Topic: what hinders bitcoin to become a mainstream currency? - page 3. (Read 46244 times)
The challenge that I see here that is most likely causing the delay which is unconnected to government is the change in the traditional way the financial system is being configured. Although, we have seen several developments happened to the financial system, but this development is gradual and even aligning to the traditional thing we all know but what bitcoin will be offering is a complete deviation from that system which I see most governments of the world, are currently not ready for as they are busy with politics and declaring war here and there.
Security? Crime? Inflation?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
Bitcoin is a currency but not money. Before it can be considered money the government must have first have a declaration stating that bitcoin is to be treated as money or a legal tender. But given the situation of bitcoin today the only declaration and treatment of some state towards bitcoin is to consider it as a commodity with a value that can be used as a form of financial payment.
Security? Crime? Inflation?
None of these. IMO, the biggest issue is the lack of partnerships with the major online retailers such as Ebay, Alibaba, and Amazon. If any of these major online shops start accepting BTC, then the userbase will increase by many times.
I'd have to agree with you but I don't think these companies feel the need to do something like this as they probably don't think it would change the amount of business in which they get. I think that they think that people will be using them regardless of if they accept a crypto-currency like bitcoin and they'd rather not have to go through all the loops and bounds of having to go ahead and accept it.
As they would have to be spending money on a dev team to set them up with accepting it even if they used Coinbase, BitPay or one of those platforms that takes a flat 1 percent fee to use I think?
But one of the other big issues is that scaling problem with the amount of money it costs to sent Bitcoin and it's really not worth all the trouble for most normal people I guess.
Security? Crime? Inflation?
None of these. IMO, the biggest issue is the lack of partnerships with the major online retailers such as Ebay, Alibaba, and Amazon. If any of these major online shops start accepting BTC, then the userbase will increase by many times.
It can be but i think it's because bitcoin is anonymous and can be use in crime so government cannot accept it and also we know the the bitcoin is a virtual currency and cannot be control the roaring high price of it government cannot accept a currency that they cannot control like what is happening in the bitcoin community 1bitcoin causes a thousand dollar.
I think its near impossible for Bitcoin to become mainstream,
Like other crypto currencies it is used primarily as a trading commodity.
but it can improve to become another payment system.
This is how I evaluate it
This could take a number of things: Adoption, Awareness and Acceptance
As has been mentioned if lets say the top 10 global online retailers adopt and accept
Bitcoin as a payment option awareness and acceptance could follow.
So if the awareness raises in the general shopping population how do they
purchase in bitcoin because their wages and assistance are all paid in fiat?
They have to buy bitcoin with fiat, whats the advantage? This is the acceptance issue!
Like other crypto currencies it is used primarily as a trading commodity.
but it can improve to become another payment system.
This is how I evaluate it
This could take a number of things: Adoption, Awareness and Acceptance
As has been mentioned if lets say the top 10 global online retailers adopt and accept
Bitcoin as a payment option awareness and acceptance could follow.
So if the awareness raises in the general shopping population how do they
purchase in bitcoin because their wages and assistance are all paid in fiat?
They have to buy bitcoin with fiat, whats the advantage? This is the acceptance issue!
Acceptance and Awareness are problems that hinder bitcoin to become the mainstream currency not Security, Crime or Inflation, people need to be open-minded about Bitcoin because they don't know anything about it. They should try to get out of their comfort zone and try new things in life. Security is not a problem in bitcoin, as it has a strong network or type of security that can prevent unexpected attacks. So by having this kind of security, crime can also be prevented. As for inflation, there is always a huge possibility that bitcoin will continue to grow as more people starts accepting it.
This is all true but even if all this was solved and in best order it's not very likely that Bitcoin would be mainstream currency. And not just Bitcoin, any virtual currency and the reason is exactly that, virtual cryptocurrency. This world and the finances despite all progress and technologies are functioning prety much traditional and conservative so material fiat money will rule this world for a long time.
Acceptance and Awareness are problems that hinder bitcoin to become the mainstream currency not Security, Crime or Inflation, people need to be open-minded about Bitcoin because they don't know anything about it. They should try to get out of their comfort zone and try new things in life. Security is not a problem in bitcoin, as it has a strong network or type of security that can prevent unexpected attacks. So by having this kind of security, crime can also be prevented. As for inflation, there is always a huge possibility that bitcoin will continue to grow as more people starts accepting it.
