Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: TomPluz on August 26, 2020, 06:07:09 AM
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After more than 10 years in existence, we can still consider Bitcoin to be a newbie though considering that we are now in the fast=paced technology kind of society this should have been not the case. Bitcoin is attracting many solid players and I think it is here to stay and will not be succumbing to competitors in the near future but it has to be adopting to many challenges ahead.
So what are the things that hindered BTC to be adopted by as many people as possible. This is just my opinion, please be warned. One factor is that many people are turned off by the complexity of using cryptocurrency. This must be looked on fair and square. People should be using cryptocurrency as easy as using PayPal, though how this is going to be accomplished can be debatable. There are now a good deal of progress on this regard, but they are mostly niche-based and not yet generally accepted.
Another factor that turned off many is the existence of scams, hacks and frauds all over the industry. Sadly, there is nothing concrete we can do on this except to educate as many people as people, sadly though that even the most educated in crypto can still be victimized.
Of course, the role of the government should not be overlooked. Bitcoin is not officially recognized in China, India and Russia where a huge number of people are located, though we know that many residents of these countries are secretly holding Bitcoin.
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In general, I agree with your opinion. Bitcoin and cryptocurrencies are generally still quite difficult for ordinary people to use. There are also many scams and other abuses in the world of cryptocurrency. This field of activity is associated with large monetary investments and they will always be attractive to all kinds of fraudsters. Only state regulation of this type of activity can help here.
However, bitcoin also still does not fulfill its main purpose - to be an alternative means of payment for the current payment system. Given that digitized stablecoins of central banks of states will soon appear in large quantities, Bitcoin will have very serious competitors in this regard.
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Interestingly about the resistance of China against bitcoin where in this place there are many crypto miners and also they have some good crypto exchangers. Therefore I couldn't dismiss my doubt that China is just presenting a lied statement.
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Bitcoin is often called digital currency as a store of value but do you think so, the nature of bitcoin volatility makes that U turn for investors thats why some prefer to hold for short term and sell off unlike gold, the growth might be laggy behind but the volatility isn't much as bitcoin. Imagine having %10 profit for your portfolio and then lost everything in just hours and minutes. It's killing mate :'(
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I am accepting your feedback. Because there are many cases of fraud in the cryptocurrency market. Cryptocurrencies will still not be available to the general public. Many people cheat users with bitcoin. So many users have left Bitcoin. Scandals hurt people. Because it hurts a lot of people financially. Many people suffer due to fraud in the Bitcoin or cryptocurrency market. I think this is a serious incident. If banks approve these incidents will not prevail and bitcoin users will not suffer much. But I think it needs security because bitcoin transactions have to do with strategy. Bitcoin's popularity will increase.
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Bitcoin is often called digital currency as a store of value but do you think so, the nature of bitcoin volatility makes that U turn for investors thats why some prefer to hold for short term and sell off unlike gold, the growth might be laggy behind but the volatility isn't much as bitcoin. Imagine having %10 profit for your portfolio and then lost everything in just hours and minutes. It's killing mate :'(
As a means of payment, bitcoin, like other decentralized cryptocurrencies, really has a very high price volatility and this greatly impedes its use in this capacity.
However, it should be admitted that the mass adoption of cryptocurrency is hindered by its still relative complexity of use by ordinary people and the lack of proper infrastructure for its direct use as a means of payment.
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Bitcoin is often called digital currency as a store of value but do you think so, the nature of bitcoin volatility makes that U turn for investors thats why some prefer to hold for short term and sell off unlike gold, the growth might be laggy behind but the volatility isn't much as bitcoin. Imagine having %10 profit for your portfolio and then lost everything in just hours and minutes. It's killing mate :'(
As a means of payment, bitcoin, like other decentralized cryptocurrencies, really has a very high price volatility and this greatly impedes its use in this capacity.
However, it should be admitted that the mass adoption of cryptocurrency is hindered by its still relative complexity of use by ordinary people and the lack of proper infrastructure for its direct use as a means of payment.
Most of the local exchange I have seen often send out blogs to their customers on how to make bitcoin easier for daily used.
I have been in this bitcoin revolutionary for 2 years and I must admit, I don't know half of bitcoin complexity. I just try as much of my possible best to acquire necessary knowledge I need for my self and friends.
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that is true because not all countries can accept bitcoin, that is also one of the obstacles to increasing bitcoin, getting to know bitcoin to the public is indeed difficult so not all countries can accept bitcoin, negative news about bitcoin is also an obstacle to its development bitcoin. that is in my opinion.
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The government will not risk the economic status of the country. Bitcoin is decentralized at the same time volatile. That is the only reason why the government of some countries did not introduce Bitcoin. Also it is a serious threat to banks because there is a possibility that rich or normal people will choose to invest in cryptocurrency than banks. In cryptocurrency no tax payment but in banks there are a lot of questions about your properties and capacity in life.
