Quote from: alani123 on March 23, 2025, 09:33:03 AM

Ever since bitcoin's early days most people didn't show appreciation. While acknowledgment of bitcoin has increased and demand has risen a lot, it's not necessary that those criticizing bitcoin were wrong.

What has bitcoin achieved recently? Getting in more exchanges, getting in ETFs and wider access to traditional markets? Sure. Mining becoming an industry? Ok, let's count that too. Does that mean bitcoin is being appreciated for its values of decentralization and immutability? Probably not.

While all this is happening bitcoin fees reached historic lows, which is a sign that there's very little demand to actually transact bitcoin. BTC/USD is near ATH levels and yet we're still here, many people want to trade BTC than ever but almost no one wants to transact with it. We spent so much time talking about lightning and layer two solutions while on-chain transactions can now even be send with a cost of close to nothing and decently fast confirmation.

People know that if we all started transacting in bitcoin tomorrow fees would go crazy though. The lightning network is far from usable and even for it acceptance is even lower than bitcoin.

But people still don't want to use bitcoin for everyday transactions. El Salvador wanted to pivot to bitcoin to save money on predatory remittance fees and boost its ailing economy that was based on two currencies, a national one and the USD. Still people don't bother to adopt the technology and El Salvador still nearly went bankrupt and had to scrap nearly all bitcoin related plans to receive a small IMF loan.

Bitcoin remains hard to use, mining continues to be environmentally damaging to a very large extent while it also becomes more centralized and scalability remains an issue. This price boom changes nothing in terms of fundamentals. Bitcoin's price went up mostly due to external factors but that doesn't solve the issues related to adoption.

Maybe though in the end, adoption doesn't matter? What are your thoughts?

I think its simple nobody really grew up with bitcoin so its still too new. Something like this takes a couple generations to fully engrain. Ypu habe older people still too skeptical and would never touch it because they dont understand it. But when you grow up and its normal then those people will grown up and make business around that technology. Its still early, thats all.