What's preventing bitcoin from worldwide adoption?

[batang_bitcoin]

The main reason for which Bitcoins aren’t adapted right now is the Government.

I second that. Because the governments, they're looking at bitcoin as something that's negatively used and they don't control and power over it.
That is why those people that are still trying to learn about it won't get into it because of what the other governments are telling and describing it.
Anyway, many of them are also joining and adopting it so no matter what the other countries' decisions, many are starting to like it because that bad perspective is being switched.

[Yamifoud]

snip...

I do not think that we need governmental help. I mean it would be great if it happens but we do not "need" it, it is good to have and nothing more. There are also some governments that back it up as well, so it is not really that much of a big deal, it is going to be something special when big nations back it up and the price will go up and that's understandable, the adoption will go through the roof when that happens.

Some government leaders had already realized the value and importance of crypto in today's era, they'll somehow have seen that the use of crypto makes people's lives more comfortable than the use of fiat money. It was certainly visible and I believe their strong support helps the market adoption grow as people will see assurance which is one of the things to consider. The government really has the influence that surely bumps the market once publicly announced.

[fara_buduk]

in essence bitcoin crypto does not need government support to develop but sometimes it is government rules that make bitcoin isolated in the country to run therefore bitcoin and crypto only need permission and if permission is given it is clear that taxes will be enforced by the government here can be outlined that bitcoin will indirectly support the government in obtaining state revenue

[Issa56]

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.

2. Scammers and fraudulent practices: Scammers have found bitcoin as a safe haven cause of its transactions being anonymous. Also, terrorist groups among other sources get funded by bitcoin also cause of its anonymous nature. Fraudulent practices and transactions are made with ease wth the use of bitcoin.

3. Fluctuating value: The value of bitcoin isn't steady as it rises and falls. The uncertainty in the price and value greatly hinders the general adoption worldwide.

4. Awareness: Nearly not enough effort on creating and spreading positive awareness on it as some government and individuals alike is hell bent on spreading negativity around and poisoning the minds of prospective users. People need to be aware and understand what bitcoin is really about and be awake to its uses.

5. Information hoarding: You could get lots of information about anything on the internet including bitcoin. But the internet can be misleading to newbies cause you could get right and wrong and also misleading information on the internet. It puzzles me that people with an in depth knowledge of bitcoin would purposefully hoard and keep information to themselves. You may think people don't hoard information but in reality, people do. It irksome just thinking about it. If people could share information, newbies won't readily fall prey to scammers.

These are my thoughts on what's preventing bitcoin from being adapted worldwide.

From my experience I believe government policies is one of the thing slowing down bitcoin mass adoption, in most countries governments are not really in full support of bitcoin which is affecting mass adoption. Secondly awareness, in my country their are still some people that don't know anything about bitcoin, some have not even heard about bitcon so I believe bitcoin really need more awareness.

[kawetsriyanto]

The main reason for which Bitcoins aren’t adapted right now is the Government.
As Bitcoins are decentralised in nature, that is cannot control by any governing body, so the government hates Bitcoins.

Cannot say it is the main factor, but surely one of the biggest factors.
Government has a big role to control everything in a country. Without permission from the government, Bitcoin adoption will be difficult to be massively. We must have many restrictions when the government states "every activity related to Bitcoin is illegal". However, the government cannot stop Bitcoin adoption, people can freely access the internet at any time, and the government has no ability to stop the access.

[justdimin]

I disagree with the fourth and the fifth points that you made. Talking about the fourth point you made which is – lack of awareness, a lot of effort has already been put into creating awareness for Bitcoin and I don’t think that’s a problem to the adoption of Bitcoin currently. Anyone who is not choosing to invest in Bitcoin is not because of awareness.

There are steady adverts about Bitcoin and other cryptocurrencies online on social medias and the internet as a whole. Bitcoin trended on Google several times as the list searched word, you would also see movies about Bitcoin and where it’s being mentioned, and you likely would come across people talking about it. So don’t say there are no awareness, there is, just that people don’t want to adopt, maybe due to other factors. And also know that bitcoin is not meant for everyone.

