Topic: What has hindered Bitcoin from getting mainstream adoption? (Read 238 times)

No one is even teaching economics in school, so unless someone studies it in college or on their own, they won't know even the basics of economics. Add the fact that the current mainstream school of thought is all about fiat money, and it's easy to see why Bitcoin isn't getting more traction. People see it as a risk and a liability, and unless they are attracted to the "get rich quick" side of it, they have little reasons to adopt Bitcoin.

To believe in the value of Bitcoin you need to understand the true nature of money, and how many people do you know who could give a comprehensive rundown of that? 

Education, or lack thereof, is the prime factor in my opinion. Everything else is beating around the bush in comparison.

For me when I talk to buddies of mine, it always has to do with price volatility first and foremost.  I always hear "buy the time I receive it after buying it's worth $10 less"..or something to that extent.  I also hear a lot of people complain about it being difficult to use.  What I say to them regardless of what "issue" they claim to have, is that they need to spend a few minutes and actually learn about the technology. 

What I find most is people simply don't give at more than a half ass effort the vast majority of the time.

Bitcoin to me is already in it mainstream and if any one have not adopted bitcoin then the problem is with such individual, what most people lack is the proper information about how the bitcoin network works and what it takes to have smooth operation on the blockchain technology.

Bitcoin is prevented from becoming widespread - human fear and laziness. And then various banking systems ideally begin to take advantage of this, and, to put it simply, the enemies of bitcoin. Mankind considers itself so smart that it is afraid to make mistakes, and laziness only exacerbates the situation. For a long time I also resisted the use of cryptocurrency - I was scared by everything unfamiliar, but I just had to trust the opinion of a certain number of people who told me that cryptocurrency is the future of the entire financial world. And only when I overcame fear and laziness for the first time and tried to buy and sell bitcoin, I realized that there was nothing difficult, that there was no alternative to cryptocurrency for use by the population, and the liquidity of this asset and the possibility of earning was simply the highest.

I think that what hinders the mass from adopting bitcoin is the lack of trust and proof. Bitcoin must develop itself through its users because there is no more powerful and fast news spreader than the mouth. People also think that investing on bitcoin requires you a lot of money when in fact, a normal breadwinner can be inside and make the money they want.

I agree that centralized exchanges are the most vulnerable point of bitcoin. While the coin is great and I find complaints about snergy consumption and confirmation time completely irrelevant, the centralized exchanges and the laws they have to comply with are a huge problem.
How can we change this? Probably the best way would be to create a complete economic circle where a coin is used to purchase processed goods and then those goods can be replenished by spending the same coin. Nowadays there's always a gap in the circle where fiat money comes in.

There are some external factors, but I think a fair amount of it is self-inflicted as well.  There's still too much reliance on exchanges, which leaves users of those services open to hacks and exit scams.  Each and every time this happens, it's negative publicity.  Publicity we wouldn't be getting if people were using Bitcoin the way it was designed to be used. 

Other lesser setbacks include the idiots who tried to make a purportedly non-profit "Bitcoin Foundation" and were, for the most part, corrupt as hell and didn't generate a particularly positive public image for what was supposed to be an advocacy group.  Sleazy Lawsky and his "BitLicense" racket, which was clearly designed to be an ongoing source of "consultancy" income for him, rather than anything that would actually benefit Bitcoin.  Con artist faketoshi attempting to co-opt the Bitcoin whitepaper and managing to fool a small number of dimwits, creating divisions.  In essence, every single time crooked people have tried to exploit Bitcoin for their own financial gain. 

It isn't all about its current price though. Partly, yes but not about how high the price is but rather the problem with regards to it's volatility. We all know how the BTC price changes willy-nilly all the time and this leads to it not being used that much in the current terms. Not to mention that adoption itself is difficult because of the existence of the fiat system by the government. A system implemented that basically all have used for a lot of time right now. With such a thing, who would bother about Bitcoin right? Yes, it has its advantages but really. Who would bother studying about it normally no? Not that I'm saying Bitcoin loses to fiat in terms of their basic usage, just that the world lacks a solid reason. A reason as to why they should adopt the usage of Bitcoin instead of fiat.

There are number of reasons why bitcoin is not adopted by mainstream businesses. But we will also have to remember that bitcoin is just 11 years old and the kind of appreciation and adoption it has already seen among the world mass, is enormous and very encouraging. But we still have a long way to go. Let me point out few reasons which I think is hindering the progress of bitcoin towards mainstream adoption,

1. Price volatility -  I believe it is one of the primary reasons why bitcoin is still have a long way to cover. While the price volatility makes it an wonderful asset for speculators, at the same time, it fails to capture the attention of the mainstream businesses where price volatility is a big business risk. Probably fortune 500 companies can sustain such volatility, but not the marginal business sector where profit ranges anywhere between 3% - 10% on products/services.

