What's preventing bitcoin from worldwide adoption?

[Webetcoins]

Nothing really "prevents" it to be fair. I mean prevent means that there needs to be something that blocks people from doing it, even if they wanted to. However, reality is that everyone around the world can use it if they want to, so there is nothing that "prevents" it right now in the correct meaning of the word.

However, the reality is that if we focus on what causes the world to not start to use it with their own will? Then in that sense we do not have anything in the world that people use all over the world without missing a single person. It means that no matter what we are talking about, that will always be not used by everyone, and bitcoin keeps growing anyway, so there is no stop to it for now neither.

[1714239893]

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[Abiky]

This is because governments all around the globe are keeping a close eye on Bitcoin's progress. El Salvador, for example, has made it their official currency. However, major economies such as the US refuse to accept it as legal cash.

Here's Why:

Governments all around the globe are watching Bitcoin's progress with caution since it has the potential to upend the existing financial system and weaken its position in it.

Bitcoin poses three problems to government power in its current form: it cannot be controlled, it is used by criminals, and it can assist citizens to avoid capital limits.

Bitcoin will continue to be distrusted by conventional authorities until its ecosystem matures.
Source: https://www.investopedia.com/articles/forex/042015/why-governments-are-afraid-bitcoin.asp

Governments are the ones preventing Bitcoin from reaching mass adoption worldwide. They don't want Fiat to lose ground, so they'll put obstacles in order to minimize Bitcoin's usage as much as possible. Even though El Salvador made Bitcoin legal tender, not many people are using it because most merchants and businesses only accept Fiat as payment method. Without some sort of benefit to spend Bitcoin, how would people be motivated to use it in the first place?

I wouldn't worry about Bitcoin's limited adoption worldwide as long as it works as intended. Decentralization is what it's all about in order to bring banking to the unbanked. Since Bitcoin can't be stopped, governments' efforts against it will be futile. Adoption will surely increase in the future as Bitcoin and other cryptocurrencies mature as an asset class. But this will be at a slow and steady phase because of the reasons mentioned before. Who knows what lies ahead for Bitcoin within a decade from now? Just my thoughts

[uneng]

Lack of online jobs and earnings opportunities in large scale is what mainly prevents bitcoin from being adopted. If there were more accessible virtual jobs for everyone paying in bitcoin, there would be more people dealing with it in a daily basis. Bitcoin shouldn't grow in adoption only as investment, but also as payment currency from employers to employees.

It is not the number of available online jobs that commands bitcoin adoption, I'd say it is exactly the opposite: the extent to which bitcoin is adopted determines how many jobs will create. The amount of work that needs to be done is not a limited number; it is continuously growing because work creates more work, and demand comes before supply. If I have certain skills, I can offer my services in exchange for whatever currency I choose. If people find my skills valuable, they will agree to pay me with bitcoin or some other cryptocurrency. They will accept my offer not only because I demand my payment in bitcoin, but because sometimes bitcoin is the only way to transfer money abroad frictionlessly. The main point is that our deal (between seller and buyer) wouldn't have taken place had there been no option to transfer money abroad without bank involvement. Thanks to bitcoin and the opportunities it provides, online work like this has become brought to life.

I understand your point. But as I see, there are too many people offering their services online for too few individuals hiring those services. In other words: there is too much supply for low demand. Freelancers offering their services and asking to be paid in bitcoin isn't enough to push adoption upside. Employers dropping big money in bitcoin market are needed in order to make the masses adopt crypto efficiently through working online. Payrates don't even need to be large. Any extra income would be enough for incentivizing more people to use bitcoin.

The challenge is how to make employers adopt bitcoin. I guess only people willing to help bitcoin worldwide usage above any other interest could make this happen for real. That is: idealistic employers and entrepreneurs.

[Abiky]

I understand your point. But as I see, there are too many people offering their services online for too few individuals hiring those services. In other words: there is too much supply for low demand. Freelancers offering their services and asking to be paid in bitcoin isn't enough to push adoption upside. Employers dropping big money in bitcoin market are needed in order to make the masses adopt crypto efficiently through working online. Payrates don't even need to be large. Any extra income would be enough for incentivizing more people to use bitcoin.

