Bitcoin Forum

What type of reasons do you think that only 1% of the world is really into bitcoin and other cryptocurrency?

why is it if you go out on the street and ask around, not many people know what bitcoin or cryptocurrency is?

thoughts and suggestions reasons?

Technology behind blockchain is quite complex for average man on the street to grab, hence people find it hard to believe about the use of electricity with mining instruments to create a coins which can be bought and sold over the internet. It might take time for everyone to appreciate what bitcoins and altcoins really stands for.

First, I doubt even that number.
There are just ~ 30 millions addresses with a balance in the blockchain so the numbers might be lower at least by a factor of 3-4.

Second bitcoin is not that simple compared to other technologies that have gained popularity.

For example, the debit card.
You just insert it and type a pin (even that is no longer required with contact less) and yet there a lot of people who are afraid to use them.If they are afraid of using money via a cc where your funds are somewhat protected, how are you going to convince them to use bitcoin with no insurance and irreversible transactions?

It will take a long time for bitcoin to grow to 10% adoption and even longer to 10% daily usage.

There's a lack of understanding of how it works.

There's a perception that it called itself currency, but it's not "backed by anything," so therefore it's a scam.

The number of people in the US on some kind of public assistance is higher than ever. So a lot of Americans don't have money to invest in anything, much less learn about new technology that has little direct relevance to their lives.

People who are dependent on government would tend to be fine with government fiat currency I would imagine, as long as its buying power meets their needs.

Its just a speculation, nobody has ever conducted any survey on that and most of the data that is supposed to give estimation on number of people involved in crypto is just number of wallets people have created on webwallets and number of downloads of crypto wallet apps from appstore. But all this things can't give accurate number and I don't think we will ever gonna know the exact number because there is no any actual method to find out and survey might also not give feasible number as people will not give info because most of the crypto users are concerned about their personal privacy.

Although only 1% know bitcoin, I think that's pretty much all of the world's population, their ignorance may be due to the lack of Internet facilities in their unexpected areas, or their fears because of the bad news about bitcoin.

1% only in cryptocurrency because that is hard to understand to many people what is that totally and how it is working at all  if colledge will educate people how block chain technology works and what is crypotcurrency in nera future more and more people will enjoy in crypto world .

i doubt that it can even reach 1%!

but the reason is a couple of pretty simple ones.
bitcoin is a new technology that people don't yet know about and it needs to be matured and adopted for a bigger percentage of the world to know about it.
also while it is not that popular there is also a lot of attacks against bitcoin. there are times (like now) that the media is filled with a lot of FUD about bitcoin. and when you keep seeing something is called fraud, .... you tend to stay away from it and don't bother even checking it out.

I guess that Joe Six Pack learned that transactions fees per transaction could reach $55 each and ran away from the
doors of the casino instead of coming inside.

Blame China, Korea, India or even Putin but since fees peeked you can clearly see that Bitcoin has been going down
but the development team and miners want you to blame everyone else but them.

 

Actualy people not yet realy adopt bitcoin and blockchain technology thats the reason why only few people including us know about crypto currency but it will slowly addopt by people as you can see  now more people alread aware about bitcoin but they are not yet realy understands how it works.

At this currency stage of bitcoin and blockchain technologies we can clrearly see that this is just the biggining of blockchian era as we can see this is just starting and a few years later that 1% people will slowly grow until it reach to 100% not today or next year but maybe a few years from now.

I actually think the answer to that question is quite simple. Bitcoin is not a finished project, and it still needs a lot of development.
Imagine computers in their early days. They would fill entire rooms, and had very limited computation power. I guess that even less than 1% of the population has any interest about computers in those days, or knew what they those things were about. Now they are not just popular, but also essential for our lives. Also see how they evolved. Now even an iPad pro, that is "just a tablet", has more computational power than a lot of the computers available to us these days.

Same thing goes to cell phones, or even the internet. Who used it, or knew anything about it in their first years of development. Now they are all crucial technology for our daily lives.

