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Author Topic: Any ideas of what we lack in crypto world?  (Read 550 times)
Future3000
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February 16, 2018, 10:25:19 AM
 #1

We see that all the time in some countries cryptocurrencies are banned or in the contrary they start to make a special regulation. It shows that everyone want to do something with it but don't really know what, yet. Maybe you guys can guess, as experts from the crypto community, what do we need for normal living in a blockchain world?
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February 16, 2018, 01:35:32 PM
Merited by Bolt Brownie (1), ss890 (1), haroldtee (1)
 #2

This is an important question. Ill framed but important. What do we need for widespread adoption of block-chain technology and crypto-currencies.

Right now, the main things that we lack in crypto for widespread adoption is:

1.) Technology barrier for the average person is still quite high.
2.) Scaling solutions for micro-payments aren't deployed widely yet. The situation is worsened by all the false claims made by alt-currencies. Lightning Network is the only serious solution under testing that promises to solve micro transactions and allow for wider adoption.
3.) Lack of sufficient expertise among Governments to differentiate the good and the bad of crytpocurrencies.
4.) The biggest problem are the people who want to create elaborate scams using their knowledge and taking advantage of newcomers.
5.) Another problem is the newcomers who want to believe illogical claims and fall for these scams because they want to get rich without even knowing the system.

I think this more or less are the only barriers to full scale adoption.

There will be some governments that will support crypto currencies and will benefit from the subsequent generation of economic activity. The rest will have to follow suit. The most important thing is for the people to learn to decide for themselves and find out how to benefit from the opportunities and stay safe from the scams.


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February 16, 2018, 01:42:59 PM
 #3

Lack of knowledge is the main reason we have only a few peoples in the crypto world. People fail to understand the true potential of crypto currencies that's why they fail to believe.This one of the reasons people don't like cryptocurrency related things. We have to teach people what is crypto currency, its benefit, its true potential. They are not going to know about crypto currency in their dreams we are the one who has to make the change.

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February 16, 2018, 01:58:15 PM
Merited by TheUltraElite (1)
 #4

I think amishmanish nailed most the problems very well. At least I completely agree with what he said. I will just highlight one big general problem in my opinion. We lack knowledge and true understanding about crypto, in both technological and ideological aspects. The market is completely ruled by speculation right now, and that gives it the bublish behavior everyone talks about, and generates insecurance in the world.

If people don't feel secure about it, it will only attract investors that want some fast profit and don't mind taking risks. That is of course a very low percentage of people around the world, and we will never get real adoption if crypto doesn't appeal to those that don't enjoy taking risks with their economies. Finally lack of knowledge is of course easily exploited by scammers around the world.

We have of course a lot of technical issues, but those were already mentioned by amishmanish, but I don't think these would be problems, because if investors were aware of what is happening with bitcoin and crypto, they would simply be patient because they would know development is on the way, that could easily solve all those problems. So for me, lack of knowledge is the main issue in crytpo world.

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February 16, 2018, 01:59:32 PM
 #5

Lack of knowledge is the main reason we have only a few peoples in the crypto world. People fail to understand the true potential of crypto currencies that's why they fail to believe.This one of the reasons people don't like cryptocurrency related things. We have to teach people what is crypto currency, its benefit, its true potential. They are not going to know about crypto currency in their dreams we are the one who has to make the change.

I agree that most people know not much about cryptos. But this is not the main reason why folks don`t like things related to cryptocurrency, I think. I believe that the whole point is that crypto-currencies do not have enough reliability. Crypto-currencies and blockchain are not as resistant to theft and burglary as is commonly believed. Every seventh Bitcoin and Ethereum goes to hackers. People are afraid to become victims of fraud.
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February 16, 2018, 02:31:45 PM
Merited by TheUltraElite (1)
 #6

We see that all the time in some countries cryptocurrencies are banned or in the contrary they start to make a special regulation. It shows that everyone want to do something with it but don't really know what, yet. Maybe you guys can guess, as experts from the crypto community, what do we need for normal living in a blockchain world?

