Topic: What is holding Bitcoin back? - page 3. (Read 2647 times)

Holding it back from taking over from FIAT or at least being a serious alternative. We are really far far far from this.

So far Bitcoin is a geek currency. Let's be honest. If we want bitcoin to really take off it of course needs to break into the general population too.

old generation are usually resistant to accepting and using new technologies. they say we are too old to learn new stuff. My old neighbor might not even know what a smart phone is, but that doesn't mean that they are not going to be popular

online wallet like xapo exist for a reason in the future those website will become more and more like online banks that we have today for fiat, they only need more regulation, this for those that can't trust their pc, for securing their coins

Which is, of course, one of the reasons bitcoin exists - so you can be your own bank.

I don't know what you mean by "holding bitcoin back". Bitcoin is doing fine. 6 years strong.

My grandmother and the neighbors next door would not use botcoin even if it was accepted everywhere. As long as dollars is also accepted they will not bother with bitcoin because of the perceived nerdiness needed to keep them secure. No normal person is likely to transfer wealth into a currency that they alone are supposed to find ways to keep safe on their own computers. That is just far too risky a proposition for most people. And the solution to that issue will be when the real breakthrough of bitcoin can happen.

The thing that is holding Bitcoin back is government regulation of companies and products and services that could be paid for with Bitcoin. Many who would be willing to accept Bitcoin for products or services they sell are not willing to go the extra paperwork step for converting bitcoins into $fiat so that they can report properly on their income tax forms.

Bitcoin is a great step. Now we have to get rid of government regulation of everything else, and taxation as well.

People have got it all wrong about Bitcoin. The benefits of Bitcoin are for anyone NOW, you don't need mass uptake to make Bitcoin a success, I can move wealth over borders and protect my wealth from fiat destruction right now, today.

The problem at the moment is a Bitcoin solves a problem that very few people recognise they have. Most people think they can pay instantly with credit card so why the hell do they need to learn a new technology?


I think it will take a massive currency collapse for people to understand Bitcoin and luckily enough I think we will soon get one, the biggest the world has ever seen.

I have tried to kick start the conversion that IF you want the masses to use Bitcoin you need something that looks and smells like a Traditional bank, but has Bitcoin backing it. People want to use dollars and cents and have a nice person on the phone that will help them if they ever fuck up or lose a password etc. They want to use Visa cards etc. I hope someone in the a Bitcoin community with enough money starts one before a major banks does....

Yes, trust and security (the one I mentioned as pont 2) is really crucial.

As long as the only ways to stay really safe are nerd-solutions and cold storage etc... it will never really break out of the nerd community.

i think you can agree that trust is the real reason that its holding bitcoin back, if it was more regulated in some country and exchange weren't so easily to rob, you can be assured that many more people will join this awesome crypto, another thing might be the ease with which you can use bitcoin, i know that many average joe think that bitcoin isn't easy to use and to do a strong backup, they lose themselves easily between passphrase, right wallet to choose and all these think there should be a core light version, better than multibit(maybe it is multibit 3d?) that could help newbies to spend bitcoin and keep them safe in the easiest way possible

Media for example , instead of helping bitcoin and say good things about it , they only bring shits like Hacked exchanges & Silk Road and Darknet stuff so yeah .. who would use that .
Also there is exchange , how someone would use them if they gets hacked all the time and most of people trust them to store their coins

Well where I am most of the people still don't know what it is, I think vast awareness campaigns need to be executed to make people aware of the good sides of it before media corrupts their mind by giving false information and associating Bitcoin with all of it's illegal use.

Other reasons are some people do not feel that they are technically apt to keep bitcoins secure and which is why they rely on Banks other centralized institutions to keep their funds safe. And with all the scams happening and companies who were considered trusted running away with people's funds doesn't really give a good outlook of it.

there is a similar topic on this matter going on right now: https://bitcointalksearch.org/topic/whats-your-biggest-problem-with-bitcoin-1101336

i agree, one of the biggest problems that keeps bitcoin from being mass adopted and be used as a payment method is volatile bitcoin price IMO. and until it is not solved, i don't think we can see a mass adoption anywhere.

