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Author Topic: What is bitcoin's largest obstacle to bitcoin adoption?  (Read 336 times)
mikeywith
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December 29, 2018, 06:19:09 AM
 #1

 I have always thought that it's really difficult for the average person to actually use bitcoin for their everyday's life.

 The main reason to this comes down to human nature of being dependent and unwilling to take risks.

 Storing Bitcoin safely is something that i find to be very difficult and dangerous despite the IT back ground i have.

 if you ask any "Bitcoiner" about the safest way to store your bitcoin they will say a cold storage ; Hardware or offline paper wallet.

 but what happens when and if mass adoption takes place and we will have to use bitcoin on daily bases?

 people now are comfortable with keeping their assets at the bank, knowing that they are unlikely to lose it, the bank will refund their money should their credit
 cards get stolen or online login credentials get phished, but we know this is not the case with bitcoin , thanks to it's "Double-edged Sword" of anonymity once
 your bitcoins are gone, they are gone for life.

 will we have to count on banks again to hold our bitcoins "safely" and allow us to spend it as we need?

 what are the feasible and realistic solutions that will allow average Joe and his grandmother to store and spend bitcoin without Eve stealing it?



 
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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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Carlton Banks
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December 29, 2018, 12:11:40 PM
Merited by Welsh (5), Foxpup (3)
 #2

The answer is right out there in the real world: compare Bitcoin acceptance in Venezuela to everywhere else

People are willing to learn just about anything if it means they have a more stable currency to show for it. Most people worry about their future as far ahead as next month, then their imagination runs out. Those type of people are forced to figure out which money holds it's value in hyperinflations.

So, the real answer (short term) is: lack of hyperinflation.

This will change in the longer term, there is a huge worldwide asset price bubble just itching to pop. There's a massive amount of inflation stored up in that price bubble, and all that money is going to get re-invested in something else when it happens. If even a small amount goes into commodities, then everyone will experience what it's like to live in Venezuela.
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December 31, 2018, 12:42:29 AM
 #3


well that's a good common sense, but it does not really answer the question, we all know when people are "Forced" to do something, they will learn the best ways of doing it. but i am talking about the average person, who uses only his local "stable for now at least" currency. average joe is too scared of holding his own assets and having 100% responsibility of securing it because he always counted on the bank to do that for him, average joe likes bitcoin but only worried about being hacked and never refunded. how do we go about this average joe ?
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December 31, 2018, 01:16:33 PM
Merited by Welsh (4), dbshck (4)
 #4

Simpler wallet software will obviously help (and it slowly improves all the time). There's no getting around the security aspect though. Either you're smart enough to secure your own BTC, or you're not. This is equally true of regular banking infrastructure; people fall for scams all the time. The difference being that banks insure certain situations, so they have at least some protection (which some falsely believe protects them in all situations).

A culture of experience is the only thing that can improve people's ability to secure their own cryptocurrency; essentially, experienced people need to tell inexperienced people good security practices. That won't even happen if the inexperienced people still trust the traditional banking system, hence why I said in my first post that a breakdown of trust in the traditional banking system is the foremost prerequisite for more general adoption.

We could argue the profit motive plays a role, but that's already a phenomenon. And a good argument can be made that most people are using cryptocurrencies to make fiat profits, and don't care about the reasons to use cryptocurrencies. The counterargument would be that a gradual exposure to cryptocurrencies for self-interested traders will slowly educate them as to why cryptocurrencies can be a more direct benefit to them when using them as money instead of as speculative instruments.

All 3 of the above adoption vectors share a common factor: time. It simply takes time for all 3 to exert their full potential.
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January 20, 2019, 02:00:17 PM
 #5