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In addition, one hindrance to Bitcoin adpotion is, Valuation Fluctuates:
The value of Bitcoins is constantly fluctuating according to demand. As of early agust 2020, one Bitcoins was valued at $9.9 on some popular bitcoin exchange sites. It was valued to be less than $6k to $7k just 6 months ago. This constant fluctuation will cause Bitcoin accepting sites to continually change prices. It will also cause a lot of confusion if a refund for a product is being made. For example, if a "T" shirt was initially bought for $0.01BTC, and returned a week later, should $.01 BTC be returned, even though the valuation has gone up, or should the new amount (calculated according to current valuation) be sent? Which currency should BTC tied to when comparing valuation? These are still important questions that the Bitcoin community still has no consensus over.
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Speaking of PayPal, it's ironic, because they are actually preparing to start (https://theforexreview.com/2020/07/17/confirmed-paypal-working-on-crypto-capabilities/) trading cryptos themselves, likely including Bitcoin. Cryptos are becoming part of the mainstream, more and more so with every passing year. It's just a very slow process.
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There are many reasons why bitcoin can't be mass-implemented now. But in my opinion, the main reasons are its high volatility and lack of technical ability to use it by the majority of the population.
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I am accepting your feedback. Because there are many cases of fraud in the cryptocurrency market. Cryptocurrencies will still not be available to the general public. Many people cheat users with bitcoin. So many users have left Bitcoin. Scandals hurt people. Because it hurts a lot of people financially. Many people suffer due to fraud in the Bitcoin or cryptocurrency market. I think this is a serious incident. If banks approve these incidents will not prevail and bitcoin users will not suffer much. But I think it needs security because bitcoin transactions have to do with strategy. Bitcoin's popularity will increase.
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Bitcoin is often called digital currency as a store of value but do you think so, the nature of bitcoin volatility makes that U turn for investors thats why some prefer to hold for short term and sell off unlike gold, the growth might be laggy behind but the volatility isn't much as bitcoin. Imagine having %10 profit for your portfolio and then lost everything in just hours and minutes. It's killing mate :'(
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Yes, Bitcoin is still difficult for ordinary people to use. Moreover, there is not enough infrastructure to use it as a means of payment. At the same time, states are now rapidly switching to using their national stablecoins from central banks. They will be quite attractive for people as a means of payment, since they combine the advantages of conventional currency and cryptocurrency.
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Here are three main things that are hindering the 100 percent global adoption of Bitcoin and its immediate price spike:
1. Global regulation;
2. Only a small part of the world's population is aware of the existence of Bitcoin and understands how BTC and crypto work in public;
3. Trouble buying BTC: setting up an account on an exchange, verifying, depositing, etc.
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For as long as we are yet to have global regulation, not just Bitcoin but cryptocurrency at large will keep experiencing difficulties in advancing as decentralized platform. Now, the main question is, when is regulation coming up? Without proper regulations, mass adoption will only be a dream that may not come through.
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Here are three main things that are hindering the 100 percent global adoption of Bitcoin and its immediate price spike:
1. Global regulation;
2. Only a small part of the world's population is aware of the existence of Bitcoin and understands how BTC and crypto work in public;
3. Trouble buying BTC: setting up an account on an exchange, verifying, depositing, etc.
In general, this is so. At the same time, bitcoin never became an alternative means of payment for the current financial system. This is the main purpose of bitcoin, which it never fulfills. It has become basically a speculative medium and if it stops growing in value, then there will be a big problem with that.
The digitized currencies of states will soon be massively issued. Most likely, they will also form serious competition with decentralized cryptocurrency, and therefore Bitcoin will have even less chances to correct the situation.
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Why do I need an asset that is difficult to pay for in everyday life? Yes, it is expensive, but it is gold for the crypto world. But for ordinary people, this is all difficult and not clear. Many people still use paper money instead of plastic cards. This should be accepted by all people on earth, not by regulators.
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The development of BTC and its adoption or utility actually have been developing during this time. So far, many broaden the adoption of BTC as payment, not only for trading or investment.
however, the challenges are too many such as:
~ Law and legality in-country
~ Not supported by some countries and banned from them
~ Closed-minded from many people in the worldwide
~ Consider that BTC has been used for crimes
Actually many people have proven that BTC is not what they think. But of course, it needs more process. Moreover, as you said that BTC is not able to see or hold. It is only a digit.
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The development of BTC and its adoption or utility actually have been developing during this time. So far, many broaden the adoption of BTC as payment, not only for trading or investment.
however, the challenges are too many such as:
~ Law and legality in-country
~ Not supported by some countries and banned from them
~ Closed-minded from many people in the worldwide
~ Consider that BTC has been used for crimes
Actually many people have proven that BTC is not what they think. But of course, it needs more process. Moreover, as you said that BTC is not able to see or hold. It is only a digit.
Users are majorly scared cause of the lack of adequate regulations. Hopefully if there is actual regulation then more investors would get on.
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Users are majorly scared cause of the lack of adequate regulations. Hopefully if there is actual regulation then more investors would get on.
There are already many investors in crypto, people have been attracted in crypto as its potential to gain bigger profits. No need for a certain regulation to make people come to the crypto world. Ban issues on some countries won't effect any things, as long as people still can trade it and convert to their local currencies, then it is okay.