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675 sats \ 2 replies \ @DarthCoin 26 Nov 2023 \ on: Good metrics for Bitcoin adoption? bitcoin
I feel the progress is so fast.
Yes, I have the same feeling that the developers are building solutions too many and too fast and merchants / users cannot keep up with them.
The best adoption metrics I think is the merchant adoption. Without merchants, users can just shit on their shiny bitcoins in cold storage. If people cannot and will not use Bitcoin as money, we can consider it a failure.
Look at https://btcmap.org - that is the most important metric.
  • Not how many UTXO with >1BTC we have holding
  • not how many BTC/LN nodes exist in the network (BTW that metric is misleading because is not containing the private LN nodes)
  • Not how many BTC are in LN channels
  • Not how many institutions and Saylors are buying BTC
  • Not how many ETFs are coming
  • Not how many politicians are talking about Bitcoin.
  • Not how much is the BTC price on the exchanges...
And one of the most important aspect is this one:
https://i.postimg.cc/zX2ZDQD1/vader-sovereign-adoption.jpg
As I explained in this guide: https://darthcoin.substack.com/p/how-bitcoin-will-save-the-world
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22 sats \ 1 reply \ @Coinosphere 27 Nov 2023
I have a problem with using merchant adoption as a metric.
If you'll recall my story I've told here somewhere before, I created one of the 1st bitcoin merchant directories and scraped the web for something like 25 thousand merchants who accepted bitcoin on their website... In 2013. By fall 2014, 99% of those listings had no mention of bitcoin on them anymore.
Sadly, bitcoin acceptance was seen, during every bull market, as a new way to attract customers without taking the time to learn about bitcoin itself. Even after multiple cycles now I'd be willing to bet that 20k of those original 25k vendors don't accept it right now because they don't see bitcoin as being in a hype-crazed bullrun yet. -But they probably will again next year, if they're still in business.
To use this data as a real metric for overall adoption we're going to have to weed out all of these 'fair weather merchants.' Maybe some kind of requirement of keeping the 'bitcoin accepted here' sign on your website/kiosk for over a year would be a good start.
There's no way my scrapebot could have been tweaked to do that, however. It would need a manual process, especially for the IRL merchants.
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0 sats \ 0 replies \ @DarthCoin 27 Nov 2023
Yeah, some kind of what are doing the guys from CoinOs. Watch the Citadel Dispatch with CoinOS guys. They explain joe they are doing merchant adoption.
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