From OP post i noticed the most important thing hindering the max adoption is Government, without the government's approval i don't thing it would be very easier for Bitcoin to be generally legalized or adopted from all country. This same point which many have been holding on, Transaction fees is not the main key factor which is preventing it, the governments would want to have full country but since the founder is anonymous and is untraceable people's funds can't be trusted over knowing who has controls over it, for world to fully adopt bitcoin maybe if only remain traceable and trackable.
Secondly, the people's thoughts about it maybe some forms of information that has been conveyed by people who are learned to uncivilized people over there this means ( People who lacks access to internets, maybe those who don't literally read and gets updated subsequently, and a state or province who don't access to electricity maybe it would be one day mentioned in local televisions/radio station and many more). Lastly price variations, it's another major key factors that hinders fast adoption just as OP said.
Topic: What's preventing bitcoin from worldwide adoption? - page 3. (Read 6017 times)
cash is king. doesn't matter the country, if it's physical and can pass from a persons hand to another and can't be tracked.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.
Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions. If people would know how to use crypto, there's a possibility that more would switch to it.
Why am I paying a fee to use my money? might as well use a credit card. and hey don't take this wrong, I own bitcoin and I have spent it at vendors.
Kind of makes you cry when you see the transaction fee you paid in 2017 was 3 times what the goods cost when btc was at it's all time high..
Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions.
But for how long? Cash won't always be an option. Loads of governments are looking at phasing cash out. There will come a time where you don't have a choice. It'll either be Bitcoin or some centralised digital gov-coin.
they have created ATMs in every shop so that buyers are ready with their cards, so at least fiat money is still useful but the circulation of physical money is scarce because there is technology that balances it, so they don't really have much influence with btc because for them btc is an enemy in finance
Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions.
But for how long? Cash won't always be an option. Loads of governments are looking at phasing cash out. There will come a time where you don't have a choice. It'll either be Bitcoin or some centralised digital gov-coin.
play a big role when it comes to day to day transactions which cant really be done via online transactions which they might be having that reconsideration in regarding the situation on why we cant really
be having that full switch up.
But you do actually have the point about cash/fiat but lets just presume for now and as for Bitcoin worldwide adoption then it would really just come down naturally.
I think that lack of education/awareness is one of the important factors preventing btc from mass adoption. When I say a word "bitcoin", I often hear some like "isn't it a scam?"
If I were in a position to make changes to a current educational system, in the future, I would introduce an elective focused on blockchain ("Blockchain 101") beginning from high school/college. Certainly not a requirement but something that youngsters can learn if they elect to do so.
I am sure there will be some crypto enthusiasts in the future who would be willing to do that to prepare young generation to all these benefits that blockchain can bring to everyday life. In turn, after increasing general awareness of this subject, younger generation may bring up some fresh ideas to crypto as well. Its a "win-win" situation.
If I were in a position to make changes to a current educational system, in the future, I would introduce an elective focused on blockchain ("Blockchain 101") beginning from high school/college. Certainly not a requirement but something that youngsters can learn if they elect to do so.
I am sure there will be some crypto enthusiasts in the future who would be willing to do that to prepare young generation to all these benefits that blockchain can bring to everyday life. In turn, after increasing general awareness of this subject, younger generation may bring up some fresh ideas to crypto as well. Its a "win-win" situation.
Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions.
But for how long? Cash won't always be an option. Loads of governments are looking at phasing cash out. There will come a time where you don't have a choice. It'll either be Bitcoin or some centralised digital gov-coin.
cash is king. doesn't matter the country, if it's physical and can pass from a persons hand to another and can't be tracked.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.
Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions. If people would know how to use crypto, there's a possibility that more would switch to it.
