Post
Topic
Board Bitcoin Discussion
Re: What was the turning point?
by
Chef Ramsay
on 03/05/2015, 18:41:32 UTC
Is there any one event which made Bitcoin reach a wider audience? There was probably a time when only crypto enthusiasts were aware of it - what caused the non-enthusiasts to take interest?

In the area where I live most people in the general public relate bitcoin to crime. Most of the bitcoin news in the major media relates to cyber crime, exchange fraud, silk road trial, etc., etc. So yes, there is attention from non-enthusiasts but it's generally a negative impression.

To make matters worse, try to logically explain to your dear neighbor why he should run out and buy bitcoin so he can make purchases with it. When he asks why he should take the additional step of buying bitcoins so he can then buy something that he could have bought anyway without the additional step, tell him because it's fun and easy.
The average person has no incentive to use Bitcoin until certain places offer discounts for doing so. Businesses should know that as they expand their sales in Bitcoin then they have the benefits of no charge backs and lower transaction costs so they should be looking to incentivize Bitcoin use by offering a break on their prices for it. W/o more of that happening or being able to only get a certain thing by paying w/ Bitcoin, then there is no use for the general public to use it. Most upwardly mobile people that are natives of a country don't have relatives in other parts of the world where they'd use Bitcoin for remittance. Aside from that, they only way folks will want Bitcoin is if they know of the deflationary effect and that by holding it, they'll become wealthier over time. Sorry to say, that is what will turn heads, not the technology at this point.