What's preventing bitcoin from worldwide adoption?

[franky1]

The technical aspects of your argument may or may not be a hinderance, but most people would never get to that point because of the world wide poverty that exists for almost every country outside of Westernized developed countries. The goal for poverty stricken citizens is not to adopt a new currency or to invest for future wealth. Their vision does not extend that far. They live each day trying to get enough resources to have enough to eat.

Bitcoin isn't suppose to take people out of extreme poverty nor would it matter if the extremely impoverished adopted crypto. There isn't a large amount of wealth controlled by these folks. World wide adoption really only includes the major players, US + EU and China.

you might want to try travelling some time.
in africa. they have dropped the government FIAT and mainly use cell phone credit as their currency. yep even poor people have phones and internet.
countries like africa by-passed dial-up landlines and basic ADSL and went straight to 4g-5g cellular internet which is far faster than landline dialup/ADSL

africa do not like african national currency, their 3 main currencies are mpasa, euro or dollar. they are definitely eager to find new financial solutions. especially ones that do the opposite to their hyper inflation national currency.

affricans love the idea of bitcoin. but hate the reality of the limitations that have been imposed onto it since 2015 by the developers.
(yep i said it and ill emphasise it. africans liked bitcoin in 2010-15, but started seeing issues with it after 2015 once the developer capitalists got involved and wanted to push out the "unbanked" portrayal of what bitcoin was made for)

i personally am british, i have a large hoard and self funded and self-sustained so my arguments about the unbanked and poor are not my own personal wishes. but wishes from the countries that have more population than US,UK, EURO combined. and yet its the US,uk, euro populations of developers and their sponsored corporations paying their salaries that are dictating the limitations of bitcoin so they can promote other networks/assets to get ROI on their "sponsor a dev campaign".

do you really think barry silbert((greyscale, aka blockstream) pumped over $XXm into the teams that developed the segwit offramp locks and the main LN devs, done so out of the kindness of the heart of wanting to make the bitcoin network grow.. nope. they wanted the locks and pegs so they can make other networks to offramp people off, so they can collect fee's/comission from these other network schemes
barry silbert didnt handout over $XXm for nothing. he wants ROI

..
as for your other paragraph
"Bitcoin isn't suppose to take people out of extreme poverty "
um.. you might want to find the white paper and use the "find" function in the browser and use the word "unbanked"
..
also.
because bitcoin is decided to assign itself to a dollar value. and then everyone convert that USD value to other fiat currencies using the silly forex, you start to see how other countries are less well off.

and you start to see how the fiat forex markets have decided to make an africans hours labour be treated as like 50cents .. you will find that.. on the balance of someones labour and how many loaves of bread, bags of rice he can buy locally.. (i mean basing 'value' of wealth on cost of living) if you took away the forex exchange rate and replaced it by a TRUE cost of living comparison. you will find that africa has more "wealth" than america.

yet the americans dominate
yep even in england.. our bitcoin exchange rates are not based on some completely separate market that has its own sentiment(reason for its own independant ). its actually just an arbitrage market order book following the USB market price.


yep lets take Us/China
it might look like on paper that US reigns supreme on GDP
but. if you took minimum wage units.. of both US and china.
and assigned that everyone got paid 1MWU. china would exceed by 5X
if you were to take chinas bread lof value and americas bread loaf value. and assigned that to peoples income to work out how many loaves of bread people can buy and how many total loaves the country has/needs based on common value.. again china would outpace america.

yet due to dirty number trickery, and cludgy maths. guess what it makes it look like america is supreme in every way becasue they de-base other currencies at forex level, to hide the true 'living value' wealth per country

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[LUCKMCFLY]

For me, the only thing that prevents the adoption of BTC worldwide is the ignorance and fear that the media, governments and banks instill, just by saying that BTC is an asset that is very volatile and has no support. that they do not recommend because you know enough so that they do not do it.

