Topic: what hinders bitcoin to become a mainstream currency? - page 2. (Read 46244 times)

Indeed, if we would like to see every single country switching its previous currency on bitcoin , that would have been a big problem.
It is not really fast right now, because of the blockchain issues, and the fees are way too high.
Imagine that you have to pay for a every single thing with bitcoin, if you would like to buy matchsticks, the transaction commision would cost evem more that the product bought!

But after all, it is very secure store of value, still more better than a regular fiats: but we need changes to develop it ultimately.

You can't really blame banks or government, because bitcoin by design is supposed to decrease the power they have over a person's wealth. Of course they will be opposed to it. Bitcoin however is supposed to be disruptive and succeed regardless of what banks and government want to do. How will the government stop you from sending out 500-bytes of transaction data into the internet? Shut down the entire internet? There's not much they can do.

People need an incentive. Average people don't immediately see the incentive for using Bitcoin over more established and common payment methods. There's just no benefit to pay for coffee using BTC instead if your Visa.

The way I see it, there is only one benefit for using bitcoin. And that's untethering yourself from the institutions that have designed systems that make it easy for them to take cuts of your wealth away from you or regulate the kinds of businesses you can run. Mainly through various taxes or "fees" that you cannot escape from. There is no other reason to use it. Ultimately, the benefits of avoiding these costs have to be realized and taken advantage of by merchants, and the savings have to trickle down to the customers which will function as an incentive for them to move at least parts of their wealth over to digital currency.

For instance, an online business that offers a 25% discount to users who pay with Bitcoin over traditional payment methods. That will make sense for everyone.

First of all Bitcoin is sadly limited not unlimited biggest fault. Secondly government can't charge any tax on it so they won't allow it. One can never know the real identity of a person in Bitcoin transactions, so if you are scammed you can't do any thing about it. Then the biggest nightmare is the speed of the transactions sometimes it takes days and weeks. Oh and I forgot to add you need to pay fees. So government accepting all this is difficult, but then recently Japan gas accepted it, so this could be a game changer.

Slow confirmations is one of the reasons why bitcoin has been slow to reach the mainstream. But I have thought of things that will make bitcoin impossible to be included in the mainstream currency and one of it was the number of bitcoin in circulation and the second is that the countries are treating bitcoin as a commodity with a value rather than a currency. With this given fact it will be impossible for bitcoin to be included in the mainstream currency but the positive side is it will be accepted as a mode of payment for goods and services.

It is due to the fact that Bitcoin is mysterious that is people without enough knowledge what really it is. They see it as dangerous, full of risks, which results from the infamous scenes in connection with the cyberworld that is online scammers particularly.

Banks and the people with real power dont like it because they live of centralization of moneyhandling.

Core team is determined to make bitcoin to shit, so that solutions that are controlled by the establishment can replace it.

People like to use Bitcoin for weird things, I am sure that Bitcoin is not a mainstream currency because of that fact -it's because people complain on the speed of the confirmations.

Lack of awareness In the people about Bitcoin.
Lack of partnerships with some huge companies like Amazon and eBay.
Anonymous transactions feature because government's want to know all of your transactions.
Decentralization, because government's hate what they can't control.
I think all of these related to Bitcoin will hinder Bitcoin to become a mainstem currency.
And recently the delay in the confirmations of transactions.

BTC wallet being not easy to use and technology not known to regular people are just few factors that affect it to become mainstream. When I first look at the wallet address I have after learning how bitcoin works, it feels scary how how do i memories these? I can't even put in mind that 6 character password I have.

The difficulty for some people to understand it and the lack of usage by individuals which overshadows the compelling reasons (decentralization, lower fees etc.)
Awareness and adoption will lead to more awareness and adoption, it's a circle. But right now there's no awareness, though it's increasingly growing. What's more, Bitcoin cannot handle transactions at a mainstream level. The current scaling debate is only making matters worse. Eventually, it will become mainstream, unless some other coin replaces it.

The way I see it is people awareness. That is, how people will be awakened on a global scale to show confidence not only in bitcoin but in crypto currencies too. But even if people really want it, is there any possibility that banks and the governments world wide let it go of? I don't believe so. Banks are interested about blockchain for their purposes but they don't like bitcoin.

The transaction fees are back to 'normal' for now, they only rise if there is a backlog of unconfirmed transactions.
Besides, even if you add too little fees, you won't lose the coins you've sent, it will either get sent very slowly or the transaction is dropped.

other famous alternative coins hinders it, alt coins divides the number on investment, people invested in different alt coins but at the end of the day , they will just convert it to bitcoin.

Now it's a hindrance but the main obstacle is the government based on the nature of the bitcoin that is an anonym that makes bitcoin itself in the eyes of the government many gaps to be used as a crime tool. Whereas bitcoin has features that are not owned by other currencies.

The transaction fees used to be encouraging and the time it takes to confirm a transaction doesn't take that long. Now, transaction fees has soared so much and you risk losing your bitcoins if you don't pay the higher fees. If those things aren't a hindrance, I don't know what are.

The really hinders the bitcoin in being the mainstream currency because it is anonymous and basically the government cannot control the bitcoin price and we all know that we have a physical money which we use i think we are not just ready for a big change in the currency if we all erase the physical money and just use a digital currency we need to change slowly and step by step in order to be successful in this thing.

Goverment and people awareness of bitcoin is the main obstacle for bitcoin to become a currency. Goverment want to have their own currency which they can control, Goverment also has the right to create some regulation for bitcoin. No proper regulation = no merchant dare to risk their own business to accept bitcoin.

It is already the mainstream currency in the digital world but as we all know we have the physical money we know that the government will not make the bitcoin as main currency because they cannot control the price just what happen a 1 bitcoin cost thousand dollar.

I believe educating our children is the single most important way we can empower Bitcoin's future users to ensure its remains a growing success. Also teaching the senior community could be a good use of time too. My gramps loves the latest technology. Doing a lot of microtransactions or making small bets like playing poker or Loteria a Mexican lottery/bingo game could be a good way as well. 

Bitcoin takes a lot of educating and no matter how you try to spin it, you mine as well say Bitcoin was brought to us by Aliens or Humans from the future to save us from our current monetary system. 

What i am thinking is tt if government can actually regulate btc, it might be adpoted by more people, and it's good for btc which acts independently.