing in a network, in most cases. I think you could say almost, 'understand the network, and understand the coin.'

the4thmusketeer ,i follow n upvote ur post plss follow me n upvote my post also plss..

GOVERNMENTS AND CORPORATIONS.

Thanks for the info. I will look into it

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Very good post sir..thank u

Good morning @the4thmusketeer

I just bumped into your profile only to realize that we seem to share a number of interests :)

In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)

big fat upvote on the way! :)

I will follow you closely :)
Take care, Piotr

If you're into alts that have real world use, check out New York Coin. Merchants around the world already accepting, 5x Faster than LTC, virtually free transaction fees, 30 sec or less confirmation. Give us a look! www.NYCoin.community

The issue we have here is that steem is a decentralized system, so there is no publicity department to help tell the world of how awesome steem is. Not only is it fast, but it's also free to transact, you just need to lock some tokens. As a matter of fact fact, all graphene Blockchains are insanely fast most especially eos. The world just needs to know