If we look at the earlier quote, it stated that “Bitcoins can be traded for goods and services” which is true but perhaps not as widely accepted as the quote suggests. Essentially, adoption will be in part driven by an understanding of real world application for blockchain and cryptocurrency relative to each individual’s needs and the benefits that it will bring.
There are some technology platforms like Wirex and Cryptopay that let clients use a debit card against held crypto holdings – offering a number of currencies like Bitcoin, Ethereum and Ripple. These are good solutions for now, but the prices offered on such platforms can sometimes be some way off the real underlying token/coin price. Additionally, these platforms can be just as susceptible to attack and hacking. Ultimately, customers can pay for goods and services with these cards but they are some way off being fully-fledged platforms where you can pay Direct Debits or buy larger priced items like cars or houses.
The application question will also be helped by solving the ongoing topic of scaling which so far seems to be holding back broader adoption. It is hoped that advances like the Lightning Network will help solve this issue. For it to be able to be used within the mainstream – the number of transactions per second needs to be addressed and improved. Bitcoin stands at seven per second, other currencies like Litecoin, Bitcoin Cash and Ripple allow far more than this – but all are far lower than Visa’s 24,000 per second, which is a very widely used platform. It is estimated that the Lightning Network for Bitcoin will have the potential to process 1 million transactions per second, however this is still theoretical at this stage as the network requires adoption for it to process transactions at that speed.