The challenge is how to make employers adopt bitcoin. I guess only people willing to help bitcoin worldwide usage above any other interest could make this happen for real. That is: idealistic employers and entrepreneurs.

I seriously doubt employers are going to adopt Bitcoin, simply because it's extremely risky to use as digital cash. There's volatility everywhere, making it quite challenging to earn a fixed income by simply working for Bitcoin. With Fiat, that's not an issue due to its stability and reliability. Employers will trust Fiat more than anything else simply because it's backed by the government. Imagine what would happen if employers started paying in BTC instead of Fiat. The government will think they're evading taxes, forcing them to close their business for good.

For this and many other reasons, Bitcoin's adoption has been limited. While I'm certain it will become more popular over time, it'll never be as widely adopted as traditional Fiat currencies. I'm fine with that as long as decentralization wins at the end. Just my thoughts

[Lubang Bawah]

Until now Bitcoin there are still many countries that are banned, this is because they think that Bitcoin is a threat and competitors of legal fiat, if Bitcoin gets the same rights as Fiat then it is certain that citizens prefer to save money and assets in Bitcoin so as to make the value of Fiat continuously decrease.

[cheezcarls]

Out of all the factors that you have mentioned here, the major reason that prevents Bitcoin from massive worldwide adoption is the first one. China, Egypt and other anti-crypto countries are some of the examples of this. On top of that, most of the countries are in the ‘“grey” area where Bitcoin is neither legal nor illegal because of its certain risks to protect the investors. Scams and frauds using Bitcoin are also a “concern” too for some countries because it doesn’t require government or 3rd party approval. Government and banks want control of it, but they can’t because it’s decentralized but provides transparency of all transactions where it can be easily traced.

[riso2015]

I personally do not believe anything is in the way of Bitcoin adoption. As far as adoption goes, Bitcoin is inevitable. There is no stopping a better technology and a better monetary system of the future.

The only problem I see is the rate of adoption. It is all happening a bit too slow perhaps, but then again, we have nothing to compare it to other than fiat. And even then, it is not the same as global money adoption, since that has never existed before in modern times.

It will definitely break through. Might take a while.

I also totally agree with your review that no one will be able to block and prevent bitcoin adoption, not even the government side will be able to block bitcoin adoption, despite IMF efforts to prevent El Salvador from adopting bitcoin, but I personally think IMF efforts will not succeed

[blatchcorn]

I also totally agree with your review that no one will be able to block and prevent bitcoin adoption, not even the government side will be able to block bitcoin adoption, despite IMF efforts to prevent El Salvador from adopting bitcoin, but I personally think IMF efforts will not succeed

We live in a world and must be realistic about what's going around us. So far governments are in no mood of accepting decentralized bitcoin and ike crypto. I don't know what positive impact El Salvador move has over cryptocurrencies. Right now it's total chaos in EL Salvador.

Most Salvadorans have already ditched their national bitcoin wallets

[Newlifebtc]

I also totally agree with your review that no one will be able to block and prevent bitcoin adoption, not even the government side will be able to block bitcoin adoption, despite IMF efforts to prevent El Salvador from adopting bitcoin, but I personally think IMF efforts will not succeed

We live in a world and must be realistic about what's going around us. So far governments are in no mood of accepting decentralized bitcoin and ike crypto. I don't know what positive impact El Salvador move has over cryptocurrencies. Right now it's total chaos in EL Salvador.

