Quote from: tomwalsh on May 18, 2017, 08:45:34 PM

Quote from: FLoving on May 18, 2017, 04:41:42 PM

Quote from: jawed on May 18, 2017, 03:02:06 PM

It basically starts with the administration in accepting and legalizing the use of BTC in the respective state. In many countries, the administration is still sceptical about the nature and properties of digital currency. It may be mainly because BTC is decentralized and not under the control of the state. Until the administration starts to accept the concept of cryptocurrencies, the local businesses would also steer clear. Nobody wants to upset the big brother Grin

I think by administration you mean the states which I think will take a longer time or no one can say that when will the state legalize bitcoin as Japan now has legalized for which no one expected.
The better way is that we the users of bitcoin ourselves need to work for it to make it acceptable in the local market and to regulate it without any issue to the merchants.

I fully agree that it is up to the long standing bitcoin community to introduce it to the mainstream.
I don't think this will happen through any big push, although it would be great if the whole community could use their combined influence all at once.

I believe the solution is gradual introduction. This can be done buy each member making small changes, like when buying a product activley looking to see f they can buy that same product with bitcoin instead of fiat.

What i think is the biggest barrier to mainstream introduction is volatility of price.
Half the community view bitcoin is a speculative asset that will be worth a lot more in the future, and therefore buy and sell all the time.
The other half want to see bitcoin replace fiat as an everyday currency, but for that to happen the price will have to stabilize.

I agree with your assessment about the volatility of the price of bitcoin. Personally even I look at bitcoin as an asset. I never like to spend my bitcoins. Always trying to increase my total stock. And I am sure there are many like me out there