[2015-10-12] Why is Bitcoin Adoption Taking So Long?

[tyz]

Many individuals actively involved with Bitcoin may question why the innovative cryptocurrency is still yet to make a significant impact on mainstream finance, despite everything it has to offer. To many of us, the benefits offered by Bitcoin should lead to significant mainstream adoption, but what is taking so long?

http://www.coinspeaker.com/2015/10/12/why-is-bitcoin-adoption-taking-so-long-12344/

[eyeknock]

interesting article, but IMHO, whats happening here is another one theory of conspiration, there is some "groups" who will not leave bitcoin have sucess untill they take some control about it, ofc, im talking about banks etc etc.

the good side about it, is that they come so late, bitcoins is becoming in something that can not be stopped, so let them slow it, thats all they can do.

[Kakmakr]

In a way, you have to agree with him. The adoption is slower than it is supposed to be, because the entry into Bitcoin is too complex and technical. We need to remove the obstacles and the only way to do that, is to pay salaries of workers in Bitcoin.

They should not have to rely on exchanges and LB to get hold of Bitcoin, it should rather be the other way around. They should struggle to convert BTC into fiat.

[gogxmagog]

Bitcoin lacks a real world use case that cannot be realized by existing payment networks. There is no instance where Bitcoin is easier and more convenient to use than traditional remittance networks or fiat. Simply put, the world does not NEED bitcoin. The best we can hope for is a collapse of the world bank but until then credit cards and banking instruments remain easier safer and more convenient

[Ghostface]

Bitcoin lacks a real world use case that cannot be realized by existing payment networks. There is no instance where Bitcoin is easier and more convenient to use than traditional remittance networks or fiat. Simply put, the world does not NEED bitcoin. The best we can hope for is a collapse of the world bank but until then credit cards and banking instruments remain easier safer and more convenient

It might not be easier and more convenient at the moment but it should be in the future. Why pay $50 dollars or some other extortionate fee to send money around the world when you can do it for little with bitcoin. You're also forgetting that some people in developing nations don't even have access or are allowed a bank account which bitcoin will solve.

[Mickeyb]

Bitcoin lacks a real world use case that cannot be realized by existing payment networks. There is no instance where Bitcoin is easier and more convenient to use than traditional remittance networks or fiat. Simply put, the world does not NEED bitcoin. The best we can hope for is a collapse of the world bank but until then credit cards and banking instruments remain easier safer and more convenient

It might not be easier and more convenient at the moment but it should be in the future. Why pay $50 dollars or some other extortionate fee to send money around the world when you can do it for little with bitcoin. You're also forgetting that some people in developing nations don't even have access or are allowed a bank account which bitcoin will solve.

I agree. World doesn't need Bitcoin for buying a cup of coffee or for buying anything that can be bought with the credit cards maybe, but for remittances world needs Bitcoin badly. For sending quickly and much cheaper money half the way around the world, the word needs us for this as well. I gave you just two good, strong use cases.

So why adoption takes this long?

1. Bitcoin is still overly complicated, yes it is. To buy and secure your coins, you have to be very, very computer literate which most people are not.

2. People tend to change their habits very hard, especially financial habits. So this will take time, especially when we are dealing with money. People need to trust it first.

3. Directly or indirectly sabotage by our opponents. Yes, if banks came tomorrow and said to their customers, use Bitcoin, it will make our and your life much easier, of course they would boost our adoption almost instantly. Will banks ever do this openly? I don't think so. Instead they see us as a competition and they are building their own blockchains.

[chennan]

Bitcoin lacks a real world use case that cannot be realized by existing payment networks. There is no instance where Bitcoin is easier and more convenient to use than traditional remittance networks or fiat. Simply put, the world does not NEED bitcoin. The best we can hope for is a collapse of the world bank but until then credit cards and banking instruments remain easier safer and more convenient

It might not be easier and more convenient at the moment but it should be in the future. Why pay $50 dollars or some other extortionate fee to send money around the world when you can do it for little with bitcoin. You're also forgetting that some people in developing nations don't even have access or are allowed a bank account which bitcoin will solve.

