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Bitcoin Q&A: Does the price matter for adoption?

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Does the bitcoin price matter for adoption? What does Bitcoin disrupt by merely existing? What tools and "boring" infrastructure are needed, such as: wallets, ATMs, remittance markets, translation, and education? Why is the current market preference for the store-of-value monetary use case instead of spending? Why is the use case for the unbanked the most vital? These questions are from part of the Denver talk, the July and September monthly Patreon sessions, which took place on July 28th, August 6th, and September 29th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop RELATED: Measuring Success: Price or Principle - https://youtu.be/mPMsbgWl9p4 Why Open Blockchains Matter - https://youtu.be/uZPIz3ArQww Decentralised Globalisation - https://youtu.be/QoiR4aNbTOw Investing in Education instead of Speculation - https://youtu.be/6uXAbJQoZlE Beyond Price: Bitcoin's Impact on the Future - https://youtu.be/rvwVbRQ5Ysc Why I'm against ETFs - https://youtu.be/KSv0J4bfBCc Regulation and the bank boycott - https://youtu.be/8ypH69Cb1l0 Is bitcoin testing governments? - https://youtu.be/UfRGo2LAIpo Wallet design and mass adoption - https://youtu.be/WbZX6BDZJHc Mass adoption and peer-to-peer commerce - https://youtu.be/n9qIAEFS-Qs Scaling strategies and adoption - https://youtu.be/dML1a_Ek9Kw Price volatility and store of value - https://youtu.be/wzzZT95ijTo Why I earn bitcoin instead of buying - https://youtu.be/Ci7TyD8jETY Job opportunities with cryptocurrencies - https://youtu.be/89_p4pDlQtI Inspiring cryptocurrency projects - https://youtu.be/WW8norCKUbE From barter to abstract money - https://youtu.be/KYsppZoHguQ Crossing the chasm of theoretical vs. real need - https://youtu.be/yIR0OBEAaUE Remittances and smuggling in Venezuela - https://youtu.be/RRXecXfWARw How long until mainstream adption? - https://youtu.be/y3cKBDBabtA What is the biggest adoption hurdle? - https://youtu.be/jHgyHF3F2TI Bitcoin as everyday currency - https://youtu.be/xYvvSV4mjH0 Hyperbitcoinization - https://youtu.be/AB5MU5fXKfo How to avoid re-creating systems of control - https://youtu.be/EfoGnDoaBL8 Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos! MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/ THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ Translations of THE INTERNET OF MONEY: Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390 Russian, 'Интернет денег' (v1) - https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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Text Comments (58)
George Tindall (17 days ago)
day after day it is the same thing talk and graphs mean nothing progress and people making money does. and i see none of that.all you have is a system where people invest money and then when it builds up it gets stolen by a hacker.where is the safety and profit in that?
George Tindall (16 days ago)
+Nurvild what is there to understand about losing money aparently people that think it is great dont understand.if the worst ever happened in this country and all satalites and internet went down you have no way to know how much money you have.learn the hard way be broke cause it will happen good luck when someone puts a virus into the system that wipes your account information away people can hack crypto they can do this.me i am gonna laugh if everyone builds billions of dollars into one spot and someone hacks it and is enjoying your money in the bahamas while you are broke.bottom line is a smart invester doesnt look at just making money only they take everything into account that can go wright and wrong.i will stick with bullion cause at least i know where my money is and no one can hack or touch it.as long as there are thieves and dishonest people crypto will never work.
Nurvild (16 days ago)
You clearly don't understand bitcoin
1983banana1983 (21 days ago)
So proud that Andreas is here to explain in detail, and with passion, what Bitcoin will do for our world. So sad to see Roger Ver doing video's and totally making a fool of himself.