^
I think younger people will buy much more easy as older people, just cause they van work with computers way better, and learn to secure their BTC much more easy, but if I see people like my father they like to have some BTC, cause I have and told him to buy, but he can't make any effort of trying to learn how it works or anything....
and I think there are many more as them, they like and understand the IDEA of P2P, decentralised, scarce asset etc.... but the moment when he see's that I'm buying, creating an account, work on one or other exchange, use a ledger-hard wallet or whatever, that are the moments when I'm already lost him, as other older people that I helped (try to helped) and like my father is only 56, but many as them are that way, just no computer background or whatever.....
He, they, always say.... if I wouldn't have someone as you then how the F*** would I even just start with this, where would I go....
and I do understand that for those kind of aged people, cause with investing they are almost all been scammed @some point in their life, what means if they don't personally know somebody in BTC, then they keep their hands of maybe just to not get scammed by another person...
thats why I think younger people will be more and more BUYING and WORKING with BTC, and user count will just increase steady over time, as it should
their also is just no rush in getting it fast and fast and faster.... who care's as long if it has a smooth, steady organic grow its good
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January 21, 2019, 07:18:45 AM
Merited by dbshck (4)
 #6

The biggest/Largest obstacle to bitcoin adoption is the people. We the bitcoin community aren't ready to make bitcoin a global currency. Do you know bitcoin is been advertise as an asset instead of a curreny (which was the main intention for creation) each time the average individual hear about bitcoin it's always about the future gain,  how people have made money from it etc.  So he comes into the communities with an asset mind towards bitcoin.

We have retailers, merchants, businesses men and women all in the crypto space but only few have sold something and receive bitcoin as a means of payment. If we all decide to start accepting bitcoin as a payment option in the little ways we can it'll make a big difference l did a topic on this few weeks ago title  Bitcoin adoption: Don't just sit down, do something

The people have been so brainwashed that they now relies on the government for everything. We're waiting for one government to come and declare they now accept bitcoin but guess what that would never happen unless we take matters into our hands and start doing what I suggested above. The small things we do today will make a big difference tommorrow.
Thank you



I'm glad I can now have conversations with you guys on the Ivory Tower board. I ranked up recently and this is my first post here.  It feels good.
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January 21, 2019, 08:08:57 AM
Last edit: January 21, 2019, 10:45:55 AM by bitmover
 #7

Bitcoin is still not widely used in Venezuela. I have some friends from there that doesn't know anything about bitcoin and say that really only few people use it, and those people usually have a much better financial and cultural situation than the average Venezuelan.

I believe bitcoin adoption needs more time, more easy to use software... Probably even a centralized wallet like coinbase which can block your funds or something like that when you lose your phone with your keys. Unfortunately, saving seeds and privatekeys are not for everyone

In Brazil, majority of people doesn't even have a bank account , and many people have no kind of legal ID. I have no doubt that Venezuela situation is even worse.

Edit: corrected typos
El duderino_
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January 21, 2019, 10:03:29 AM
 #8

Bitcoin is still not widely used in Venezuela. I have some friends from there that doesn't know anything about bitcoin and say that really only few people use it, and those people usually have a much better financial and cultural situation than the average Venezuelan.

I believe bitcoin adoption needs more time, more easy to use software... Probably even a centralized wallet like coinbase which can block your funds or something like that when you lose your phone with your keys. Unfortunately, saving seeds and privatekeys are not for everyone

In Brazil, majority of people doesn't even have a bank account , and many people have no kind of legal ID. I have no doubt that Venezuela situation is even worth.

not yet for everyone, but I do believe all younger people with a little of effort must be able to handle it (if they own computer, smartphone etc)
and their will be more easy tech available in the future so I think they will get their
of course real 3 world countries peoples.... with absolute no finances or tools will be having a lot more difficulties, but thats the same @this moment as well ...
countries as brazil etc  their the middle class man has to start buying and learning, rest will follow
just give it time and we will get there 
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January 21, 2019, 06:18:31 PM
Merited by dbshck (2)
 #9

I don't think bitcoin will take over the world like some people here believe.  I do think it can continue to make massive gains but we need to look at this from an average joe point of view. Regular people do not want to be held responsible for their money and have to be their own bank.  Once you crypto is stolen you are not getting it back.  Also most people do not care about decentralization and will do what the government tells them to do..  Crypto will continue to grow but not on the scale that some believe.
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January 24, 2019, 05:03:29 PM
 #10

1. Hold Mentality.
2. Using Web wallets or using Exchange as wallet.(not using own wallet)
3. Block Confirmation time
4. Most of government do not recognize it.
5. Main stream media still take it as Ponzi scheme.
6. Big Cooperation are more interested in their own private block chain and token.
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January 24, 2019, 05:19:40 PM
Merited by Welsh (5), dbshck (4)
 #11

1. Hold Mentality.
2. Using Web wallets or using Exchange as wallet.(not using own wallet)
3. Block Confirmation time
4. Most of government do not recognize it.
5. Main stream media still take it as Ponzi scheme.
6. Big Cooperation are more interested in their own private block chain and token.

