What's preventing bitcoin from worldwide adoption?

[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.

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.

But I doubt that would be handled to almost every country since every country has different views about the crypto currency. I don't know if in the future what you've said would soon come true because the way I see how some countries treat Bitcoin is different. Some may treat it as a threat, some may see it as an opportunity, and some will still have a doubt no matter what you feed to them the facts.

[ivankoh]

Bitcoin was not born just to be a tool for government control.  The government wants to understand how bitcoin works and tries to control it like other centralized instruments like central banks.  Bitcoin's decentralization may be the biggest hurdle, but in reality, does anyone doubt or hope that bitcoin will be legalized worldwide soon?  literally I wasn't expecting much.  Lol

[jaberwock]

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

This is true but only for those who are totally uneducated or the person that cant read and write but to someone that already have a basic knowledge or is educated, it's possible for them to understand bitcoin. All of us that here in bitcoin now are once a newbie too, we think bitcoin is too complicated but that doesn't stop us. Something tells us that we need to learn bitcoin because it can help us.

Those who are now successful in btc are lucky to follow their dreams while for others it still not too late for them to learn bitcoin even though bitcoins value is already huge and the adoption is already high because there's still more to come.

[Oasisman]

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.

Are you sure its the government who's the biggest blocker for Bitcoin mass adoption?
How about scam projects? false propaganda? If you watch movies with Bitcoin featured on it, they are always portrayed negatively like it's used for criminal and illegal purposes.
There are also these people who is afraid of Btc's high volatility and refused to understand the concept of cryptocurrency.

IMO, it's not just the government who's preventing further mass adoption, but it's also the people.

[DooMAD]

There are also these people who is afraid of Btc's high volatility and refused to understand the concept of cryptocurrency.

IMO, it's not just the government who's preventing further mass adoption, but it's also the people.

Absolutely.  There are still a vast number of people who feel like they have enough financial "freedom" already, simply because the banks haven't screwed them yet.  They don't recognise any importance in censorship-resistance or immutable ledgers.  They can only see Bitcoin as a speculative asset and nothing more.

I'm hoping that with inflation getting as bad as it is in many places, more people may start to recognise the aspect of predictable and finite supply enshrined at the heart of Bitcoin.  Weakening purchasing power due to inflation is something which will increasingly affect the average person.  Perhaps we need to place a bigger emphasis on that part?

Less talk of "Lambos" and "Moons", more on cost-of-living increases and what can be done to alleviate it.

[Argoo]

I think the main thing preventing adoption is that people are set in their ways and Bitcoin is new and scary.  A lot of people don't want the responsibility of having to safeguard their own coins, or even learn about the process.  They've heard horror stories about keeping funds on an exchange and don't trust themselves to store it themselves, so what are they to do?  Many people like this would likely only get exposure to Bitcoin through things like ETFs in their retirement accounts.  Over the years I've given friends quite a bit of BTC and it almost never fails that they lose their keys or some other thing that caused them to lose their Bitcoin.  The average person is definitely not ready to have their finances in their own hands...  There are still folks paying financial advisors to set their money in index funds...  People have a long way to go when it comes to financial knowledge and I don't see schools doing their part.  For this reason, I think it would realistically take generations before everyone got on board with cryptocurrencies. 

Yes, in general you are right. To work with cryptocurrency, you need certain knowledge in this area. However, it is not enough just to learn how to work with cryptocurrency. You also need to be able to protect yourself from hackers and scammers, be able to avoid numerous mistakes that are often made by inexperienced and inattentive users. In addition, the cryptocurrency continues to develop very rapidly. Coins and tokens, according to the decision of the project team, often move to other platforms, other actions are performed, and you need to constantly monitor this and be aware of all changes, otherwise only useless numbers and symbols may remain from coins and tokens.
Many people are either too busy with other daily activities, or simply lazy. This explains why many are in no hurry to use cryptocurrency, despite its obvious advantages.

