Why has crypto failed to break through still?

nomenclatur

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Quote from: stoat on October 21, 2020, 09:08:09 AM

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

Do you think it's easy to leave fiat money in all countries, it seems difficult if that happens people will use gold, indeed until now bitcoin is not legal in all countries but everything will take place faster because it seems that cryptocurrency is slowly starting to be accepted by countries willing or no, this technological development will be the answer for everyone to realize that everything will be made easy through blockchain.

Furious 7

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Quote from: fullhdpixel on November 01, 2020, 03:03:07 PM

Quote from: Genemind on October 28, 2020, 01:16:22 PM

We can't rush things out because fiat is still the major currency that we need but it doesn't mean that crypto failed to breakthrough because there are already lots of developments and adoptions occurrence. We have to trust the process because even huge platforms and networks these days are already recognizing cryptocurrency.

Also the term break through is deceptive because bitcoins already is being used worldwide and even legal in some countries so the only thing that now remains is the adoption at shops and merchants which will take time because rushed adoption will also cause more scams because there are lots of ways a experienced crypto user can trick merchants like double spend and zero fees transactions.

The introduction of paypal accepting bitcoins might actually solve this problem because paypal is the biggest payment processor right now and if somehow bitcoin transactions are made through it, that would be plain awesome.

Shopping in stores will certainly be very closely watched, how later the price will drop dramatically or with fraud against it, it is still difficult to adopt because the government has not monitored it so online stores do not want to lose sight of this kind of risk, especially since the existence of bitcoin is still not fully legalized. therefore this adoption will continue over time, acceptance will make a breakthrough where all shopping stores will use the payment method with bitcoin.

Paypal accepts only 10% of cryptocurrency so this could be said on an experimental basis but it was seen in the CEO's tweet that this is doable and is in a more mature stage.

Dragonfund

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Quote from: Musekay on October 28, 2020, 11:34:03 AM

As long as the government is still heavily involved in matters concerning finance, the full adoption of cryptocurrency will still be an issue. Cryptocurrency is not centralised and this is the real reason why the government is still considering adopting it up till this extent cause it's adoption means the government will no longer be in charge of money and we all know what their stance on that is.

I don't really like the idea of government poking their nose in cryptocurrency but don't you think their existence is also good in other to cub and eradicate users from using it for bad things such as dark web. We have seen many attempts of Hackers and kidnappers hidden behind monero to get ransom, scammers disguising as influencers and official handles. It's not bad when they are involved though I prefer when we have regulations that are favorable for everyone.
Talking about adoption, we have seen similar adoption in many countries such as

Facilitating Currency Exchange
Going Cashless
Easier Online Transactions
Appreciation as a Debt Solution

bittick

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Not because we are scared but because we can do literally nothing. I mean what would you expect from us meanwhile the main reason for most of us are here making profit instead of making it as our primary currency for daily activities.
Even like that most of us here have nothing more than thousand dollar even less so there's just nothing we can do here.

Quote from: Musekay on October 30, 2020, 11:03:32 AM

The concept of decentralisation is the main reason why crypto is yet to fully breakthrough. The decentralised nature of cryptocurrency will not work in the favour of our government and as such, the government will always try to counter any concept that has zero values to add to their doings

True, we could offer all the good things for all I know but once government make a new law limiting crypto then our effort just gone.

Argoo

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Quote from: stoat on October 21, 2020, 09:08:09 AM

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

It has been and will always be so. The government will always control the monetary system in its territory. Cryptocurrency cannot radically change anything in this regard. It creates an alternative for the current payment system, but it will exist in parallel with traditional currencies, but not replace them. As long as states exist, they will control the financial system, since it is in fact an important part of the political system of the state. Any attempt to deprive states of financial control will be severely suppressed by the state's repressive system.

jostorres

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What type of breakthrough people are expecting from bitcoin? Why does it have to breakthrough as well?
Don't you think being over 13k for bitcoin is already enough? Why must we be over $20k? Why reach $100k? What does it change in bitcoin that makes it more and more loved or accepted or whatever just because its higher in price?