Apart from the above listed barrier like the technical advancement etc., I think we lack the unity of accepting the new technology. I mean there is no way of advancing into the technology like Blockchain unless and until all the countries think of it altogether. If we left out with few countries then they will stat creating the FUD for the rest of the countries and thus it will harm the use of it in the countries where it is being used. That comes under the psychological pressure or emotional decision and this can be broken only if all the governments agrees on the terms under one roof. This might not seem very huge problem but all we know what happens when there is tiny spark in the woods! It creates fire of destruction. So we may need to re-invent the whole idea with unity. Thats what we are lacking currently.

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February 16, 2018, 02:39:25 PM
 #7

thank you all, you are very up to date.
FreeZone offers a free crypto economic zone, where all the blockchain companies will work inna legal framework and with a good infrastructure. So maybe it will fiz some issues.
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February 16, 2018, 03:29:45 PM
 #8

what do we need for normal living in a blockchain world?
Nothing, just support the whole tech itself and adoption will come automatically.

thank you all, you are very up to date.
FreeZone offers a free crypto economic zone, where all the blockchain companies will work inna legal framework and with a good infrastructure. So maybe it will fiz some issues.
You shouldn't advertise that here, not a good way though.

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February 16, 2018, 04:08:16 PM
 #9

Lack of knowledge is the main reason we have only a few peoples in the crypto world. People fail to understand the true potential of crypto currencies that's why they fail to believe.This one of the reasons people don't like cryptocurrency related things. We have to teach people what is crypto currency, its benefit, its true potential. They are not going to know about crypto currency in their dreams we are the one who has to make the change.

What potential exactly are you going to teach them? Is it about their usage or is it about how to "get rich quick with crypto". Most of the people are greedy and they go for the second option. Thats how they get scammed as well. Thus leads to a bad first impression about crypto to these newcomers and wannabe crypto enthusiasts who just became crypto-haters and will join the "crypto is a ponzi" bandwagon.

After all they are humans and they consider their earning with suspicion and doubt if they invest in any place which is a grey area. That can be improved gradually as people become aware of risks and benefits of crypto.

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February 16, 2018, 05:31:18 PM
 #10

I'm going to go on a more philosophical route and say: ideals.

Most people who get into crypto these days want and expect to make money off them. I suppose there's nothing inherently wrong with that, but that's where all the speculation and emphasis on price comes from, which in turn give birth to the ponzi comparisons. It also attracts people which are the first to dump, first to lose money, and first to call out cryptos as scams whenever it slides.

I'm assuming crypto will be much better off once people stop looking at them as earning opportunities.

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February 16, 2018, 05:38:34 PM
 #11

Good points above.
I would like to add my very simplistic views on what is lacking
1. Quicker transaction times
2. Cheaper transaction fees
3. Wider variety of merchants accepting BTC
4. More people willing to spend and trade

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February 16, 2018, 07:02:02 PM
 #12

The crypto world lacks journalists and legitimate media personnel who encourage the public to educate themselves, buy crypto or precious metals to protect their wealth, in case the dollar or euro crash on deficit and debt concerns. The current era is similar to one of those disaster movies where an imminent danger is lurking in the background and no one believes its real until its too late. Including me. I can't believe half the negative sounding things I post on this forum, even though I know they are true.

We also lack empirical data on the impact block size has upon transfer speeds. There often isn't a clear or concise answer on any technical or economic issue. We lack good informed commentary on many topics. We lack good organization or cooperation on how best to address transfer fees (when they're high) and what the best course of action is to pave the way to a better future with bitcoin.

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February 16, 2018, 07:07:11 PM
 #13

At the first place is education about cryptocurrencies, we definetely lack that. And because unsuficient education and information about cryptocurrencies many problems appear where they could be avoided.
We also need fair and justified regulation, cooperation of all parties involved in crypto world to make environment for crypto growth on benefit of us all.

