Topic: What do you think is holding bitcoin back? (Read 260 times)

I think the mixed messages on regulations are holding the real big institutional investors from entering

More people are interested on the actual cryptocurrencies, but not many people are buying now.

The price of transaction and unpredictable rate.

So glad that bitcoin really recovers immediately, yes bitcoin really a great help for all the people, despite the negative news still people chooses to believe in it and that what makes the bitcoin unique, because people trusted this most.

I think what thrives bitcoin is the rise of other cryptocurrencies. As time goes, lots of them were already available in the cryptomarket. This means that most people tend to invest on other cryptos based on their return and also diversify their assets.

Yet, there is a big problem that the cost of transactions is very high which is not profitable for the people. Because some people want to save small amounts. It does not depend on technology, the government of some countries is set. I think the new entrants to crypto discourage.

Fluctuation is the main feature of Bitcoin because it's depending too much on the money line of investors. As much investors mean it raises or losing investor equally with falls. It's a pretty cool thing which made Bitcoin become a way to earn or lose your asset so fast.

I see thanks why bitcoin stops to go up, this is because I think good news content about bitcoin, and now it's also an increasingly Chinese holiday because many chinese that attract bitcoin make money flat for the needs of the Chinese New Year's preparations, hopefully some good news encourages bitcoin price increase

The whole problem is in the scale.
 Bitcoin then rises, then falls, then rises again.
 This plays a crucial role in our business

which is still a problem is about the transaction costs are still very high and not profitable for people who want to transact in small quantities, and the speed of confirmation is still very minimal with dense transactions every day and do not forget, the rules set by some government that does not support bitcoin technology.

Did you read the OP's questions before pulling that shit? He clearly asking what is the reason why bitcoin is holding back at the moment.

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For me what's holding bitcoin back is that the trust on the ecosystem has somewhat diminished. One factor that really affected is the government stance on crypto. Investors suddenly is reluctant to pour their cash because they know at any moment, their government can ban or tax their crypto. If they are living in a country where their is a ban, I'm sure that they will stop investing on it simply because they know that sooner or later their government will find out and strict penalties maybe given to them.

That's a good question and it's a much better approach to try to understand the project, than to focus on the bitcoin price. To start I would like to say that I don't really think anything is holding bitcoin back. I actually think it's having an healthy development, made by dedicated and competent devs. The problem is that development takes time, and since bitcoin is already mainstream in terms of awareness, and most people don't do any research and actually think that bitcoin is a final product, it causes a lot of problems that the media likes to explore.

In order for bitcoin to get mainstream adoption, it needs a lot of things like:

- Good regulation, in order to bring trust to the investors. They can't be afraid that the governments will suddenly go after exchanges and ban BTC trading (either pure trading, or actually the use of BTC as a payment method).

- Needs the lightning network to be ready to use, so it that BTC can compete with Visa and Paypal for micro payments, and be actually used as a currency or a payment method.

- Needs to be easy to use. I know some people that don't use credit cards, because they think they are to complicated. Bitcoin needs to be at least as easy to use as a credti/debit card.

- Needs to be easy to get (both for retail and institutional invetors), or in the future, easy to get so that people can make payments with it. Not everyone knows how to use an exchange. It must be as easy to use a paypal at least.

- Needs to have less volatility so that people don't feel a lot of pressure because they hold bitcoin. This is ok for a pure investment asset (a risky one), but is not ok if we want people to hold their economies in bitcoin, or if we want them to use it to purchase normal goods.

- Needs a well informed community, that don't focus on bitcoin price, and only see it as a speculation tool for profit.

As these things get solved, bitcoin will grow stronger and fulfill it's potencial to work as a decentralized global currency.

Bitcoin will continue to grow strongly over the next few years so keeping bitcoin for long term investment in the cryptocurrency market is great. I always buy bitcoin at times when it is low and I see it as a savings.

I think it would be a great turnaround, but I would advise investing in everyone else that it would have been much better if it had already been done, but I would advise everyone to invest because I think it will continue to grow.

Here's a few that I can think of;

1. Government continues its crackdown on bitcoin or crypto
2. Bankers doing their own thing. Attacks here and there. Just like what Bank of America
3. Media spinning everything to put crypto in the bad light.
4. Paid schills creating panic among investors using social media.
5. High cost of tx and slow confirmation, (although it's been reduced at the moment)
6. ICO's pulling a Scam stunt.
7. Whales manipulating from behind.

The transaction fees needed to buy, sell or transfer bitcoin is getting higher. New entrants are already disadvantaged especially when it comes to getting in on ICO's.

Personally, I prefer to keep bitcoins and other altcoins until they add to their price at least 100%. Only then I sell them, but it's not accurate.

Bitcoins greatest problem at the moment is the speed at which the transactions take. It was  initially designed to be an instant peer to peer cash system. Now, it is not instant and in some cases can take days for micropayments. The argument that it is digital gold is a stretch. At least there is a limited supply.

The higher the rate of decline that occurs, the higher the rate of increase. I judged, from the growing level of awareness among bitcoin users after a recent minor accident.
And the available supply of bitcoin is now dwindling in number, so this situation has an effect of increasing the bitcoin price for this year.

Most of the people are still afraid to buy. You have to realize that the reason we hit $20K towards the end of last year was due to people who hadn't heard of bitcoin before the rise, and started buying at $15K levels and above. Assuming these people haven't hodl'd and have already cut their losses and left the scene, they would be very reluctant to buy once again.

In order to win them over once again, the price has to display some stability and start improving slowly.