Lastly, as for information hoarding, there are already lots of articles that properly explains whatever information you need, which is why you shouldn’t rely on one source, always get information from different sources to be hundred percent certain.

[RyanSmith23421]

I feel like besides the governments policies and laws, it has to do a lot with the industry BTC is... it's like gambling, if you think about it, it's pretty shady and everyone is exposed to getting scammed

[alik111]

I think Bitcoin isn't centralized and if someone use Bitcoin for money laundering or for any type of crime we cannot actually trace who is the criminal.So it has many facilities which isn't suitable for a government. That's why it's preventing Bitcoin from adoption.

[RyanSmith23421]

I feel like besides the governments policies and laws, it has to do a lot with the industry BTC is... it's like gambling, if you think about it, it's pretty shady and everyone is exposed to getting scammed

[dunfida]

I feel like besides the governments policies and laws, it has to do a lot with the industry BTC is... it's like gambling, if you think about it, it's pretty shady and everyone is exposed to getting scammed

Government regulation and laws would be the big hindrance or blockage on overall adoption but we know that not every government would have the same decision but most of them would really be on that banning side.

Aside from government, lets talk about people awarenesss and and knowledge about things like bitcoin because we know that not all would really be that knowledgeable when it comes to it.
Lets just wait for overall recognition and acceptance or people to be aware about it existence and dont make yourself stressed out.

[Nerdy doctor]

I disagree with the fourth and the fifth points that you made. Talking about the fourth point you made which is – lack of awareness, a lot of effort has already been put into creating awareness for Bitcoin and I don’t think that’s a problem to the adoption of Bitcoin currently. Anyone who is not choosing to invest in Bitcoin is not because of awareness.

There are steady adverts about Bitcoin and other cryptocurrencies online on social medias and the internet as a whole. Bitcoin trended on Google several times as the list searched word, you would also see movies about Bitcoin and where it’s being mentioned, and you likely would come across people talking about it. So don’t say there are no awareness, there is, just that people don’t want to adopt, maybe due to other factors. And also know that bitcoin is not meant for everyone.

Lastly, as for information hoarding, there are already lots of articles that properly explains whatever information you need, which is why you shouldn’t rely on one source, always get information from different sources to be hundred percent certain.

I still think not nearly enough awareness is made in revealing the possibilities that bitcoin entails. There are still lots of people who aren't privy to have means and sources of information that you do and very ignorant about bitcoin. There are adverts and movies about bitcoin which would catch ones interest but then being ignorant, foolish decisions would be made.
And I'm more determined on my thoughts on information hoarding. Someone on here wrote that people hoard information cause information is valuable. I pondered on that and realized that it's true. People do hoard information

[Slimzeee]

With all being said. I believe government policies play a lot of role. The government want to control everything, task, inflation, deflation, cost of good.. all for their personal advantages. So the idea of decentralized finance is more like a nightmare to them..

[mayax]

BTC is TOO complicated for most of the people. BTC is just a niche and it will remain like that.

[Oceat]

With all being said. I believe government policies play a lot of role. The government want to control everything, task, inflation, deflation, cost of good.. all for their personal advantages. So the idea of decentralized finance is more like a nightmare to them..

Exactly! That's why Banks are making a lot of regulations since they can't stop someone from using Bitcoin they just want to coexist with it and the community. They can't do anything about it even if they put some restrictions since Bitcoin isn't controlled by someone that's why coexisting with it is the only choice to continue the cash flow.

We can't tell anything about it yet but El Salvador is the best example for a whole country using Bitcoin.

[Vaskiy]

With all being said. I believe government policies play a lot of role. The government want to control everything, task, inflation, deflation, cost of good.. all for their personal advantages. So the idea of decentralized finance is more like a nightmare to them..

Exactly! That's why Banks are making a lot of regulations since they can't stop someone from using Bitcoin they just want to coexist with it and the community. They can't do anything about it even if they put some restrictions since Bitcoin isn't controlled by someone that's why coexisting with it is the only choice to continue the cash flow.

We can't tell anything about it yet but El Salvador is the best example for a whole country using Bitcoin.