[dataispower]

Bitcoin was not born just to be a tool for government control.  The government wants to understand how bitcoin works and tries to control it like other centralized instruments like central banks.  Bitcoin's decentralization may be the biggest hurdle, but in reality, does anyone doubt or hope that bitcoin will be legalized worldwide soon?  literally I wasn't expecting much.  Lol

Bitcoin received several attack by the government because no relative showing between government and bitcoin. When you check it is few countries that welcomed bitcoin as a legal tender because of the it appreciation in it currency. second point. I don't believe will be legalize in every country for now. Maybe when the time goes bitcoin will add more firm and every country will be surrounded by it value and adoptions. But seeing the counterbalance in bitcoin with government i don't think worldwide adoption will happen ten years later

[erep]

Bitcoin received several attack by the government because no relative showing between government and bitcoin. When you check it is few countries that welcomed bitcoin as a legal tender because of the it appreciation in it currency. second point. I don't believe will be legalize in every country for now. Maybe when the time goes bitcoin will add more firm and every country will be surrounded by it value and adoptions. But seeing the counterbalance in bitcoin with government i don't think worldwide adoption will happen ten years later

Bitcoin adoption is getting higher because some countries have changed crypto legalization regulations to confirm Bitcoin as legal tender, so Bitcoin adoption in a country takes time to research and adjust the understanding of many people about cryptocurrency, that the government needs to add cryptocurrency material in school and university curricula if the government make plans to realize the legality of Bitcoin as a legal tender in the future.

[Dunamisx]

Bitcoin received several attack by the government because no relative showing between government and bitcoin. When you check it is few countries that welcomed bitcoin as a legal tender because of the it appreciation in it currency. second point. I don't believe will be legalize in every country for now. Maybe when the time goes bitcoin will add more firm and every country will be surrounded by it value and adoptions. But seeing the counterbalance in bitcoin with government i don't think worldwide adoption will happen ten years later

Bitcoin adoption is getting higher because some countries have changed crypto legalization regulations to confirm Bitcoin as legal tender, so Bitcoin adoption in a country takes time to research and adjust the understanding of many people about cryptocurrency, that the government needs to add cryptocurrency material in school and university curricula if the government make plans to realize the legality of Bitcoin as a legal tender in the future.

This does not really work out in changing people's mind to the adoption of bitcoin, perhaps if this could have been the major reason then the adoption would have gone wider than this, government are not taking the regulation with leniency at all, only in few cases you see the government providing suitable regulation on crypto without considering their own interests first, how many schools have yet started the taught of cryptocurrency? another means government have device is through the creation of CBDC in other to tackle bitcoin, i see government as the major factor affecting bitcoin from global adoption.

[Joshapat]

I think the biggest obstacle today is the number of countries that are still banned bitcoin, Bitcoin is currently only legalized in a few countries and most countries choose neutral, but in my country have implemented taxes on several local trading sites so that the direction of my government will likely legalize Bitcoin and Cryptocurrencies

[D ltr]

From what the op mentioned, I agree and if I may add, the income level of each country is different, not to mention there are many poor countries.
decentralized nature of bitcoin, difficult to control by government so they don't legalize it and therefore Bitcoin is not accepted worldwide

[Cling18]

I think the biggest obstacle today is the number of countries that are still banned bitcoin, Bitcoin is currently only legalized in a few countries and most countries choose neutral, but in my country has implemented taxes on several local trading sites so the direction of my government will likely legalize Bitcoin and Cryptocurrencies

If only more countries would legalize Bitcoin instead of banning it, more adoptions will happen. The government is just afraid of Bitcoin as a decentralized currency simply because they couldn't regulate it so there will surely be authorities who will show disagreement with its legalization. However, I still believe that there will be more countries that would adopt and value it as a currency in the future.

[LUCKMCFLY]

The main reason that is preventing mass adoption is the fear of governments. Bitcoin being deprived of control governments won’t be able to track the transactions and the profits made.

Yes, in part the culprits are the governments, but the main culprits are the same people of the towns who get carried away by what their rulers say, I do not know if it is the culture of each country or of each person in a developed country or no, but particularly one must learn to be a little more dissuasive, that is, not to believe everything that the banks and governments want, they will always worry about obtaining their interests in a liquid way regardless of going over the needs of others .

I am one of those who think that the biggest problem for non-adoption for BITCOIN is the acceptance and ignorance and resistance to saying no to bitcoin from the same people.

[SirLancelot]

To work with cryptocurrency, you need certain knowledge in this area. However, it is not enough just to learn how to work with cryptocurrency. You also need to be able to protect yourself from hackers and scammers, be able to avoid numerous mistakes that are often made by inexperienced and inattentive users. In addition, the cryptocurrency continues to develop very rapidly. Coins and tokens, according to the decision of the project team, often move to other platforms, other actions are performed, and you need to constantly monitor this and be aware of all changes, otherwise only useless numbers and symbols may remain from coins and tokens.
Many people are either too busy with other daily activities, or simply lazy. This explains why many are in no hurry to use cryptocurrency, despite its obvious advantages.

I agree with you that it is not that easy for regular people who have no idea about crypto or who are not tech savy to have problems saving their coins and put them in a secure place, but I believe that high level exchanges are not really that hard to work with. Like if they put their coins into Binance and Coinbase for example to start with and then gradually learn what to do later that would work.