I guess one important question is what you mean when you say adoption? Is adoption that more and more people ownBitcoin? Or do you mean by adoption that more and more people really useBitcoin? I differentiate between the two categories because from an ownership point of view, the number of people owing Bitcoin is pretty high. But that goes also hand in hand somehow with the usageaspect of Bitcoin. I believe that the majority of people still consider Bitcoin a speculative investment and, hence, don't use it in hopes for the price to increase in the future. This is one aspect that holds Bitcoin back from circulating as a type of currency in many places of the world. Then there are other uncertainties like regulation, which is still unclear how it will play out in the future. As a consequence some people might refrain from getting involved for now. But overall I think Bitcoin is making its way further and further into society.
cash is king. doesn't matter the country, if it's physical and can pass from a persons hand to another and can't be tracked.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.
What is preventing bitcoin for worldwide adoption from my own suggestion I don't know for any other person is based on the value of a cryptocurrency right now so when you say cryptocurrency is not violent it depends on the country or depends on the environment you find yourself if you find yourself in a country that knows about cryptocurrency everybody in that writing we like to also invest in cryptocurrency in order to get it or money or it won't kind of investment sold a massive adoption of cryptocurrency is depending on the country that no eat or if country that does not load Peter currency then you are trying to explain cryptocurrency to somebody that person actually will not understand what is Pluto considered as nothing will make the person to invest in cryptocurrency so that is the why some country or some people refused to about cryptocurrency as a legal tender
From own view, I think Bitcoin needs to be used by one of the top Nations likely ( United States of America ). Yes Africa is a continent with one of the advocacy and enlightenment is going down with the help of Binance. But making Bitcoin conquer the states wouldn't be bad and would like lead to full adoption.
Those are really good points there from the OP. Gradually it'll sure be a legal tender over the state's.Whats scary is that most states are banning the mining of Bitcoin. As a result of coal burning ?
Those are really good points there from the OP. Gradually it'll sure be a legal tender over the state's.Whats scary is that most states are banning the mining of Bitcoin. As a result of coal burning ?
The adoption of bitcoin is happening in a consistent manner. In the past we used to see opposition from the governments whenever cryptocurrency usage is promoted. Now the countries that are against cryptocurrency too have begun to use cryptocurrency and regulate it understanding the need and the increasing usage among the common people.
One the other side many ways of promotion and awareness are happening around. One of the region where the adoption is experiencing massive growth is the African countries. Binance have announced its awareness tour BCAT - BlockChain and Crypto Awareness Tour. This will go through certain regions and particularly concentrated on Southeast Nigeria, Uganda, Cameroon and Ghana. Already Binance through similar program have reached over 60000 Nigerians through different institutions. These kind of activities too will increase the adoption of bitcoin around the world.
One the other side many ways of promotion and awareness are happening around. One of the region where the adoption is experiencing massive growth is the African countries. Binance have announced its awareness tour BCAT - BlockChain and Crypto Awareness Tour. This will go through certain regions and particularly concentrated on Southeast Nigeria, Uganda, Cameroon and Ghana. Already Binance through similar program have reached over 60000 Nigerians through different institutions. These kind of activities too will increase the adoption of bitcoin around the world.
Compared to what it used to be in Bitcoin's early days, I'd say mainstream adoption has increased by a long shot. But for the pioneer cryptocurrency to be truly embraced by anyone worldwide, some changes need to be made. Scaling issues, high price volatility, and lack of merchant acceptance is what's limiting Bitcoin's ability to be used worldwide. Slowly but surely we're getting there as governments adopt Bitcoin as legal tender. It's only been 13 years since Bitcoin's inception, yet a lot has been achieved within such a short amount of time. If Bitcoin has gone this far, how do you think mainstream adoption will look like in the next decade? Just my thoughts
Bitcoin remains to be adopted by every country in the world for various reasons. Here are my thoughts on why..
1. Government policies: Most government and financial institutions round the world seem not to want bitcoin cause of the financial freedom it gives to its users. They would want to control and tax the flow of finances of individuals and they probably fear the anonymous nature of its transactions. Some policies even go as far as criminalizing its use.
2. Scammers and fraudulent practices: Scammers have found bitcoin as a safe haven cause of its transactions being anonymous. Also, terrorist groups among other sources get funded by bitcoin also cause of its anonymous nature. Fraudulent practices and transactions are made with ease wth the use of bitcoin.