Security? Crime? Inflation?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
I think it's because, sometimes, people like to see and feel things. Bitcoin exist only online, so people still have some doubts about it. All the fiat currencies in the world can be seen and felt, but it's not so with bitcoin and other crptocurrencies, and people are used to such system of money.Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
I'm not so sure that when they would "see and feel" their bitcoin, that is, sleazy Chinese stealing electricity to feed their mining hallways, they would feel better about it
Security? Crime? Inflation?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
I think it's because, sometimes, people like to see and feel things. Bitcoin exist only online, so people still have some doubts about it. All the fiat currencies in the world can be seen and felt, but it's not so with bitcoin and other crptocurrencies, and people are used to such system of money. Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
volatility, age and adoption.
that is all the things that are "slowing down" the process. when price changes a lot as in big swings and the media is full of propaganda against bitcoin then regular people get scared of wanting to try bitcoin out. you know people love their money and don't want to lose it.
which is why it is a slow process and taking a long time.
although Japan is seemingly getting ahead of the rest of the world and they are reaching that stage.
that is all the things that are "slowing down" the process. when price changes a lot as in big swings and the media is full of propaganda against bitcoin then regular people get scared of wanting to try bitcoin out. you know people love their money and don't want to lose it.
which is why it is a slow process and taking a long time.
although Japan is seemingly getting ahead of the rest of the world and they are reaching that stage.
Of course the scaling issue that has been causing continual disruption to the market price of bitcoin. I think this is foremost factor that been hindering us for the last couple of years for bitcoin to be really mass adopted globally. I agree with you that Japan is leading the way for bitcoin to be used by a lot of people globally.
the scaling "debate" is the new thing disrupting the price of bitcoin. it has not always been this though. throughout the years there have been many different things that made the price similar to what it is now, fluctuating, crashing, rising fast,...
the problem is that market is still small and the exchanges have too much power on their small orderbook size to swing the price around a lot.
Nothing hinders Bitcoin to become a mainstream currency. It just that it is not yet prepared for that. There are still lots of people who does not have any idea about it. There are still countries who doesn't approved it. Maybe in the future, Bitcoin can become the universal currency. It has a very promising future.
regulation, come to my mind first, after all amazon and other are not accepting bitcoin because of no proper regulation, japan did experienced an increase after they regulated and accepted it as a payment
if every government follow what japan did, you can be assured that bitcoin will be successful
What comes first to my mind is the bitcoin is in a civil war. if every government follow what japan did, you can be assured that bitcoin will be successful
the author of the article says high volatility, negative contonations and lack of regulation are all the factors.
http://news.8btc.com/what-hinders-bitcoin-from-becoming-a-mainstream-currency
I think the main obstacle in bitcoin becoming the mainstream currency is its volatility. Bitcoin's volatility makes it awkward as a cash substitute. Every transaction is a gamble. For the seller, they must add enough to cover possible losses between the time they make the sale and the time they then either spend the bitcoin or trade it for fiat currency.
Good answer. I have read some comments here that says it will be a mainstream currency and the funny part is there are people who mindlessly agree without considering why it is almost impossible to become one.
The infrastructure the banks built is there and it will last even if there is Bitcoin trying to disrupt it.
Security? Crime? Inflation?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
Security will be my main concern because where others are reffering to government as a major standing block stopping bitcoin, they also have something to pick as excuse and that is the issue of security which means anything can be achieved with free flow of funds whether legal or illegal. And in this era of insecurity all over and terrorism still having sway despite the various controls, then government cannot be too careful in which is a valid concern if you ask me.
people love to blame others for their mistakes or what they lack.
it is not the government, it is not the banks, it is not .... it is users themselvs. when you see people are not willing to spend bitcoin (use it as a currency) and see bitcoin as only an investment which they will hold for 100 years you can't really expect merchants to accept it and eventually reach mainstream adoption.
it is not the government, it is not the banks, it is not .... it is users themselvs. when you see people are not willing to spend bitcoin (use it as a currency) and see bitcoin as only an investment which they will hold for 100 years you can't really expect merchants to accept it and eventually reach mainstream adoption.
