I'm sure many governments are now puzzled that bitcoin allows many people to work without paying taxes, in fact. And I'm sure a lot of people don't like it.
Paying of tax is limited to some countries, If you try to avoid tax in USA on cryptocurrecny trade then you are look for trouble, although their are some escape route. People dont just like bitcoin, I think they are just ignorant or scared of the news they heard. Like some top country, it is smart not to enforce bitcoin use to citizens now but stable coin see more adoption. I believe the cycle with bitcoin one day will have a turn around and wont be this volatile. 
Topic: What's preventing bitcoin from worldwide adoption? - page 4. (Read 6012 times)
I'm sure many governments are now puzzled that bitcoin allows many people to work without paying taxes, in fact. And I'm sure a lot of people don't like it.
Paying tax isnt bad but there are places or countries in the world which are too corrupt thats why people doesnt really like on voluntarily paying up taxes due for that reason.We know on what TAX is and whats the role of it for economic progress of the place you are living.It is really just depending on the leaders or the government who do
really handle out those funds.
This is where government do really put up their attention the most since people could actually hid themselves on not to pay up tax despite of the good
income or profits that they do get out from crypto investments thats why they dont really have any choice but to deal with those centralized platforms and services
which they could only able to potentially touch up.
I'm sure many governments are now puzzled that bitcoin allows many people to work without paying taxes, in fact. And I'm sure a lot of people don't like it.
definitely, that's one of the advantages of receiving crypto if the country you are in doesn't have tax protocols in terms of income coming from crypto. better take advantage while they are not implementing how to file a tax from your crypto income. actually, it is hard to impose tax if the government itself has vague idea or has no clue where to start on how to formulate those tax protocols.
There is no doubt that what the op says is true, the dislike of interested parties who don't want bitcoin adoption is the biggest problem for realizing bitcoin adoption worldwide. Let's not talk about the full adoption of bitcoin just yet, in just one country there are still many who oppose its existence, so that will be a big obstacle for bitcoin itself.
moreover, those who oppose it are people who are influential in government or the world, so they have the power to make clear rules to corner bitcoin, and this kind of thing of course later nature will answer, where when fiat is no longer relevant to the civilization of that era, there will be a cultural shift. but also no one knows what will happen in the future, and I think it really takes time to meet our expectations as bitcoinersthis is a new currency that a lot of people are still not familiar of. those who strongly oppose more then likely have no idea how to transact with btc or any other alts. they haven't touched anything in terms of crypto. so they are opposing blindly without actual experience in the market. because if they have, they may change their mind. but i guess, the major factor that they are hesitant on this market is because it is decentralized. no government can have full control of this market. and that's what crypto users like about this tech
I'm sure many governments are now puzzled that bitcoin allows many people to work without paying taxes, in fact. And I'm sure a lot of people don't like it.
Talking about the scams and government, you know people can really go past that should they just be determine to. The issue is, most prospective users and investors aren't willing to research on informations about the cryptocurrency development or initiative. Little wonder why the system gains more investors an use cases keeps arising even in crypto ban or restricted areas. Its just the way it is on how, the projects are self sufficient and need no government interference.
Government haven't been able to leverage the system to there advantage and so, they continue to spread fud of it being a scam and try to come up with CBDC to serve in the crypto capacity.
No surprising that they would really be tending to lure it to stick with those centralized things rather than citizens would be dealing mainly on decentralized ones which they arent able to controlGovernment haven't been able to leverage the system to there advantage and so, they continue to spread fud of it being a scam and try to come up with CBDC to serve in the crypto capacity.
and we know that government doesnt really like that thats why its not surprising that they would really be emphasizing about its cons and would make people believe specially to those
who do have zero knowledge about the cons of dealing with bitcoin or crypto thats surely somehow slows down overall adoption and recognition but well we should not worry
too much because the truth would always prevail and the community will surely even gets bigger as the years passing by.
Talking about the scams and government, you know people can really go past that should they just be determine to. The issue is, most prospective users and investors aren't willing to research on informations about the cryptocurrency development or initiative. Little wonder why the system gains more investors an use cases keeps arising even in crypto ban or restricted areas. Its just the way it is on how, the projects are self sufficient and need no government interference.
Government haven't been able to leverage the system to there advantage and so, they continue to spread fud of it being a scam and try to come up with CBDC to serve in the crypto capacity.
Government haven't been able to leverage the system to there advantage and so, they continue to spread fud of it being a scam and try to come up with CBDC to serve in the crypto capacity.
