What is the obstacle of Bitcoin？

[jabrix]

The obstacle of Bitcoin is basically the ignorance of people regarding how its system operates. People have problems with things or ideas when they don't really understand what causes some changes in the thing. Ignorance on the whole nature of how the decentralized system works is the leading cause of the spread of false speculations about Bitcoin. Due to how ignorant the world is about Bitcoin and its blockchain system, people easily accept false news regarding the use of Bitcoin. Ignorance has made people believe that Bitcoin is used by money launders or used to fund criminal activities, which is totally false.

Bitcoin constraints in the community is how it works is considered complicated and too many risks, such as the use of internet technology which for some people is still not understood, many news that discredit bitcoin with negative things such as money laundering, and no encouragement from the government to use bitcoin payment instrument. Even in some countries there are fears of bitcoin users, because it is considered an illegal transaction.

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[BennyK]

The biggest obstacle to bitcoin in our country is that the government does not want to provide supporting facilities, and the government does not want to recognize bitcoin as a currency, but our government is taxing bitcoin trading agents by classifying bitcoin as an asset and as a commodity.

This issue has been a major factor hindering the smooth progress of Bitcoin in most countries. Despite the authorization of Bitcoin and cryptocurrency in some countries like India, Canada, Indonesia, Germany etc , it appears to be a small fraction of total number of countries across the globe. There are still more work to be done in order to advocate for Bitcoin in our various countries.

[Ezenwanyi]

I agree with your submission about the volatility of Cryptocurrency being the main obstacle to it's wider adoption.
But we need to understand that the structure of Cryptocurrency is decentralized and that could be the reason the volatility.
To solve the issue of volatility, then there is the need to change the structure from decentralized to centralized which in itself is not feasible.

[Sithawaka]

I agree with your submission about the volatility of Cryptocurrency being the main obstacle to it's wider adoption.
But we need to understand that the structure of Cryptocurrency is decentralized and that could be the reason the volatility.
To solve the issue of volatility, then there is the need to change the structure from decentralized to centralized which in itself is not feasible.

Volatility is a significant problem and that is a big reason why its adoption levels are low but I doubt we will be able to solve the problem of high volatility by making Bitcoin a decentralized currency because even under a centralized party with the current changing demand level and users mentality to use it as a short term trading asset there won't be any effective way to control its rapid price fluctuations even with a dedicated team but I think with enough expansion and wider adoption naturally it will become stable so the problem is just a temporary situation

[FaireumOfficial]

the price of bitcoin has been changing dramatically, and many people have invested in bitcoin. And they get a generous return. these stories attract more people to join Bitcoin. in my opinion, this is precisely an obstacle. It is an obstacle for Bitcoin to be used on a large scale. It requires a stable value for a currency that is used on a large scale.

A mixture of misinformation, lack of knowledge and most devastatingly, a lack of interest in learning about it. Most people just want to make a quick buck by investing small and selling when the price goes up, which is ok. But at the same time, it's the people who don't know what they're doing who are the ones who never really get the hang of it completely, and eventually end up backing out.

[kingpin4321]

The only obstacle bitcoin has is HUMANS! If only we see the good in it and work towards utilizing the blockchain technology and stop the fud and pull it down struggle bitcoin will be superb.

Saying the obvious facts about bitcoin or cryptocurrency should not be considered as spreading FUD.
Let's not allow loyality to be cloud our sense of reasoning

[romero121]

Op has stated whether the price volatility will serve as a obstacle for bitcoin in its large scale adoption. From my understanding bitcoin has got such a big user community because of its volatile nature. If this was the same as the stable currency surely very few will be here. The volatility gives access to earning which is the one that keep major of the cryptocurrency users active.

[trader34]

I agree with your submission about the volatility of Cryptocurrency being the main obstacle to it's wider adoption.
But we need to understand that the structure of Cryptocurrency is decentralized and that could be the reason the volatility.
To solve the issue of volatility, then there is the need to change the structure from decentralized to centralized which in itself is not feasible.

I don't think that changing the structure from decentralized to centralized can solve the volatility issues... and by the way, Bitcoin, for example, is born decentralized and cannot turn to a centralized system.

In my opinion, volatility will decrease while the crypto market becomes more mature and bigger. We are still talking of a very young market.

[PeRo]

That is an obstacle, but it an obstacle that cannot be removed because price volatility is a part of Bitcoin. The price is volatile because Bitcoin is decentralized, only centralized currencies have stable price and Bitcoin is against currency centralization. It isn't the only obstacle, though, I think the biggest obstacle right now is that people like cash more because it is far easier to use.

[harapan]

The top obstacle to Bitcoin being mainstream is mass adoption. Bitcoin now is mainly purchased off an exchange.
If there was an option to use bitcoin as a currency for paying salaries, and calculating how many bitcoins is worth an hour's job. This would increase circulation.
As long as BTC is pegged on Fiat currencies, it will keep being used as a speculative tool.

you are absolutely right, if you stick to the fiat currency forever bitcoin will only be a speculative tool. but I think the role of government is very important if we want to make bitcoin as a mass adoption. but the reality is very difficult, so much opposition has been made by various parties.