This will sort itself out in a couple years, the only thing we can do meantime is instantly convert to something more "stable".   Its a good store of value now long term its just high risk .

Satoshi holding a million Bitcoins isn't doing Bitcoin any favors. Newcomers finding that out will be hesitant to invest money because they will question what will happen if he dumps. That million Bitcoins is holding Bitcoin back in all sorts of ways even if Satoshi never dumps a single coin.

no, what i believe is that only one thing is still holding bitcoin back, and it was the infamous 1200 ath, that shit will not be forgotten until we can surpass it at least one time, and be stable above it forever

people are still worried that something like this will happen again and that they will lose all their money another time

many are not good traders, they buy when the bubble is near to burst , and as a result they will end up losing a good portion of their investments

basically bitcoin is not trusted anymore like it could have been before the 1200 wave

I imagine the whole Silk Road situation has had people looking in from the outside being hesitant to use it, along with high profile dodgy stuff like Mt.Gox. Steps need to be taken to allay their fears and more people would jump on board.

On the whole altcoins angle, it was talked about at one point about Litecoin being the silver to Bitcoin and others being the equivalent of copper etc in that high value, low frequency purchases would be limited to Bitcoin, medium-value, medium-frequency purchases to Litecoin, and low-value, high-frequency purchases to something like Dogecoin or other similar low-value high-volume currencies. That would probably require things like fixed exchange rates, though, which could be problematic. Or unless certain cryptocurrencies were intentionally designed to fill specific roles like I described above, by following a standard of designation such as gold-standard, silver-standard and bronze-standard.

For example, a bronze-standard cryptocurrency would have confirmation times between 5-15 seconds, such that everyday use wouldn't take much longer than the equivalent Visa/Mastercard/etc processing times in checkouts. Silver-standard ones would be more like for use with purchasing more expensive products such as TVs, appliances, etc with 15 second to 2 minute confirmation times, and then gold-standard ones would be for large-scale value transfer and bank transaction reconciliation with longer confirmation times.

Simply put..... the lack of incentive to use it......

Consumers in most countries are living from the one payday to the next. They are, in general, heavily indebted and have very limited, if any, spare money each month. I think many see the benefits that bitcoin could offer but there is no incentive for them to make use of it. Why should I spend money on fees and go to the effort to exchange my hard earned money for bitcoin just so I can buy my daily groceries with it? Far easier and cheaper to just use fiat and or my debit/credit card.

If however I was offered an incentive like for example a discount on my purchases then bitcoin will be something to consider. If the conversion process in regards to cost and effort is effortless and cheap then it will definitely be something to take into consideration. At this stage however, this is not the case, so as said, there is no incentive for me to use it.

Most people who currently hold bitcoin do so for several reason but I personally think a large number of them are in a similar situation as above. They see bitcoin as a possible outcome and thus the reason for trying to accumulate as many bitcoins as they can and hoping that bitcoin actually does go to the moon.

IMHO there is a very small percentage of bitcoin users who actually makes use of bitcoin as a currency.

what are you talking about altcoin holding bitcoin back!!!
if anything, altcoins are a way to push bitcoin forward, they are not by any means holding it back. all the altcoins that we can see in the market everyday (created old or new) they are all serving one purpose and that is to make investors more bitcoin.
there are just a handful of altcoins that try to do something new and interesting, but they too can not affect bitcoin market.

Logic seems to suggest altcoins all else equal will be holding bitcoins back. Many see bitcoin as an investment, or at the very least hope to not lose money when being in bitcoin over FIAT.

Now, think of it as odds - what are the odds that their investment in bitcoin will be successful? Between Bitcoin and FIAT it might, for argument's sake) be 20%. So apparently some there is some 20% chance that a shared ledger is such a cool idea that it will succeed (however we want to measure this). So 80% that FIAT will somehow never allow Bitcoin to become anything worth talking about.

But if altcoins enter the scene, the odds change. Suddenly some percentages have to be given to these cruptocurrencies, and the investment in bitcoin obviously looks less good.

So - I can certainly understand if the man on the street would have an easier time swallowing bitcoin if there was not the added confusion and issue of all these other currencies.

What is holding Bitcoin back? The blocksize limit,  and more specifically: Blockstream.