There is no doubt that what the op says is true, the dislike of interested parties who don't want bitcoin adoption is the biggest problem for realizing bitcoin adoption worldwide. Let's not talk about the full adoption of bitcoin just yet, in just one country there are still many who oppose its existence, so that will be a big obstacle for bitcoin itself.
moreover, those who oppose it are people who are influential in government or the world, so they have the power to make clear rules to corner bitcoin, and this kind of thing of course later nature will answer, where when fiat is no longer relevant to the civilization of that era, there will be a cultural shift. but also no one knows what will happen in the future, and I think it really takes time to meet our expectations as bitcoiners
In consideration of the purpose of creating Bitcoin, "Be your own bank" Government of some countries are actually making efforts to discourage the use of Bitcoin. As you have rightly said, government want to be in control and play the role of the 3rd party to have a cut from hard earned income of its citizens. But as governments discover ways of making money from the use of Bitcoin, like taxes, etc. the may allow the use, but they have indirectly contributed in increasing the transaction costs. Secondly, appreciable percentage of the world population are not yet aware of how cryptocurrency functions, while some that have heard of Bitcoin, consider it highly technical to understand. Thirdly, the characteristics of Bitcoin, for example, its volatility, is considered as a high investment risk for some people, especially when they hear news of Bitcoin crashing from high to low value. Most times, negative news makes most impact.
The energy consumption required in Bitcoin mining (Bitcoin uses Proof-of-Work algorithm) makes crypto experts opt for other alternatives that require less energy. The technical savvy/experts invent their own coins thereby drawing people from Bitcoin to other altcoins (Some altcoins use Proof-of-Stake algorithm). In consideration of some countries that are poor, we find that lack of access to internet, smartphone, etc. are all factors militating the adoption of Bitcoin as they require some level of income to afford these facilities.
The energy consumption required in Bitcoin mining (Bitcoin uses Proof-of-Work algorithm) makes crypto experts opt for other alternatives that require less energy. The technical savvy/experts invent their own coins thereby drawing people from Bitcoin to other altcoins (Some altcoins use Proof-of-Stake algorithm). In consideration of some countries that are poor, we find that lack of access to internet, smartphone, etc. are all factors militating the adoption of Bitcoin as they require some level of income to afford these facilities.
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.
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.
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.
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
There is no doubt that what the op says is true, the dislike of interested parties who don't want bitcoin adoption is the biggest problem for realizing bitcoin adoption worldwide. Let's not talk about the full adoption of bitcoin just yet, in just one country there are still many who oppose its existence, so that will be a big obstacle for bitcoin itself.
Bitcoin remains to be adopted by every country in the world for various reasons. Here are my thoughts on why..
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Very well said!
That's the reason why Bitcoin is not yet being used in other countries. Bitcoin price is always change, there are also projects that doesn't work well because there are so many scammers then investors are having trust issues in some projects.
Aside from the factors given by OP, I think one of the main reasons that prevent Bitcoin's worldwide adoption is the fear of the worldwide economic control of a few people that holds a huge amount of BTC. Imagine what will happen to the worldwide economy if these few people command the market. Superpowers like the USA will definitely refuse this kind of thought and it will be devastating if few individuals with little knowledge of the economic system lead. It will be chaos if ever these people decided to crash the market affecting the global economy. We have seen how this works when someone decided to sell their huge stash of BTC, the price crashed and lots of investors lost a huge amount of money. Just replace these investors by country, then we will imagine what will happen.
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.
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.
Very well said!
That's the reason why Bitcoin is not yet being used in other countries. Bitcoin price is always change, there are also projects that doesn't work well because there are so many scammers then investors are having trust issues in some projects.
The major part of today's economy depends on fiat money. Besides governments are scared of the fact that they can't supposable control it as it offers additionally portion of protection to the users so it is hard to get information about users that can be the reason why a lot of people are still suspicious of bitcoin.
That was before when people were suspicious of bitcoin crashing and bitcoin coming to take away their money with the system of investment. Bitcoin is not competing with fiat because fiat has stayed long way before the creation and also people know fiat since age's. What ever we do to boats up of economy of country today is with the fiat. When Bitcoin will be included for the boats of any country economy is when we have massive adoption or if is being legalize as a legal tender for the country. For now i say bitcoin never circulates everywhere I'm not wrong, because the wider the speculation the more people have interest I understand your point. But as I see, there are too many people offering their services online for too few individuals hiring those services. In other words: there is too much supply for low demand. Freelancers offering their services and asking to be paid in bitcoin isn't enough to push adoption upside. Employers dropping big money in bitcoin market are needed in order to make the masses adopt crypto efficiently through working online. Payrates don't even need to be large. Any extra income would be enough for incentivizing more people to use bitcoin.