I would rather see bitcoin accepted all around the world and make it a legal tender to spend it anywhere you go, that is the aim I have with bitcoin and I agree that if that happens it would make it more expensive and price would go up, but even if it happens and price doesn't go up, that would be fine for me honestly, I wouldn't need anything else. Which is why I think we should focus on not just the price but also the adoption rate bitcoin has over course of years which increases significantly and be happy about it.

CarnagexD

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Quote from: STT on October 28, 2020, 05:48:44 PM

Your expectations are slightly too high, deliver the goods before you make the demands for progress. BTC still has a way to go in being more accessible and the most key factor to advancing in an economy is efficiency. Lately the transaction fees I see seem to say we arent ready, its not outside factors so much as this network has to do better in its capabilities.
Obviously crypto is unique in comparison to FIAT which can easily move vast amounts in a centralised way, there is a higher burden to this system but still I think improvements can be made and it will correlate to this break through anticipated. The world definitely wants alternatives to endless political interference.

Exactly. A lot of people think it's just going to be easy to replace fiat because bitcoins are more valuable than a dollar now not thinking that we're still using the dollar as a standard of how valuable it is which is literally a fiat currency. It's gonna take a really long time for people to adopt bitciin or any cryptocurrency for that matter ebcause they are mainly meant for investing. And those stablecoins which have good hopes of being adopted are really low in value to even go on par with fiat.

fullhdpixel

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Quote from: Genemind on October 28, 2020, 01:16:22 PM

We can't rush things out because fiat is still the major currency that we need but it doesn't mean that crypto failed to breakthrough because there are already lots of developments and adoptions occurrence. We have to trust the process because even huge platforms and networks these days are already recognizing cryptocurrency.

Also the term break through is deceptive because bitcoins already is being used worldwide and even legal in some countries so the only thing that now remains is the adoption at shops and merchants which will take time because rushed adoption will also cause more scams because there are lots of ways a experienced crypto user can trick merchants like double spend and zero fees transactions.

The introduction of paypal accepting bitcoins might actually solve this problem because paypal is the biggest payment processor right now and if somehow bitcoin transactions are made through it, that would be plain awesome.

Natsuu

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Cryptocurrency ain't easy to learn, plus they are not tangible unlike the fiat money. People tend to lean towards what they can touch, see, smell cause it has the sense of Reality into it. Having something like cryptocurrency for them is like "what for?". In addition, crypto is not even part of the curriculum for students in their economics subjects, what for the people way back who already graduated?, for this to break through, we need a full scale learning materials that will be simple, and easy to understand for peoples in different status to have the ability to digest and use this for their own goods.

Salauddin1994

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The reason crypto still fails to break is because crypto is under someone's control and no one has the power to break it unless the government of a country controls it inflation can bring down a country's economy but in the case of crypto it will not have any effect. Everyone who is crypto decentralized can manage it as they wish prices increase by increasing the demand of the market the use of crypto is slowly increasing and making payments easier.

Fortify

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Currencies like bitcoin simply don't have the capacity to handle all the transactions of the world and nobody should ever think that it will replace even one of them. You should consider bitcoin as a store of value more equivalent to gold bullion in digital form. Governments (or "independent" central banks" generally need to be able to control their own currency in order to manage the economy and try to handle things like inflation. You also have to consider that physical currency is still vitally important for large chunks of society who will not adapt to a crypto currency like bitcoin (e.g. older generations or homeless with no internet access)

iamsheikhadil

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Quote from: petyang12 on October 21, 2020, 10:53:29 AM

Fiat money is still useful in some areas where there is no internet that is why. Government wants to centralized the money that is circulating in the country and it is also needed to determine fake money. If some country did not make crypto illegal in their country would have made the crypto used by many people.

