Bitcoin: People Empowerment

[CryptoBry]

Before the advent of cryptocurrency, all financial transactions were facilitated through the world’s central banks. Now, thanks to bitcoin, the scenario is changing, and the power is shifting from the central banks and world governments to the population. This radical change in the handling of monetary transactions can potentially change the entire world’s economic structure. To enable scrutiny and provide security, financial institutions maintain records of every transaction. Now, with cryptocurrencies, the people have a way to challenge the banks’ economic power. If it’s adopted on a global scale, Bitcoin can cause money to become highly politicized.

Taken from this source.

I personally believe that one of the big reasons why we have to be a part of the Bitcoin bandwagon is that this is a tool for people empowerment and that can means we are getting back the power that should have been in our hands long time ago. Now, I am not saying that Bitcoin is the be-all and end-all of all our problems but certainly this can be a start of something revolutionary.

No wonder then that many governments and central banks are uneasy on Bitcoin because they know the possible implications but for some governments who are not lead by myopic leaders and allowing Bitcoin those are the leaders who are recognizing that they are not there in the pedestal for the lifetime.

Aside from volatility, what are the biggest obstacles for Bitcoin to be adopted on a global scale?

[NathanJB]

I can only hope that most of the members of the Bitcoin community or of the larger cryptocurrency community joined the bandwagon because of these ideas. My hunch however is that more than half of the members of these large communities around the world are joining these communities for the sake of money or of profit. They seem not to care about these principles really. All they are thinking is that there is money here. All they need to do is buy and wait and the profit will be coming.

This in itself is already a big obstacle for the growth of Bitcoin and cryptocurrency.

[josephrioveros123]

I think bit coin is just like money. But what  is money? It is just a piece of paper. On my point of view bit coin, money and other types of property is just a listing or proof that you own something. Your bank account amount is the record that you own it. You don't have to have money if you have other proof to own something and you don't have to have bit coin if you have other proof that own this certain amount of something. All I can say is that bit coin helps to change the way of having proof of belonging or assets. It help us became more paper less than ever before. And other thing is that why bit coin empowers people. Because no country owns it. It belong to the people. But the disadvantage is that some people. do not use computer or internet. So their ways of having a asset is different to us that uses cryptocurrency and other types. I can see that bit coin now is playing an important role on the eco system of assets and property belonging in the world today. But still the traditional way of having something can't be replace.

[Wexnident]

Aside from volatility, what are the biggest obstacles for Bitcoin to be adopted on a global scale?

Ignorance perhaps? A lot of FUDs are spread around the globe regarding not only about Bitcoin but also about crypto itself. This makes the common masses fearful of adopting it. Not only that, with so much negative views by some countries like China regarding bitcoin as well as what is happening to India with what, its possible petitions of banning bitcoin, most would turn away from it. They'd rather believe the banks and the government which they BELIEVE to have been doing their jobs properly without any types of scams and the like. We need to wake up the people, sadly enough, some of them don't even want to.

[CryptoBry]

I can only hope that most of the members of the Bitcoin community or of the larger cryptocurrency community joined the bandwagon because of these ideas. My hunch however is that more than half of the members of these large communities around the world are joining these communities for the sake of money or of profit. They seem not to care about these principles really. All they are thinking is that there is money here. All they need to do is buy and wait and the profit will be coming. This in itself is already a big obstacle for the growth of Bitcoin and cryptocurrency.

This is something we have to admit. Humans are motivated by greed more than any principle, ideal or even faith. We want money and we usually do something because we know we can get a return of the capital, effort and time we are exerting. Same thing with Bitcoin and I must admit I also joined in here because of the prospect of gain. Well, generally speaking, there is nothing wrong with that, actually. However, just stopping on money and not exploring more on the things behind Bitcoin can be another story...at least we have to be educated on something that we are dealing with. We have to grow and widen our understanding on Bitcoin.

All I can say is that bit coin helps to change the way of having proof of belonging or assets. It help us became more paper less than ever before. And other thing is that why bit coin empowers people. Because no country owns it. It belong to the people. But the disadvantage is that some people. do not use computer or internet. So their ways of having a asset is different to us that uses cryptocurrency and other types. I can see that bit coin now is playing an important role on the eco system of assets and property belonging in the world today. But still the traditional way of having something can't be replace.