Normally the masses discover the good things after the boom is over and they want to enter when it is too late, this is classic, the best thing is that everyone tries to educate themselves, I think that now the rhythm of life is changing, because people are more on the internet and they are looking for more jobs online and the BTC option appears, I think that there has been more demand in the market.

[molsewid]

For me, the only thing that prevents the adoption of BTC worldwide is the ignorance and fear that the media, governments and banks instill, just by saying that BTC is an asset that is very volatile and has no support. that they do not recommend because you know enough so that they do not do it.

Normally the masses discover the good things after the boom is over and they want to enter when it is too late, this is classic, the best thing is that everyone tries to educate themselves, I think that now the rhythm of life is changing, because people are more on the internet and they are looking for more jobs online and the BTC option appears, I think that there has been more demand in the market.

Also let's add the lack of proper knowledge aside from ignorance and fear of the media for preventing bitcoin from worldwide adoption. Well we don't really know the real reason why there still a huge hindrance for a worldwide adoption of bitcoin because each country and government has their own reason why they don't want to accept bitcoin. But what's the good thing about it is that the people accepting bitcoin as a whole without a proper recognition of the estate.

[retreat]

For me, the only thing that prevents the adoption of BTC worldwide is the ignorance and fear that the media, governments and banks instill, just by saying that BTC is an asset that is very volatile and has no support. that they do not recommend because you know enough so that they do not do it.

banks and governments control the media and pay for the media to continue to spread fear about the dangers of investing in crypto and they even try to impose high taxes on crypto users. if this continues only time can help so that BTC adoption can happen because what you say is true, nowadays people are already looking for income from online and BTC is the best and wisest choice right now.

[virasog]

For me, the only thing that prevents the adoption of BTC worldwide is the ignorance and fear that the media, governments and banks instill, just by saying that BTC is an asset that is very volatile and has no support. that they do not recommend because you know enough so that they do not do it.

banks and governments control the media and pay for the media to continue to spread fear about the dangers of investing in crypto and they even try to impose high taxes on crypto users. if this continues only time can help so that BTC adoption can happen because what you say is true, nowadays people are already looking for income from online and BTC is the best and wisest choice right now.

Media may be influential on people's decision of adopting and investing in crypto but the fact is that governments do not want that bitcoin and crypto is used by everyone.
If this happens they will lose control over the financial systems and the people in the government will never want this to happen.

[Nerdy doctor]

For me, the only thing that prevents the adoption of BTC worldwide is the ignorance and fear that the media, governments and banks instill, just by saying that BTC is an asset that is very volatile and has no support. that they do not recommend because you know enough so that they do not do it.

banks and governments control the media and pay for the media to continue to spread fear about the dangers of investing in crypto and they even try to impose high taxes on crypto users. if this continues only time can help so that BTC adoption can happen because what you say is true, nowadays people are already looking for income from online and BTC is the best and wisest choice right now.

Media may be influential on people's decision of adopting and investing in crypto but the fact is that governments do not want that bitcoin and crypto is used by everyone.
If this happens they will lose control over the financial systems and the people in the government will never want this to happen.

The media is very much likely influential on people's decision in adopting and investing in crypto. The could either give it a very bad image that would leave a negative impact on the minds of the populace. And yes, the government does not want to lose its hold over the finances of the nation. Control the flow of money in people's hands, control the people. That's what they want.

[wxa7115]

I think one of the things that will make Bitcoin more common worldwide is creators of goods and services offering them only through Bitcoin (or maybe with a discount incentive).

Here's one example:

If someone wants a design from him that person will have to pay with Bitcoin, making it a bit more common. If this is repeated all around the world, it will make Bitcoin being adopted worldwide.

I think offering discounts by using bitcoin is a way better option than to only accept payments in bitcoin, and the reason is simple, the purpose of any business whether it is big or small is to sell what they offer, by limiting yourself to only one currency you are bound to be relegated by a business that offers a product of similar quality but which accepts payments in several currencies.

