Bitcoin Forum

I personally believe that one of the big reasons why we have to be a part of the Bitcoin bandwagon is that this is a tool for people empowerment and that can means we are getting back the power that should have been in our hands long time ago. Now, I am not saying that Bitcoin is the be-all and end-all of all our problems but certainly this can be a start of something revolutionary.

No wonder then that many governments and central banks are uneasy on Bitcoin because they know the possible implications but for some governments who are not lead by myopic leaders and allowing Bitcoin those are the leaders who are recognizing that they are not there in the pedestal for the lifetime.

Aside from volatility, what are the biggest obstacles for Bitcoin to be adopted on a global scale?

I can only hope that most of the members of the Bitcoin community or of the larger cryptocurrency community joined the bandwagon because of these ideas. My hunch however is that more than half of the members of these large communities around the world are joining these communities for the sake of money or of profit. They seem not to care about these principles really. All they are thinking is that there is money here. All they need to do is buy and wait and the profit will be coming.

This in itself is already a big obstacle for the growth of Bitcoin and cryptocurrency.

I think bit coin is just like money. But what  is money? It is just a piece of paper. On my point of view bit coin, money and other types of property is just a listing or proof that you own something. Your bank account amount is the record that you own it. You don't have to have money if you have other proof to own something and you don't have to have bit coin if you have other proof that own this certain amount of something. All I can say is that bit coin helps to change the way of having proof of belonging or assets. It help us became more paper less than ever before. And other thing is that why bit coin empowers people. Because no country owns it. It belong to the people. But the disadvantage is that some people. do not use computer or internet. So their ways of having a asset is different to us that uses cryptocurrency and other types. I can see that bit coin now is playing an important role on the eco system of assets and property belonging in the world today. But still the traditional way of having something can't be replace.

Ignorance perhaps? A lot of FUDs are spread around the globe regarding not only about Bitcoin but also about crypto itself. This makes the common masses fearful of adopting it. Not only that, with so much negative views by some countries like China regarding bitcoin as well as what is happening to India with what, its possible petitions of banning bitcoin, most would turn away from it. They'd rather believe the banks and the government which they BELIEVE to have been doing their jobs properly without any types of scams and the like. We need to wake up the people, sadly enough, some of them don't even want to.

This is something we have to admit. Humans are motivated by greed more than any principle, ideal or even faith. We want money and we usually do something because we know we can get a return of the capital, effort and time we are exerting. Same thing with Bitcoin and I must admit I also joined in here because of the prospect of gain. Well, generally speaking, there is nothing wrong with that, actually. However, just stopping on money and not exploring more on the things behind Bitcoin can be another story...at least we have to be educated on something that we are dealing with. We have to grow and widen our understanding on Bitcoin.


Bitcoin is digital as opposed to the fiat money which can be seen and can be touched therefore very tangible. Bitcoin is called as the digital gold all because of its increasing value and it is also mined. Being a digital asset, Bitcoin is introducing us into a different era of money, finances and banking...hopefully Bitcoin can be the revolution in these areas that the people can benefit from. I agree with you, Bitcoin does not have to replace the traditional fiat-based economy because that is not the goal anyway. Bitcoin should be an alternative...a very good alternative just waiting for the people to be a part of.

Besides volatility, lack of knowledge and government restricitions is what's stopping bitcoin from going mainstream. In addition, lack of security on some exchanges also discourage potential investors to use the platform. Also, not all people still has access to digital devices needed to transact and trade in the crypto-space. The closest to being cashless in society, which would potentially attract people, is Germany and USA. The rest still uses paper to trade and transact.

The biggest obstacle for bitcoin is approving from all government because bitcoin cannot grow or reach all people in this world without government approval. We still need the government so people will think that their government is admitting bitcoin, and the government can explain what bitcoin is.

After many governments, especially the government from big country approve, people will see a new revolution in the monetary and financial. The banks will also give their permission to people to have bitcoin and another cryptocurrency. Once this can happen, cryptocurrency can grow and start to reach more people. But yes, we need time before the government can realize and see the benefit of bitcoin and cryptocurrency. And that is not as easy as we turn our hands.

In addition the reasons due to volatile in the price of Bitcoin, the government also thinks of other reasons such as Bitcoin is vulnerable to hacking and they are afraid Bitcoin will be used for money laundering or terrorism funding. That is why many countries are still afraid of Bitcoin.

Exactly! But, if we will unite and we will share and show to our government the power of cryptocurrency maybe they would consider it, so far, we are thankful here in our country as our government is open for this kind of opportunity, actually we do have bank that has Bitcoin ATMs and they are adopting blockchain for their transactions.