I agree. World doesn't need Bitcoin for buying a cup of coffee or for buying anything that can be bought with the credit cards maybe, but for remittances world needs Bitcoin badly. For sending quickly and much cheaper money half the way around the world, the word needs us for this as well. I gave you just two good, strong use cases.

So why adoption takes this long?

1. Bitcoin is still overly complicated, yes it is. To buy and secure your coins, you have to be very, very computer literate which most people are not.

2. People tend to change their habits very hard, especially financial habits. So this will take time, especially when we are dealing with money. People need to trust it first.

3. Directly or indirectly sabotage by our opponents. Yes, if banks came tomorrow and said to their customers, use Bitcoin, it will make our and your life much easier, of course they would boost our adoption almost instantly. Will banks ever do this openly? I don't think so. Instead they see us as a competition and they are building their own blockchains.

the biggest thing you noted here was what you said on #2... it is going to be very hard for the mainstream adoption to happen right now, because most people who use bitcoins range from the ages of ~ 15-35 ... If that is said to be correct, for speculation purposes, that means there is only a 20 year gap between the users which probably only 20 % of the people in that age range actually use bitcoin right now.  As much as we hate to admit, we are still under the domination of the baby boomer generation, and our father, mother, grandparents or what have you are not going to be so adquate in being "tech savy", let alone be open to the idea of completely renovating how we as a global society conduct business.

It's going to take time. Probably 20 more years for the "older" crowd of bitcoiners to get in their senior stages in life.  Baby boomers will mostly be gone then, and I would imagine more people will figure out the importance of cryptocurrencies by then.

[Hazir]

I agree. World doesn't need Bitcoin for buying a cup of coffee or for buying anything that can be bought with the credit cards maybe, but for remittances world needs Bitcoin badly. For sending quickly and much cheaper money half the way around the world, the word needs us for this as well. I gave you just two good, strong use cases.

So why adoption takes this long?

1. Bitcoin is still overly complicated, yes it is. To buy and secure your coins, you have to be very, very computer literate which most people are not.

2. People tend to change their habits very hard, especially financial habits. So this will take time, especially when we are dealing with money. People need to trust it first.

3. Directly or indirectly sabotage by our opponents. Yes, if banks came tomorrow and said to their customers, use Bitcoin, it will make our and your life much easier, of course they would boost our adoption almost instantly. Will banks ever do this openly? I don't think so. Instead they see us as a competition and they are building their own blockchains.

ad 1. Bitcoin is not complicated more that internet is. Internet was pain to use in its early years too, I remember my stressful moments when I wanted to find something and I couldn't, some services and apps changed many things.

ad 2. That is correct, but when something is clearly better people will adapt very fast, look at smartphone revolution. Or in general cellphones, they take over world very fast.

ad 3. Banks are the the enemies of bitcoin, that is obvious they won't support it ever. Instead they probably create their own Coins, like CitiBank does.

[Mickeyb]

I agree. World doesn't need Bitcoin for buying a cup of coffee or for buying anything that can be bought with the credit cards maybe, but for remittances world needs Bitcoin badly. For sending quickly and much cheaper money half the way around the world, the word needs us for this as well. I gave you just two good, strong use cases.

So why adoption takes this long?

1. Bitcoin is still overly complicated, yes it is. To buy and secure your coins, you have to be very, very computer literate which most people are not.

2. People tend to change their habits very hard, especially financial habits. So this will take time, especially when we are dealing with money. People need to trust it first.

3. Directly or indirectly sabotage by our opponents. Yes, if banks came tomorrow and said to their customers, use Bitcoin, it will make our and your life much easier, of course they would boost our adoption almost instantly. Will banks ever do this openly? I don't think so. Instead they see us as a competition and they are building their own blockchains.

ad 1. Bitcoin is not complicated more that internet is. Internet was pain to use in its early years too, I remember my stressful moments when I wanted to find something and I couldn't, some services and apps changed many things.