Michael (27 days ago)
I don’t agree. Price increases leads to visibility, publicity, community growth. This attracts more people to start developping in blockchain instead of focussing on other stuff, leading to a snowball effect of further development. Without the big headlines from the crazy bullruns, you have a much more limited audience and thus also limited community of developpers. Its like silicon valley: huge IPOs, marketcaps, newspaper headlines lead to everyone wants to work at silicon valley, so now you have all the experts there which are able to further accelerate growth exponentially
Dawn Bringer (27 days ago)
I've been in so many debates about how useful Cryptocurrency is and I always point out that Junkies are always going to need their fix and the darknet markets primarily transact in Bitcoin but people are like "but a currency that's only useful for hiding your illicit black market profits is still not very useful" Well I used Purse.io to Buy this laptop and kicked up the the Savings to something like 22%. I saved nearly 250 dollars on this Laptop ordering it that way. The Device I'm WRITING this comment on was severely discounted because of how I ordered it.
Dawn Bringer (27 days ago)
Yeah what Cryptocurrency needs is people to engineer wallets that are more intuitive for instance. Maybe Aliasing Bitcoin Addresses to names for instance so that people don't get confused. The whole public key aspect of a Bitcoin Wallet is kind of counterintuitive for end users. We need more On Ramps into Crypto and that sort of thing. More off ramps too as it's difficult to get money out. Aantopolos is absolutely correct. Especially where he says Bitcoin is primarily an English language phenomenon when the places where it's most needed speak Spanish or Portuguese. We need Bitcoin ATMS in Latin America and especially in places like Venezuela and Argentina in Spanish and Portuguese etc. He's damn right...
Test Account (1 month ago)
How do we ask him questions? Must you become a patreon member? Or does he have a twitter post?
Leonhard Killias (1 month ago)
Andreas is right about everything he says in this video!
Bob George Malem (1 month ago)
Hey Andrea, I have a question: Are all altcoins calculated based on bitcoin or what? If so, then why? ...So, say for some reasons, people start selling their bitcoins massively, yet not one person is selling his/their ether. Will ether still get punished by diving lower just because it's bitcoin's fault? If the answer is "Yes", shouldn't it be considered unfair? And what if bitcoin drops all the way to zero, and still nobody wants to sell their ethers? Wouldn't be ridiculous to explain if ether gets wacked for no reasons at all? Now, at this point, where are all the usd/s that were deposited to purchase ethers? Nobody cashed out, in this case ... So, why not create a crypto measurement? And let's call that measurement Nakamoto. So, since the measurement is to be adopted today, to keep it simple, let's say 1 btc = 2,630 nakamoto, and 1 eth = 200.57 nakamoto. To usd 1 nakamoto = 1usd, but it is not tethered to usd. Overtime, as usd or other fiat currencies will continue to lose value, a gap will become obvious. Ok, from now on, every national currency or crypto coins will be measured in nakamoto. From now on, 1 nakamoto is ground zero to any currencies out there. Hope the btc drag-through-mud problem can be solved. From now on any movement (up or down) on any currency, whether usd, yuan, btc, or eth will be on them against nakamoto.
Jerem (1 month ago)
I still don't understand why Andreas Antonopoulos doesn't have 1M+ followers...
1983banana1983 (21 days ago)
Because he talks real talk istead of "going to the mooooon!" and he doesn't drive a Lambo. There is a lot of fake talk out there. Who was here talking with passion when BTC dropped? Andreas. Not the XRP fanboys or lambo baby's.
Spencer Wray Phillips (30 days ago)
sadly 90% of the space only care about speculating on price, the tech isnt important to them. Imo the more you learn about the tech the less chance you have of over exposing youself and taking a big loss on a bear market, if you have faith in the direction of the tech then its happy days, its a waiting game.