Most Salvadorans have already ditched their national bitcoin wallets

When mention government, we should know that government can not generally start accepting bitcoin, bitcoin is something we know it's value and functions,we the users of bitcoin will make it to be recognized and be value because is not every country that does not accept the purpose of cryptocurrency

[Doan9269]

Lack of online jobs and earnings opportunities in large scale is what mainly prevents bitcoin from being adopted

Don't you even think this is the more reason why bitcoin should be adopted, this points you just mentioned is what many young adults sees as an opportunity in bitcoin, some of us, our brothers and people around us would have been affected by the high negligence of government role in providing free education, employment, free health, jobs, clean water, jobs and access to a good living, that's why many have come to remain independent in their entire live by adopting the use of bitcoin in other to scale through, our government are the major cause but despite all these, bitcoin is still running pretty fine making a difference in the human lives

[Abiky]

Out of all the factors that you have mentioned here, the major reason that prevents Bitcoin from massive worldwide adoption is the first one. China, Egypt and other anti-crypto countries are some of the examples of this. On top of that, most of the countries are in the ‘“grey” area where Bitcoin is neither legal nor illegal because of its certain risks to protect the investors. Scams and frauds using Bitcoin are also a “concern” too for some countries because it doesn’t require government or 3rd party approval. Government and banks want control of it, but they can’t because it’s decentralized but provides transparency of all transactions where it can be easily traced.

Governments are the ones who're interfering with Bitcoin's adoption worldwide. But they're not the only factors at play. As you've said before, scams, theft, and hacks are also one of the reasons why most people are afraid to use Bitcoin in the first place. While the same thing happens with traditional Fiat, people seem to trust it more than Bitcoin because it's backed by the government. At least, there's been some progress on Bitcoin's mainstream adoption over the past years.

With ever-rising inflation rates from traditional Fiat currencies, more people are beginning to notice Bitcoin's true benefits. We should give it more time to mature until it becomes a "force to reckon with". As long as decentralization wins, nothing else matters. Just my opinion

[noormcs5]

Governments are the ones who're interfering with Bitcoin's adoption worldwide. But they're not the only factors at play. As you've said before, scams, theft, and hacks are also one of the reasons why most people are afraid to use Bitcoin in the first place. While the same thing happens with traditional Fiat, people seem to trust it more than Bitcoin because it's backed by the government. At least, there's been some progress on Bitcoin's mainstream adoption over the past years.

I think we should not only blame governments for not adopting bitcoin, there are many other factors as well. As you mentioned there are a lot of crypto scams, hacks & thefts which people are doing, not the governments. Due to these online hacks, there is a lot of fear in the people and they hesitate to put their money online.
The only way to increase the bitcoin adoption is to give more awareness to the people.

[Abiky]

I think we should not only blame governments for not adopting bitcoin, there are many other factors as well. As you mentioned there are a lot of crypto scams, hacks & thefts which people are doing, not the governments. Due to these online hacks, there is a lot of fear in the people and they hesitate to put their money online.
The only way to increase the bitcoin adoption is to give more awareness to the people.

There are a lot of factors in play which limits Bitcoin's adoption worldwide. From government obstruction, to hacks and scams, Bitcoin won't be able to become Fiat's replacement anytime soon. It's been 13 years since Bitcoin's inception, but there are still a lot of people who don't know about Bitcoin yet. Not to mention, a small portion of them hate Bitcoin simply because they've been accustomed with the banking system for a long time. Of course, there are some governments adopting Bitcoin as legal tender. But that's still not enough for "hyperbitcoinization" to become a reality soon.

At least, Bitcoin is working as intended. As long as decentralization wins, nothing else matters. Just my opinion

[ilovealtcoins]

I also totally agree with your review that no one will be able to block and prevent bitcoin adoption, not even the government side will be able to block bitcoin adoption, despite IMF efforts to prevent El Salvador from adopting bitcoin, but I personally think IMF efforts will not succeed

We live in a world and must be realistic about what's going around us. So far governments are in no mood of accepting decentralized bitcoin and ike crypto. I don't know what positive impact El Salvador move has over cryptocurrencies. Right now it's total chaos in EL Salvador.

Most Salvadorans have already ditched their national bitcoin wallets

We all know bitcoin is the technology of the future but its nature is decentralized and I am not sure the government will accept it, that is very unlikely in the major countries of the world.

Today bitcoin acceptance is happening in countries that don't have their own currency or countries with dysfunctional economy, inflation they are trying to save the economy but things are still going wrong as good as we think. tbh, I'm not very optimistic about bitcoin being accepted by all the governments of the world.