I think it's the same thing about bitcoin. No on really understands it, or know anything about it, but there will be a time where people will see how archaic our financial system was, and how important bitcoin and decentralized currencies are.

thanks guys very helpful for sure.

This is no because of one reason. It is due to a number of reasons the primary being that it is still very new.

A lot of people have not heard about bitcoin and some do not have the means and gadgets to buy into the market and use the currencies.

Paper currency is leading the world since after the barter system. So, if new technology is introduced as its substitute, it'll take time to flourish. Besides, there're places where internet connection is not available. So, the people over there will hardly get a scope of to transact with bitcoin or any other crypto currencies.

No government has officially accepted bitcoin or other cryptocurrencies. Also, medias are negative about bitcoin. We usually don't see a positive program about bitcoin on TV. Advertisement can be very effective. But there is no positive advertisement as governments don't want it.
Most of the people in the world do not search about cryptocurrencies. They judge about it only based on what they hear.

Main reason is that they don't care and are afraid of diving in to a completely alien system which could just take their money and time in the process. Furthermore, there are still regions in the world where high-speed internet isn't even deployed, and if there's any internet connectivity, it would be slow even for browsing. You can also factor in the technicality that is involved in learning how to use bitcoin and the terms they need to remember when dealing with it. Overall, most people aren't just ready to learn new things and deviate from the norms that's why only a handful of people are trying to learn the crypto.

Even for those of us with IT skills it is not an easy concept to understand. However, when the ipod generation grows up and gets high paid jobs they will invest in bitcoin and understand the technology behind it. Millions of investors entering the market will certainly drive up demand

I remember that years ago people were making calculations and predictions based on which Bitcoin would be worth around 1 million USD per coin if 1% of people in the world wanted to own some. We are far from this 1% unless of course you mean not ownership but interest. I'm sure more than 1% heard about cryptocurrencies and might be interested in buying some in future but they don't own any now.

There are many factors behind this. First of all, not many people go out of their comfort zone, I mean to say, many are happy with traditional fiats. Haven’t seek alternatives. Then, Crypto is a little bit complex for the starter to understand. But mostly, I would say, Bitcoin failed to reach greater people for different reasons. But a lot of people are getting attracted to Bitcoin.

will take time, to get more exposure on this

On the one hand, we have the FUD, when people read articles about cryptocurrencies in mass media they come to the conclusion that cryptocurrencies are something negative and risky. On the other hand, there are not many places where people can use or spend their cryptocurrencies.

Not a lot of people know about bitcoin, some know about bitcoin but do not understand what it is being used for which means they do not know enough to invest and some do not hve the money or gadgets needed to invest in the market, all in all it will just take time for more people to come in.

Because not everyone likes bitcoin and it is not very easy to work with it, speaking about an ordinary person who doesn't know much about the online stuffs. Even if this whole process of bitcoin seems very easy for us the ones that know how it works,for a newbie it seems like something very complicated and something where they could lose their money because they think this is to complicated to learn. For example credit cards are super easy to use because you just have to walk a few feets from your home and insert the card into the atm and select what operation you want. I think that the vast majority of people own a credit card. With bitcoin things are not that easy. You have to create a wallet, secure it then find a good exchanger to buy bitcoin from and some of them dont accept credit cards so you have to create extra accounts on different payment systems. After all of this you cannot use bitcoin anywhere to pay for what you want and there is also the possibility that your bitcoins price will drop and you lose money. So there is only a limited category of people that want to learn and understand bitcoin and that is not so big.

1% is only in cryptocurrency, because many people still can not understand how it is working and how it works.
If blockchain uses technology, people may be able to learn and learn a bit. I think people will be excited about Bitcoin in the future.

Most people are negative about technology and development as they say, “we can’t control it”, what if it goes offline?. It’s a scam and many more excuses, but in reality they’re just afraid of the fact that they doesn’t know anything about bitcoin and blockchain.

We wanted to be dictated by rich people than just by a computer program. They exaggerating things they don’t understand.

It’s our humanity that’s recognized survival and government won’t accept as they are the law of the land. They and the bankers don’t want this money to be on us, but from them alone. “Monopoly”.