Bitcoin Forum

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

I think the reason why the adoption is slower than what it should be is beacause of many fake mentor that teach them wrong way they dont understand bitcoin properly and other crypto currency they are taking advantage of bitcoin to make scam investment .

Thats why many people is afraid of investing in it because thats what they think bitcoin is a way to scam other peoples money in the name of digital crypto currency.

The solution is to teach them what bitcoin really is and tell them that this is  not a quick money scheme that when you invest you will became rich.

One of the main problems is, actually, technology adoption.  Still, cash is the king and easy to use, it's still better use-case rather than the internet payment. And blockchain itself needs to be developed more for fast payments and there are some strict regulations around the states.

You see, more than a decade is not really that long. especially we had some serious misconceptions along the way until we have reached this far. lots of criticisms, negative speculation, and other bad stuffs threw at us throughout these years. However, we have a long way to go to see the result of each of our works to promote Bitcoin and Blockchain technology. The beginning is always hard or difficult but after this long run and after the misconceptions are cleared, we will see some great news one after another and no more criticisms since people will know the truth that Bitcoin and blockchain were only being used by those crooks to give bad names to this industry.

It is not slow but it is also not very fast or instant. This is understandable because the technology is one which is really new and really disruptive to the old traditional system, which has made conventional things in finance the daily norm of everyone. Everyone has been comfortable with the products of the traditional system like fiat or banking services. And the people behind this system are the most powerful, so powerful that even governments are under their payroll. And the governments are the ones that will determine the acceptance of Bitcoin and crypto. So it must take some time for them to really see the benefits of Bitcoin.

Don't say more than a decade its just a decade. :)

Blockchain technology exists here for almost three decades and it only got implemented in 2008 by satoshi into the creation of crypto currencies.

I think the adoption is already fast enough, there are so many problem with using crypto in many countries including legality and taxes. If you see any digital payment out there they are trying to burn their money for marketing meanwhile bitcoin don't even need that and people around the world already know about it. If you want to make btc adoption faster maybe always suggest those big e-commerce platform to accept crypto like bitcoin.

I don't call it a slow pace. There are of course government reluctant to promote crypto and a lot of conservative attitude from private sector as well, but the level of recognition and popularity cryptocurrencies have got is impressive in comparison to other revolutionary technologies. The technology itself is in its early stages and still a lot to improve for use and user experience. I believe the 2nd quarter of this century would revolve around blockchain and cryptocurrency.

I see a lot of adoption happening, but that's just some sort of adoption. Right now the big players who want to adopt any sort of blockchain solution must be worried about scaling issues, and they need to find a right platform that offers all the things that big institutions want in order to join in.

It depends what they are using the blockchain for, but if it's even needed, for the big players blockchain probably needs to have a build in kyc if they are dealing with tokenized securities for example. That blockchain would need to have privacy instead of transparency, instant settlement finality and all happening in permissionless blockchain because without that it's really pointless to even have a blockchain.

While at the same time token issuers need to be able to cancel transactions because it's a legal an pr nightmare to try to pin the blame to an user that has been hacked or made an error because lack of skills to use the tech.

And i don't even go to the game theory on providing enough incentives for it being secure versus it being cheap enough to use, that's way over my comprehension.

That kind of service doesn't even exist yet to my knowledge. So, we shall keep waiting for that adoption.

I think having a lot of fake investments, projects, ICOs and maybe even the increasing number of scam Defi now would really do affect the pace of the cryptocurrency. Some people are getting scammed by others without yet knowing what really a cryptocurrency is and from that they were given a wrong impression. I think to increase an awareness maybe some groups could create a foundation that is Cryptocurrency based and from that many people would be aware of what cryptocurrency really is.

I think I would worry less about getting the world/institution/people to adopt the decentralized technology and just focus on developing a good decentralized framework for new business, institutions, people etc to come and build on, trade, do business, work, grow etc. So alot of problems are actually being solved to make this a possibility.

IMHO, I think the main reason is the law of every country because not all countries are accepting the crypto Industry as a legitimate financial tool Because they know that cryptocurrency is decentralized thats why its very hard to control it, the second reason I think is the technology itself its quite hard to adopt for ordinary people because of its complexity crypto payment solution needs to improve more so that it will be more user friendly and easy to use with no complex addresses involve.        

