What is the obstacle of Bitcoin？ - page 2.

trader34

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Quote from: Ezenwanyi on February 12, 2019, 03:13:04 AM

I agree with your submission about the volatility of Cryptocurrency being the main obstacle to it's wider adoption.
But we need to understand that the structure of Cryptocurrency is decentralized and that could be the reason the volatility.
To solve the issue of volatility, then there is the need to change the structure from decentralized to centralized which in itself is not feasible.

I don't think that changing the structure from decentralized to centralized can solve the volatility issues... and by the way, Bitcoin, for example, is born decentralized and cannot turn to a centralized system.

In my opinion, volatility will decrease while the crypto market becomes more mature and bigger. We are still talking of a very young market.

romero121

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Op has stated whether the price volatility will serve as a obstacle for bitcoin in its large scale adoption. From my understanding bitcoin has got such a big user community because of its volatile nature. If this was the same as the stable currency surely very few will be here. The volatility gives access to earning which is the one that keep major of the cryptocurrency users active.

kingpin4321

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Quote from: Maestro75 on December 25, 2018, 07:41:09 AM

The only obstacle bitcoin has is HUMANS! If only we see the good in it and work towards utilizing the blockchain technology and stop the fud and pull it down struggle bitcoin will be superb.

Saying the obvious facts about bitcoin or cryptocurrency should not be considered as spreading FUD.
Let's not allow loyality to be cloud our sense of reasoning

FaireumOfficial

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Quote from: Clearstream on December 24, 2018, 11:19:32 PM

the price of bitcoin has been changing dramatically, and many people have invested in bitcoin. And they get a generous return. these stories attract more people to join Bitcoin. in my opinion, this is precisely an obstacle. It is an obstacle for Bitcoin to be used on a large scale. It requires a stable value for a currency that is used on a large scale.

A mixture of misinformation, lack of knowledge and most devastatingly, a lack of interest in learning about it. Most people just want to make a quick buck by investing small and selling when the price goes up, which is ok. But at the same time, it's the people who don't know what they're doing who are the ones who never really get the hang of it completely, and eventually end up backing out.

Sithawaka

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Quote from: Ezenwanyi on February 12, 2019, 03:13:04 AM

I agree with your submission about the volatility of Cryptocurrency being the main obstacle to it's wider adoption.
But we need to understand that the structure of Cryptocurrency is decentralized and that could be the reason the volatility.
To solve the issue of volatility, then there is the need to change the structure from decentralized to centralized which in itself is not feasible.

Volatility is a significant problem and that is a big reason why its adoption levels are low but I doubt we will be able to solve the problem of high volatility by making Bitcoin a decentralized currency because even under a centralized party with the current changing demand level and users mentality to use it as a short term trading asset there won't be any effective way to control its rapid price fluctuations even with a dedicated team but I think with enough expansion and wider adoption naturally it will become stable so the problem is just a temporary situation

Ezenwanyi

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I agree with your submission about the volatility of Cryptocurrency being the main obstacle to it's wider adoption.
But we need to understand that the structure of Cryptocurrency is decentralized and that could be the reason the volatility.
To solve the issue of volatility, then there is the need to change the structure from decentralized to centralized which in itself is not feasible.

BennyK

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Quote from: juragane on February 10, 2019, 08:06:20 PM

The biggest obstacle to bitcoin in our country is that the government does not want to provide supporting facilities, and the government does not want to recognize bitcoin as a currency, but our government is taxing bitcoin trading agents by classifying bitcoin as an asset and as a commodity.

