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Author Topic: Why do people avoid bitcoin?  (Read 9037 times)
Wesleyeric
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October 07, 2020, 06:35:57 AM
 #1

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.
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October 07, 2020, 06:43:50 AM
Merited by stompix (1)
 #2

It is not that simple. Just because Bitcoin is faster than a bank transfer does not mean that for many it will be a fast and simple solution.

There is no infrastructure. For example, you have money, and you want to transfer money to your relatives. You need a wallet, and they need a wallet. You need somewhere to exchange the wallets for money. Those to whom you transfer, too, will need to find a place to exchange the bitcoins for cash.

And if he doesn't have it all, he'll have to create it all and understand what and how. Many people are very conservative, especially the older generation, and it will be easier for them to wait 2-3 days and get their money safely in the office than to go into all these wallets, transactions, and all kinds of exchangers.


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October 07, 2020, 06:58:28 AM
 #3

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions
Totally wrong. You misunderstood it. People can not allow or disallow bitcoin and bitcoin transactions. Miners do it because bitcoin is operated by Proof-of-work and transaction will be confirmed by miners, not a person.

Quote
even when it faster and easier, they still don’t prefer using it
Bitcoin block time is about 10 minutes for one block. Sometimes it can be longer or shorter than 10 minutes but in median, block time is 10 minutes. When you make one transaction, the waiting time to see it gets first confirmation will depends on the fee rate you set up for your transaction and the mempool status. If the mempool is clear, with the same rate, you can get faster transaction than when mempool is loaded a lot. Check mempool status and see my guide for more explanation

Second-layer solution as Lightning Network can bring much faster transactions but development pace and adoption are still limited.

Quote
I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.
As said above, the speed of confirmation depends on the fee rate you use. If the mempool is stucked and you use fee rate at 1 satoshi/(v)byte, your transaction can be stucked for days or even 2 weeks before difficulty on the network was readjusted and mempool status becomes better.


Reasons to use bitcoin, IMO:
  • Be your own bank.
  • No one can freeze your bitcoin
  • A fixed total supply, deflation over time (after each 4-year halving, block rewards will be halvened)
  • Decentralization
Note that you need to use non-custodial wallets (Bitcoin Core, Electrum) to be your own bank.





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Wexnident
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October 07, 2020, 07:06:28 AM
 #4

Probably due to it being unknown to them, especially since any accident could occur, leading to a possible loss of their money. It's more like in their eyes, the normal transfers would be slow, yes, but at least they know it works and they know it's legit. With Bitcoin? They still have to do researches about it, and then create wallets, understand how transfers work, and they don't even know what exchanges are good or not.

Remember that it may seem easy for us, but that's because we're in the know of it, but not them. It's like knowing how to swim, and you know it and is inviting a friend who doesn't know how to swim. You know it's fun, but your friend doesn't necessarily know about it, hence the fear. There's really no need to push them to use it tbh, let them use whatever they want. Even if we make a 100page essay about the advantages of Bitcoin, if they don't want to use it, they won't, end of story.


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PonZZ
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October 07, 2020, 07:07:36 AM
 #5

Using Bitcoin isn't that easy. There are some drawbacks. If you need to send somebody money and choose Bitcoin for this purpose, you need to buy it the first. And the recipient will have to cash out Bitcoin. And don't forget about Bitcoin high volatility.  

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OrdinaryBloke26
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October 07, 2020, 07:14:52 AM
Last edit: October 07, 2020, 09:19:01 AM by OrdinaryBloke26
 #6

For transactions, bitcoin does offer a number of benefits that disrupt traditional transaction methods; Western Union, Paypal, bank transfer, and Tranferwise etc. In my opinion, I think the lack of acceptance and adoption is largely due to education. Like @ratimov mentioned, common barriers-to-entry are questions around where do I buy crypto, where do I exchange crypto, what is the price of bitcoin-specifically when acquired vs when exchanged into fiat currency, what if I sent money to the wrong wallet address -- do I have security on that?
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October 07, 2020, 08:15:23 AM
Merited by stompix (1)
 #7

