Topic: What’s Stopping Crypto Markets from Entering the Mainstream - page 3. (Read 1507 times)

Bitcoin usability is the main reason for bitcoin to become a mainstream digital currency, in fact, many companies and countries such as France, China and Facebook creating their own digital currency.
The main reason probably because bitcoin volatility, the price can spike up and tumbled within hours, who wants to invest $10K today but tomorrow the value of bitcoin loss $3K?
Another reason is Government regulation, it's a good thing if a country acknowledges bitcoin as an asset like gold or bonds which everyone is free to trade it, without tax is even better. If a country declares bitcoin is free to use by the citizens anytime anywhere, then it's going to be mainstream.

Usability.  The internet was around for a long time but "normal" people didnt use it until everything became a picture button.  People are still afraid to lose or get hacked for their money with no way to recoup it.  So once usability becomes a lot more user friendly and security becomes a lot more tight.  That's when the sharp curve up will start.

Yeah some other parts of the world still doesn't know about bitcoins existence that's why it needs more adoption so that we can see a good spread but actually it's hard to implement since  the market is pretty much not attractive for the new comers since for sure many newbie attempt to enter on year 2018-2019 lose their capital for long streak bear market happen today and for sure this is the huge barricade since many people would not agree that bitcoins and cryptocurrency is a good choice of investment.

While cryptocurrency is still new to others since more people  still don't know what cryptocurrency and bitcoin is. And still too many naive people on this industry being scammed by some random fella in social media sites. And the fact that most government are against crypto, bitcoin and/or cryptocurrency will still be the same without the approval and regulations of most government.

The simple answer is regulations making sure only cryptocurrencies will survive which are in favour of governments.
Other cryptocurrencies will die naturally.

You can see that cryptocurrencies are moving more and more away from the so-called ground idea of taking away control of money from governments.

What counts is profit and liquidity.2020 will be a big year for crypto

Because it's a conflict of interest since he government know that they can't control the crypto that's why they are blocking it's way to a massive adoption and you can see it on some other countries who block it for using them. But there's still a hope for everything since I'm little bit sure that government will adopt on it when they see a wide spread scattering of crypto in their jurisdiction. We should remember that some adopt the blockchain and what will happen next? guess we need to wait for it  .

For cryptocurrency to become mainstream, first of all, you need to get rid of volatility, due to which such a huge range of market manipulations is possible.
People love stability, they are afraid of things that they cannot control. At the same time, cryptocurrency has an extremely uncertain status throughout the world,
the heads of various states very controversially speak about the crypto market, which adds doubt to the heads of ordinary people.

Never ever for that situation to happen for that fiat system would be totally obsolete as long governments exist they wont consider out crypto to be the mainstream.

E-currency would be considered instead and crypto would always remain an option.People do know or heavily dependent to fiat so theres no doubt that the end of the
day people will still prefer on things which governments do suggest on.

Agreed, right now the experimental version of marketplaces accepting bitcoin is found much. Very few succeed with the MVP of the project. This means when one goes cashless there needs to be acceptance. Right now that is very low, it takes more time. Right now more crypto markets weren't legalized which too is a reason for the lack of markets getting mainstream.

Volatility exists in every market. No market is free of it - there are methods to adjust prices on the basis of upswing or downswing of price and thats what the gold marketplaces do when people buy from them. You dont see people buying jewellery on a certain day or on a certain hour. They are active all day during business hours and they are not running out of options.

Where the problem lies is the governments methods to prevent crypto transactions. Prohibition of using crypto and banning people from accessing sites. Then you have law enforcement tracking down people. These things are a big obstacle to the growth.

There are countries right now who are experimenting of being a cashless society. Maybe I should have use the correct word here, it should be dependency. We are still dependent on fiat, however, I think crypto is a good option.

Of course, if we convert our crypto to our local currency then we need banks but I guess if we going cashless or at least crypto as an option, then dependency from the old system will be lessen, but I'm not saying that they will become obsolete as well.

the crypto market is too volatile, it needs stability for it to be supported by many
this is just my own opinion

I think that's definitely part of it.  Guaranteed when the younger generations come of age, there will be increased adoption because they'll have known about it all of their lives--even if they never end up using it as a currency, they might still own it just to own it.  The same can't be said about older folks today, or even most people in their 40s (with certain exceptions, AHEM).

The biggest factor I think is the lack of necessity for owning crypto.  For nearly everyone, fiat works just fine and people have no problems whatsoever using a bank card or cash or their smartphone to make purchases.  Who in their right mind would spend fiat to buy bitcoin simply to spend bitcoin?  Yeah, if you were buying something on the dark markets that would make sense, but nobody does that for purchases that can easily be made with fiat--and they shouldn't IMO.  It just makes no sense.

If the world ever gets itself into a global hyperinflation scenario--real SHTF stuff of nightmares--then I could see where bitcoin would become extremely useful, and no doubt people would adopt it as a form of money en masse.  But unless or until that happens, bitcoin is going to stay out of the mainstream, at least as a currency.  It's already coming into the mainstream as an investment tool (which is fantastic, btw).

The main problem of cryptocurrency entering the "masses" is the low literacy of the population. In the economic, information spheres. 89% of the population have heard! This does not mean anything, unfortunately. Until people know about the virtues of crypto, they won’t go anywhere

We've been always a slave since fiat exist on that case.There no other system which we can rely on but on that fiat system.Lots of criticisms but we dont have any choice but to
abide with that current system.People are way too contradicting things against fiat without even thinking that they do buy up btc just to accumulate even more on usd price.
As illustrated it would just still end up on converting your coins just to get your own local fiat money. Crypto would be just good to be an optional thing but not would totally
go in talks of mainstream.

The main hurdle that the crypto-market is facing regarding mass adoption is mindless disruption. The main goal of many cryptocurrencies, or the most important ones at least, it to oust fiat currency. This greatly slows down its adoption rate since this order is for the most of us what grants our positions and enables us to express ourselves within society. We go to work within centralized organizations and get paid in currency that's locally governed and influenced, to be expended in centralized shops that are shaped by the local market. tearing that down will take a long time, if it can even be done. Integration and evolution of the current model is the key where a massive adoption rate lies.

It's not as simple as that dude. Look, we are all slaves to the system in that case.

You think you don't need fiat? Then why are we all looking at bitcoin price in terms of USD? What happens if btc reaches 1 million dollars? You're going to sell right? for US dollars and then into your own currency right? With a bank account right?

So does that make you a slave?

Ignorance about how the system works is a huge challenge but indifference is also a great problem, there are many that know what is wrong with the system but they do not want to change it because they are benefiting from it and in some cases they blame those which are ignorant about it for their fate, but we know governments spend a huge deal of money to keep people ignorant about the truth.

The only solution to all of this is for the government being unable to keep the lie going, this will produce a lot of suffering as those that are ignorant about he realities of the system are the most exposed in the case it fails.

^ Probably that is one reason just because of fluctuation but for me, Bitcoin adoption now is on mainstream even though some countries they are banning bitcoin but the are small compared to the majority who already adopted. Mainstream means worldwide mass adoption and I think we are now on that current situation. There are many types of payment processors who accept bitcoin by converting fiat and in different trading exchanges. Nevertheless, Bitcoin still needs more people to adopt.

This question is timely.

Add also its volatility. Like what I've said about it being timely, they find it difficult to adopt it for merchants because they see the price has been fluctuating. It's a possible reason too that many of them doesn't know that there are third-party services that convert the bitcoin that shall be received as payment to them into USD/fiat money.