Just want to make a few comments for discussion, as some of those points are kind of cliché and not often discussed.

1. I think that hold mentality is not bad for adoption. Saving money is good, and people always saved money. It´s a kind of adoption IMO. The holder is just not spending the bitcoin now, but he is ready to if he wants.

2. Even though web wallets are not the safer option, they are good for adoption. Common people, especially older people (at their 50s for example) are much more used to an e-mail access than to a private key etc... BLockchain.info , for example, allowed thousands or even millions of users to create a simple wallet and use it. Ofc you will not put thousands of dollars there, but for a few bucks its perfectly fine. Easy to use, and great for newbies.
If somehow his wallet is hacked, it´s bad for adoption.... but if wallets such as Electrum were the only option, only a few crypto nerds would adopt bitcoin.

3. About this point, I will quote my own post:
Personally, I think scalability became a marketing, just to make people invest in vaporware coins. Such as bch and nano.

Beating Visa in transactions is possible. But can it beat BTC in decentralization at the same time?

There is no reason to have a global cryptocurrency if it is centralized, owned by a company.

Additionally, being able to scale to 10k tps is not a reason to use it.

Let's suppose I created a website that allows to have 1 million users online simultaneously. Will you visit it?
If you are worried about blocktime, you can just buy some LTC. LTC is a BTC with one block per minute (basically). If you think that´s a game changer, LTC would be the way to go.


5. This is true, mainstream media is not a fan of bitcoin. I believe that with the advent of internet and social media networks mainstream media is losing its power. We just don´t need them anymore.

Take a look at what happened in US elections for example. Trump was cursed 24 hours a day by the media, and he won. Trump now just call mainstream media "Fake news" , refuses to answer their questions and talk direct to the people using his Twitter account.
We just lived the same situation now in Brazil. Bolsonaro (elected president) talked to people through facebook and youtube, as mainstream media was strongly against him.

Not just in politics, but in many other areas as well. I don´t even read mainstream media anymore, as I have plenty better options online.
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January 24, 2019, 05:47:09 PM
 #12


2. Even though web wallets are not the safer option, they are good for adoption. Common people, especially older people (at their 50s for example) are much more used to an e-mail access than to a private key etc... BLockchain.info , for example, allowed thousands or even millions of users to create a simple wallet and use it. Ofc you will not put thousands of dollars there, but for a few bucks its perfectly fine. Easy to use, and great for newbies.
If somehow his wallet is hacked, it´s bad for adoption.... but if wallets such as Electrum were the only option, only a few crypto nerds would adopt bitcoin.

Apart from security issue, the transaction fees is also issue for few of these web wallets.  I forgot now what Coinbase was charging but it look to me very high fees that I just avoided coinbase even they are giving $10 free .
 Many people start with faucets and faucets charges a premium fees to withdraw bitcoin, that also gives a very wrong impression. (I recall faucethub charges 10 mbtc to withdraw btc).
When I started, I was really confused how btc transactions are cheap when everybody charging so high transaction fees.
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January 29, 2019, 04:48:33 AM
 #13

What Carlton Banks said and a double confirmation on "time"
Obstacle: it is not seamless to use (friction ;-)
Bitcoin needs time and it doesn't really need mass adoption right now.
Bitcoin has shown constant resiliency to outward circumstances.
It needs to keep growing just like it is, while blockchain tech continues to evolve in its own right.

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February 25, 2019, 08:45:04 PM
 #14

Bitcoin needs time and it doesn't really need mass adoption right now.