Actually a lot of people are willing to spend Bitcoin but they don't know how to do that since very few places accept it. Like someone said in this thread if Amazon or ebay were accepting Bitcoin it would become popular much faster. And I think those who see Bitcoin as a long term investment are in the minority, because most people want to have something right now, not waiting for it 20 years, let alone 50 or, like you said, 100 years.
I think it is being decentralized itself is hindering Bitcoin to become mainstream currency. As of now government does not support decentralization, mostly they need centralized currency so it is easier to implement updates and fix problems and most of all regulate it. Aside from that Bitcoin is really young and still under experimental state. So definitely government wants to see more from Bitcoin to be able to acknowledge it as a mainstream currency.
Yes, the government wants to control all operations. And to enter a new official currency you need some time, perhaps the disappearance of another currency because of this.
I think it is being decentralized itself is hindering Bitcoin to become mainstream currency. As of now government does not support decentralization, mostly they need centralized currency so it is easier to implement updates and fix problems and most of all regulate it. Aside from that Bitcoin is really young and still under experimental state. So definitely government wants to see more from Bitcoin to be able to acknowledge it as a mainstream currency.
The government is the main obstacle that hinders bitcoin. The crimes are not caused by bitcoin, it is caused by people and they use bitcoin to make that crime, even fiat is not to be blamed so why blame it on bitcoin. Inflation is not a new thing. It has always been there since fiat exist and since bitcoin is like fiat in a way, then inflation will be there also. As for the security, bitcoin's security is strong enough to withstand attacks, wallets and exchanges are the one who are prone to attacks.
Going back to the government (in some countries), they impede bitcoin's progress and growth because of its anonymity and decentralization. We cannot blame bitcoin for being like that because bitcoin is bitcoin and that's that, the government just have to compromise and deal with bitcoin just the way it is.
Going back to the government (in some countries), they impede bitcoin's progress and growth because of its anonymity and decentralization. We cannot blame bitcoin for being like that because bitcoin is bitcoin and that's that, the government just have to compromise and deal with bitcoin just the way it is.
Going to have to fully agree with ya on this one, some people say the reason for us not being able to go mainstream is the scaling issues that we have and how high the transcation fees are. Don't get me wrong this is one of the issues that Bitcoin isn't able to go mainstream but I feel that Government is the driving force behind stopping Bitcoin from ever going to everyone.
This is based on the simple face that the Government is going to want to have control over the money that is moved within their country and up to before the point of Bitcoin they did (Fiat Currency) now they don't like that within Bitcoin their losing control so they have to do something and they tack regulations on it.
Bitcoin is structurally not fit to become a mainstream currency. The reason you have mentioned in not the main roadblocks, let me point out , why! Remember, money is produced by the government and government controls its flow to the masses. Also the value of any money is backed up by an asset like gold. Do you find any similarity with bitcoin here? No!
Bitcoin is not generated by government and not backed up by any asset. Only public trust is what we got for bitcoin. So bitcoin looks good as an investment or a method of online transactions where government doesn’t have much to do. Bitcoin is not meant to become a mainstream currency, take it as an investment and prosper in life.
Bitcoin is not generated by government and not backed up by any asset. Only public trust is what we got for bitcoin. So bitcoin looks good as an investment or a method of online transactions where government doesn’t have much to do. Bitcoin is not meant to become a mainstream currency, take it as an investment and prosper in life.
False.
Yeah dude Money hasn't been backed by gold since like the 60's I think? Don't remember the year but now it's backed by the faith of our government.
Security? Crime? Inflation?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
I think all these things are matters that affect current bitcoin. we know that bitcoin is very closely related to inflation. in addition to the bitcoin many people who use it for criminal offenses. not spared also some time ago frequent hacking against bitcoin wallet. This is very sad indeed, but until now we certainly must continue to support the development of bitcoin in the world. Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
Security? Crime? Inflation?
Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
Complexities along with the fact that people aren't prone to changing something they're satisfied with.Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
A lot of people simply don't care about all the issues that the fiat system prevents and the fact that their wealth is being tallied lower and lower and the work they do means less further on as long as they're able to still do the same things they do these days. That's ignoring the fact that for a lot of people Bitcoin is a lot more complex than a piece of plastic and a PIN.
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