I agree it isn't complicated more than Internet, but you have admitted that it was pain in the a** even for you to get used to it. Now add on the top of this pain in the a** also a fear about your finances, since you are messing with your finances with Bitcoin, no? Right away I can understand how some people can be reluctant to change something that works fairly well for them at the moment, their banks.

Example: My mother in law has been with the same bank for over 30 years. This bank is arrogant, highest fees, lowest interest rates, etc.. Many new players are in the market since. My wife and I have calculated that she would save or earn over 250 euros yearly if she would have switched banks. She refuses and doesn't want to think about it.

[tiggytomb]

Bitcoin lacks a real world use case that cannot be realized by existing payment networks. There is no instance where Bitcoin is easier and more convenient to use than traditional remittance networks or fiat. Simply put, the world does not NEED bitcoin. The best we can hope for is a collapse of the world bank but until then credit cards and banking instruments remain easier safer and more convenient

It might not be easier and more convenient at the moment but it should be in the future. Why pay $50 dollars or some other extortionate fee to send money around the world when you can do it for little with bitcoin. You're also forgetting that some people in developing nations don't even have access or are allowed a bank account which bitcoin will solve.

The uses you mention I agree is where Bitcoin wins over current methods.  Sending money globally without all the hassle and fees that go along with it is a major plus point.  Bitcoin may not be that easy to get but once you have some spending it is become easier, the likes of Conbase as an example now accept faster payments via your bank although I think this is just in the UK, and their app is very easy to use when purchasing goods.

I know companies like these also charge a fee but it is companies like this that will help the average person to quite easily buy and spend their coins.

[TraderTimm]

Bitcoin lacks a real world use case that cannot be realized by existing payment networks. There is no instance where Bitcoin is easier and more convenient to use than traditional remittance networks or fiat. Simply put, the world does not NEED bitcoin. The best we can hope for is a collapse of the world bank but until then credit cards and banking instruments remain easier safer and more convenient

Saying that Bitcoin lacks a "real world use-case" is rather obtuse. You could say that free speech isn't really needed, all people need to do to speak in public is have their speeches pre-approved, and of course the content censored if it treads on nationalistic style parameters.

The system you laud is a system of meddling and control, and by ceding that control over to such a small cabal of politically connected people, you're essentially saying that freedom has a price, and the price you are willing to pay is using PayPal, Banks and all of the other services that have you by the jugular. Naturally, the guilded cage doesn't always make the songbird not sing, so while you sit there swinging and proclaiming how well its going, you're failing to see the overarching point -- you aren't truly free, financially speaking.

Try taking all of your money out of the bank, just because you feel like it. See how fast you run up against "safeguards" that are primarily there to protect the banks, not you.

Try spending your money on something that is considered politically unpopular.

Getting the point yet?

The real world use-case is financial freedom, and that is precisely what Bitcoin represents.

Or stay in your golden cage, singing your song...

[cr1776]

Back in the 1970s and 1980s, computers were complicated.  The Mac and Windows helped to make them less so - less need to know arcane command line commands.  Back in the early 1990s, the internet was complicated.  Then you had the WWW for the internet - little need to know ftp, gopher, telnet or the like.  Many in the industry knew that computers had the power to change the world, particularly when networked (e.g. see Metcalfe).  I think bitcoin is at the stage pre-GUI or pre-WWW.  

Were there use cases for a computer and network for the average person in 1975?  Not really.  Were there in the early 1980s?  There were hints of it (e.g. Viewtron), but not compelling, easy to use ones that had significant value.  Even in the mid 1990s when the web was just starting to grow a lot, you didn't have online banking, many news sites etc.  It took time.

When bitcoin becomes really easy to use with a compelling use case for your grandmother, it will be able to take off.  What will that be?  Certainly remittance payments are valuable.  Tipping others online too.  Donating to charities that are "foreign" (to wherever you are located) and avoiding having a middleman take a cut to management.  Other micro-payments.  When it is as easy for a grandmother to send $10 to their grandchild in bitcoin as in cash or a check, you'll have a big wave of adoption.

(And next year with the halving in 9-10 months, if there is a price increase it will likely see a spike in user adoption again).