Don't forget it has been 10years since bitcoin was first introduced. The 21st century isn't like the 70's or 80's where new innovation (technology) lasted for years. We live in a time where technology get outdated or enhanced on few days after it was released for e.g Huawei unveils its foldable phone few days after Samsung unveiled theirs. Bitcoin don't have a major competitor that's why it's this relax. Yes bitcoin needs time but we should know time wait for no man. Bitcoin needs to make a statement, it need global adoption, the more people start using the currency the more flaws we discover and new solutions are developerd. Bitcoin needs global adoption so the blockchain technology can evolve faster.
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February 26, 2019, 01:32:45 AM
 #15

Well bitcoin is not enough.
Multiple coins are needed.
Not 1800 listed on coinmarketcap
But more then just bitcoin.

I am 62 I started with mainframe computers when I was 17 so I have dealt with them for a long time.
I code like shit a c- at best.
But I am really good at seeing the system and how to improve the system.

No one should have an electric space heater if they use one or two at the office or the home it should be a miner.

Why is this true?  my guess is there are more then 100 million of them in use on any given day.
This makes for worldwide adoption.
You need to make a miner that a moron can use.
You can make layers or tiers of storage systems.
You need a major corporation to get in on it along with a few major countries.

1) USA bans electric space heater that does not mine = adoption
2) Delongi sells a space heater that is a miner = adoption
3) Major bank like citi bank cuts a deal with delongi to convert the coins to cash in your bank and or your btc wallet much like coinbase.

These are ways the common man gets involved.
More sophisticated people do trading and larger scale mining .

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February 28, 2019, 06:18:16 PM
 #16

You need to make a miner that a moron can use.


The miners were not that complicated to use, I have no computer background other than building them for personal use in the 90's.
For me: I had maxed out what I felt was safe for my houses circuitry and it became cheaper to buy.

there used to be mining guides here on the forum Dogie/Sushi
The Bitminter team was always patient---with me and people I sent their way.

I'm on the road now so running a full node wouldn't be helpful on my end for the network but if there's still a need when I get settled I'd do it again.
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March 21, 2019, 08:03:37 AM
 #17

Well bitcoin is not enough.
Multiple coins are needed.
Not 1800 listed on coinmarketcap
But more then just bitcoin.

That's true, without altcoin the industry will just be boring. No competition (although in the current altcoin market I can't still find a worthy competitor) but few are trying. Ok lets say everyone buys bitcoin then what? What next after that.
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April 07, 2019, 01:27:06 PM
 #18

Simpler wallet software will obviously help (and it slowly improves all the time). There's no getting around the security aspect though. Either you're smart enough to secure your own BTC, or you're not. This is equally true of regular banking infrastructure; people fall for scams all the time. The difference being that banks insure certain situations, so they have at least some protection (which some falsely believe protects them in all situations).

I would like to touch a bit on security aspect. I am already quite satisfied with available security solutions. You just have to get a right ratio of security/ease of you for you personally.

For example I am using Coinomi wallet on my mobile without any security phrase set. It is very convenient and fast way to use BTC. Of course I only have small/weakly amounts on that wallet. Similarly, how I am walking with about 50$ in cash in my wallet and if I need more I go to cash machine. I will not carry everything with me all the time. Than I have electrum wallet for bigger amounts which I use for trading/topping up Coinomi and then I have ledger for secure long term hodls.
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May 05, 2019, 02:43:33 PM
 #19

Personal security.

Quite simply once you put your fiat into a bank (at least in the US) it is federally guaranteed, so if the bank gets robbed/hacked/ etc you will get you money back no issue.  People dont understand the security banks put in to avoid this because they dont have to.  With crypto (as it stands today) relies on people trusting their own security measures to secure their crypto.  That's fine for a minute portion of the population, but for the masses either they will get burned and leave or not jump in at all because they dont trust themselves with financial safekeeping.  It's an issue that will inhibit adoption.  Either that will shift witha change to the standards of storage or it will take a generational change in though which takes decades.

I think crypto will evolve and solve this issue but as it stands today that inhibits the masses from joining I'm sure as well
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May 06, 2019, 08:05:02 AM
 #20

Quite simply once you put your fiat into a bank (at least in the US) it is federally guaranteed, so if the bank gets robbed/hacked/ etc you will get you money back no issue. 

wrong

your banked money is insured, but only up to a certain value. you'll get a refund of the guaranteed amount, and not one single penny more

also, where do you think the refunded money comes from? If your answer is "don't care", then you deserve to have this happen to you tbh
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