Crypto Cliff notes (1 month ago)
Keep buying hodl and watch as people panic.
sirus312 (1 month ago)
Crypto NEEDS to be DUMB easy...look at netflix..snap...insta..facebook a damn chimp can use it. Cyrpto? ain't no one knows really how to use besides nerds. Coinbase makes it kinda easy but most still don't want to sign up
UKMHT (1 month ago)
Phoenix has arrived. Liquid just been initiated watch out swift bitcoin is coming for you. Etherium and xrp not needed anymore watch this space
djeitko (1 month ago)
One word Radixdlt p.s. everyone that have curiosity DYOR (do your own research) on internet and when you understand can thank me later.
Nachannachle (1 month ago)
Bitcoin needs designers! :) I totally agree that the cryptospace is everything BUT laywo/man-friendly: Simply to amplify.
it's me (1 month ago)
Andreas thank you for those videos. Long live Bitcoin!
Skipper Tasos (1 month ago)
Dude thanks for your talks
Foo Bar (1 month ago)
I think this is First and only AA video where I almost completely disagree with him. BitCoin should be pushed TODAY to be used in commerce. I want to use it in commerce. Everyone in crypto wants to use it commerce. What good can come up from AA message not push for merchant adoption? Problem is that BitCoin has a bottleneck of small transaction output and that is the only reason why AA is advocating against merchants adoption, because he knows that bitcoin can’t serve that role today. Just wait until LN and Liquidity gets working and some traction, AA will push for merchants all day long.
stanley mumo (1 month ago)
Mpesa works well because people who live in rural area can send and receive money from their phones without internet access. Bitcoin will take time to catch up because not everyone has internet access in the world
Nixon Rexzile (1 month ago)
if there is no guranttee then what do you want?
Anderson Ott (1 month ago)
Don't forget that you can text Bitcoin transactions, so internet connection is not necessary at the point of use. Eventually the transaction needs to be broadcast to the network, but if you (wherever you are) can text it to me (wherever I am), I can upload the transaction when i find WIFI or some other form of internet connectivity.
stanley mumo (1 month ago)
+Nachannachle of course companies will just focus on permisioned and centralised technology because they can easily control
Nachannachle (1 month ago)
Stanley Mumo There are currently a few blockchain projects looking into setting up cryptocurrency access via telephone...in Kenya again! Eastern and Southern Africa are quite an area of choice for a lot of low-key companies. However, there is no guarantee that they will focus on decentralisation and permission-less blockchain...
Patrick Carter (1 month ago)
One of your best Andreas
Everything you say is so well put together! Thanks for the uploads and informing the people!
elys glassart (1 month ago)
i still have to go to bank and other financial institutions befor i can buy bitcoin or cryptos
Filipe Silva (1 month ago)
No. 1. Pick up your fiat money and trade it for crypto on local bitcoin 2. Pick up any good someone else with crypto values and trade it for crypto. (AKA sell it)
Hope for all (1 month ago)
3056 people are watching this? I think maybe we are the exteeeemly early adopters! Just Hodl...forget about it and wait for 5-10 years
Kevin Cass (1 month ago)
Can't tell you how much I love this guy without sounding too gay. Not that there's anything wrong with that :-)
Peter Petrov (1 month ago)
Today the LN can guarantee 5 cent transactions which corresponds to the price of 1 BTC in the very beginning in 2010. How likely is it for the LN capacity to increase as quickly as the price of BTC did in its early days? (Just 3 years later in 2013 it got to $100 which would be a useful tech any way you slice it!). Is it likely that the growth rate would be the same or is the comparison a complete nonsense? Thanks!
A. JAY (1 month ago)
Yasooo Patrida, my HERO, I always wondered why didn't you go to the Congressional Hearing, rather than that man who said Nothing? What a fool. Keep it up Patrida, Thanks
Chancellor Crypto (1 month ago)
It's what I usually say: the value doesn't really matter but the ecosystem does. No ecosytem = No use of cryptos Some like Bitcore are more focused to create an ecosytem about and then the value will come naturally
Watafa Kiam (1 month ago)
You make more sense, more often, than everyone in the space, put together... !!!!