3. Fluctuating value: The value of bitcoin isn't steady as it rises and falls. The uncertainty in the price and value greatly hinders the general adoption worldwide.
4. Awareness: Nearly not enough effort on creating and spreading positive awareness on it as some government and individuals alike is hell bent on spreading negativity around and poisoning the minds of prospective users. People need to be aware and understand what bitcoin is really about and be awake to its uses.
5. Information hoarding: You could get lots of information about anything on the internet including bitcoin. But the internet can be misleading to newbies cause you could get right and wrong and also misleading information on the internet. It puzzles me that people with an in depth knowledge of bitcoin would purposefully hoard and keep information to themselves. You may think people don't hoard information but in reality, people do. It irksome just thinking about it. If people could share information, newbies won't readily fall prey to scammers.
These are my thoughts on what's preventing bitcoin from being adapted worldwide.
I think the issues holding bitcoin back are POW, lack of smart contracts, slow transactions, and higher fees. Fortunately, these things can be solved when BTC is integrated with the internet computer or pegged on Flare. At this point, we don't even need the lightning network. 1. Government policies: Most government and financial institutions round the world seem not to want bitcoin cause of the financial freedom it gives to its users. They would want to control and tax the flow of finances of individuals and they probably fear the anonymous nature of its transactions. Some policies even go as far as criminalizing its use.
2. Scammers and fraudulent practices: Scammers have found bitcoin as a safe haven cause of its transactions being anonymous. Also, terrorist groups among other sources get funded by bitcoin also cause of its anonymous nature. Fraudulent practices and transactions are made with ease wth the use of bitcoin.
3. Fluctuating value: The value of bitcoin isn't steady as it rises and falls. The uncertainty in the price and value greatly hinders the general adoption worldwide.
4. Awareness: Nearly not enough effort on creating and spreading positive awareness on it as some government and individuals alike is hell bent on spreading negativity around and poisoning the minds of prospective users. People need to be aware and understand what bitcoin is really about and be awake to its uses.
5. Information hoarding: You could get lots of information about anything on the internet including bitcoin. But the internet can be misleading to newbies cause you could get right and wrong and also misleading information on the internet. It puzzles me that people with an in depth knowledge of bitcoin would purposefully hoard and keep information to themselves. You may think people don't hoard information but in reality, people do. It irksome just thinking about it. If people could share information, newbies won't readily fall prey to scammers.
These are my thoughts on what's preventing bitcoin from being adapted worldwide.
1. Complex to setup.
Lot of people here recommend up your own full node and "not your keys not your crypto" but a 60 year old probably wouldn't know how to set up a hardware wallet
https://venmo.com/ https://cash.app/ wallets make it really easy for example but there should really be more apps making it easy to set up a wallet
2. High Transaction Fees
If someone's selling a 1.25$ coke and BTC transaction fees are 1.75$, there's really no point in paying with Bitcoin. L2 like Lightning network would be a great solution but it's still complex for the average user.
On top of that you have transaction fees like Coinbase https://commerce.coinbase.com/. Some payment processors are free like Poof Payments https://www.poof.io/ but there's still network fees.
3. Volatility
If Bitcoin is going up and down 5-8% every day from 18k to 22k back down to 18k, there's less incentive for customers to take the volatility risk accepting Bitcoin. Sure they can convert but exchanges like Coinbase have sketchy tactics where they charge 3% volatility fees. Might as well just do credit cards in this case.
Lot of people here recommend up your own full node and "not your keys not your crypto" but a 60 year old probably wouldn't know how to set up a hardware wallet
https://venmo.com/ https://cash.app/ wallets make it really easy for example but there should really be more apps making it easy to set up a wallet
2. High Transaction Fees
If someone's selling a 1.25$ coke and BTC transaction fees are 1.75$, there's really no point in paying with Bitcoin. L2 like Lightning network would be a great solution but it's still complex for the average user.
On top of that you have transaction fees like Coinbase https://commerce.coinbase.com/. Some payment processors are free like Poof Payments https://www.poof.io/ but there's still network fees.
