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Topic: What's preventing bitcoin from worldwide adoption? - page 5. (Read 6014 times)

legendary
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Out of all the factors that you have mentioned here, the major reason that prevents Bitcoin from massive worldwide adoption is the first one. China, Egypt and other anti-crypto countries are some of the examples of this. On top of that, most of the countries are in the ‘“grey” area where Bitcoin is neither legal nor illegal because of its certain risks to protect the investors. Scams and frauds using Bitcoin are also a “concern” too for some countries because it doesn’t require government or 3rd party approval. Government and banks want control of it, but they can’t because it’s decentralized but provides transparency of all transactions where it can be easily traced.

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.

With ever-rising inflation rates from traditional Fiat currencies, more people are beginning to notice Bitcoin's true benefits. We should give it more time to mature until it becomes a "force to reckon with". As long as decentralization wins, nothing else matters. Just my opinion Smiley
hero member
Activity: 812
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Lack of online jobs and earnings opportunities in large scale is what mainly prevents bitcoin from being adopted

Don't you even think this is the more reason why bitcoin should be adopted, this points you just mentioned is what many young adults sees as an opportunity in bitcoin, some of us, our brothers and people around us would have been affected by the high negligence of government role in providing free education, employment, free health, jobs, clean water, jobs and access to a good living, that's why many have come to remain independent in their entire live by adopting the use of bitcoin in other to scale through, our government are the major cause but despite all these, bitcoin is still running pretty fine making a difference in the human lives
member
Activity: 686
Merit: 21

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
When mention government, we should know that government can not generally start accepting bitcoin, bitcoin is something we know it's value and functions,we the users of bitcoin will make it to be recognized and be value because is not every country that does not accept the purpose of cryptocurrency
sr. member
Activity: 952
Merit: 281

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
sr. member
Activity: 1246
Merit: 254
Trphy.io
I personally do not believe anything is in the way of Bitcoin adoption. As far as adoption goes, Bitcoin is inevitable. There is no stopping a better technology and a better monetary system of the future.

The only problem I see is the rate of adoption. It is all happening a bit too slow perhaps, but then again, we have nothing to compare it to other than fiat. And even then, it is not the same as global money adoption, since that has never existed before in modern times.

It will definitely break through. Might take a while.
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
hero member
Activity: 2282
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Looking for gigs
Out of all the factors that you have mentioned here, the major reason that prevents Bitcoin from massive worldwide adoption is the first one. China, Egypt and other anti-crypto countries are some of the examples of this. On top of that, most of the countries are in the ‘“grey” area where Bitcoin is neither legal nor illegal because of its certain risks to protect the investors. Scams and frauds using Bitcoin are also a “concern” too for some countries because it doesn’t require government or 3rd party approval. Government and banks want control of it, but they can’t because it’s decentralized but provides transparency of all transactions where it can be easily traced.
sr. member
Activity: 1358
Merit: 253
Until now Bitcoin there are still many countries that are banned, this is because they think that Bitcoin is a threat and competitors of legal fiat, if Bitcoin gets the same rights as Fiat then it is certain that citizens prefer to save money and assets in Bitcoin so as to make the value of Fiat continuously decrease.
legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
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.

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 Grin
hero member
Activity: 2044
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Leading Crypto Sports Betting & Casino Platform
Lack of online jobs and earnings opportunities in large scale is what mainly prevents bitcoin from being adopted. If there were more accessible virtual jobs for everyone paying in bitcoin, there would be more people dealing with it in a daily basis. Bitcoin shouldn't grow in adoption only as investment, but also as payment currency from employers to employees.
It is not the number of available online jobs that commands bitcoin adoption, I'd say it is exactly the opposite: the extent to which bitcoin is adopted determines how many jobs will create. The amount of work that needs to be done is not a limited number; it is continuously growing because work creates more work, and demand comes before supply. If I have certain skills, I can offer my services in exchange for whatever currency I choose. If people find my skills valuable, they will agree to pay me with bitcoin or some other cryptocurrency. They will accept my offer not only because I demand my payment in bitcoin, but because sometimes bitcoin is the only way to transfer money abroad frictionlessly. The main point is that our deal (between seller and buyer) wouldn't have taken place had there been no option to transfer money abroad without bank involvement. Thanks to bitcoin and the opportunities it provides, online work like this has become brought to life.
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.
legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
This is because governments all around the globe are keeping a close eye on Bitcoin's progress. El Salvador, for example, has made it their official currency. However, major economies such as the US refuse to accept it as legal cash.