While I appreciate government caring for their citizens to keep the fiat a legal tender as many people don't have access to basic phones let alone education to be able to use blockchain and bitcoin and such technologies, it's highly not appreciateble if they declare crypto as illegal as crypto is actually better than fiat in every terms!

verita1

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Cryptocurrencies could be used in my country without government restrictions. The problem we have is a deficient infrastructure for this purpose that needs to be improved. The population also needs an education. Although progress is being made to introduce payment methods in cryptocurrencies in various network of shops such as supermarkets, pharmacies, hotels, among others. It is a good start but everything takes time, we also have to add that we are still living in the middle of the pandemic.

proTECH77

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Government will always have power over centralized currency.
Covid-19 collapsed so my economy of the world that make some government to print more money to raise their economy back to life. Many people are still feeling the pain of what the virus has caused in their businesse.
Since BTC price start rising after the pandemic and other cryptocurrencies are reducing which is making some investors wondering how powerful bitcoin is among all the crypto currency . I think crypto will soon take it position soon because we are about to enter it season. But the way bitcoin is pumping right no,it will hard crypto to take over the market now, because many investors are still joining bitcoin to invest their coins.

Musekay

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The concept of decentralisation is the main reason why crypto is yet to fully breakthrough. The decentralised nature of cryptocurrency will not work in the favour of our government and as such, the government will always try to counter any concept that has zero values to add to their doings

wxa7115

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Quote from: fullhdpixel on October 26, 2020, 12:24:20 PM

Quote from: stoat on October 21, 2020, 09:08:09 AM

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

I don't get it. So, Bitcoin crypto failed because the government is still printing money? That's not true. Crypto has even succeeded more than most people expected, most thought that it was going to stop trading by now, but it's still trading and people are making use of it in transaction, lots of companies are using it now to store their assets, and we are going to keep seeing the number increasing.

If there shouldn't be printing of money as you have said, then there wouldn't be any government. The government is always in control of finance, which is the one thing that underlies the economy as we know it. So they will keep printing money, Bitcoin is not replacing them.

I agree that is a ridiculous way to measure the success of bitcoin, the success of bitcoin should be measured on how many people are interested in the technology and how many are willing to take a risk with it and by using those standards bitcoin has been one of the most successful technologies ever.

Now it is true that we would all like for bitcoin to be more adopted around the world but that is going to take time, we must remember that unlike almost any other technological advancement which immediately gets the support from all the world bitcoin has the disapproval of almost all governments so this is slowing down its adoption, so if anything we should be surprised we have come this far so quickly.

MCobian

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Of course the government controls the money printing process, indeed who else can do this other than the government. You can't say
crypto failed to break through, because crypto is only about 10 years old and fiat has been used for thousands of years. It took a long
time for the whole world to accept crypto, there was no need to rush for mass crypto adoption. But with many well-known platforms like
Paypal accepting cryptocurrency this is a good process, We, as a minority cryptocurrency community in the world, must be patient to see
cryptocurrency adopted by all countries in the world.

STT

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Your expectations are slightly too high, deliver the goods before you make the demands for progress. BTC still has a way to go in being more accessible and the most key factor to advancing in an economy is efficiency. Lately the transaction fees I see seem to say we arent ready, its not outside factors so much as this network has to do better in its capabilities.
Obviously crypto is unique in comparison to FIAT which can easily move vast amounts in a centralised way, there is a higher burden to this system but still I think improvements can be made and it will correlate to this break through anticipated. The world definitely wants alternatives to endless political interference.

matchi2011

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Quote from: Genemind on October 28, 2020, 01:16:22 PM

We can't rush things out because fiat is still the major currency that we need but it doesn't mean that crypto failed to breakthrough because there are already lots of developments and adoptions occurrence. We have to trust the process because even huge platforms and networks these days are already recognizing cryptocurrency.

It's about the continuous development and not just comparing it with fiat, as it's said fiat still being recognized in majority
places so for sure crypto still far from succeeding in terms of overtaking it.

But you are right in your wordings that there are already many businesses who also acknowledge this system
bringing more interest to non crypto people to start moving inside.

proTECH77

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Many people will still be wondering how bitcoin family break through this season that reduce many cryptocurrencies but fail to reduce bitcoin than see BTC keep pumping in the market.
Most of the fiat money lose value during the pandemic that collapse some many industrial in the world. Many countries printed more money but their citizens are still founding it difficult for them to invest very well. Bitcoin show many investors that this pumping is just a small pump compared to what will happen in few months. Bitcoin will still remain the king of all cryptocurrencies.

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