[DooMAD]

tbh, I'm not very optimistic about bitcoin being accepted by all the governments of the world.

I'd feel more comfortable if it wasn't accepted by all governments.  That would mean too many petty national agendas at play.  Bitcoin is better kept at a distance, as an alternative to government meddling.  Entirely separate from national interests.

[blatchcorn]

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.

To me the biggest obstacle in bitcoin adoption worldwide is oppression of centralized institutes backed by governments. The main reason why government is against decentralized bitcoin is that they won't be able to control it. Its not true that criminal activities like money laundering can only be done via cryptocurrencies, right now majority of criminal activities are going on with fiat.

[Gyfts]

I understand your point. But as I see, there are too many people offering their services online for too few individuals hiring those services. In other words: there is too much supply for low demand. Freelancers offering their services and asking to be paid in bitcoin isn't enough to push adoption upside. Employers dropping big money in bitcoin market are needed in order to make the masses adopt crypto efficiently through working online. Payrates don't even need to be large. Any extra income would be enough for incentivizing more people to use bitcoin.

The challenge is how to make employers adopt bitcoin. I guess only people willing to help bitcoin worldwide usage above any other interest could make this happen for real. That is: idealistic employers and entrepreneurs.

I seriously doubt employers are going to adopt Bitcoin, simply because it's extremely risky to use as digital cash. There's volatility everywhere, making it quite challenging to earn a fixed income by simply working for Bitcoin. With Fiat, that's not an issue due to its stability and reliability. Employers will trust Fiat more than anything else simply because it's backed by the government. Imagine what would happen if employers started paying in BTC instead of Fiat. The government will think they're evading taxes, forcing them to close their business for good.

For this and many other reasons, Bitcoin's adoption has been limited. While I'm certain it will become more popular over time, it'll never be as widely adopted as traditional Fiat currencies. I'm fine with that as long as decentralization wins at the end. Just my thoughts

Employers would adopt Bitcoin if it meant leaving the fiat currency system in which political actors can send the entire system crashing down. There's volatility in crypto, I don't dispute that -- but also consider the volatility with fiat in which the inflation rate can systematically reduce your purchasing power every year, something that is induced by design (min. 2% year, often exceeds that). Plenty of incentive for an employer to adopt crypto. They just haven't realized it until more recently with most fiats experiencing insane inflation rates.

[dataispower]

The major part of today's economy depends on fiat money. Besides governments are scared of the fact that they can't supposable control it as it offers additionally portion of protection to the users so it is hard to get information about users that can be the reason why a lot of people are still suspicious of bitcoin.

That was before when people were suspicious of bitcoin crashing and bitcoin coming to take away their money with the system of investment. Bitcoin is not competing with fiat because fiat has stayed long way before the creation and also people know fiat since age's. What ever we do to boats up of economy of country today is with the fiat. When Bitcoin will be included for the boats of any country economy is when we have massive adoption or if is being legalize as a legal tender for the country. For now i say bitcoin never circulates everywhere I'm not wrong, because the wider the speculation the more people have interest

[thet]

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.

Very well said!

That's the reason why Bitcoin is not yet being used in other countries. Bitcoin price is always change, there are also projects that doesn't work well because there are so many scammers then investors are having trust issues in some projects.

[serjent05]

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

~snipped...

Very well said!

That's the reason why Bitcoin is not yet being used in other countries. Bitcoin price is always change, there are also projects that doesn't work well because there are so many scammers then investors are having trust issues in some projects.

Aside from the factors given by OP, I think one of the main reasons that prevent Bitcoin's worldwide adoption is the fear of the worldwide economic control of a few people that holds a huge amount of BTC.  Imagine what will happen to the worldwide economy if these few people command the market.  Superpowers like the USA will definitely refuse this kind of thought and it will be devastating if few individuals with little knowledge of the economic system lead. It will be chaos if ever these people decided to crash the market affecting the global economy.  We have seen how this works when someone decided to sell their huge stash of BTC, the price crashed and lots of investors lost a huge amount of money.  Just replace these investors by country, then we will imagine what will happen.