Topic: [Article] 10 Reasons Why Cryptocurrency Isn't Mainstream Yet (Read 298 times)

Thanks for your valuable post.

Thank you! Also, if we continue the same topic of cryptocurrencies, you can read about some blockchain use cases

Cryptocurrencies may have a hard time to go mainstream, but the technology will see adoption. What do you think?

Thanks a lot, nice info to think on
will recommend it for some friends

You practically said it all, but just to chip in a little bit, bitcoin will hardly be adopted in mainstream because its too volatile in nature, security concerns and poor awareness by the masses.

That a good question, I do think it may not be possible in the nearest future for bitcoin to go mainstream because there's still plenty educating that needs to done, alps the volatility and regulations will hinder it for a while too.

I believe that the year 2017 was the year when cryptocurrency and blockchain technology went mainstream (on a theoretical part) but there is a still a long way to go when it comes to the actual ground level use of it in multiple sectors around the world. It is true that the biggest challenge is lack of awareness and high amount of misconceptions planted due to the misrepresentation by the media.

I think there's only one big reason why cryptos haven't gone mainstream - most people are simply satisfied with banks, they don't experience any problems that are big enough to make them start looking for alternatives, people like the option of chargeback, since it gives them a feeling of safety when they do online purchases, and the last time people got angry at banks was more than 10 years ago, before Bitcoin was launched, and people in general seem to have very short memory. For an average citizen, cryptocurrencies have worse user experience and don't provide benefits for them, as people don't care about privacy and independence.

First of all, Crypto is hard to spend and Liquidity in crypto markets is shaky
Then  Crypto is too volatile. Furthermore, Cryptocurrencies are too abstract and unreal nowadays.

the only major reason that is keeping bitcoin back from everything has always been FUD in my opinion. there is a lot of lies, misinformation, exaggeration, false scary stuff online and generally in the media. and when people are constantly exposed to negativity they  are going to be programmed to be negative towards bitcoin. and we all love FUD because it helps us make money by buying the dips so we are also to blame.
we have seen this last year with evidence that whenever some big undeniable proof against these FUDs come out the adoption explodes to the moon. and this was Japan adopting bitcoin as a legal way of payment or a legal currency.

 The reasons being illiteracy; poverty etc in many countries.  We can not expect that an illiterate man can use crypto currency because he does not know how to operate internet on the mobile.

Crypto currency will not become mainstream until America recognizes it as the official currency)

That illegal activities thing is completely illogical. Illegal activities had been happening in the past when there were no bitcoins and will continue in future as well.

We reached mainstream actually but in just a short period of time and we are back to the small world that we are used to. It was december when bitcoin's exposure was so high but it did not last long because many people realized that it is not yet a complete working product.

You are absolutely right and even if I do not want to agree with it, there is just no way to deny this fact. Because even if I am such a big supporter of this industry, I cannot ignore all the flaws it has nor think that people should. In fact, I think that people should really consider these flaws and find ways to eliminate them or at least reduce them. I believe there are projects out there that are making some good solutions. I wish there will be more of them.

Most people don't really understand the currency and they don't seem to care and others really don't trust the currency because they feel that they can really lose their money when they invest and this is because of what they listen to in the media.

Crypto is hard to spend and Liquidity in crypto markets is shaky. Crypto is too volatile. Cryptocurrencies are too abstract

True, it might be "mainstream" in that way (Facebook, TV, News) but it's not really mainstream in the financial spectrum. And I believe that crypto has a long way to go through the hurdles of regulations, acceptance and avoid bans in some countries. We're getting there!

I guess the article had defined "mainstream" differently; when I say "mainstream" I don't refer to how accepted it is or how many sheep are using it, it's called "mainstream" simply because it has already made it's way out of the underground.

I therefore conclude that cryptocurrency is already in the surface of mainstream because you can see it on facebook and even on tv.

You are partly correct. But the topic is about crypto going mainstream. You are correct when you said that it is accepted in more countries. But only by the minority. Mainstream means being included or accepted by the  group that includes most people. And we are aware that only a very small percentage of a country's population knows and uses Bitcoin. This fact alone implies that Bitcoin or any other cryptocurrency is still far from going mainstream.

1. The emotional quotient has still not developed for Bitcoin. There have to be as many retail usage case studies where Bitcoin helped people all around the world. Gold and Diamond has been marketed on emotional parameters and store of value

2. There is still a large population which beliefs in the physical presence of material for investment. Our mind has been tuned like this for years. So this can be changed over a period of time through marketing positive influence in the minds, not just talking about the monetary value. That's why people are not able to connect still

3. Governments are indecisive and not sure what to do with this moving forward. Basically, they have not done their homework for the last 9-10 years.

4. Banks are the most threatened, rather than finding a progressive way to exist, they want to kick this out without even knowing how it can help them. They are scared and creating FUD around.

5. The retail and corporate usage needs to increase. A lot of investors are watching closely on the stance governments are going to take. Once a sweet spot arrives, they will jump in. They are still not ready to take the risk.

6. A lot of us are not sure whether to support the technology (which is the main thing) or to just take them as the coins (which are traded). People are not bothered about the technology still (probably).

7. The whole crypto technology is evolving, needs to see more use cases