Because there's no entity/institution/governments who officially announce about Bitcoin through social media,television,newspaper etc. They only publish it on their website.

Even though almost people already can access nor use search engine, it doesn't mean they will get recommendation about bitcoin news or search about bitcoin, since they never heard about Bitcoin word.

Also too much bad news about bitcoin due to hacked exchanges, loss private keys, fake/scam service, and hard to understand it make people worried to use it.

In my opinion, there is no need to worry about blockchain technology. Recently, almost all states are very determined to use this technology in all areas of our lives. Even those states that are not very friendly to cryptocurrency or even prohibit it have a very positive attitude towards blockchain technology. Ten years is comparatively very short for humanity. All the more so for a completely new technology that is used alongside the Internet.
But the adoption of cryptocurrency will take much longer. This may even take several decades. Here the problem goes much deeper. It requires trust based on experience and time. Everything new is always being introduced very slowly in the world of finance, especially if it is completely different technologies.

I see a system of adoption driven by the direct day-to-day utilities implemented and made easy via the use of the technology. I got a clearer picture when I started subscribing for my data using the DENT Dapp and it was as fast as lightening. If we had other use cases that works directly this way speedily implemented alongside the education void of governmental and agencies interrupting by means of laws and other sanctions. It would have been a take-off point.

I dont think you can talk much of Crypto economy before 2013. Seven years is max we can talk about. None country did much. Some did a bit most did nothing. Seven years is very little. It willll take another 10 years for some results.

Slow progress? I do not think so, the current financial system it's been here for several hundred years and after 10 years we have about 50 million cryptocurrency users. Look how long does it take to distribute computer, mobile phone, or internet to the whole world. And we are distributing totally different form of money and financial system.  ;)

A discussion is simple method to create awareness and it will gradually be known by the majority. And for blockchain and bitcoin, it's being recognized worldwide and unlike before, there's more adoption that we're seeing and companies do are looking for the adoption but not with bitcoin but with blockchain.

While for some country that don't adopt it, they don't understand it and that's why there's no reason for them to adopt it.

I believe, the adaption should be globally along with the regulations. Most of the countries are not moving forwards considering money laundering activities and no tax payments with these transactions. Just like forex trading, there could be only selective regulation authorities which can be accepted globally. This will improve the confidence of governments as well as investors. At the moment, scammers are lowering down the investment opportunities in crypto space and thus it is also impacting the adaption.

The cause is both the lack and harsh regulation. People don't want to invest millions into blockchain founded projects and then find out that regulatory changes leads to them losing a lot of their money. Similarly, not many countries have taken this seriously and devised regulations around cryptocurrency.

The infantile adoption of blockchain and its derivative crypto assets is at the mercy of officials devising strategies that would assert investors and give them the go ahead signal.

Until this is resolved, you won't be seeing many corporations placing their funds into crypto assets, although a few of them have already embarked on this risky journey, though this is not the norm.

The answer is simple - no one wants to support something that cannot be controlled. Once the cryptocurrency is decentralized, it does not lend itself to the usual methods of control and it is quite difficult to formalize legislation for it, including criminal legislation.
And if you do not make a decentralized cryptocurrency, then society will start saying "that your crypto is not a crypto" and you will again say that everything is wrong and it should be different.
No state wants to work closely with what it can't keep in check.

In my opinion the cause is from the governments of the world.
Bitcoin is an anonymous currency and is determined by its community, so there is not a single government that likes it. Governments want a currency that they have complete control over.

Slow pace? I mean we literally created money out of thin air and now we are using it in billions in just 10 years, how could this be slow pace? I do not agree with anyone who says this should have been faster, we are already as high as we can be with all the difficulties we have faced in the past.

Bitcoin started out as an anon coin which drug dealers and so forth used, even CP was distributed using bitcoin, it was at the hands of horrible people for a very long time, after a while we took it over and made it into a financial thing and that took us around 2014 to do it, when we managed that, for the past 6 years we have gone from under 1000 dollars (even 300 for a while) to 20k and now we are still over 10k, that is fast and do not let anyone tell you otherwise.

Well, for Bitcoin and cryptocurrencies in general to become adopted, people need to start using them. And by using them I don't mean buy and hodl. People need to start using cryptocurrencies to buy stuff. In my country there are some shops where you can purchase goods for Bitcoin. When more people will consider Bitcoin as money that you can purchase goods for, it will be more adopted.

