Why Is Mass Bitcoin Adoption Still Not Happening?

[Cray4Cryptz]

It has been 8 years since Bitcoin was introduced to the public by an individual who called himself as Satoshi Nakamoto. Bitcoin is described as a peer-to-peer decentralized digital currency that can be transferred to someone without any involvement of banks and other financial entities.

Bitcoin became a very interesting option for giving mobile banking services to the people who doesn't have any banking information in underdeveloped countries in the world.

Read more: http://bitforum.info/t/why-bitcoin-mass-adoption-is-still-not-happening/830

In your own opinion what are the reasons why mass bitcoin adoption is still not happening right now?

[Cconvert2G36]

Early adopters and such.

[knight22]

It has been 8 years 6 years since Bitcoin was introduced to the public by an individual who called himself as Satoshi Nakamoto.

FTFY

Bitcoin is described as a peer-to-peer decentralized digital currency that can be transferred to someone without any involvement of banks and other financial entities.

Bitcoin became a very interesting option for giving mobile banking services to the people who doesn't have any banking information in underdeveloped countries in the world.

Read more: http://bitforum.info/t/why-bitcoin-mass-adoption-is-still-not-happening/830

In your own opinion what are the reasons why mass bitcoin adoption is still not happening right now?

Bitcoin is a whole new financial system to be built from scratch. How long do you think it should take?

[Cconvert2G36]

Kind regards.

[Amph]

despite bitcoin being so old, remember that is still in beta, until the full release is done i could not see mass adoption, people like to spread something like that(the software is still in beta ecc...), which will result in less faith from the majority, because they are afraid of losing money

if you adds to that the usual security problem you are done, mass adoption can't be reached until other 5 years at least

[avatar_kiyoshi]

Bitcoin era is begin , its still new, 6 years old bitcoin age. Compare with fiat is like compared chicken with dinosaurs.

The problems must be solved is human error(usually in security sector). The adopter afraid lost their money.

[pleaseexplain]

you need to remember life happened without bitcoin eg money transferred by the likes of western union.
sure the fees are less with bitcoin but have you ever tried to do all the set up ( wallets and the like)?. the average person will not go through that - they want any system to be as easy as current ones -  when my credit card expires a new one arrives in the mail - no effort required on my part.

some of the benefits of bitcoin eg anonymity do not matter to most people so its not a selling point for them also when you have exchanges falling over (mtgox) etc the risk is too high of participating. that is why there is so much interest in "normalization" that is to come with the the twins exchange etc.

so i think the best way to think about this is that bitcoin (or rather what else is needed to use it easily/safely) is not quite ready to be "mass adopted" by the average person.
it will be soon and then it will be widely used as the idea itself is wonderful.

[rjclarke2000]

you need to remember life happened without bitcoin eg money transferred by the likes of western union.
sure the fees are less with bitcoin but have you ever tried to do all the set up ( wallets and the like)?. the average person will not go through that - they want any system to be as easy as current ones -  when my credit card expires a new one arrives in the mail - no effort required on my part.

some of the benefits of bitcoin eg anonymity do not matter to most people so its not a selling point for them also when you have exchanges falling over (mtgox) etc the risk is too high of participating. that is why there is so much interest in "normalization" that is to come with the the twins exchange etc.

so i think the best way to think about this is that bitcoin (or rather what else is needed to use it easily/safely) is not quite ready to be "mass adopted" by the average person.
it will be soon and then it will be widely used as the idea itself is wonderful.

^^^exactly this.

The whole thing is a pain in the ass. Wallets etc and my issue of putting my dat file onto new wallet (which still isn't working!!)

I am semi tech savvy but until there is a breakthrough and there is a simple idiot proof wallet it won't happen. Also it needs to be accepted more. At the moment my friend and family can't work out why use it? They use their card and that's simple for them.

[Q7]

In part it is also because of the collapsed exchangers and ponzi schemes which has been dragging down bitcoin's reputation. When some of these things happened it has far more outreached implications more than we can ever imagine.

[micalith]

perfect 'masses convenience' app needs to be adopted by the masses

also, volatility is a major problem for people wanting to use bitcoin as an alternative to legacy banking, rather than simply as low fees electronic money transfer. Volatility may take many more years to stabilise enough

[waterpile]

Mass adoption is happening but just in a slow pace, Easy and steady people will eventually gradually accept it.

[geetee]

We're not doing it right. Or at least, 99% aren't doing it right. (purse.io may be the only company that understands the idea)

BTC has the ability to lower transaction costs, but instead almost all business that accept it, simply use it as an optional form of payment... Keeping the price the exact same...
dumb.

I cant wait for the day newegg and other merchants realize this and actually give me a discount for paying with BTC instead of credit cards.

$1000 laptop, paid with a credit card (1.9% fee) means the merchant keeps ~$981.
$1000 laptop paid with BTC = between  0%-1% fee; merchant keeps ~>$990.

Where's my .09% to 1.9% discount for paying in BTC???

Once merchants realize correct this imbalance, there will be real adoption, instead of just bitfinex speculative shorts.

TL;DR
Mass adoption will happen once you can actually save money using BTC to pay for things.

[Sarthak]

Don't know about why it hasn't been adopted massively in other countries but in my country the central bank has declared it "illegal"! So it was never adopted 

[Dilla]

Look how long it took for computers to be mass adopted.. It was a niche market at first, but now we wouldn't know what to do without them. The same could happen with Bitcoin and blockchain, it just takes time for a lot of people to wrap their head around it and utilize it, and see how it improves their life.

[gentlemand]

There are very few things that people will be more emotive and conservative about than money. It's no skin off your nose to start sending emails for the first time or using a new app. This is a different matter.

I think it'll be adopted by those in the know who'll feed it back to the public. There are already services that aren't making it known that they're using BTC as their backbone.

[jaberwock]

Most people aren't good enough with computer and smartphones.

But as decades pass people will get more used to computers and phones and have more internet access, and enough knowledge to use BTC, and slowly BTC will go mainstream

[indiemax]

Because guys are HOLDING rather then SPENDING

it ain't going nowhere until this mentality changes 

[Jon Connor]

It think mass adoption is slowly happening. Its just not reflected in the exchange price as many people wish it was. There's more liquidity in the market now as compared to 2013 so its going to take a lot more investment in the exchanges to move the price like it used to. I think the halving next year will reduce the liquidity in the market and we will see a price increase. The current exchange price is accurate. Im more interested in the OTC value. More and more people will see value in cash to btc rather than bank ACH to an exchange with a paper trail. OTC market is hard to gauge but I think there is more demand there than we think.  

[gentlemand]

Because guys are HOLDING rather then SPENDING

it ain't going nowhere until this mentality changes 

Flatness has inspired me to start making more use of it for transactions. At least when you buy back shortly after you can be sure that it'll either cost the same or be slightly less.

I would've felt like a right dick buying something during November 2013 and finding I could've paid far less a few hours later.

[Jesu]

snip

In your own opinion what are the reasons why mass bitcoin adoption is still not happening right now?

Because good ideas usually take time on catch on. PCs, mobile phones are the internet weren't overnight successes and took years to break into the mainstream. Bitcoin will be no different but I think most people will need to see a reason to use it as opposed to just using fiat but hopefully the gov and banks will keep shooting themselves in the foot and more and more people will be pushed towards bitcoin instead.