This issue has been a major factor hindering the smooth progress of Bitcoin in most countries. Despite the authorization of Bitcoin and cryptocurrency in some countries like India, Canada, Indonesia, Germany etc , it appears to be a small fraction of total number of countries across the globe. There are still more work to be done in order to advocate for Bitcoin in our various countries.

jabrix

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Quote from: 949miner on February 10, 2019, 08:34:11 AM

The obstacle of Bitcoin is basically the ignorance of people regarding how its system operates. People have problems with things or ideas when they don't really understand what causes some changes in the thing. Ignorance on the whole nature of how the decentralized system works is the leading cause of the spread of false speculations about Bitcoin. Due to how ignorant the world is about Bitcoin and its blockchain system, people easily accept false news regarding the use of Bitcoin. Ignorance has made people believe that Bitcoin is used by money launders or used to fund criminal activities, which is totally false.

Bitcoin constraints in the community is how it works is considered complicated and too many risks, such as the use of internet technology which for some people is still not understood, many news that discredit bitcoin with negative things such as money laundering, and no encouragement from the government to use bitcoin payment instrument. Even in some countries there are fears of bitcoin users, because it is considered an illegal transaction.

juragane

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The biggest obstacle to bitcoin in our country is that the government does not want to provide supporting facilities, and the government does not want to recognize bitcoin as a currency, but our government is taxing bitcoin trading agents by classifying bitcoin as an asset and as a commodity.

xWolfx

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Quote from: coolcoinz on February 10, 2019, 10:25:57 AM

How can an idea be a barrier? The stock market has been a place where millionaires were made (and sometimes unmade), but it hasn't changed anything. Just like that penny stock trading scheme of Jordan B. It didn't stop people from playing on the market.
These silly little names like a bubble or a scheme aren't stopping adoption.

I agree. This is just one more argument in the list of many the clueless people happily use. It happens in the stock market anyways too and what? Is it a lie only because of that?

If big profits exists and it's legal i see no reason to try to stop someone from doing it at all. Especially if they are helping with a greater good here if they decide to invest long term and hold.

Bosx1ne

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Quote from: Clearstream on December 24, 2018, 11:19:32 PM

the price of bitcoin has been changing dramatically, and many people have invested in bitcoin. And they get a generous return. these stories attract more people to join Bitcoin. in my opinion, this is precisely an obstacle. It is an obstacle for Bitcoin to be used on a large scale. It requires a stable value for a currency that is used on a large scale.

I think the laws and regulations are the problem that the bitcoin is currently facing. There are people in different countries who are afraid to use bitcoins because their government forbids them to use it. They will be sanction and receives penalties if they will use it. The users of the bitcoin will increase if all of the government will legalize it.

Xising

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Quote from: Clearstream on December 24, 2018, 11:19:32 PM

the price of bitcoin has been changing dramatically, and many people have invested in bitcoin. And they get a generous return. these stories attract more people to join Bitcoin. in my opinion, this is precisely an obstacle. It is an obstacle for Bitcoin to be used on a large scale. It requires a stable value for a currency that is used on a large scale.

I think the biggest obstacle to Bitcoin is the acceptance of people to it. I mean, it has been around for years and years, but still, it has been on a decline after realizing its highest potential just a year ago. I think, the fault can be put on people who are promoting and using it, it has never took off as we have foreseen it to go because we lacked the promotion and the marketing to make it work for the masses. I mean, I know, many have profited to it for years and years, but then, they wanted to in a way selfishly get all the gains without making other people understand what it is that would help to its acceptance and gain. And now, we see its decline and instead of convincing more people, we find more and more people pulling off their belief that it can prosper.

Daniel91

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Many factors, I think.
We have many rumors and speculations about Bitcoin.
SEC and other financial institutions still didn't approve futures or other financial instruments connected with btc.
Merchants still didn't accept Bitcoin as main payment alternative.
Also, who is legally responsible for bitcoin?
Who is owner of btc?
Many unsolved issues, really.

alina345

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Instability is the main obstacle.
I mean who would want to invest all of their hard earned money into something which is highly volatile?
Majority of people are still afraid to risk their money so I think bitcoin needs to be stable first. This way, more people will accept it as it has a lot of benefits. Also, most of the world population, especially, third world countries don't even know what bitcoin really is. They think of it as something fraud, which is not true.