It would be great if governments would look at Bitcoin and crypto as next step of the financial evolution but there is nothing we can do about it.

Yes, at the moment bitcoin is only suitable for sending large sums of money over long distances. It is not really suitable for paying normal retail bills. Besides that, all bitcoin transactions cost money, which limits bitcoin from participating in regular payments.

In my view, the rate of adoption is not really slow, though it may not be as fast as we may expect. And if I would have to agree that it is slow,I would say this is more as a result of misconception of bitcoin genuinty. What people have no good idea about, they may not embrace at all or wholeheartedly.
A lot of people around the government especially in some lazy sets doesn't make proper research, and needs proper orientation to stop the believe that making money online is fraudulent.  

There are many factors causing the slow adoption of Bitcoin, the most influential of which is that not all countries accept Bitcoin.
This is what makes some people hesitate to invest in Bitcoin, and also the volatile price of Bitcoin is also the reason why there are
still few merchants adopting Bitcoin. And Bitcoin promotion and education factors are not yet optimal, so there are still few people
who understand blockchain and Bitcoin.

The Idea of people committing funds into blockchain startups is even a story for another day. I personally have been a victim, a project once came up with the name Bitugene in 2018, its a digital oil exploration firm(as claimed) I invested a few thousand dollars into it and also joined the telegram but just two weeks into their presale, they shutdown all media communications including website. I do not consider this a step that will encourge people to invest. Although, I still invest but not on presale levels anymore.

Just a few days ago, my close freind invested a few hundreds of dollars into a project by the name of Yearn Finance Options Official, https://www.yfioptions.com https://t.me/yfopofficial, We are yet to access their website till this moment.

These moves may not encourage further spread of the technology as people get to share experiences and delay the global acceptance.

I agree, now the government issues cash and manages a country's finances. However, bitcoin is not under anyone's control, so governments are trying to fight bitcoin.
But the trend of cryptocurrencies is inevitable, so in the future, governments will inevitably loosen the crypto regulation and accept it.

That is because the government is trying to keep state finances stable because during a pandemic like this I am sure many people stop working and many people cannot get money easily, therefore the government provides such programs but they must also be careful so that there is no inflation in their own country, while in my country cryptocurrency has developed a lot because there are already exchanges which from my country have been widely used from all existing countries.

Just like any goods, it goes back to supply and demand analysis:
- limited supply -> price high -> some people don't want to buy or cannot afford to buy Bitcoin/crypto with the current rate;
- the slowdown in the economy -> less buying power -> some people don't want to buy or cannot afford to buy Bitcoin/crypto with the current rate;
- some people don't need Bitcoin/crypto, what is the reason to buy (RTB)? We need more use case other than for gambling purposes since not all people is a gambler.

If you want faster bitcoin adoption, you should be working towards it, nothing in life gets done for free and without effort. What could we do? Talk about it to our friends, explain to them why if their business accepts bitcoin it would help the future and also help us get away from bribed and corrupted government managed finances and build something from people for people as well with bitcoin.

You could talk with all the politicians in your area, tell them how awesome bitcoin is and how if it was perfectly legal to do business with it, that would mean a ton of new tax income for the government but also for that politician as well to get votes from crypto people. You have to talk to business people and try to convince them to check out crypto and how it would make them find new customers. Basically work to get it adopted if you want it so much.

It is a new technology. We can't instantly start adopting and make blockchain and bitcoin a mainstream. There are a lot of things we are yet to learn. None of the system so far is completely perfect to replace the existing system. Rushing to adopt will just cause problem. Hence, to avoid any mistakes or make things more complicated, the government of different countries are slowly adopting it. There are only few countries that aren't taking blockchain seriously and doing nothing about it. Others are working to integrate it with the current system.

There is slight difference between blockchain and cryptocurrency, cryptocurrency is a branch in blockchain Use, blockchain is always gaining the acceptance in every sectors and more discovery of the use in data science. The struggle for cryptocurrency in countries is political but I think some financial system and greedy politicians are secretly employing the use to keep their fund and enjoy the profit from the volatility in price.

That sounds great for crypto lovers in your country. In my country the government only sees cryptocurrency as an asset, they don't see it as a currency. I hope in the future the policies on cryptocurrency will be relaxed in my country.