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.

to simplify things:

if i have $1000 in the bank and want to send it to my relative in the USA, i will create my Paypal account and then i will add my bank card and i will send the $1000 to the paypal account of my relative who lives in the USA. Of course, paypal will charge a fee, but I have doubts that cover a $100 fee and when my relative living in the USA withdraws money from his paypal account to the bank, he will not pay many fees.

with bitcoin:

I would have to create a bitcoin wallet and then look for exchange and make KYC and then buy bitcoin worth $1000 and my wallet would reach  $850 or almost $850 (look at the absurd fees) and I would have to explain to my relative how to create wallet of bitcoin and then when my relative withdraws bitcoin for a bank he would have to do KYC in some exchange and withdraw bitcoin for his bank account

what is the cheapest and most practical method? use paypal or use bitcoin?

KYC is another time consuming process and headache


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October 07, 2020, 08:41:10 AM
 #8

One of the reason is that not all the people have deep knowledge about bitcoin and know how it works and how to use it in their transactions, it's not that they avoid it, what they avoid is the chance to learn or take the risk to explore as some people think bitcoin as a complex form of currency and too complex to be used in a transaction.
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October 07, 2020, 09:25:00 AM
 #9

with bitcoin:

I would have to create a bitcoin wallet and then look for exchange and make KYC and then buy bitcoin worth $1000 and my wallet would reach  $850 or almost $850 (look at the absurd fees) and I would have to explain to my relative how to create wallet of bitcoin and then when my relative withdraws bitcoin for a bank he would have to do KYC in some exchange and withdraw bitcoin for his bank account

what is the cheapest and most practical method? use paypal or use bitcoin?

KYC is another time consuming process and headache

I fully support you. It's not that people think bitcoin is a bad currency. The point is that many people don't use it often (or have never done it). I can choose the method of buying Bitcoin among many sites on the network, for example https://timex.io/buy-btc  However, my relative from Bulgaria is poorly versed in this and may use a site with a high commission or even a fake version of the trading exchange. Everything will become more accessible when crypto exchanges become as natural as cell phone top-ups.
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October 07, 2020, 09:33:14 AM
 #10

Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.

Things are not that easy.
First, there are people who reside in countries and send to countries international transfers way faster, like SEPA, it takes one day here in Europe.
Second, the one who receives bitcoins has to spend it, but since he can't pay rent or utilities or buy food with it directly in most areas, he has to exchange the coins to fiat local currency, which invoices depositing the money to exchange and receive fiat in a bank account, and it again takes time and involves fees or deal with an ATM and outrageous fees or p2p exchange which is not really comfortable with everybody or that available.
And so, from a 10 minute confirmation, you arrive back at 2-3 days, losing every advantage.

Then, there is a limitation, the network can't process without the LN enough transactions for everyone to use it, if 30 million people would send a monthly remittance home half of them won't be able to do it.

Now how come we make bitcoin come to people.

You let them use whatever they want, remember that bitcoin is seen as freedom, you can't force somebody to use it, you let them choose, if they don't want to, too bad for them, but it's their choice.

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October 07, 2020, 09:42:21 AM
 #11

I believe in time to come people are going to adopt bitcoin but that will not come easy, the technology behind bitcoin is new and not clear to many people despite the fact that it very easy to use and fast. But I believe one of the problem is the trust issue some people don't just trust what ever they can not see and if anything goes wrong they like to have a third party to hold responsible for what ever go wrong.
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October 07, 2020, 09:44:01 AM
 #12

People tend to avoid having a transaction in cryptocurrency because they don't have good enough knowledge about it, that is what I notice for some people in our country because of being lack of knowledge, of course, if you don't have good knowledge about the crypto world and you are on the traditional bank, you wouldn't believe any online money because you only believe on fiat currency because you can see it and you can use it for anywhere.
I do notice that some people naturally don’t allow bitcoin in any of their daily transactions
Totally wrong. You misunderstood it. People can not allow or disallow bitcoin and bitcoin transactions. Miners do it because bitcoin is operated by Proof-of-work and the transaction will be confirmed by miners, not a person.
I think what he meant is that people do not use yo have any transaction using bitcoin.