2. Government regulations - It is another big reason why bitcoin has not received much interest from the organized sectors. Such businesses usually don't do anything that is not permitted by their government. So they always look up to their government to regulated and make bitcoin legal. Clearly, majority of the governments have not done it yet and that's what hindering the adoption among the organized business sectors.

I believe these two are the biggest reasons of the hindrance. However, I strongly believe that bitcoin will start gaining traction towards a positive way post this covid-19 situation. Let's hope for the best!

From my point of view, what hinders bitcoin to be adopted is its image from the mainstream media. Bitcoin was fully recognized in the late 2017 after the price rose up, after that there are scams everywhere talking about bitcoin making it their bait for gullible people or those who wants to be into bitcoin investment or something and that is when bitcoin was also condemned by many financial advisors and economists because of its volatility. Aside the decentralized network is difficult to handle, it has so much uncertainty for everyone to rely onto.

For me, The main problem bitcoin or crypto adoption is facing now, is the rules and regulations of each country especially the USA. That is keeping us away from that goal, this year we have some good news and bad news. Some countries are banning cryptocurrency but the good thing is some countries lifting ban on cryptocurrency like in India and several countries. I guess if 1 countries will fully adopt crypto and it will have a good result some countries will follow like a chain reaction.

Bitcoin is exposed so far to an above average level, but yes there is still some hindrances obstructing Bitcoin.
+ Our reasons: Bitcoin can be hindered once our reasons for adoption is self centered and does not target Bitcoin development. Most people guilty of this are gain hungry investors always ready to pull out once the make gains.

+ Media influence. The media can be used to expose or pass on information about something, but what should be notes here is the information can be good -to promote it-, or evil -to hinder it-

+ government - heads and leaders- : this can have a strong influence on hindering Bitcoin

You should have just shared here some of the reasons, what exactly is this forum meant for? you guys keep directing us to your blog and YouTube site for traffic. We all know the banks and the capitalist who heavily benefit from the imbalance economic are fighting against bitcoin but keep failing.

If you believe that the terms and conditions of crypto currency exchange platforms as a reason for low mainstream adoption, then you are wrong.

Exchange platforms are centralized, and there must be laws to guide activities and prevent frauds.
I will implore that you dedicate more time to understanding bitcoin than watching and sharing propaganda

Good video.

Restricted locations is not a big problem I guess to hinder the use of Bitcoin I guess.
You have also mentioned regarding jurisdiction to comply which is also secondary thing if anyone with bitcoin in their nerves want to make it upto the market.

Im saying these things doesnt matter because until last year country like India had full ban on the Crypto currencies whereas people still used to trade hundreds of million dollar throughout country.

Did that hamper the use of it?  No.

Let's just take this year's example, India has surprisingly accepted the Bitcoin and its legal in the country.

Did that hamper the use of it? Again. No.

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Considering the % of people still on those 48% side (no location restriction), I believe it would be grand number since most of the countries that fall under them are largely populated.

Access to internet is one of the concern, but not anymore. It's almost everywhere now.

The study is well posed, but I still believe bitcoin is in good health and not much hindered.

The fact is that it's not all about exchanges. Most people think exchanges are everything a shitcoin needs to get mainstream and that's a very wrong idea. I think a coin needs to have some strong development behind in order to change its status from "shitcoin". If there's no development, there's no mass adoption.

However, even if we have constant and strong development on Bitcoin, we still don't have it mainstream yet. Why? Because it's not realistic to think of it as a widely used currency. It just won't work, it's against the idea of fiat as in it's transparent and requires a shit ton of money to be controlled, so unless there's a central entity to control it, authorities will not help it much to grow and pave its path as a currency..

Just imagine if we had transparent EUR and all those corrupt politicians' wallets could've been traceable. We'd put them all to the ground in a matter of days or weeks, as any suspicious movement would be transparent.

Bitcoin will probably remain the geeky-guy's coin while banks rise the flag of their newly created coin they can control in its entirety.

Since the creation of bitcoin, nothing hinders bitcoin to be adopted, bitcoin that was as low as $1 below before is now over $7500 today. It is not hindered and it has great future because more people will still buy bitcoin.

This week, I shared the findings of my report that investigated the terms and conditions of 100 crypto exchanges. Watch the full video here (5 minutes): https://www.youtube.com/watch?v=GKtWoCZR5Vw&feature=emb_title