For me the primary reason is sluggishness of the regulatory authorities in most of the countries. Most of the financial agencies still seem clueless about blockchain amd crypto this is perhaps because of no awareness even among the high up ranks because it is new tech and the responsible people still lack the required knowledge about crypto and this thing is hurting the mass adoption of the crypto coins.

It seems like big companies still hesitate to use blockchain for their purposes. Their are some edge cases where blockchain is implemented or tested but so there is no real widespread adoption.
I think the main reason is that for people outside the cryptospace it seems that cryptos are still considered as edgy or shadowy.
But you can't blame them, just look at the all the stuff that happened with Defi and all those scam clone projects that emerges.

Unfortunately the common people still consider cryptos as virtual or internet money which is backed by nothing and may collapse anytime, untill people get more awareness about blockchain technology and cryptocurrencies and the negative perception goes away the mass adoption will still remain a distant thing.

That's correct but how could that negative perception fade away if more projects are being built that are just scams.
ICO, IEO, and now DeFi.
If this continues, I don't see a better future for other crypto currencies that are being created in the blockchain.

I think that is the culprit for the slow pace and merchants having trouble with the volatility of any coin that is created.

The answer for both of your questions must be "bitcoiners". Yes, we are responsible for so far slow adoption rate and we need to create more awareness on mainstream adoption of bitcoin ecosystem so that people will accept it either for payments or as asset for long-term investment. Only when we are encouraging people, massive adoption will be happening and without that we may keep struggling forever.

People here may not disclose about their adoption of bitcoin even to their close friends. This is because due to the criteria of being anonymous for privacy reasons. This definitely working negatively for bitcoin adoption rate and due to this reason we are having slow adoption rate even after bitcoin has been introduced before a decade.

Volatility must be working both in negative and positive side of adoption rate but overall when people are looking for adopting bitcoin for payment reasons they might be worrying about wild volatility of bitcoin and at the same time people must be loving it to adopt because of its long term positive volatile nature.

It is very simple to deal with something like that, namely by ignoring people who still consider cryptocurrency as a negative thing, just show a fair result to such a person and he will eventually like cryptocurrency and will explore crypto himself.

There are still many things that the masses do not understand and follow about using cryptocurrencies. I have seen people avoiding crypto due to the complex system of private keys, no password recovery and non reversal of transactions in case of mistake, these things discourage people but this is how this technology works.

I don't know the countries you are from but the adoption is not slow in developing countries especially countries that their currencies is undergoing huge devaluation, the adoption of Crypto is not high in developed nation because they have strong economy unlike countries where their currencies is losing grounds to USD at a fast pace

Governments can't really control the cryptocurrencies that is why they are trying to slow the adoption rate by regulations and restrictions.Amd we are still made good adoption compared to the existence period, because we are only 10 years.so still a long way to go and surely we can see more adoption and the real decentralised payment system.

Mainstream adoption does not always come so fast. Even the internet took some time before getting recognized and adopted by the majority of people so it's also the same for blockchain and bitcoin. Also, not all governments are positive towards bitcoin because of decentralization that's why there's also a lack of support from them and some restrictions since the also play a big role to bring awareness about blockchain and bitcoin to people.

What we can simply do is to give awareness and educate the people around you. But doing that requires a lot of time and effort so it's really not easy and fast to see mainstream adoption.

I think some governments actually have control over some part of cryptocurrency. There are some countries that implemented a tax on using cryptocurrency in their country by requiring a wallet that is based on their country to file tax and charge on some crypto transactions. But as we see the government can't really control the whole crypto on their country and people of their country can easily avoid these taxed transactions. I agree that the government just keeps delaying the adoption of cryptocurrency in some countries because they can't juice it as much as they want, That's why they aren't supporting such big adoptions.

from the word main , means alot . if this is less or not main , the adoption could come so fast . comparing internet to btc and blockchain can be critical , because internet is only one but there are other alternatives to btc and blockchain . that reasoning can also add up on why adoption is not fast moving . countries that are featured on the opening post are only two and those are russia and india but if we will check if how much country that are now currently involved on btc and blockchain we will get surprised of thier numbers .

I agree that there are still struggles on adaption of bitcoin and cryptocurrency, that's why it is the main reason to the slow pace of adaptation of bitcoin and blockchain. Thebither reason i think is that there are still aome countries that doesn't like to adapt bitcoin and cryptocurrency business in their country. That's why bitcoin and blockchain isn't yet recognized globally.