Bitcoin hasn't gone mainstream because of its volatility. In the space of 5-10 hours bitcoin prices can drop by 10 or 20% and this keeps the big investors from investing.
Bitcoin doesn't have a costumer service or a help department that new users can contact if they run into any difficulties when using Bitcoin. When you mention, private keys, seeds, exchanges and wallets to someone who has never heard of Bitcoin the person probably wonders why would I use all that?! If you have some concerns regarding exchanges and contact their service department you will get an answer anywhere from 3 days to 3 months or never. All these needs to change.
There have also been many scams and hacking incidents were investors have lost millions of dollars they will never get back.
Security is a big reason. Exchanges get hacked or decide to do an exit scam and run off with their users money, online wallets/desktop wallets stop working or are infected with malware in some cases.
People hear about this and read about it and they dont want anything to do with that. But hopefully in the future many of these problems will be solved.
Topic: Need some answers for a project :D (Read 153 times)
Here are my reasons
Decentralization
Most cryptocurrencies are decentralized which means the government can not control the currencies and most certainly it can not regulate the circulation of the cryptos as it usually does with mainstream fiat
Volatilty
As you may have witnessed. cryptocurrencies are very volatile at the moment which is not healthy for the economy of a nation. This kind of volatility can plunge the economy into the state of inflation and deflation at any time
Technological Ignorance by the masses
As you may have noticed, Very many people around the world as still about how cryptocurrencies work let alone the blockchain technology. This means their adoption will be so slow. This could be solved if blockchain course were made available in colleges and universities
Soring Cybercrime
Cryptocurrencies have been hit by a lot of scammers and hackers where billions of USD have been lost. This alone has made government very reluctant to take up cryptocurrencies as a new form of currency. Also, people are scared to take up cryptocurrencies for fear of losing their hard earned money to online criminals.
History of Bitcoin
We all know how bitcoin started. During its first years, it was majorly used to do illegal transactions involving drugs, guns etc. This sort of made bitcoin infamous in the eye of government and the general public. Bitcoin being the Godfather of cryptocurrencies implied that some people and governments still have the same attitude towards all other cryptocurrencies one of which is said that cryptocurrencies are a portal for money laundering and funding terrorism.
Decentralization
Most cryptocurrencies are decentralized which means the government can not control the currencies and most certainly it can not regulate the circulation of the cryptos as it usually does with mainstream fiat
Volatilty
As you may have witnessed. cryptocurrencies are very volatile at the moment which is not healthy for the economy of a nation. This kind of volatility can plunge the economy into the state of inflation and deflation at any time
Technological Ignorance by the masses
As you may have noticed, Very many people around the world as still about how cryptocurrencies work let alone the blockchain technology. This means their adoption will be so slow. This could be solved if blockchain course were made available in colleges and universities
Soring Cybercrime
Cryptocurrencies have been hit by a lot of scammers and hackers where billions of USD have been lost. This alone has made government very reluctant to take up cryptocurrencies as a new form of currency. Also, people are scared to take up cryptocurrencies for fear of losing their hard earned money to online criminals.
History of Bitcoin
We all know how bitcoin started. During its first years, it was majorly used to do illegal transactions involving drugs, guns etc. This sort of made bitcoin infamous in the eye of government and the general public. Bitcoin being the Godfather of cryptocurrencies implied that some people and governments still have the same attitude towards all other cryptocurrencies one of which is said that cryptocurrencies are a portal for money laundering and funding terrorism.
Hello! For one of my classes, we are doing a research project, where we pick a topic and figure out problems with it. I decided on cryptocurrencies. My problem is that Crypto is not "Mainstream" If any of you can give me ideas of reasons that Crypto is not more widely used/ how that could be fixed it would be greatly appreciated!
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