Bitcoin is digital as opposed to the fiat money which can be seen and can be touched therefore very tangible. Bitcoin is called as the digital gold all because of its increasing value and it is also mined. Being a digital asset, Bitcoin is introducing us into a different era of money, finances and banking...hopefully Bitcoin can be the revolution in these areas that the people can benefit from. I agree with you, Bitcoin does not have to replace the traditional fiat-based economy because that is not the goal anyway. Bitcoin should be an alternative...a very good alternative just waiting for the people to be a part of.

[blckhawk]

Besides volatility, lack of knowledge and government restricitions is what's stopping bitcoin from going mainstream. In addition, lack of security on some exchanges also discourage potential investors to use the platform. Also, not all people still has access to digital devices needed to transact and trade in the crypto-space. The closest to being cashless in society, which would potentially attract people, is Germany and USA. The rest still uses paper to trade and transact.

[maydna]

The biggest obstacle for bitcoin is approving from all government because bitcoin cannot grow or reach all people in this world without government approval. We still need the government so people will think that their government is admitting bitcoin, and the government can explain what bitcoin is.

After many governments, especially the government from big country approve, people will see a new revolution in the monetary and financial. The banks will also give their permission to people to have bitcoin and another cryptocurrency. Once this can happen, cryptocurrency can grow and start to reach more people. But yes, we need time before the government can realize and see the benefit of bitcoin and cryptocurrency. And that is not as easy as we turn our hands.

[riso2015]

In addition the reasons due to volatile in the price of Bitcoin, the government also thinks of other reasons such as Bitcoin is vulnerable to hacking and they are afraid Bitcoin will be used for money laundering or terrorism funding. That is why many countries are still afraid of Bitcoin.

[Kambal2000]

The biggest obstacle for bitcoin is approving from all government because bitcoin cannot grow or reach all people in this world without government approval. We still need the government so people will think that their government is admitting bitcoin, and the government can explain what bitcoin is.

After many governments, especially the government from big country approve, people will see a new revolution in the monetary and financial. The banks will also give their permission to people to have bitcoin and another cryptocurrency. Once this can happen, cryptocurrency can grow and start to reach more people. But yes, we need time before the government can realize and see the benefit of bitcoin and cryptocurrency. And that is not as easy as we turn our hands.

Exactly! But, if we will unite and we will share and show to our government the power of cryptocurrency maybe they would consider it, so far, we are thankful here in our country as our government is open for this kind of opportunity, actually we do have bank that has Bitcoin ATMs and they are adopting blockchain for their transactions.

[Ailmand]

Of course, the biggest hindrance is the government it self. One of the reasons why they are skeptical about crypto is they have no total control over it. Not to set aside, lack of knowledge and awareness about cryptocurrency, not everyone is aware of it yet and not everyone has direct access on cryptocurrency. In some places buying or cashing out crypto is difficult because of limited deposit and withdrawal option.

[EdvinZ]

Indeed, the idea of bitcoin Is that each person can pay another person for goods and services directly, bypassing banks. This radically changes the position of the citizen in the structure of the state. In fact, Bitcoin gives a person the privilege to dispose of their own money, and money devoid of inflation. This is a revolutionary invention, but it will take some time for people to understand the significance of this event.

[josephrioveros123]

Bitcoin should be an alternative...a very good alternative just waiting for the people to be a part of.

Yes you are right and I think many more users will follow. And bit coin price will rise much more higher. Because now not all of the people in the world knows about bit coin. As for now my estimate is that there is only about 5% of the population of the world using bit coin. What if it grow on around 10-20% can you imagine the price of bit coin if there will be many users to add on the users of bit coin. for now I think it is better to hold bit coin because the best is yet to come. For bitcoin users.
 

