Blockchain and Bitcoin adoption globally. What is the cause of the slow pace.

[bits4books]

The answer is simple - no one wants to support something that cannot be controlled. Once the cryptocurrency is decentralized, it does not lend itself to the usual methods of control and it is quite difficult to formalize legislation for it, including criminal legislation.
And if you do not make a decentralized cryptocurrency, then society will start saying "that your crypto is not a crypto" and you will again say that everything is wrong and it should be different.
No state wants to work closely with what it can't keep in check.

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[xZork]

In my opinion the cause is from the governments of the world.
Bitcoin is an anonymous currency and is determined by its community, so there is not a single government that likes it. Governments want a currency that they have complete control over.

[justdimin]

Slow pace? I mean we literally created money out of thin air and now we are using it in billions in just 10 years, how could this be slow pace? I do not agree with anyone who says this should have been faster, we are already as high as we can be with all the difficulties we have faced in the past.

Bitcoin started out as an anon coin which drug dealers and so forth used, even CP was distributed using bitcoin, it was at the hands of horrible people for a very long time, after a while we took it over and made it into a financial thing and that took us around 2014 to do it, when we managed that, for the past 6 years we have gone from under 1000 dollars (even 300 for a while) to 20k and now we are still over 10k, that is fast and do not let anyone tell you otherwise.

[slackovic]

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

Well, for Bitcoin and cryptocurrencies in general to become adopted, people need to start using them. And by using them I don't mean buy and hodl. People need to start using cryptocurrencies to buy stuff. In my country there are some shops where you can purchase goods for Bitcoin. When more people will consider Bitcoin as money that you can purchase goods for, it will be more adopted.

It would be great if governments would look at Bitcoin and crypto as next step of the financial evolution but there is nothing we can do about it.

[MCDev]

One of the main problems is, actually, technology adoption.  Still, cash is the king and easy to use, it's still better use-case rather than the internet payment. And blockchain itself needs to be developed more for fast payments and there are some strict regulations around the states.

Yes, at the moment bitcoin is only suitable for sending large sums of money over long distances. It is not really suitable for paying normal retail bills. Besides that, all bitcoin transactions cost money, which limits bitcoin from participating in regular payments.

[TIDOVEE]

In my view, the rate of adoption is not really slow, though it may not be as fast as we may expect. And if I would have to agree that it is slow,I would say this is more as a result of misconception of bitcoin genuinty. What people have no good idea about, they may not embrace at all or wholeheartedly.
A lot of people around the government especially in some lazy sets doesn't make proper research, and needs proper orientation to stop the believe that making money online is fraudulent.  

[MCobian]

There are many factors causing the slow adoption of Bitcoin, the most influential of which is that not all countries accept Bitcoin.
This is what makes some people hesitate to invest in Bitcoin, and also the volatile price of Bitcoin is also the reason why there are
still few merchants adopting Bitcoin. And Bitcoin promotion and education factors are not yet optimal, so there are still few people
who understand blockchain and Bitcoin.

[jerrison]

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

The cause is both the lack and harsh regulation. People don't want to invest millions into blockchain founded projects and then find out that regulatory changes leads to them losing a lot of their money. Similarly, not many countries have taken this seriously and devised regulations around cryptocurrency.

The infantile adoption of blockchain and its derivative crypto assets is at the mercy of officials devising strategies that would assert investors and give them the go ahead signal.

Until this is resolved, you won't be seeing many corporations placing their funds into crypto assets, although a few of them have already embarked on this risky journey, though this is not the norm.

The Idea of people committing funds into blockchain startups is even a story for another day. I personally have been a victim, a project once came up with the name Bitugene in 2018, its a digital oil exploration firm(as claimed) I invested a few thousand dollars into it and also joined the telegram but just two weeks into their presale, they shutdown all media communications including website. I do not consider this a step that will encourge people to invest. Although, I still invest but not on presale levels anymore.

Just a few days ago, my close freind invested a few hundreds of dollars into a project by the name of Yearn Finance Options Official, https://www.yfioptions.com https://t.me/yfopofficial, We are yet to access their website till this moment.

These moves may not encourage further spread of the technology as people get to share experiences and delay the global acceptance.

[acdc]

And the people behind this system are the most powerful, so powerful that even governments are under their payroll. And the governments are the ones that will determine the acceptance of Bitcoin and crypto. So it must take some time for them to really see the benefits of Bitcoin.

I agree, now the government issues cash and manages a country's finances. However, bitcoin is not under anyone's control, so governments are trying to fight bitcoin.
But the trend of cryptocurrencies is inevitable, so in the future, governments will inevitably loosen the crypto regulation and accept it.

[bobyhodob]

And the people behind this system are the most powerful, so powerful that even governments are under their payroll. And the governments are the ones that will determine the acceptance of Bitcoin and crypto. So it must take some time for them to really see the benefits of Bitcoin.

I agree, now the government issues cash and manages a country's finances. However, bitcoin is not under anyone's control, so governments are trying to fight bitcoin.
But the trend of cryptocurrencies is inevitable, so in the future, governments will inevitably loosen the crypto regulation and accept it.

That is because the government is trying to keep state finances stable because during a pandemic like this I am sure many people stop working and many people cannot get money easily, therefore the government provides such programs but they must also be careful so that there is no inflation in their own country, while in my country cryptocurrency has developed a lot because there are already exchanges which from my country have been widely used from all existing countries.