I am not saying that it is the ideal spot, you may find more secure stuff, namely hardware wallets like ledger nano for example but you do not have start with that right of the bat. Learning about how you should trust the process and not get panic and keep your coins for a very long term is the real thing people should be careful about.

[suryana]

there are many things that prevent bitcoin from being widely adopted by various groups in the world, it can't be separated from several factors.especially bitcoin getting so much criticism and opposition in various circles that this also causes the bitcoin adoption process to be uneven.let alone big businessmen firmly reject the process of adapting bitcoin so that it affects quite broadly for various groups but we are very confident that bitcoin adoption will start to grow in the next few years

[zaesvlas]

At the very least, a very important and noticeable reason is popularity. I think many people, having heard about bitcoin, start working with it.

[Nerdy doctor]

The main reason that is preventing mass adoption is the fear of governments. Bitcoin being deprived of control governments won’t be able to track the transactions and the profits made.

Yes, in part the culprits are the governments, but the main culprits are the same people of the towns who get carried away by what their rulers say, I do not know if it is the culture of each country or of each person in a developed country or no, but particularly one must learn to be a little more dissuasive, that is, not to believe everything that the banks and governments want, they will always worry about obtaining their interests in a liquid way regardless of going over the needs of others .

I am one of those who think that the biggest problem for non-adoption for BITCOIN is the acceptance and ignorance and resistance to saying no to bitcoin from the same people.

I agree that there are lots of ignorant people out there and people should think for themselves. Not too long ago, I also was very ignorant. I wouldn't put much blame on ignorant people. The government of any country would want to have as much control as it could muster.
People are afraid and hesitant to change and stray away from what is familiar and the government doesn't make it any easier.

[Abiky]

From what the op mentioned, I agree and if I may add, the income level of each country is different, not to mention there are many poor countries.
decentralized nature of bitcoin, difficult to control by government so they don't legalize it and therefore Bitcoin is not accepted worldwide

Exactly. Low level income is one of the main reasons why Bitcoin still hasn't been adopted massively by people worldwide. If you are poor, then how would you get access to Bitcoin in the first place? Third-world countries (with the exception of El Salvador) are stuck with Fiat because of limited access to the Internet and electronic devices. As long as Bitcoin remains an Internet currency, we won't be going nowhere in terms of mainstream adoption. Who knows if this no longer becomes an issue some point in the future? Just my thoughts

[LastKiss]

From what the op mentioned, I agree and if I may add, the income level of each country is different, not to mention there are many poor countries.
decentralized nature of bitcoin, difficult to control by government so they don't legalize it and therefore Bitcoin is not accepted worldwide

Exactly. Low level income is one of the main reasons why Bitcoin still hasn't been adopted massively by people worldwide. If you are poor, then how would you get access to Bitcoin in the first place? Third-world countries (with the exception of El Salvador) are stuck with Fiat because of limited access to the Internet and electronic devices. As long as Bitcoin remains an Internet currency, we won't be going nowhere in terms of mainstream adoption. Who knows if this no longer becomes an issue some point in the future? Just my thoughts

As far as I know, Internet become a lot cheaper than ten years ago. The reason why bitcoin is not worldwide adopted is that a lot of people don't understand what is bitcoin, how to use it, and even their knowledge about technology is pretty low. People who love the traditional way will stick to the traditional way but right now many young people understand the technology and know about Bitcoin, only a matter of time before the new generation will adopt Bitcoin on a large scale.

[Abiky]

As far as I know, Internet become a lot cheaper than ten years ago. The reason why bitcoin is not worldwide adopted is that a lot of people don't understand what is bitcoin, how to use it, and even their knowledge about technology is pretty low. People who love the traditional way will stick to the traditional way but right now many young people understand the technology and know about Bitcoin, only a matter of time before the new generation will adopt Bitcoin on a large scale.

Exactly. What's limiting adoption of Bitcoin worldwide is lack of awareness. There are so many people who haven't heard about or even used Bitcoin at all. The Internet is becoming widely accessible these days, especially with the launch of satellites across the globe. As time goes by, we'll become more interconnected as technology becomes an integral part of our everyday lives. If there's still a lot of people who haven't heard about Bitcoin, how do you expect to live in a cashless society?

I think we need to increase our efforts as a community by helping spreading the word about Bitcoin worldwide. The more people get into Bitcoin, the faster we'll be heading towards a cashless society. Maybe the mass adoption of Bitcoin will help reduce price volatility in the future? Just my thoughts