[Willitivity]

Other than volatility as you've mentioned, other reasons hindering Bitcoin adoption are;
-Knowledge: The level of knowledge people have as regards to Bitcoin is very low in some places. For instance, most people still think that Bitcoin is a ponzi scheme or a bubble that will soon burst one day.
-Technology: Bitcoin requires some technical application which is lacking in most places or parts of the world, only a few who have access to and understand such technology are actually using Bitcoin.
-The government: Probably the biggest hindrance to bictoin going mainstream.

[error08]

Many obstacles for bitcoin these days especially the FUD spread among the people all over the world. In many cases, the first thing people know about bitcoin is being used for the dark-web, illegal transactions, silk-road, hackers, ransomware, and so on.
it is only a matter of time until the current old-bankers generation replaced by youth and open minded people, then we will see bitcoin acceptance on a global scale.

[NathanJB]

I can only hope that most of the members of the Bitcoin community or of the larger cryptocurrency community joined the bandwagon because of these ideas. My hunch however is that more than half of the members of these large communities around the world are joining these communities for the sake of money or of profit. They seem not to care about these principles really. All they are thinking is that there is money here. All they need to do is buy and wait and the profit will be coming. This in itself is already a big obstacle for the growth of Bitcoin and cryptocurrency.

This is something we have to admit. Humans are motivated by greed more than any principle, ideal or even faith. We want money and we usually do something because we know we can get a return of the capital, effort and time we are exerting. Same thing with Bitcoin and I must admit I also joined in here because of the prospect of gain. Well, generally speaking, there is nothing wrong with that, actually. However, just stopping on money and not exploring more on the things behind Bitcoin can be another story...at least we have to be educated on something that we are dealing with. We have to grow and widen our understanding on Bitcoin.

That is basically my personal story as well. When I got into Bitcoin and into this forum I have no idea about decentralization or freedom from third financial parties or whatever principle that Bitcoin is pushing forth. But as soon as I bought my first Bitcoin and altcoins, read materials about them, participated in discussions, watched videos, and so on, I realized that the most important thing about Bitcoin is not just the monetary value that we can get from it but the value which the project is promoting. And it has something to do with looking into our current fiat system and its being interwoven with our governments and the entire global financial system and how it is actually being oppressive to the common people, which comprise most of the world's population.

[batang_bitcoin]

I guess that would only be the government. Without their consent, their people won't be permitted to use and adopt it but if they have a go signal, their citizens won't hesitate to try and use it. But as much as possible most of them are weighing the possible situation that they will meet if ever they will give that signal. The problems that has been told about confirmation, speed, etc are being solved by the devs of it that's been working freely to improve the network.

[BigBoy89]

I'm not a hard believer in the idea. The biggest obstacles are ease of use and global integration.

Merely 2%-3% of the people in the world have enough knowledge of how to use crypto and a mere fraction of that 2%-3 % have the knowledge to do it properly (use it, secure it, store it, etc.).

On the contrary, the central bank's money, paper money/fiat are the standard. Your grandmother doesn't need to check blockchains or whatever when you give her $100, for example, right? Neither the cashier of your corner shop.

[josephrioveros123]

I think other thing why bitcoin and altcoin is struggling is because of the scammers. Because of the scammers many people that is possible investor loose interest and many of them back out because of the risk they will take not only on the volatile price of the coins but from the danger of being scam. So instead of empowerment for the people it is scaring the people. Specially the government. Our government don't prohibit us to use crptocurrency but they always warns us to be vigilant about it and beware of scammers. That is why some became scared of it before even trying it.

[teosanru]

I absolutely agree with you that the power on controlling the economy is shifting to our hands. But in the end the volatility which you set apart is a real big menace. You know what that means? That means the controlling power of bitcoin is still in the hands of rich people only. This means that maybe whale or major exchanges can still alter the supply and demand therefore have drastic effect on bitcoin pricing and this is worse than being regulated by central banks because these institutions work merely for their own benefits. So I think people will only be empowered with BTC when the distribution of BTC becomes much more even than what it is today.

[target]

The central banks and government knows that when people can stand on their own without them can spark revolution and this is why they are up to redeem back the control to the people and they are winning in this part because we still need the fiat. I don't think there could be a future where we don't need it unless the government is not needed anymore. We do need them for peace and order but crypto can co-exist with fiat.