The challenge is how to make employers adopt bitcoin. I guess only people willing to help bitcoin worldwide usage above any other interest could make this happen for real. That is: idealistic employers and entrepreneurs.
The challenge is how to make employers adopt bitcoin. I guess only people willing to help bitcoin worldwide usage above any other interest could make this happen for real. That is: idealistic employers and entrepreneurs.
I seriously doubt employers are going to adopt Bitcoin, simply because it's extremely risky to use as digital cash. There's volatility everywhere, making it quite challenging to earn a fixed income by simply working for Bitcoin. With Fiat, that's not an issue due to its stability and reliability. Employers will trust Fiat more than anything else simply because it's backed by the government. Imagine what would happen if employers started paying in BTC instead of Fiat. The government will think they're evading taxes, forcing them to close their business for good.
For this and many other reasons, Bitcoin's adoption has been limited. While I'm certain it will become more popular over time, it'll never be as widely adopted as traditional Fiat currencies. I'm fine with that as long as decentralization wins at the end. Just my thoughts
Employers would adopt Bitcoin if it meant leaving the fiat currency system in which political actors can send the entire system crashing down. There's volatility in crypto, I don't dispute that -- but also consider the volatility with fiat in which the inflation rate can systematically reduce your purchasing power every year, something that is induced by design (min. 2% year, often exceeds that). Plenty of incentive for an employer to adopt crypto. They just haven't realized it until more recently with most fiats experiencing insane inflation rates.
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.
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.
To me the biggest obstacle in bitcoin adoption worldwide is oppression of centralized institutes backed by governments. The main reason why government is against decentralized bitcoin is that they won't be able to control it. Its not true that criminal activities like money laundering can only be done via cryptocurrencies, right now majority of criminal activities are going on with fiat.
tbh, I'm not very optimistic about bitcoin being accepted by all the governments of the world.
I'd feel more comfortable if it wasn't accepted by all governments. That would mean too many petty national agendas at play. Bitcoin is better kept at a distance, as an alternative to government meddling. Entirely separate from national interests.
I also totally agree with your review that no one will be able to block and prevent bitcoin adoption, not even the government side will be able to block bitcoin adoption, despite IMF efforts to prevent El Salvador from adopting bitcoin, but I personally think IMF efforts will not succeed
We live in a world and must be realistic about what's going around us. So far governments are in no mood of accepting decentralized bitcoin and ike crypto. I don't know what positive impact El Salvador move has over cryptocurrencies. Right now it's total chaos in EL Salvador.
Most Salvadorans have already ditched their national bitcoin wallets
We all know bitcoin is the technology of the future but its nature is decentralized and I am not sure the government will accept it, that is very unlikely in the major countries of the world.
Today bitcoin acceptance is happening in countries that don't have their own currency or countries with dysfunctional economy, inflation they are trying to save the economy but things are still going wrong as good as we think. tbh, I'm not very optimistic about bitcoin being accepted by all the governments of the world.
I think we should not only blame governments for not adopting bitcoin, there are many other factors as well. As you mentioned there are a lot of crypto scams, hacks & thefts which people are doing, not the governments. Due to these online hacks, there is a lot of fear in the people and they hesitate to put their money online.
The only way to increase the bitcoin adoption is to give more awareness to the people.
The only way to increase the bitcoin adoption is to give more awareness to the people.
There are a lot of factors in play which limits Bitcoin's adoption worldwide. From government obstruction, to hacks and scams, Bitcoin won't be able to become Fiat's replacement anytime soon. It's been 13 years since Bitcoin's inception, but there are still a lot of people who don't know about Bitcoin yet. Not to mention, a small portion of them hate Bitcoin simply because they've been accustomed with the banking system for a long time. Of course, there are some governments adopting Bitcoin as legal tender. But that's still not enough for "hyperbitcoinization" to become a reality soon.
At least, Bitcoin is working as intended. As long as decentralization wins, nothing else matters. Just my opinion
Governments are the ones who're interfering with Bitcoin's adoption worldwide. But they're not the only factors at play. As you've said before, scams, theft, and hacks are also one of the reasons why most people are afraid to use Bitcoin in the first place. While the same thing happens with traditional Fiat, people seem to trust it more than Bitcoin because it's backed by the government. At least, there's been some progress on Bitcoin's mainstream adoption over the past years.
I think we should not only blame governments for not adopting bitcoin, there are many other factors as well. As you mentioned there are a lot of crypto scams, hacks & thefts which people are doing, not the governments. Due to these online hacks, there is a lot of fear in the people and they hesitate to put their money online.
The only way to increase the bitcoin adoption is to give more awareness to the people.
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