Topic: What is the obstacle of Bitcoin？ - page 5. (Read 22438 times)
i agree with you. the price need to a stable value for a currency that is used on a large scale.
That would be the system of bitcoin use. Its price now is dropping which is nature to its vulatibiblity which depend on how the trading goes.
Main obstacle what I see is its decentralized nature which cannot change and no point of arguing because its bitcoins build quality but it has become the main reason why most governments and other organizations specially in the businesses field don't trust to invest or to allow to continue expanding because no one is confidence enough to trust a digital currency specially a valuable one like bitcoin because there is no responsible party behind it and that is why I think it is a major obstacle for bitcoin even it is build nature
On the top of my head, here's a few.
- Liquidity: As liquidity is low, big market orders are expected to significantly move the price of bitcoin or cryptocurrencies in general. This is something that will be "fixed" as more money goes into the bitcoin markets.
- UI/UX/user-friendliness: Bitcoin might be easy enough to use for most of us here, but it's definitely not for non-tech savvy people(e.g. our grandparents). Especially with the handling of private keys; I don't think we can expect true global adoption if people needs to backup their recovery seed on pieces of paper.
- 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.
I agree. I would like to add two more point.
- We live in communities and we are responsible members of our society we are not machines or robots. Non-technical people need some one to trust upon for what they might have no knowledge of. Money is basic requirement so they trust banks to work properly, like you and me depend on farmer to grow good quality crops. Bitcoin is like freedom but freedom as in "You are free to build your own road to your university." or "You are free to take up law against person tried to kill you.". People are good in doing what they do best. If you ask a APP developer to build road or a bridge over sea he will fail.
- Their are no local exchanges, People have to depend upon offshore exchanges with zero liability. They have to send their personnel and financial information to this offshore exchanges. P2P exchanges are the boon but only for technical person. And majority of people font care about privacy and freedom as long as they are not doing anything illegal.
People should take up initiative to start Local Independent Micro Exchange. LIME is an exchange just for local people in your community. This will save people from sending their personal information to some offshore exchange. Through LIME non-technical people can trust you and get introduce to bitcoin. Let the local ecosystem grow and everyone will follow.
I did it so can you.https://bitcointalksearch.org/topic/an-introduction-to-our-lime-initiative-5098721
I think that a big obstacle in the large-scale use of bitcoin is its strong volatility. And another reason is that people still know little about the benefits of bitcoin over the official banking system.
the obstacle of bitcoin at the moment is the problem of how to stop hackers and the falling market prices, how to restore bitcoin like it used to
I don't see any obstacles that are seen in Bitcoin, the current bad prices are mostly caused by ognum who is looking for personal gain.
On the top of my head, here's a few.
Liquidity is a big one , I full agree, there are also articles that take about similar problems you have mentioned.- Liquidity: As liquidity is low, big market orders are expected to significantly move the price of bitcoin or cryptocurrencies in general. This is something that will be "fixed" as more money goes into the bitcoin markets.
- UI/UX/user-friendliness: Bitcoin might be easy enough to use for most of us here, but it's definitely not for non-tech savvy people(e.g. our grandparents). Especially with the handling of private keys; I don't think we can expect true global adoption if people needs to backup their recovery seed on pieces of paper.
- 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.
Overall you answered perfectly
The main issue which bitcoin is facing is that bitcoin is still mostly used for trader rather than transaction .
Bitcoin was created to buy sell and send money abroad without any interference of any third party .
For bitcoin to become stable you we have to increase the use of bitcoin for transaction rather than treating is like just an investment .
Bitcoin was created to buy sell and send money abroad without any interference of any third party .
For bitcoin to become stable you we have to increase the use of bitcoin for transaction rather than treating is like just an investment .
I agree to this. If bitcoin is used as an investment, there will mainly be buyers and people will not want to sell their bitcoins easily. With such a situation, the price condition will become very uneven affecting crypto community.
I think that a big obstacle in the large-scale use of bitcoin is its strong volatility. And another reason is that people still know little about the benefits of bitcoin over the official banking system.
I think the most and the biggest obstacle bitcoin is facing is the fact that people do not understand the way its functions and the advantages its possess bitcoin has been perceived from the negative side of it, if its can be handled then every other thing would be some kind of a minor challenge
There were so many obstacles in bitcoin and to mention the biggest obstacle where investors probably does not like are those Scammers and fraudsters that bring bitcoin image down. Another thing is the anonymity which boost scammers and hackers in their activity for they are anonymous.
As they said that information is power, i think one of the major problem as obstacle of bitcoin is wrong information. There has been wrong information about bitcoin since it onset and mostly after the bull run in 2017 which left many investors with looses even uptil now, those investors have wrong information concerning bitcoin when it come to price stability. Let us be positive and this will be solve.
The main issue which bitcoin is facing is that bitcoin is still mostly used for trader rather than transaction .
Bitcoin was created to buy sell and send money abroad without any interference of any third party .
For bitcoin to become stable you we have to increase the use of bitcoin for transaction rather than treating is like just an investment .
Bitcoin was created to buy sell and send money abroad without any interference of any third party .
For bitcoin to become stable you we have to increase the use of bitcoin for transaction rather than treating is like just an investment .
the amount of obstacles on Bitcoin should only be prepared for it bacause similar to the price fluctuations not permament in the market and for the security of your acount should be safe always because Bitcoin always threaten by the scamers.
The main obstacle in Bitcoin is the security in the cyber world. Hacking and scamming are penetrated in the crypto space and the security of one's funds lies in his own hands. A lot of people have lost funds and the mainstream society are indeed skeptical about cryptocurrency because of its high volatility.
Try to buy bread at a supermarket for your BTC.
You can not.
Here is the main problem of the popularity of BTC. Whoever says this is all a complicated and outdated way to transfer money. Private keys, exchanges, etc.
Usual people don't need and don't want it. BTC should be as easy to use as fiat money. Only then can we talk about the global use of BTC.
You can not.
Here is the main problem of the popularity of BTC. Whoever says this is all a complicated and outdated way to transfer money. Private keys, exchanges, etc.
Usual people don't need and don't want it. BTC should be as easy to use as fiat money. Only then can we talk about the global use of BTC.
This is not the main reason why bitcoin is not accepted by society. The main problem in the government's attitude to cryptocurrency. It really creates a big obstacle for its full development.
This problem will be overcome by time. technological developments will make the world community more sophisticated. technological innovations such as blockchain or cryptocurrency will not be able to be detained. the government will adjust this. they will not be able to stop cryptocurrency. 
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.
It is an obstacle if you let it become one, there are many people that have been here for a long time and they do not really care at all about the fiat price of bitcoin, and people will have learn to think in that way as well, you need to stop caring so much about the price of bitcoin in fiat and just concentrate on using your bitcoin whenever is convenient for you just like you would use your fiat.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.
actually if a lot of people who are infesting in bitcoin can be a good news.because more and more business people use bitcoin, it can be ascertained that the value of bitcoin will move up, so businesses should be willing to use the various facilities offered by bitcoin, because things like this can make progress in the field of payment in all countries .
I would say that the biggest obstacle in front of Bitcoin is all about the responsibility that comes with the benefits of using cryptocurrency. As we all know that, Bitcoin and every blockchain based cryptocurrency is based on the principle of decentralization that gives tremendous power to the user but at the same time it also delegates the responsibility to use it wisely and maintain adequate security measures in order to protect the values associated with it. Not everyone is capable to handle that responsibility and we have the scammers and hackers to take mis-advantage of that weakness. However, I am optimistic about the growth of cryptocurrencies among the new generation in the coming decades along with the growth in awareness.
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