However offering discounts when paying with bitcoin is a good idea, as this will make people to use bitcoin to buy what they want, and this will help bitcoin as well as right now it is mostly seen as a speculative asset when we know its main purpose is to be a form of money.

[Vaculin]

Agree wth the above, worldwide adoption is next to impossible when government doesnt like that to happen. Everyone may hope BTC will be adopted everywhere but government will also do everything to prevent. CBDC is coming, thats what they want whether we like it or not.

Not everyone can afford BTC. Even if its adopted widely, the poor will have a hard time owning BTC. You can't reason that they can buy $20 fraction of BTC when they don't even have a job. The option, memecoin 😅

Unless bitcoin will not be fully regulated, we can't expect for faster bitcoin adoption. I think it relies in the hands of the government the possible bitcoin future adoption. However, if by chance the government will change its perception about bitcoin, i guess everything else will follow. If the government demands for bitcoin adoption, all the barriers will definitely vanished. Because as clear as a crystal ball, the government can control the people's perception through social media, and everything is possible once the government demands it to happen.

[ChiBitCTy]

All of these points that you raise are certainly far and part of the reason why the world hasn’t completely adopted bitcoin yet, but I think the main reason is simply time. It’s going to take a lot of time for people to learn about bitcoin and how it works, for governments to place rules around it, as well for it to mature in and of itself in to a faster/cheaper/more efficient type of money system.

[worldtraveller321]

Well you have to realize people or more less the majority of the world population have used the current money system for a long time. Yet many people do not have any idea of how the money system works. More less this means it will probably not happen for the majority of the population to learn and understand more about a new money system at all.

It will be a few generations before Bitcoin or more less a new money system to happen.

[Marvell1]

For me, the only thing that prevents the adoption of BTC worldwide is the ignorance and fear that the media, governments and banks instill, just by saying that BTC is an asset that is very volatile and has no support. that they do not recommend because you know enough so that they do not do it.

Normally the masses discover the good things after the boom is over and they want to enter when it is too late, this is classic, the best thing is that everyone tries to educate themselves, I think that now the rhythm of life is changing, because people are more on the internet and they are looking for more jobs online and the BTC option appears, I think that there has been more demand in the market.

Also let's add the lack of proper knowledge aside from ignorance and fear of the media for preventing bitcoin from worldwide adoption. Well we don't really know the real reason why there still a huge hindrance for a worldwide adoption of bitcoin because each country and government has their own reason why they don't want to accept bitcoin. But what's the good thing about it is that the people accepting bitcoin as a whole without a proper recognition of the estate.

The root cause I think is still the government, the bank or the mainstream media are all under the control of the government so once the government doesn't like bitcoin, they won't dare to speak well of bitcoin.
Social networks and the internet are already very popular. Now if the government doesn't accept bitcoin, the only way is to hope that people will search and read the conflicting information and realize whether bitcoin is really good or bad. When get access to the truth, people will realize if bitcoin is really what the government is saying.

[Wexnident]

I'd say time but that'd probably be a vague answer, but really, a lot of problems could probably be solved if the world was given enough time to integrate and understand what and how Bitcoin (or crypto) works. It isn't pushed by anything, kinda like the adoption we have right now is something "naturally made" unlike fiat since that's, well, kind of endorsed by the government, hence why it can easily be accepted. It's the difference between being educated vs trying to educate yourself if I were to compare it to something?

[Anonylz]

Government suppression plays a big role in this as well.
Several times governments of different countries will declare a ban on crypto, prohibit the citizens from associating with it, sometimes declare legal action against who stubbornly do.

These type of action from the government is causing fear among many people, some people like to play by th book, they don't want any government legal action on them so they stay away. Take countries with low income for instance, most of them will not like to accept btc for their businesses because it is not government approved. Nobody wants to risk the little income they earn for a currency that is not generally accepted.

[DooMAD]

Why would people not want to share information?

A better question is:
'Why would private companies want to buy or harvest your information?' 
Answer: Because it's valuable. 

Perhaps people still don't realise how profitable data analysis can be. 