Of course, the biggest hindrance is the government it self. One of the reasons why they are skeptical about crypto is they have no total control over it. Not to set aside, lack of knowledge and awareness about cryptocurrency, not everyone is aware of it yet and not everyone has direct access on cryptocurrency. In some places buying or cashing out crypto is difficult because of limited deposit and withdrawal option.

Indeed, the idea of bitcoin Is that each person can pay another person for goods and services directly, bypassing banks. This radically changes the position of the citizen in the structure of the state. In fact, Bitcoin gives a person the privilege to dispose of their own money, and money devoid of inflation. This is a revolutionary invention, but it will take some time for people to understand the significance of this event.

Yes you are right and I think many more users will follow. And bit coin price will rise much more higher. Because now not all of the people in the world knows about bit coin. As for now my estimate is that there is only about 5% of the population of the world using bit coin. What if it grow on around 10-20% can you imagine the price of bit coin if there will be many users to add on the users of bit coin. for now I think it is better to hold bit coin because the best is yet to come. For bitcoin users.
 

Other than volatility as you've mentioned, other reasons hindering Bitcoin adoption are;
-Knowledge: The level of knowledge people have as regards to Bitcoin is very low in some places. For instance, most people still think that Bitcoin is a ponzi scheme or a bubble that will soon burst one day.
-Technology: Bitcoin requires some technical application which is lacking in most places or parts of the world, only a few who have access to and understand such technology are actually using Bitcoin.
-The government: Probably the biggest hindrance to bictoin going mainstream.

Many obstacles for bitcoin these days especially the FUD spread among the people all over the world. In many cases, the first thing people know about bitcoin is being used for the dark-web, illegal transactions, silk-road, hackers, ransomware, and so on.
it is only a matter of time until the current old-bankers generation replaced by youth and open minded people, then we will see bitcoin acceptance on a global scale.

That is basically my personal story as well. When I got into Bitcoin and into this forum I have no idea about decentralization or freedom from third financial parties or whatever principle that Bitcoin is pushing forth. But as soon as I bought my first Bitcoin and altcoins, read materials about them, participated in discussions, watched videos, and so on, I realized that the most important thing about Bitcoin is not just the monetary value that we can get from it but the value which the project is promoting. And it has something to do with looking into our current fiat system and its being interwoven with our governments and the entire global financial system and how it is actually being oppressive to the common people, which comprise most of the world's population.

I guess that would only be the government. Without their consent, their people won't be permitted to use and adopt it but if they have a go signal, their citizens won't hesitate to try and use it. But as much as possible most of them are weighing the possible situation that they will meet if ever they will give that signal. The problems that has been told about confirmation, speed, etc are being solved by the devs of it that's been working freely to improve the network.

I'm not a hard believer in the idea. The biggest obstacles are ease of use and global integration.

Merely 2%-3% of the people in the world have enough knowledge of how to use crypto and a mere fraction of that 2%-3 % have the knowledge to do it properly (use it, secure it, store it, etc.).

On the contrary, the central bank's money, paper money/fiat are the standard. Your grandmother doesn't need to check blockchains or whatever when you give her $100, for example, right? Neither the cashier of your corner shop.

I think other thing why bitcoin and altcoin is struggling is because of the scammers. Because of the scammers many people that is possible investor loose interest and many of them back out because of the risk they will take not only on the volatile price of the coins but from the danger of being scam. So instead of empowerment for the people it is scaring the people. Specially the government. Our government don't prohibit us to use crptocurrency but they always warns us to be vigilant about it and beware of scammers. That is why some became scared of it before even trying it.

I absolutely agree with you that the power on controlling the economy is shifting to our hands. But in the end the volatility which you set apart is a real big menace. You know what that means? That means the controlling power of bitcoin is still in the hands of rich people only. This means that maybe whale or major exchanges can still alter the supply and demand therefore have drastic effect on bitcoin pricing and this is worse than being regulated by central banks because these institutions work merely for their own benefits. So I think people will only be empowered with BTC when the distribution of BTC becomes much more even than what it is today.

The central banks and government knows that when people can stand on their own without them can spark revolution and this is why they are up to redeem back the control to the people and they are winning in this part because we still need the fiat. I don't think there could be a future where we don't need it unless the government is not needed anymore. We do need them for peace and order but crypto can co-exist with fiat.

Putting aside the government too, I think one of the main obstacles for mass adoption is the media who keeps spreading bad news about Bitcoin or sometimes what we called "fake news" causing people to have a distorted view about Bitcoin. For me the media itself will play a big role for Bitcoin to succeed in the future so if they don't educate their viewers about the usefulness of Bitcoin and it's likely that we won't be able to achieve the mass adoption.