The story with El Salvador is different, because it was relying on USD for all their economic requirements. If they've had a national currency surely they would've made some other plans. Another thing is it's population which is quite simple to keep things under control, even if the price of bitcoin turns highly volatile. In a country like India such thing will surely make a big disturbance in the economy. In my view, there is more good and some problems which arises out of adoption that needs to be handled precisely. Only then the adoption will be effective.

[jaberwock]

If i point directly to the title, then guess what many of us might know the correct reason for the cause.
The main reason for which Bitcoins aren’t adapted right now is the Government.
As Bitcoins are decentralised in nature, that is cannot control by any governing body, so the government hates Bitcoins.
Government always want to control each and every things in order to impose tax on it and earn money from it.
As they are unable to control Bitcoins so they don’t legalise it and therefore Bitcoins are not worldwide accepted .

What kind of legalization from the government are you talking about ? If the government should make it a legal tender just like El Salvador did, maybe it might aid in the adoption, although I am not sure about that. Then if they should legalized it as an asset that people can buy and sell, but not used for transaction as a legal tender, I don’t think that would do more than what has already been done. And I believe that already in many countries Bitcoin is legal as an asset that people can buy and sell. Let’s just hope for more adoption.

[DOH!]

I think there are many reasons why bitcoin is not yet widely legalized around the world.  Central bank is the tool of the government in controlling the currency, they understand it well but with bitcoin they never understood.  In most cases where bitcoin is used, there are several places where bitcoin is used and accepted as legal.  That's not necessarily a basis for considering the integrity of a uniform regulation, but I wouldn't have expected it. Because Do they not realize their own mistakes?  in other words they are not ready for it

[ReiMomo]

I think there are many reasons why bitcoin is not yet widely legalized around the world.  Central bank is the tool of the government in controlling the currency, they understand it well but with bitcoin they never understood.  In most cases where bitcoin is used, there are several places where bitcoin is used and accepted as legal.  That's not necessarily a basis for considering the integrity of a uniform regulation, but I wouldn't have expected it. Because Do they not realize their own mistakes?  in other words they are not ready for it

Yah the government is seen the biggest block for adaption. Government feels, adapting bitcoin might bring down the value of local currency and other assets growth as well. Bitcoin is dominating currencies, assets like gold and real estates. Mainly banks are the ones, fights against bitcoin with government. But slowly the percentage of adaption is increasing if you look at the current ratio compared to 3 or 5 years back. The recent ATH of Bitcoin has brought in many investors and knocked the door of governments.

[Rockstarguy]

3. Fluctuating value: The value of bitcoin isn't steady as it rises and falls. The uncertainty in the price and value greatly hinders the general adoption worldwide.

The fluctuations of value is one of the things that makes bitcoin to be quality and important,  if bitcoin should be stable in value it won't be serving the purpose of being a digital currency,  when the prices falls down it gives people the opportunity for them to buy bitcoin and wait till when it rises for profit.  The fluctuations of bitcoin is one of the quality why bitcoin is better than fiat,  I don't see the fluctuations of bitcoin as a challenge  to the world.

[Abiky]

Government regulation and laws would be the big hindrance or blockage on overall adoption but we know that not every government would have the same decision but most of them would really be on that banning side.

Aside from government, lets talk about people awarenesss and and knowledge about things like bitcoin because we know that not all would really be that knowledgeable when it comes to it.
Lets just wait for overall recognition and acceptance or people to be aware about it existence and dont make yourself stressed out.

Governments are the ones usually spreading misinformation in order to drive people away from crypto as much as possible. That and also the price volatility, makes many people avoid Bitcoin in the first place. I think crypto is still in its very beginnings. We should wait 1-2 more decades in order to see how much people worldwide will adopt Bitcoin for their own benefit. I'm pretty sure adoption will be much bigger in the future than what it is right now, as crypto/Blockchain's popularity increases at a very fast pace. What matters is that Bitcoin stays alive in order to provide us with true financial freedom. As long as decentralization is put first, there should be nothing to worry about. Just my thoughts