reply on: Abandoned Adoption : Bitcoin Backslides and Hard Truths

pull down to refresh

392 sats \ 7 replies \ @nerd2ninja 10 Jun \ on: Abandoned Adoption : Bitcoin Backslides and Hard Truths - #307 bitcoin

Isn't it obvious what went wrong?

We revisited places we enjoyed last year, expecting a similar ease of using Bitcoin. But this year, the landscape has shifted—for the worse.

Economics at this scale is all about those personal connections. That "regular customer" experience.

1 - Lack of Transaction Volume: Not enough people are using Bitcoin to make it worthwhile. Why invest time and energy into something that has no demand?

They went back to a merchant they had not seen in a while so the connection has been lost.

Every person I have seen try to "spread adoption" via merchant adoption, has resulted in the merchant abandoning the thing or they were using a 3rd party to accept it anyway.

Every person I have seen try to "spread adoption" via institutional adoption has also failed. They all use ETFs or other types of custodians.

The way I see things, Bitcoin adoption begins with a regular Bitcoin meetup. This meetup serves as a networking spot. People can talk about what businesses or trades they have and over time when there is a need to make use of it, they may barter trades (favor for favor) or they may use Bitcoin. Its part of the Bitcoin network either way.

Relationships

Most Bitcoiners miss that to have human action to trade a good or service between one another requires the regular maintenance of relationships.

401 sats \ 5 replies \ @oomahq 10 Jun

This is the approach we've been taking at our local community for the last 2 years.

While adoption is very slow, it hasn't backslided because the merchants we've met are bitcoiner business owners, not normie business owners looking for a marketing gimmick.

80 sats \ 4 replies \ @nerd2ninja 10 Jun

https://m.stacker.news/34784

0 sats \ 3 replies \ @oomahq 10 Jun

Hit on the nail.

44 sats \ 2 replies \ @OneOneSeven 10 Jun

Slow is smooth, smooth is fast.

@Undisciplined, this quote has been in my head since you posted it a few days ago, it's applicable just about everywhere lol!