Firstly, all people should share the values that are embedded in bitcoin. In your opinion, everyone understands what harm the financial system does?
I am sure that no. More than 80% of people are suspicious of bitcoin, and with love for the financial banking system. Because it’s so familiar, so safer.
The transition to Bitcoin is able to deprive people, if not all of the funds, then most of them.
In addition, we all see how the price of bitcoin is being manipulated, can such a currency become global when one person can manipulate its price?

still a lot,buddy.
bitcoin now still under development, its too fast to make statement like that.
because to make the strength of an economic system, it takes a long time, large-scale adoption.
until now,BTC still doesn't have it, and about it, i dont think it will be solved just 3-10 years.
and about revolutionary, i dont think we need that thing for now.
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i know exactly what u talking about, but like i say on many many post before, something new, needed much time to get recognition..

What power are you pertaining that we need to get back? A power that could stop the banks and governments to control over our assets and economy? We already have the power. In a democratic country, we already have a power and freedom to ourselves but that freedom is still limited. Yes, central banks and the government have more privilege and power than the normal citizens, but we gave them that power to rule and manage us for the better.  Thus, I don't think that governments will let us have fully control over the economy no matter how much we try. because they will make way for them to still control everything.

People who are using bitcoin. Other already sees volatility as a negative factor of bitcoin and in addition, there are people who are using bitcoin for something unethical and wrong doings which adds more doubt and fear to them in trusting bitcoin.

Unfortunately world wide adoption of using bitcoin would just lead to improper use of it. Although it carries no objective nor rules. As being said, bitcoin is decentralized, government wouldn't buy a thing they cannot even control, regulation isn't enough to standardized not even the individual who use it because in the end it'll just lead to massive chaous.

Biggest obstacle is that bitcoin would affect country's economy flow by just an instant. Bitcoin needed to be pretty more stable, and intact to as like country's currency, which in fact cannot. With that no one wants to be left behind not even a single step at least, that's why government couldn't agree more but to either banned or limit on what Bitcoin could, and people could do.

It is not going to be easy but the moment we take control over the banks in our financial world is the moment we may get to see honest politicians and the moment politicians become honest is the moment all problems of the world would go away. You still think that the problems of the world are unsolvable?

Give me one example of a problem in the world that can't be figured out by politicians who know what they are doing, who are good at their jobs and who is not a little bit shady. Those people will get together and solve any problems at all and we would be living in a candy land. Of course in order to fix those politicians first we need to get rid of the old bad ones and in order to do that we need to stop the evil corporations to make them what they want and bitcoin can help with that.

obviously the government also has an important role so that every user gets official protection from each government itself. but it certainly cannot limit everything, so that the global adoption of the growth of bitcoin can be felt by all levels of society. and of course the government can also free its people to be able to fully control the economic system that can be felt by bitcoin holders themselves

You can't get out from bank's and government's control with only just bitcoin because things have changed, this coin is now well attached on bank services, we measure it's price in USD so how? There are a lot of exchanges which are connected to banks, there are also some banks which directly offer crypto services. In overall bitcoin isn't as separate thing as USD, so for this reason it can't get us out of government's hands. But of course this coin can be part of this because of it's power, another great alternative is Monero and I have no idea why people don't talk about it because for anonimity, monero is better than bitcoin and in overall it's great cryptocurrency which meets a lot of crypto demand and truly represents it's nature.

If you withdraw your Bitcoin and not keep it on an exchange, it's fully your coin and there is nothing the bank/exchange/government can do to take it away from you.

If you don't want to link your bank account to an exchange, then there is enough going on locally in most countries where you can buy your Bitcoin with physical cash. By doing so you fully own your coin, and you haven't given your bank/exchange/government any info as to what you did. This is the true definition of peer to peer transactions. Definitely the better option.

The importance of being the sole owner of your private keys can't be stressed enough. If you don't own your keys, you don't have any coins and thus no freedom.

There are still a lot of factors that hinders Bitcoin adoption. Legality, in some countries we might find it legal but there still countries that are skeptics about this type of innovation and prohibiting its circulation. Lack of knowledge, when you talk about Bitcoin to people around you they can only recall the crimes involving it but to make it positive I’m trying to educate them as much as I can.

It is all good and well but have you thought about it well enough? Do people actually want to be free? Or are they happy with the veil that the government put on them? Most people I know are perfectly happy with having their balls in the hand of government. The only way the modern democracy is different from early kingdoms of kings and queens is that now people have 1 in a million chance of actually becoming the king of an empire, where before it was absolutely 0.