[ancafe]

Op has stated whether the price volatility will serve as a obstacle for bitcoin in its large scale adoption. From my understanding bitcoin has got such a big user community because of its volatile nature. If this was the same as the stable currency surely very few will be here. The volatility gives access to earning which is the one that keep major of the cryptocurrency users active.

for some people, changing prices can be a very significant obstacle for those who always use bitcoin. but, we know that it is a common thing. many of them also take advantage of these obstacles to gain profits. well, but, the biggest obstacle at the moment, I think is the difficulty of the government accepting bitcoin as a transaction tool, because it can make rival fiat.

[xWolfx]

Instability is the main obstacle.
I mean who would want to invest all of their hard earned money into something which is highly volatile?
Majority of people are still afraid to risk their money so I think bitcoin needs to be stable first. This way, more people will accept it as it has a lot of benefits. Also, most of the world population, especially, third world countries don't even know what bitcoin really is. They think of it as something fraud, which is not true.

I agree with you here. It only means that it will reach mass adoption in some years when it finally gets a lot more stable and for that reason start being adopted by a lot more organizations which will make a lot more people see it as something realistic instead of just a fraud.

People with not enough ability to see is not only in third-world countries sadly. Even when there is where the vast majority of them are.

The funny aspect is that in Venezuela it is quietly a lot more adopted than in other third world countries due to the situation.

[juragane]

the price of bitcoin has been changing dramatically, and many people have invested in bitcoin. And they get a generous return. these stories attract more people to join Bitcoin. in my opinion, this is precisely an obstacle. It is an obstacle for Bitcoin to be used on a large scale. It requires a stable value for a currency that is used on a large scale.

Bitcoin prices are unstable because business people who use bitcoin are different from different countries, because in each country these different rules make traffickers uncertain. maybe the legal certainty and status of bitcoin in all countries should be the same if you want bitcoin to become a global currency.

[BursePanther]

The more people who invest and know bitcoin, the more stable this currency is. but on the contrary, we will no longer see strong growth in the past. This is also a bad point for investors

[Akagum]

The major obstacle to the wide spread adoption of bitcoin in recent times is the issue of high volatility. This is one of the issues discouraging potential investors even institutional investors from investing in the market.
But come to think of it, bitcoin is a decentralized virtual currency and one if it's core feature is volatile nature.
So it's expected for prices to swing the way it's doing .

[Cherylstar86]

Op has stated whether the price volatility will serve as a obstacle for bitcoin in its large scale adoption. From my understanding bitcoin has got such a big user community because of its volatile nature. If this was the same as the stable currency surely very few will be here. The volatility gives access to earning which is the one that keep major of the cryptocurrency users active.

for some people, changing prices can be a very significant obstacle for those who always use bitcoin. but, we know that it is a common thing. many of them also take advantage of these obstacles to gain profits. well, but, the biggest obstacle at the moment, I think is the difficulty of the government accepting bitcoin as a transaction tool, because it can make rival fiat.

I believe that the biggest challenge and obstacle that Bitcoin is facing would be its wide-adoption. There are still countries and establishments that don't acknowledge its existence. On the other hand, its volatility has become the misconceptions of many. Many are still unaware and not fully-educated of its real essence. Due to arising controversies and fake news, it could be misleading for some and they seem to see Bitcoin in disadvantageous aspects. Let's be a media to spread awareness and knowledge to the public on how beneficial and profitable Bitcoin is.

[Biet12]

bitcoin is indeed a lot of obstacles for those who invest, but for those who are experts, if it is already investing and lots of coins, suddenly the price drops free then this is the initial sign that prices are going to soar ..

[reality18]

The technology and concept of Bitcoin and the Blockchain is incredible which provides a revolutionary solution to payment systems across the globe. One major obstacle hindering the smooth progress of such an innovative technology is the governments. Most of the governments are against the idea of Bitcoin because it is decentralized, hence Bitcoin and other cryptocurrency activities are unauthorized in some countries.

[Sebas.tian]

The technology and concept of Bitcoin and the Blockchain is incredible which provides a revolutionary solution to payment systems across the globe. One major obstacle hindering the smooth progress of such an innovative technology is the governments. Most of the governments are against the idea of Bitcoin because it is decentralized, hence Bitcoin and other cryptocurrency activities are unauthorized in some countries.

I agree. The government has all the capabilities to shut down bitcoin entirely in a country. For example, they could close down exchanges people who use crypto would have now means to liquidate it. The second obstacle for bitcoin is the lack of information in the public. Bitcoin having negative impression to the public stems from their lack of research on the matter.

[Sithawaka]

Regulations from governments has become a big problem for Bitcoin to progress through adoption because any organizations doesn't won't trouble from the low frame work in there country because it can be very bad for the progress and due to regulations and restrictions from government against Bitcoin companies think twice before accepting Bitcoin so freedom from governments is a must for organizations to accept Bitcoin and to adopt it with there core payments and without that it cannot develop as a currency in the future