Here's Why:

Governments all around the globe are watching Bitcoin's progress with caution since it has the potential to upend the existing financial system and weaken its position in it.

Bitcoin poses three problems to government power in its current form: it cannot be controlled, it is used by criminals, and it can assist citizens to avoid capital limits.

Bitcoin will continue to be distrusted by conventional authorities until its ecosystem matures.
Source: https://www.investopedia.com/articles/forex/042015/why-governments-are-afraid-bitcoin.asp


Governments are the ones preventing Bitcoin from reaching mass adoption worldwide. They don't want Fiat to lose ground, so they'll put obstacles in order to minimize Bitcoin's usage as much as possible. Even though El Salvador made Bitcoin legal tender, not many people are using it because most merchants and businesses only accept Fiat as payment method. Without some sort of benefit to spend Bitcoin, how would people be motivated to use it in the first place?

I wouldn't worry about Bitcoin's limited adoption worldwide as long as it works as intended. Decentralization is what it's all about in order to bring banking to the unbanked. Since Bitcoin can't be stopped, governments' efforts against it will be futile. Adoption will surely increase in the future as Bitcoin and other cryptocurrencies mature as an asset class. But this will be at a slow and steady phase because of the reasons mentioned before. Who knows what lies ahead for Bitcoin within a decade from now? Just my thoughts Grin
hero member
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Nothing really "prevents" it to be fair. I mean prevent means that there needs to be something that blocks people from doing it, even if they wanted to. However, reality is that everyone around the world can use it if they want to, so there is nothing that "prevents" it right now in the correct meaning of the word.

However, the reality is that if we focus on what causes the world to not start to use it with their own will? Then in that sense we do not have anything in the world that people use all over the world without missing a single person. It means that no matter what we are talking about, that will always be not used by everyone, and bitcoin keeps growing anyway, so there is no stop to it for now neither.
legendary
Activity: 2240
Merit: 1993
A Bitcoiner chooses. A slave obeys.
I personally do not believe anything is in the way of Bitcoin adoption. As far as adoption goes, Bitcoin is inevitable. There is no stopping a better technology and a better monetary system of the future.

The only problem I see is the rate of adoption. It is all happening a bit too slow perhaps, but then again, we have nothing to compare it to other than fiat. And even then, it is not the same as global money adoption, since that has never existed before in modern times.

It will definitely break through. Might take a while.
legendary
Activity: 2450
Merit: 4415
🔐BitcoinMessage.Tools🔑
Lack of online jobs and earnings opportunities in large scale is what mainly prevents bitcoin from being adopted. If there were more accessible virtual jobs for everyone paying in bitcoin, there would be more people dealing with it in a daily basis. Bitcoin shouldn't grow in adoption only as investment, but also as payment currency from employers to employees.
It is not the number of available online jobs that commands bitcoin adoption, I'd say it is exactly the opposite: the extent to which bitcoin is adopted determines how many jobs will create. The amount of work that needs to be done is not a limited number; it is continuously growing because work creates more work, and demand comes before supply. If I have certain skills, I can offer my services in exchange for whatever currency I choose. If people find my skills valuable, they will agree to pay me with bitcoin or some other cryptocurrency. They will accept my offer not only because I demand my payment in bitcoin, but because sometimes bitcoin is the only way to transfer money abroad frictionlessly. The main point is that our deal (between seller and buyer) wouldn't have taken place had there been no option to transfer money abroad without bank involvement. Thanks to bitcoin and the opportunities it provides, online work like this has become brought to life.
hero member
Activity: 2044
Merit: 784
Leading Crypto Sports Betting & Casino Platform
Lack of online jobs and earnings opportunities in large scale is what mainly prevents bitcoin from being adopted. If there were more accessible virtual jobs for everyone paying in bitcoin, there would be more people dealing with it in a daily basis. Bitcoin shouldn't grow in adoption only as investment, but also as payment currency from employers to employees.