The one thing that remains constant from back then to now is how the ordinary folk continue to be be treated like slaves in their so called free democratic country while being an economic slave all the time. The wages, the salary the mortgage the loans the prices of daily consumables are all designed to keep ordinary folk ordinary. Give them a reason to go out and work every day while the rich fat men continue to bask in the shades of their multimillion dollar homes unaware of the hardships of day to day lives.

Come to Germany, you will see so many rich aristrocrats with old money here that it will make your head spin. Why do you think this place is the the breeding ground of racism and antisemitism? It is because of money. People with old money they think they are better than ordinary common daily working people.

But then again you are left asking the same question to yourself, do people really want freedom? If every citizen deserved a quality life then why don't they give same amount of money to everyone for free? Like through that universal income? they will only talk about it and never do it because doing so would reduce the class disparity and the businesses would collapse.

Sorry for ranting too much. I get emotional.

We cannot blame other people who reacted negative way, it is because of the people who took for granted those who have zero knowledge in crypto, those who scammed people, they promised a lot of things, return of investment in just expand of few weeks and will have weekly interest income, so people were attracted by this promises, and then ended as scam. Cryptocurrency was used in a big scam scheme, so people cannot trust much as well as the government.

Thats obviously a huge and important factor and a reason we see Bitcoin being so popular nowadays, before it was even considered a popular payment method or a profitable investment, it was considered as something that gave power back to the people.

The biggest issue now is just adoption and some of the legal stuff that needs to be done for they to happen, so we'll be able to see the people use bitcoin in more real life functions.

Bitcoin controls people, I agree that many people tried bitcoin just gain a lot of money. They joined communities make them as their source of profit so that they will become richer. That's not the main purpose of the bitcoin. They don't consider the goals of cryptocurrency such as easy transaction and payments. They just focus on making money. They don't care about the goals, they just about their success.

This is the decentralization system when you are not responsible to others of your financial matter and not accountable to any institution then you must avail freedom which is missing in our daily life, We are centralized and controlled by our government and central bank, so they implement their policy following their will and wish. we are not the main concern to them, that's why we are not bound to provide any detail of our economic statement or anything like this, that's the real power we could gain by this cryptocurrency, in this way, in the future people will enjoy the power what actually they possess, That's why the government is not interested in providing any legal support to this platform.

Bitcoin controls people as people control Bitcoin. Funny but that appears to be true to a certain extent. It is actually both, Bitcoin must be appreciated the way it is and the way it should be, but most are still stuck to appreciating Bitcoin as a source of money. But this will eventually change as they mature in the Bitcoin world. They might sooner see the real message of the project. Bitcoin is multi-faceted after all.

I think it will stay the same as long as it is a decentralized crypto currency. Mature? A lot of people are mature here and we all know that we are all being practical. Using bitcoin to what it can give efficiency to us while also earning profits while the price increases. People will not change, they might mature but people will still abuse the profitability of crypto currencies especially bitcoin.

Bitcoin cancel the middle man in a transaction so basically, the fee will be lowered and almost close to none.When you are using banks you have no choice but to pay their fee! and the government will see every single dime that you will spent! So I think bitcoin is for the people, because whenever you are using bitcoin you will be invisible in government and you can manage your money freely. Bitcoin is for the people who don't want to be in government spreadsheet.

Bitcoin's volatility is not a problem or a disadvantage for people to be scared of risking their money as a way of adopting it and earning profits, in fact it is the other way around, the complication of majority have is they lack of courage and knowledge simultaneously, nonetheless, bitcoin is a proof that we have the chance to attain wealth on the spot. People won't believe cryptocurrency propaganda no matter how wonderful it is if the majority is against it.

The only thing that is been planted on their mind is banks, if it comes on "safe" storage of money, they have banks, if they want "profits", they have banks, banks fever will never be cured if they don't want to be cured.

The biggest barriers to bitcoin adoption on a global scale in my opinion are:
1. all countries in the world already have national money they are afraid that when bitcoin comes in the stability of national money will be threatened.
2. decentralized bitcoin cannot be controlled, the government does not like this. because the government always controls the central bank.
3. I think the public is also not ready to use bitcoin. they are used to using fiat money to carry out daily transactions.
4. Negative issues about bitcoin that are used for illegal transactions also affect the public so they are afraid to invest or use bitcoin.

I think the biggest role that bitcoin is playing at the moment is also the one needed the most. Who on earth does not and to make money and that too easy money. I mean you can become millionaire by simply investing into some asset and holding for a short period of time and to top it off, you enjoy easy transactions, full control and anonymity. Bitcoin is that asset and we all love its profit producing nature the most.