Why has crypto failed to break through still?

[Mauser]

I believe some posters don't understand the "WHY" of Bitcoin's continued existence. It's finding inefficiencies to make them efficient.

The centralized cryptocurrencies can be censored by the government, and would have to follow the rules. It would be stupid to use that to find an inefficiency in the dark markets to make it efficient. Bitcoin works simply because it can't be censored.

I agree that it's almost impossible for a government to censor the use of crypto currencies. They could make the use of cryptos illegal but to enforce such laws is very difficult. In the long run each country needs to find a way to accept and somehow regulate crypto currencies. I think almost everybody has heard of Bitcoin's by now. There is no way around it anymore. And am open government can actually profit from cryptos if they tax them.

[1714261810]

1714261810

[grabpopcorn536]

Cryptocurrencies are breaking out and on the right track. Let's look at Bitcoin and institutional adoption of it. Bitcoin is accepted as a legal means of payment in many countries around the world; many hedge funds are increasing their ownership of Bitcoin; Paypal adds Bitcoin to their payment system; Stable currencies are constantly being trained by the institutions; US banks already support Bitcoin and other cryptocurrencies.
Then we can see the cryptocurrency being adopted and purposefully entering the economy.

[bitgolden]

It is really interesting to see people who are willing to bet that bitcoin, something that is "people's money" would be getting involved with finances via government. It is not going to happen like that, it is going to happen from bottom up and that requires everyone to start accepting bitcoin, the more people start accepting bitcoin the more there will be pressure on governments to make laws about it and if you do not stop every time price drops or if you do not stop calling or mailing places to start accepting, it won't happen.

So, what we have to do is get together as a whole and try to get every single person we know to start accepting bitcoin, if that happens that means we can take the control of our own finances, but for that we have to make sacrifices both in work and effort but also in economy as well.

[Ridwan Fauzi]

I agree that it's almost impossible for a government to censor the use of crypto currencies. They could make the use of cryptos illegal but to enforce such laws is very difficult. In the long run each country needs to find a way to accept and somehow regulate crypto currencies. I think almost everybody has heard of Bitcoin's by now. There is no way around it anymore. And am open government can actually profit from cryptos if they tax them.

I think there is a few countries who still ban all the form of crypto currency, I mean for the citizen who use crypto be it as trading place, investing or payment system they will be jailed. Most of the country now has legalized bitcoin, as an example in my country, the government just include crypto currency to commodity, it means my govenment see bitcoin like an asset. Also, government still have a chance to to track the crypto user if there is the citizen who use crypto like bitcoin. It is simple, now almost crypto exchange are required our personal identity before we trade/withdraw our fund. Through this way, they can ask to the exchange to track our fund also all other secret things.

[wxa7115]

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

Don't you think it is still too early for crypto currencies to take over? I mean the crypto currencies we currently have are far from perfect. Not to mention, do you really think decentralized financial  system is going to bring us more good than harm? I get it people want freedom over their finances, but that is something which the government cannot give us. Not everyone will be using it for legal activities. Even if crypto currencies take over, those currencies are going to be the centralized ones.

I have always thought that those that believe this market is going to completely replace the fiat system or any system in place by the governments are too optimistic about the capabilities of cryptocurrencies, fortunately for us cryptocurrencies do not really need to do this, as long as they exist and they are decentralized and a significant number of people are willing to use it then that is enough.

Governments right now are treating us as if we are all criminals just by virtue of using cryptocurrencies, but once they finally realize there is nothing they can do against them I believe they will just conform themselves with not allowing important criminal activity in them and to me that is a fair compromise.

[fullhdpixel]

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

I don't get it. So, Bitcoin crypto failed because the government is still printing money? That's not true. Crypto has even succeeded more than most people expected, most thought that it was going to stop trading by now, but it's still trading and people are making use of it in transaction, lots of companies are using it now to store their assets, and we are going to keep seeing the number increasing.

If there shouldn't be printing of money as you have said, then there wouldn't be any government. The government is always in control of finance, which is the one thing that underlies the economy as we know it. So they will keep printing money, Bitcoin is not replacing them.

[imstillthebest]

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

was it government ? i think banks are printing the money or they are still in control by the government if how much are they gonna print . what can crypto do to the printing of money , its not thier possesion anymore  . crypto is for the digital world only , nothing more nothing less . i think you mistaken if what are crypto built for . what you think is not true , crypto isnt summoned to take control of all the currency in the world . crypto is a succesor and not a failure,  thanks to the people or to the community because they are not scared to put thier support on crypto

[ecnalubma]

Only the government is capable of issuing money and will never be the citizens. Crypto don’t need to challenge the fiat system, both could exist without a problem. Bitcoin will never be a world currency because no government will allow it because they don’t like what they can’t control.