And governments want data for surveillance and control.  So yeah, I want to share as little of my information as possible.

[mildmanneredsuffering]

it drops everyweek, every month and often everyday. there has never been a year without a major crash;.

Until you retarded niggers can go 3 years without dumping you are provable dogshit

[e-lite.io]

the three main things that are hindering world wide adoption are:

1. over 50% of the world are on low income. meaning their minimum wage is less than half of the minimum wage of developed countries

this is important because if the transaction fee is ~$1.60 (lows over $1 highs over $3 at time of post)
https://api.blockchain.info/charts/preview/fees-usd-per-transaction.png?timespan=30days&h=405&w=720

where for instance people do not want to be paying an hours labour just to make a transaction.
nor do they want to be paying 10% fee just to spend say $16 funds. ..  meaning they wont use it to buy things for $2-$15 which could be a few days worth of wages or a whole weeks worth of groceries for millions of people
..
there are many corporate/political aligned people in the community that do not want bitcoin to be used by the poorest nations. do not want bitcoin to be used for daily use. they make many silly excuses that are meaningless in the 21st century, but they really try hard to dissuade people from using bitcoin and instead try to off-ramp people into other networks

they want expensive fee's and other things that make it less useful. all to advertise their other networks as the replacement/upgrade people should move over to.

I think it's very valuable what's written here.

The richer countries do not consider the poor ones, or they consider them as just that. It's the same tale all over again, the rich become richer and the poor poorer; because that's what benefits this entire system.

Not all countries live under the same circumstances, not all can invest as they pleased into cryptocurrency, in bitcoin as we are talking about here.

[lionheart78]

I always think Bitcoin is yet to have a worldwide adoption because it isn't fit for it yet.  I am not saying that it can't be adopted worldwide but I think the network isn't ready for the mainstream yet. We can agree to disagree but applying the bitcoin transaction speed to real-life functions will surely generate billions of dollar losses due to the delay.  Government and companies are not dumb to accept such kind of technology that incur losses.  Please correct me if I am wrong on this.

[rby]

Government: Government is the major reason why bitcoin adoption is not wide spreading across the countries. I said it is government because government is not neutral. If they don't like bitcoin and they are neutral about bitcoin matters, bitcoin adoption would have grown.

Government doesn't like bitcoin and they are out fighting bitcoin. Then people believe the government they know rather than bitcoin they don't know who is behind it. Immediately more countries try to make bitcoin their legal tender, the adoption of bitcoin will increase.

[bocyaj]

Fear is the root cause of the people to inverse their money in crypto currency,people without language knowledge also not able to inverse the money.Nearly sixty percent of the people around this world are illiterate people.So how they can do trading.Trading need of technical support ,they need to analysis the price.When the market ups and down need to check immediately.

[Finestream]

Bitcoin remains to be adopted by every country in the world for various reasons. Here are my thoughts on why..

1. Government policies: Most government and financial institutions round the world seem not to want bitcoin cause of the financial freedom it gives to its users. They would want to control and tax the flow of finances of individuals and they probably fear the anonymous nature of its transactions. Some policies even go as far as criminalizing its use.

Government is the root cause, they never accept something they cannot control. Fiat will remain their favorite tool and will do whatever it takes to stop the growth of bitcoin, if they cannot stop bitcoin their power will be lost.

Once the government accepts bitcoin, I think other problems will be solved soon. If the government recognizes bitcoin and encourages people to use BTC, people will be more interested in it, fraudulent acts will be strictly controlled by the government and the bad news about bitcoin will be gone if the government accepts it.

How the government's react to bitcoin, will always affect the people's concept about bitcoin. Because people are mostly reliable whatever the decision of the government. So if the government continues not to recognize bitcoin, negative concepts about bitcoin will always be around. However, if the government starts to acknowledge bitcoin and even regulate it, all the negativities about bitcoin will slowly be out in the context because the government can control it. So everything starts with the government, and bitcoin adoption greatly relies from the government's decision.