3. Volatility
If Bitcoin is going up and down 5-8% every day from 18k to 22k back down to 18k, there's less incentive for customers to take the volatility risk accepting Bitcoin. Sure they can convert but exchanges like Coinbase have sketchy tactics where they charge 3% volatility fees. Might as well just do credit cards in this case.
The adoption of bitcoin is happening in a consistent manner. In the past we used to see opposition from the governments whenever cryptocurrency usage is promoted. Now the countries that are against cryptocurrency too have begun to use cryptocurrency and regulate it understanding the need and the increasing usage among the common people.
One the other side many ways of promotion and awareness are happening around. One of the region where the adoption is experiencing massive growth is the African countries. Binance have announced its awareness tour BCAT - BlockChain and Crypto Awareness Tour. This will go through certain regions and particularly concentrated on Southeast Nigeria, Uganda, Cameroon and Ghana. Already Binance through similar program have reached over 60000 Nigerians through different institutions. These kind of activities too will increase the adoption of bitcoin around the world.
One the other side many ways of promotion and awareness are happening around. One of the region where the adoption is experiencing massive growth is the African countries. Binance have announced its awareness tour BCAT - BlockChain and Crypto Awareness Tour. This will go through certain regions and particularly concentrated on Southeast Nigeria, Uganda, Cameroon and Ghana. Already Binance through similar program have reached over 60000 Nigerians through different institutions. These kind of activities too will increase the adoption of bitcoin around the world.
You miss one thing - there are already existing currencies and payment networks that do the role that cryptocurrencies are trying to fill. Like anything, for a new improvement to come along and dislodge an incumbent, it requires a big benefit over whatever already exists. Now Bitcoin can fit that bill, but it seems like the amount of power required to run the overall system, the ability to expand to cope with the huge amount of transactions that are taking place and the ability to complete transactions instantly are all hurdles that still need to be overcome. I think Bitcoin has a little niche to fill - moving larger amounts of money across borders, but for day to day activity it seems far off the mark.
Bitcoin can already compete with existing payment networks, thanks to the off-chain scaling solution known as The Lightning Network. With this, Bitcoin will be able to scale to millions of users without issues. Transactions performed on the LN are dirt-cheap and near-instant, making BTC as good as PayPal (but even better). What's really preventing Bitcoin from worldwide adoption is the unstable prices on the market. That, and also the fact that some governments are spreading misinformation and false propaganda in order to scare away as much people from it as possible.
If it wasn't because of this, Bitcoin would've reached the whole wide world by now. At least, the cryptocurrency is working as intended. As long as decentralization prevails, nothing else matters. Just my opinion
Each day more and more businesses, institutions and countries are accepting bitcoin. I felt really good when David M. Solomon CEO of Goldman Sanchs mentioned about bitcoin investments when he is on his maiden visit to india. This gives a clear signal where crypto and bitcoin economy is headed to.
SO saying that mass adoption of bitcoin is not happening. Yes there are reservations and reluctance in some quaters, but each day bitcoin is going from strength to strength
SO saying that mass adoption of bitcoin is not happening. Yes there are reservations and reluctance in some quaters, but each day bitcoin is going from strength to strength
In the end, for 90% of the population it is the acceptance, ease of usage and stability that matters. Theoretically they may support a currency that can't be controlled by the governments. But most of them may not be comfortable with the idea of converting crypto to fiat for most of the purposes such as shopping and making payments. And then there is the issue with stability. Fiat currencies are going down constantly as a result of inflation. But very few people realize it, because everyone uses fiat and it affects everyone equally.
I think the third point is the reason why btc can't be adopted in every country, because the unstable bitcoin value is what makes the government don't want to know about bitcoin, but if btc has a flat value like fiat I think btc can be accepted, it's just that there's too much drama in it. government
Government don't want to listen about bitcoin whether it has stable value or not. The prime reason is governments are against anything that is not under there control whether its currency, News channel, journalist or anyother thing. Have you every wonder why governments are not against centralized exchanges like binance? since its very easy to monitor or control them.
The stringent government regulation, unaffordability, and the lack of knowledge are the main reasons why bitcoins aren’t adopted worldwide.
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