Topic: What's stopping people from using bitcoin? - page 40. (Read 202139 times)

I guess it's the irreversibility that is stopping people from using bitcoin, however, it is the thing that attracts people to bitcoin as well. The problem with newbies is that they are easily scammed.

It's not a good feeling to get scammed, so they stop using BTC.

It all depends on how you use Bitcoin.
If you just buy and hold your coins for a certain period of time, then nothing happens if the value drops a bit. Just make sure you don't sell. As long as you don't sell, you won't lose anything.

From a newbie who got introduced to bitcoin because I wanted to buy 'something' that only accepts bitcoin .. I didn't like the experience at all and I'm a computer programmer by profession so I'm comfortable with technology.

Here's my initial experience - I went about buying bitcoin, researched about wallets then read about warnings people gave - I don't know whether they are common threats / outdated info :
- Use paper or cold storage or else my bitcoins might get stolen - use a LiveCD, offline transaction signing, another PC/Laptop that has never been connected to the Internet
- when you send to someone, better create a new wallet 'offline' wallet since the keys have now been used (I believe Hot Key is the term)
- Oh have a 'Change Address' or else your bitcoins might get lost
- Never store your bitcoins with Exchanges in case they steal it or worst close up like Mt Gox

In the end, what I did was buy the exact bitcoins I needed, send to my phone wallet then paid. Oh and by the way, here in Australia, in order to buy bitcoins I needed to verify my identity to an exchange - as in send driver's license info, a utility address, passport etc (not sure if this is the case with other countries).

Anyway, I saw bitcoin as a good investment so bought some when they were 700 Australian dollars - here are the steps I did based on the recommendations I've read :
- download Tails and create Live USB
- download offline bitaddress from github
- disconnected my printer from Wifi, looked for my USB printer connector to print the paper wallets
- did all transfers from the bitcoin exchange to my paper wallet via Tails Live USB in case my windows PC has some sort of bitcoin stealing malware
- store my paper wallet never to be used until the day I decide to cash out
- all this on top of having to join an exchange in the first place

You can say that there's a similar 'bottleneck' with banks - that they also verify your details - but for banks, most working people already have them set uo to get their salary.
OR I can ignore and just use wallets as normal, but just read the internet and all those warnings are always there.

I also invest in stocks/funds using an online broker, using my home/work PC and my phone. I never had to worry about all these "offline transactions/offline storage/needing LiveUSB" with PayPal or CC.
If I ever have my CC get stolen and used illegally I can revert them with my bank.
My PayPal that I used for eBay buyers that sent me wrong / broken products I've gotten my money back.
My money is safely stored with my bank - yeah there's a small possibility banks can close but some of my money is insured.

So for the near future, I will keep using PayPal / CC and just use bitcoin as an investment (again in a paper wallet generated via Tails LiveUSB while offline - printed with an offline printer and stored several copies around like the days before the Internet was invented).

yeah bitcoin difficult to predict because it has a volatile nature but if you can be patient in the face of  prices movement ebb quickly. the fluctuations that can be overcome easily. but the problem came to himself people will usually panic and do not be patient when the price in the following circumstances

Most of people do not use bitcoin because they dont have bitcoin.Regular traditional job still do not pay in bitcoin,earning bitcoin in part time is not possible for everyone because of limited availability of such jobs for all type of skills.
Faucet can never give you any considerable amount of bitcoin, who wouldn't use if he has something valuable in possession? So how are they suppose to use something which they dont have?

Surely they believe in media lol. They assuming that every news the media said is fact, because they think media is trustworthy company that won't tell wrong news. Yeah just let it be, maybe they haven't been ready for such kind of technology.

Spending will be not the best thing that you can do and that is because the value of Bitcoin is rising slowly so that is perfect for people who are holding their Bitcoin.
Because they have maybe the opportunity to sell it and that should be perfect for them if that would be possible for them.

Most of the people have wrong information about bitcoin and cryptocurrencies in general,when i talk with someone who only heard about bitcoin but doesn't know full details i usually get the aswers from them that btc is scam,ponzi or even gambling...ofcourse i am always trying to explain them the whole concept of cryptocurrencies with full details some of  them understand some don't.

Until the time doesn't come that it will be used and accepted everywhere people will keep on converting it to fiat as there is no other option left for people to spend their bitcoins.

using bitcoin doesn't mean taking a profit out of it, that would be using fiat.

USING bitcoin means people start treating it more as a currency, and businesses start accepting it as a payment so people can spend bitcoin instead of cash.

but if you want to buy bitcoin to sell it high and get out fast, you better use your fiat and don't even bother with bitcoin.

People are stopping using Bitcoin when they know that they cant earn profit with it and that is bad because you have to be patience with it.
And yeah it can takes a long time until the value will be higher so that is really bad.

Yes that's what I'm saying risk is not a problem that stops people when it comes to investing from it. But I can think about the risk of using bitcoin
because many are thinking about it from being called as a scam.
Since in internet there are lots of scamming strategies and bitcoin's name has been used for it.

Investing is always had some risk we don't run away from this problem. Some who have intentions to invest I think they always deal with risk there can get it.
risk are not the big problem.

Investment is a big risk itself. People who dont use bitcoins are of the view that this coin can fall anytime and they are therefore not willing to invest in this coin. I think we need to tell them so see the history of this coin and it has never disappointed us and has never come even close to be died.

Well investing I guess is always something for those people who have open up their minds. Because even in the real life. Investing is always a risk.
And many people tend to think out of it.

You are right but I also think they are scared to invest in the bitcoin because it also had a pretty good name due to this people do not want to take the risks.

I thought china doesnt support bitcoin on their country and its the chinese people that doing their own way to be able to use bitcoin.

nothing

Bitcoin still needs to introduce itself, and we are part of it...Yeah that's tru, it's very impressive that bitcoin is being known and being spread through out the world faster and faster each year..So probably if many in the world know bitcoin, its all up to them if they will use it or not...

Yeah that is one of the common reasons why other people hates or don't use bitcoin because they only think that it's a scam because it just a online thing lol, actually my parents thought about that.