[gantez]

Are we as a community too scared to challenge the status quo?

How do we challenge the status quo, do we do that by fight a struggle with the government to make laws that will favour the use of cryptocurrency or we are going to stop the using of cash?
The two options above won't be possible to my idea. Then what can be done is by helping the continue existence of the two because they are both important today

[The Sceptical Chymist]

What? We are about to break through. Don't you follow the price? Technically we are following the same path that the bicoin followed after the last two halvings.

I don't think OP meant a price break-through.  I think he's asking why bitcoin hasn't been more widely adopted as a currency than it currently is.

I think if all those banks failed in 2008, bitcoin might have a different and more prominent standing in the world, but the global economic system didn't collapse, ATMs didn't stop spitting out $20 bills, and the corrupt bankers and mortgage brokers got bailed out instead. 

This is as good as it's going to get for now--and personally I'm fine with that.  I've always considered bitcoin to be an investment rather than a currency, though it certainly can function as one.  The huge thing standing in bitcoin's way to mainstream adoption is the fact that it's still much easier to use credit/debit cards, smartphones, or plain ol' cash to pay for things.  Why would anyone go out of their way to spend their fiat on bitcoin in order to just spend the bitcoin....when you could probably have used fiat in the first place. 

My take on it:  Don't fret, OP.  Bitcoin is doing just fine.

[goldade]

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

I do not think a time will come when bitcoin will completely eradicate fiat currencies. If that doesn't happen, then the government will always be in control of the money printing process.
I agree with the fact that, at this rate of adoption, bitcoin will be the most used currency in the world but it will not completely erase fists. This is because bitcoin is digital. One should note that there are several parts of the world that do not have access to the internet especially in developing and under developed countries. Many do not even have basic amenities such as electricity and portable water. How then would they survive without fiat currencies?
You should note, however, that bitcoin has been breaking through over the years. Just a look at the charts. The number of bitcoin users has increased tremendously over the last decade. Several companies have now adopted bitcoin as a means of payment for the services they render. A lot of other companies have bought bitcoin as a store of value. Trust me, bitcoin is breaking through, you're not just seeing it.

[barbara44]

I believe some posters don't understand the "WHY" of Bitcoin's continued existence. It's finding inefficiencies to make them efficient.

The centralized cryptocurrencies can be censored by the government, and would have to follow the rules. It would be stupid to use that to find an inefficiency in the dark markets to make it efficient. Bitcoin works simply because it can't be censored.

I agree that it's almost impossible for a government to censor the use of crypto currencies. They could make the use of cryptos illegal but to enforce such laws is very difficult. In the long run each country needs to find a way to accept and somehow regulate crypto currencies. I think almost everybody has heard of Bitcoin's by now. There is no way around it anymore. And am open government can actually profit from cryptos if they tax them.

The problem is like you said they can "tax" bitcoin but the truth is because the cryptocurrencies are decentralized and anonymous by nature it is nearly impossible to force taxation because I mean people who are innocent will only pay tax and one who wants to save tax can easily do so. Another problem with legalizing bitcoins is that a lot of fraud transactions are then increased because already so many hackers ask for bitcoins and once they are legalized it will be even easier for them to demand it.

I think Bitcoins don't really need to be controlled by the government and I believe the basic aim of making bitcoins was to eliminate the control and laws government impose on us. Let a decentralized system be as it and no need to put everything into the hands of the government.

[NavI_027]

Why are governments still in control of the money printing process?

Coz why not? I don't see anything erong about it. Besides, they are the one who rules and definitely the most qualified to deal with money printing and other stuff regarding the betterment of a country. You can't hand it over to a private sector.

how has cryptocurrency failed to make a dent?

To simply answer your question, it is because of low demand due to small adoption. If you we were able to convince everyone to engage with btc then for sure the price will spike. Well, it's easy to say but hard to do tho.

Are we as a community too scared to challenge the status quo?

Hmm, I don't think so. It just so happened that we are already used to it .