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October 07, 2020, 03:00:50 PM
 #13

As many have correctly noted, bitcoin is being avoided by ordinary people mostly because of the unfortunate fact that it requires at least basic knowledge about cryptocurrencies, so that it can be used efficiently and properly. Both payer and payee should have everything preset up for a successful transaction, otherwise they are going to lose their funds since there is no third party such as banks to cover their backs. That is the main problem of many people: having to be responsible for own funds is unbearable burden for most. In my opinion, when they avoid bitcoin, what they really are trying to avoid is responsibility.


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October 07, 2020, 03:20:30 PM
 #14

actually most people don't even know about bitcoin. some of them may have heard the name or read it somewhere in the news but they have no idea what it is. some think it is some "nerd money" that is virtual. some thing it is for "criminals",... a lot of weird things like that.

those little number of people that know about it and don't use it are either too scared of the volatile price or too scared because of some FUD they had heard that gave them false information.

this is why bitcoin adoption even after a decade is not more than 1% yet.

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October 07, 2020, 03:24:26 PM
 #15

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.

Almost everybody have had one fear a particular time before joining the groove with bitcoin. Things are not easily done that way, for many it is an impossibility until they see and get convinced.

Quote
Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive

Is this still happening? Transfers in fiat is getting easier not before experience.

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October 07, 2020, 04:15:28 PM
 #16

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.

The first reason is the very high transaction fee that's why people avoid using it on their daily transaction. Next is, the lack of bitcoin exchange on their place. Bitcoin is not yet accepted in other country that's why there are places which is difficult to cash out or exchange bitcoin on their local money. But although people avoid using on their daily transaction ,they are still using it as investment to gain more profit.

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October 07, 2020, 04:23:59 PM
 #17

~
There are a lot of things to be considered first, mate.
It isn't that easy to just jump right into using Bitcoin, just because it is that easy in your point of view.
There are many reasons like:
- People think that it is mainly used by criminals. That was my first thought to be honest after I get a few peeks about the deep web and dark web.
- Volatile price. Nothing more to be explained further than this.
- Regulations

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October 07, 2020, 04:26:15 PM
 #18

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.
Are you using Bitcoin in your daily transactions? I am not, and the vast majority of BitcoinTalk users are not either.

Bitcoin transfers are instant and require no approval from a bank worker, but how does the other end cash out reliably and in time? Today we have ATM KYC limits and ATMs have high fees as well if you want to sell BTC for cash. And if you're completing KYC to withdraw from an ATM, then you could just exchange your coins at a reliable exchange instead as well.. Because by the time your transfer gets a confirmation, Bitcoin may have fallen enough to lower down the worth of the coins.

It's really not like we've adopted Bitcoin so much you could replace fiat with it. Most of us use it mainly as a store of value rather than a daily-drive currency. It's not as easy as telling your friends to use BTC instead of bank transfers, because they have no idea how it even works. If it was simple to adopt it, it would've happened a very long time ago.

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October 07, 2020, 04:51:03 PM
 #19

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.

Are you using bitcoin in your daily transaction? If your answer is No then maybe you also know the answer to your question why people didn't use it for daily transaction. Yes, you can make bitcoin transaction very fast if you are willing to pay a higher transaction fee daily.  There are still many things to consider in using bitcoin. Not all country already accept bitcoin and people avoid it because of it's nature of being volatile but Bitcoin is one of the best investment and you can earn a lot if you really know about it.

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October 07, 2020, 04:53:25 PM
 #20

Is this still happening? Transfers in fiat is getting easier not before experience.
Depends on what you use. If you use something like Transferwise then it will probably takes hours at most to transfer your money, but if you ask for fiat withdrawal on platform like Payoneer it will take days. One aspect that still stays the same is the fee. There is no debate that you need to pay more fees when you make international transfer, while with Bitcoin you don't have to do that.

Obviously using Bitcoin means that everyone involved know how to use it. Unfortunately, in my case that's not the case.


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