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February 16, 2018, 07:38:10 PM
 #14

We see that all the time in some countries cryptocurrencies are banned or in the contrary they start to make a special regulation. It shows that everyone want to do something with it but don't really know what, yet. Maybe you guys can guess, as experts from the crypto community, what do we need for normal living in a blockchain world?
Lack of knowledge, this is the biggest problem all over the world. They go and go in bitcoin without any knowledge in bitcoin thats why some of the newbies got scam by the scam investment. For me knowledge is the key to success that they need to read first before entering the crypto world.

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February 16, 2018, 10:21:21 PM
 #15

We see that all the time in some countries cryptocurrencies are banned or in the contrary they start to make a special regulation. It shows that everyone want to do something with it but don't really know what, yet. Maybe you guys can guess, as experts from the crypto community, what do we need for normal living in a blockchain world?

For me the most important thing to start would be the security. How can we the investor will be at ease in the safety of our investment. How to account investment without thinking for the securities anymore. It is true that all of the owners in blockchain community do have  their security standard but why was that hacking do still penetrate in their system. This is the biggest issue that concerns people a lot.  When will be the time that we can be at ease for the safety of our investment.

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February 16, 2018, 10:29:50 PM
 #16

I think lack of knowledge. In the world of crypto we should have an analysis, read their roadmap and whitepaper. I'm not going to consume my time that i don't understand, but i will try my best to keep in touch on every coins that has real project.

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February 16, 2018, 10:43:26 PM
 #17

Lack of confidence and idea. The reason behind more traders are getting scared on the current status of market fluctuations or downward movement of bitcoin and/or other altcoins is because we don't have enough confidence and knowledge on our selected coin. We easily get affected when we see dips or prices falling which is not right as a trader.

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February 16, 2018, 10:50:03 PM
 #18

We see that all the time in some countries cryptocurrencies are banned or in the contrary they start to make a special regulation. It shows that everyone want to do something with it but don't really know what, yet. Maybe you guys can guess, as experts from the crypto community, what do we need for normal living in a blockchain world?
The prohibition of investing in an ICO is a rule in some countries, but not all countries apply it. We can still freely invest in ICO, basically ICO does have a good goal but sometimes many irresponsible people who only use ICO for the event to gain profit alone, without any seriousness to continue the purpose of making the ICO. I just ordered to be able to choose ICO which has good prospects, choose with various considerations and also a mature analysis.

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February 17, 2018, 01:04:03 AM
 #19

Ok, let me add one thing that was not added on previous posts. Cryptocurrencies are lacking of volume. The volume of BTC that we have now is tiny and more comparable to stocks than to a currency. For example when the stocks of a company are traded on the exchange and someone leaks the  information that the hedge fund X might drop the shares of company Y there is a high chance that those shares will go down. While if any hedge fund or bank announce that it drops all its USD it won't be even noticed by someone because of the huge volume. That will be the great time when BTC will be resilient to any kinds of baseless FUD.

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February 17, 2018, 10:03:05 AM
 #20

We see that all the time in some countries cryptocurrencies are banned or in the contrary they start to make a special regulation. It shows that everyone want to do something with it but don't really know what, yet. Maybe you guys can guess, as experts from the crypto community, what do we need for normal living in a blockchain world?
I think one thing we are lacking as of now is speed in transaction. The rate of speed in Bitcoin transaction is not fast, and is in fact not reliable for what it is. Bitcoin transaction used to be very fast and drops instantly, but ever since they introduced the transaction fees feature, it stopped being fast and became really slow (10 to 15 minutes for a transaction that will cost you a lot) why I’m not happy with the situation is because I can remember that when I got in new, transaction in Bitcoin was free and fast. I need it to start being fast, being free doesn’t matter.

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