[claire_lovely]

Cryptocurrency adoption is actually growing quite fast. Now on many forums I use it's accepted as a main form of payment and there is more volume than ever on exchanges and betting websites. I see more and more of my friends constantly being involved and I expect this trend to only to keep continuing. With Paypal and more larger institutions beginning to offer cryptocurrency, I think that adoption will only continue to increase for the forseeable future.

Remember the best thing we can do to drive adoption is to use BTC whenever possible for our purchases and to teach others of its benefits.

[lixer]

I don't get it. So, Bitcoin crypto failed because the government is still printing money? That's not true. Crypto has even succeeded more than most people expected, most thought that it was going to stop trading by now, but it's still trading and people are making use of it in transaction, lots of companies are using it now to store their assets, and we are going to keep seeing the number increasing.

Yes, it takes time for countries to allow bitcoins to be legal because it requires a deep understanding to understand how bitcoins work in first place and then they have to see what are the possible benefits and the negative effects if they allow it to be legalized. In India for example they banned bitcoins earlier but then they lifted the ban because they took more and understood that not as much harm is there as they might have anticipated.

If there shouldn't be printing of money as you have said, then there wouldn't be any government. The government is always in control of finance, which is the one thing that underlies the economy as we know it. So they will keep printing money, Bitcoin is not replacing them.

And seriously Bitcoins doesn't need to replace fiat it only needs to find some space in the fiat dominated world such that more merchants accept crypto payments and since we are now shifting more towards digitalization we might finally see some high level adoption in the market towards Bitcoins as a payment option.

[error08]

Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?

I do not think a time will come when bitcoin will completely eradicate fiat currencies. If that doesn't happen, then the government will always be in control of the money printing process. ~

Bitcoin doesn't necessarily need to eradicate fiat currencies, just need to last long enough until the fiat system collapse.
However, it seems won't likely happen due to the governments maintain the value of their fiat currency, unless the government fails to do its duty then the economy starts to fall apart and so does the fiat currency. Take a look at Zimbabwe or Venezuela, cryptocurrency really help citizens there as valuable currency more than fiat.

[Emitdama]

Cryptocurrencies are breaking out and on the right track. Let's look at Bitcoin and institutional adoption of it. Bitcoin is accepted as a legal means of payment in many countries around the world; many hedge funds are increasing their ownership of Bitcoin; Paypal adds Bitcoin to their payment system; Stable currencies are constantly being trained by the institutions; US banks already support Bitcoin and other cryptocurrencies.
Then we can see the cryptocurrency being adopted and purposefully entering the economy.

Yeah more and more recognition is certainly being spread and the Paypal move is indeed a historic one because when Paypal allows bitcoins to be purchased on their platform it simply means others will follow the same suit behind them.

Also, government still have a chance to to track the crypto user if there is the citizen who use crypto like bitcoin. It is simple, now almost crypto exchange are required our personal identity before we trade/withdraw our fund. Through this way, they can ask to the exchange to track our fund also all other secret things.

You can always use decentralized exchange or commonly called as DEX to avoid this problem and there are various P2P platforms to sell and buy bitcoins too which can be used to avoid this problem. But that said one should not trade if their country have bitcoins as banned because in long term you will eventually get caught and might have to face tough questions and a lot of money laundering is also unfortunately associated with BTC and authorities will make lots of baseless accusations against you and it is hard to prove them wrong at times when you don't have proofs.

[pixie85]

Only the government is capable of issuing money and will never be the citizens. Crypto don’t need to challenge the fiat system, both could exist without a problem. Bitcoin will never be a world currency because no government will allow it because they don’t like what they can’t control.

Don't be so sure of that last part.

In 2010 nobody thought that Bitcoin could be regulated and accepted as legal tender in a country and a few countries have done it. Some poor countries with weak and hyperinflatinf fiat currencies will one day decide that it's better to use a valuable decentralized currency than a worthless centralized fiat that people don't use and prefer to trade using loaded sim cards.

[tyz]

Some poor countries with weak and hyperinflatinf fiat currencies will one day decide that it's better to use a valuable decentralized currency than a worthless centralized fiat that people don't use and prefer to trade using loaded sim cards.

No, I do not think so. Any government that introduces something like Bitcoin deprives itself of any control over the money. Control over money means power. It has to come from the people themselves.

[Musekay]

As long as the government is still heavily involved in matters concerning finance, the full adoption of cryptocurrency will still be an issue. Cryptocurrency is not centralised and this is the real reason why the government is still considering adopting it up till this extent cause it's adoption means the government will no longer be in charge of money and we all know what their stance on that is.