Mr.grin

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Quote from: bce on February 10, 2019, 09:10:28 AM

there are many obstacles that occur in bitcoin nowadays, but we cannot mention the obstacles in detail, only a few of which I can mention include many scam projects, and that makes investors over time become doubtful. the next negative news that is spread, namely the cause of negative news are those who do not like the development of bitcoin. but from the second I mentioned, there are still more obstacles in the development of bitcoin.

well, for now, I think there are still some obstacles from bitcoin, moreover if the transaction is quite a lot, it will certainly slow down the transaction, and that happens when the bitcoin price is going up. however, I don't think there are so many obstacles from bitcoin in the countries that accept it.

coolcoinz

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Quote from: ?? on ??

The idea of bitcoin as a rich quick scheme that becomes a bitcoin barrier, so the function of bitcoin as a currency is not so prioritized.

How can an idea be a barrier? The stock market has been a place where millionaires were made (and sometimes unmade), but it hasn't changed anything. Just like that penny stock trading scheme of Jordan B. It didn't stop people from playing on the market.
These silly little names like a bubble or a scheme aren't stopping adoption.

bce

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there are many obstacles that occur in bitcoin nowadays, but we cannot mention the obstacles in detail, only a few of which I can mention include many scam projects, and that makes investors over time become doubtful. the next negative news that is spread, namely the cause of negative news are those who do not like the development of bitcoin. but from the second I mentioned, there are still more obstacles in the development of bitcoin.

949miner

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The obstacle of Bitcoin is basically the ignorance of people regarding how its system operates. People have problems with things or ideas when they don't really understand what causes some changes in the thing. Ignorance on the whole nature of how the decentralized system works is the leading cause of the spread of false speculations about Bitcoin. Due to how ignorant the world is about Bitcoin and its blockchain system, people easily accept false news regarding the use of Bitcoin. Ignorance has made people believe that Bitcoin is used by money launders or used to fund criminal activities, which is totally false.

traderethereum

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Quote from: DevilSlayer on January 27, 2019, 09:58:09 AM

Quote from: Clearstream on December 24, 2018, 11:19:32 PM

the price of bitcoin has been changing dramatically, and many people have invested in bitcoin. And they get a generous return. these stories attract more people to join Bitcoin. in my opinion, this is precisely an obstacle. It is an obstacle for Bitcoin to be used on a large scale. It requires a stable value for a currency that is used on a large scale.

We do not have enough education for the people in our society to become aware to what is bitcoin and that is the obstacle that the bitcoin currently facing. The mass adoption will not happen if many people are still not educated to what is bitcoin.

That is why we need to introduce bitcoin to them, and maybe we can teach them about how to learn and use bitcoin with right and another else. So they can understand what the benefit of bitcoin that they can get is. Besides that, they can also use bitcoin as an investment that will give them a big profit in the future. But I realize that people right now still too afraid to invest or learn about bitcoin because they read about the news from the last year when bitcoin price is at the highest price and then in a few months later, the price drops too far. And now they think that bitcoin will never increase at the last highest price again in the future.

Stargazer

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Quote from: mk4 on December 24, 2018, 11:31:01 PM

On the top of my head, here's a few.

Misinformation/Misunderstandings: There are so much misinformation spreading about bitcoin. Namely, "bitcoin is not scarce, people can create forks", "bitcoin is only used for drugs", and many more. There's so much misunderstandings of people in social media and on television; and what's worse, is that they're spreading their misinformation! Causing a sort of domino effect on people's impressions of bitcoin.

In my view, I think Misinformation is the main obstacle of bitcoin. In our country, If random people know that someone is working for bitcoin, then they can complain to the Cop! Because most of them think that Bitcoin is illegal, It is only used in bad works like drugs, murder and so on in a negative way! Therefore bitcoin has the volatility nature, the price can be manipulated any time, it is one of the obstacles.

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