BiteSizeBitcoin (1 month ago)
Damn. I love his talks. Everything he’s telling us we need for adoption... we are building!
nion456789 (1 month ago)
Smashed the like
You are the best Andreas. It is because of you that I started my educational channel Bitcoin, Blockchain y Cripto en Español https://www.youtube.com/channel/UCNktn2HD-NY1sLoa5ioMq5A
Lisa Lowery (1 month ago)
The goal would be to ultimately use Bitcoin or Crypto as FIAT is used now ......however its value needs to be stable ......how do we do this ?????
Verma (1 month ago)
🙏
vydas dasvy (1 month ago)
Where's the guy that smashing the likes gone?
keep it real.. (1 month ago)
Price as well as size matters...but at 6k...bitcoin is worth shitloads...it's possible bitcoin will never be below 6k ever again..RIP USD..
Thinking Crypto (1 month ago)
HODL! we are in the infancy stages of the crypto market, bigger things to come!
Dan Shields (1 month ago)
5:57 did you watch it? ;)
Un Banked (1 month ago)
Thinking Crypto HODLing is the exact opposite thing you need for adoption - "Utility will make it valuable". *Spend and replace* is the only way to get more people using it, not stuffing it under your mattress.
Gianluca Ghettini (1 month ago)
If(andreas) likes++;
philhellmuff (1 month ago)
Bitcoin can't even handle mass adoption right now. We saw what happened in January and that was like a million people trying to use it. 600k tx a day is nowhere near powerful enough. So we need the lightning network before mass adoption or it's another black eye for bitcoin with millions of unconfirmed transactions and huge fees.
Nixon Rexzile (1 month ago)
what are you dumb, it's going to stay as exchance and it perfectly make sense why it cost high per transaction until more more people start mining, then it will cost really cheap! It take times, and that's fine. Cause FIAT is FKED!
tony stark (1 month ago)
There is 400 merchant s on lighting right now it's growing quick
philhellmuff (1 month ago)
Yeah but that's not gonna change the world. It will only help the rich hodlers
TheJTMarlin77 (1 month ago)
philhellmuff maybe it’s just better for BTC to be digital gold instead of a means of exchange
Lee Crez (1 month ago)
Isn’t it also that 3.5 bil people live of less than 2.50$ per day? So they simply don’t have a bank account b/c they have no fiat. Earning that little, bitcoin tech. as it is now wouldn’t be able to help. What should they do with 30cents worth of btc? I don’t see the use case for all of these 3.5 bil people as of now.
Nachannachle (1 month ago)
+hunor Sure, but none of these use cases will be done on the high-costs BTC network. Hence the need for newer and more user-friendly cryptocurrencies... :)
Nachannachle (1 month ago)
+Lee Crez Spot on. People don't often want to admit that BTC has become, in fact, a cryptocurrency for the WEALTHY 1% and the LUCKY developers of the pre-2017 era. I mean, just look at the number of millennials who eat dry bread just so that they can buy BTC on whatever big-bucks cryptoexchanges. It doesn't matter that you can subdivide BTC into satoshis and whatnot: if people from developing countries don't even have jobs nor cash to pay for JUST the transaction fees, they are not going to go about owning any fraction of BTC at any point of our current times. That's the reality that the idealistic crowd doesn't consider when looking at the current state of the BTC project. Point is Satoshi Nakamoto wanted P2P cashless system for people who already own bank accounts and have access to centralised internet. Otherwise, he would have created something like a decentralised mobile network cashless system.
hunor6 (1 month ago)
Threre are many potential future use cases for these people one the technology matures. Just to name a few: 1) send money cheaply to family from abroad 2) Donate to them directly w/o 3rd party 3) they can get rid of the risk of fiat money inflation etc.
saliljnr (1 month ago)
Lee Crez you are absolutely right. Most of the unbanked are unbanked because they don’t have enough to spare for savings...
MrHarrilasagna (1 month ago)
Thanks Andreas!

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