[mu_enrico]

Just like any goods, it goes back to supply and demand analysis:
- limited supply -> price high -> some people don't want to buy or cannot afford to buy Bitcoin/crypto with the current rate;
- the slowdown in the economy -> less buying power -> some people don't want to buy or cannot afford to buy Bitcoin/crypto with the current rate;
- some people don't need Bitcoin/crypto, what is the reason to buy (RTB)? We need more use case other than for gambling purposes since not all people is a gambler.

[el kaka22]

If you want faster bitcoin adoption, you should be working towards it, nothing in life gets done for free and without effort. What could we do? Talk about it to our friends, explain to them why if their business accepts bitcoin it would help the future and also help us get away from bribed and corrupted government managed finances and build something from people for people as well with bitcoin.

You could talk with all the politicians in your area, tell them how awesome bitcoin is and how if it was perfectly legal to do business with it, that would mean a ton of new tax income for the government but also for that politician as well to get votes from crypto people. You have to talk to business people and try to convince them to check out crypto and how it would make them find new customers. Basically work to get it adopted if you want it so much.

[adzino]

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

It is a new technology. We can't instantly start adopting and make blockchain and bitcoin a mainstream. There are a lot of things we are yet to learn. None of the system so far is completely perfect to replace the existing system. Rushing to adopt will just cause problem. Hence, to avoid any mistakes or make things more complicated, the government of different countries are slowly adopting it. There are only few countries that aren't taking blockchain seriously and doing nothing about it. Others are working to integrate it with the current system.

[royalfestus]

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

There is slight difference between blockchain and cryptocurrency, cryptocurrency is a branch in blockchain Use, blockchain is always gaining the acceptance in every sectors and more discovery of the use in data science. The struggle for cryptocurrency in countries is political but I think some financial system and greedy politicians are secretly employing the use to keep their fund and enjoy the profit from the volatility in price.

[acdc]

And the people behind this system are the most powerful, so powerful that even governments are under their payroll. And the governments are the ones that will determine the acceptance of Bitcoin and crypto. So it must take some time for them to really see the benefits of Bitcoin.

I agree, now the government issues cash and manages a country's finances. However, bitcoin is not under anyone's control, so governments are trying to fight bitcoin.
But the trend of cryptocurrencies is inevitable, so in the future, governments will inevitably loosen the crypto regulation and accept it.

That is because the government is trying to keep state finances stable because during a pandemic like this I am sure many people stop working and many people cannot get money easily, therefore the government provides such programs but they must also be careful so that there is no inflation in their own country, while in my country cryptocurrency has developed a lot because there are already exchanges which from my country have been widely used from all existing countries.

That sounds great for crypto lovers in your country. In my country the government only sees cryptocurrency as an asset, they don't see it as a currency. I hope in the future the policies on cryptocurrency will be relaxed in my country.

[kindbtc]

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

For me the primary reason is sluggishness of the regulatory authorities in most of the countries. Most of the financial agencies still seem clueless about blockchain amd crypto this is perhaps because of no awareness even among the high up ranks because it is new tech and the responsible people still lack the required knowledge about crypto and this thing is hurting the mass adoption of the crypto coins.

[Jackl87]

It seems like big companies still hesitate to use blockchain for their purposes. Their are some edge cases where blockchain is implemented or tested but so there is no real widespread adoption.
I think the main reason is that for people outside the cryptospace it seems that cryptos are still considered as edgy or shadowy.
But you can't blame them, just look at the all the stuff that happened with Defi and all those scam clone projects that emerges.

[qazgroup]

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

Unfortunately the common people still consider cryptos as virtual or internet money which is backed by nothing and may collapse anytime, untill people get more awareness about blockchain technology and cryptocurrencies and the negative perception goes away the mass adoption will still remain a distant thing.

[Reid]

Blockchain and Bitcoin has been on for more than a decade (according the statoshi's white paper) and up until this moment, there is still struggle in the global community in terms of adoption. Countries like India once placed sanctions on the technology and later lifted it. Russia made laws to govern and regulate the operation of the technology in a bid to take advantage of the solutions it proffers and loads of other stuff ongoing in different locations but still we still have a very slow paced increase in growth and devlopment and acceptance. What could possibly be the reason and what are the ways to further create awareness and global acceptance.

Unfortunately the common people still consider cryptos as virtual or internet money which is backed by nothing and may collapse anytime, untill people get more awareness about blockchain technology and cryptocurrencies and the negative perception goes away the mass adoption will still remain a distant thing.

That's correct but how could that negative perception fade away if more projects are being built that are just scams.
ICO, IEO, and now DeFi.
If this continues, I don't see a better future for other crypto currencies that are being created in the blockchain.

I think that is the culprit for the slow pace and merchants having trouble with the volatility of any coin that is created.

[SquallLeonhart]

What could possibly be the reason and what are the ways to further create awareness and global acceptance.

The answer for both of your questions must be "bitcoiners". Yes, we are responsible for so far slow adoption rate and we need to create more awareness on mainstream adoption of bitcoin ecosystem so that people will accept it either for payments or as asset for long-term investment. Only when we are encouraging people, massive adoption will be happening and without that we may keep struggling forever.

People here may not disclose about their adoption of bitcoin even to their close friends. This is because due to the criteria of being anonymous for privacy reasons. This definitely working negatively for bitcoin adoption rate and due to this reason we are having slow adoption rate even after bitcoin has been introduced before a decade.

I think that is the culprit for the slow pace and merchants having trouble with the volatility of any coin that is created.

Volatility must be working both in negative and positive side of adoption rate but overall when people are looking for adopting bitcoin for payment reasons they might be worrying about wild volatility of bitcoin and at the same time people must be loving it to adopt because of its long term positive volatile nature.