Bitcoin usage would be skyrocketing right now if there were abundance of extra income offers on the internet where people could earn bitcoin.
sr. member
Activity: 1666
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The usage is the one that restricts people from worldwide adoption. Already people are introduced to digital economy to pay with cards and with payment applications. This is being done with indirect charges acquired commonly. People will find the transaction fee as a problem to pay for every transaction. This is not everyone's mind, but majority of common people will have this thinking.
full member
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Every country has its own political beliefs and views. Some politicians around the world don't want bitcoin. Some countries don't want bitcoin. China is one of them. I do hope governments around the world will come together and come up with a consensus to keep cryptocurrency adoption spreading in their countries. I am also optimistic about the future of bitcoin as government takes a more involved role in the regulation of cryptocurrency. I hope we will also see a more open attitude towards bitcoin in China in the future. In the long run, I think bitcoin will become mainstream. There will come a day where all people will use bitcoin, and therefore, the world will be more connected and prosperous.

hero member
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People are just too reluctant to adapt to changed as they are tied down to the local fiat of them country. Poverty is also another thing as most people haven't solved their hunger issues, they can't use the little money they have to invest or start this up, example of such area's are in Africa!
sr. member
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it does take time to socialize bitcoin to be adopted worldwide for now. many of the people around us are unfamiliar with cryptocurrencies, especially for the elderly, where they are still unfamiliar with the internet. I think if it is legalized from now on, the next generation will have more people who understand it, but there are still many obstacles that must be faced such as fraud, money laundering, as well as decentralization problems

That's correct, bitcoin is just decade old while fiat is there since centuries. It will definitely take time before majority of the world gets to know about this. Fiat can be used by anyone but one limitation of bitcoin is that its technology dependent. You need to have electronic gadgets and familiar with its use in order to use it. Not everyone in this world have these things at his disposal. 
member
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The list you have are true and I think one of the reasons too why it was prevented from world wide adoption is that not all people are educated on what cryptocurrencies are and the frauds and scammers are the one who reached them first that's why most of the people get scammed before they understand how Bitcoin really works. Plus it needs device and internet to use.
it does take time to socialize bitcoin to be adopted worldwide for now. many of the people around us are unfamiliar with cryptocurrencies, especially for the elderly, where they are still unfamiliar with the internet. I think if it is legalized from now on, the next generation will have more people who understand it, but there are still many obstacles that must be faced such as fraud, money laundering, as well as decentralization problems
member
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The list you have are true and I think one of the reasons too why it was prevented from world wide adoption is that not all people are educated on what cryptocurrencies are and the frauds and scammers are the one who reached them first that's why most of the people get scammed before they understand how Bitcoin really works. Plus it needs device and internet to use.

people get scammed because they're use to being spoon fed by banks for which they charge hefty fees.

this is why most people who still use btc don't keep their coins in their wallet like they should be doing.

instead they keep them on exchanges like coinbase/binance/etc. because there don't have to secure their seed/private-keys.

and these are the people imho who usually end up getting scammed or those who keep their coins in a hot wallet on a unsecured device.

but it all comes down to people being lazy and not wanting to do their homework on how to keep their coins secured, which is not that hard.

as for the device, any one who owns a computer can make an air-gapped cold storage wallet which would be almost as good as a hardware wallet.

and as far as internet goes, everything is dependent on the internet, every communication, transaction, internet is the backbone of everything.
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