What's preventing bitcoin from worldwide adoption?

[Oluwa-btc]

From own view, I think Bitcoin needs to be used by one of the top Nations likely ( United States of America ). Yes Africa is a continent with one of the advocacy and enlightenment is going down with the help of Binance. But making Bitcoin conquer the states wouldn't be bad and would like lead to full adoption.

Those are really good points there from the OP. Gradually it'll sure be a legal tender over the state's.Whats  scary is that most states are banning the mining of Bitcoin. As a result of coal burning ?

[1713827040]

1713827040

[Ebede]

What is preventing bitcoin for worldwide adoption from my own suggestion I don't know for any other person is based on the value of a cryptocurrency right now so when you say cryptocurrency is not violent it depends on the country or depends on the environment you find yourself if you find yourself in a country that knows about cryptocurrency everybody in that writing we like to also invest in cryptocurrency in order to get it or money or it won't kind of investment sold a massive adoption of cryptocurrency is depending on the country that no eat or if country that does not load Peter currency then you are trying to explain cryptocurrency to somebody that person actually will not understand what is Pluto considered as nothing will make the person to invest in cryptocurrency so that is the why some country or some people refused to about cryptocurrency as a legal tender

[BCwinning]

 cash is king. doesn't matter the country, if it's physical and can pass from a persons hand to another and can't be tracked.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.

[shogun47]

I guess one important question is what you mean when you say adoption? Is adoption that more and more people ownBitcoin? Or do you mean by adoption that more and more people really useBitcoin? I differentiate between the two categories because from an ownership point of view, the number of people owing Bitcoin is pretty high. But that goes also hand in hand somehow with the usageaspect of Bitcoin. I believe that the majority of people still consider Bitcoin a speculative investment and, hence, don't use it in hopes for the price to increase in the future. This is one aspect that holds Bitcoin back from circulating as a type of currency in many places of the world. Then there are other uncertainties like regulation, which is still unclear how it will play out in the future. As a consequence some people might refrain from getting involved for now. But overall I think Bitcoin is making its way further and further into society.

[virasisog]

cash is king. doesn't matter the country, if it's physical and can pass from a persons hand to another and can't be tracked.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.

Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions. If people would know how to use crypto, there's a possibility that more would switch to it.

[DooMAD]

Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions. 

But for how long?  Cash won't always be an option.  Loads of governments are looking at phasing cash out.  There will come a time where you don't have a choice.  It'll either be Bitcoin or some centralised digital gov-coin.

[Hold-n-play]

I think that lack of education/awareness is one of the important factors preventing btc from mass adoption. When I say a word "bitcoin", I often hear some like "isn't it a scam?"

 If I were in a position to make changes to a current educational system, in the future, I would introduce an elective focused on blockchain ("Blockchain 101") beginning from high school/college. Certainly not a requirement but something that youngsters can learn if they elect to do so.

I am sure there will be some crypto enthusiasts in the future who would be willing to do that to prepare young generation to all these  benefits that blockchain can bring to everyday life. In turn, after increasing general awareness of this subject, younger generation may bring up some fresh ideas to crypto as well. Its a "win-win" situation.

 

[carlfebz2]

Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions. 

But for how long?  Cash won't always be an option.  Loads of governments are looking at phasing cash out.  There will come a time where you don't have a choice.  It'll either be Bitcoin or some centralised digital gov-coin.

Really hard to believe on as long government do see its relevance then it would surely stay no matter what.We might have go through digital-fiat or transactions but cant really be denied that fiat do still

play a big role when it comes to day to day transactions which cant really be done via online transactions which they might be having that reconsideration in regarding the situation on why we cant really
be having that full switch up.

But you do actually have the point about cash/fiat but lets just presume for now and as for Bitcoin worldwide adoption then it would really just come down naturally.

[D ltr]

Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions. 

But for how long?  Cash won't always be an option.  Loads of governments are looking at phasing cash out.  There will come a time where you don't have a choice.  It'll either be Bitcoin or some centralised digital gov-coin.

they have created ATMs in every shop so that buyers are ready with their cards, so at least fiat money is still useful but the circulation of physical money is scarce because there is technology that balances it, so they don't really have much influence with btc because for them btc is an enemy in finance

[BCwinning]

cash is king. doesn't matter the country, if it's physical and can pass from a persons hand to another and can't be tracked.
what is better?
I think the countries that have blocked it show a very good reason why crypto isn't going to replace cash, until it can truly replicate cash.

Also, lack of awareness and education about the use of cryptocurrency is another reason why people will always choose cash. Lots of people are still clueless about how cryptocurrency works and how they could use it. Normal people still prefer cash because it's acceptable in all forms of businesses and different transactions. If people would know how to use crypto, there's a possibility that more would switch to it.

I don't need to pay a transaction fee when I hand someone cash. I give them a bill, it's a bill nothing more nothing less.
Why am I paying a fee to use my money? might as well use a credit card. and hey don't take this wrong, I own bitcoin and I have spent it at vendors.
Kind of makes you cry when you see the transaction fee you paid in 2017 was 3 times what the goods cost when btc was at it's all time high..

[Adbitco]

From OP post i noticed the most important thing hindering the max adoption is Government, without the government's approval i don't thing it would be very easier for Bitcoin to be generally legalized or adopted from all country. This same point which many have been holding on, Transaction fees is not the main key factor which is preventing it, the governments would want to have full country but since the founder is anonymous and is untraceable people's funds can't be trusted over knowing who has controls over it, for world to fully adopt bitcoin maybe if only remain traceable and trackable.

Secondly, the people's thoughts about it maybe some forms of information that has been conveyed by people who are learned to uncivilized people over there this means ( People who lacks access to internets, maybe those who don't literally read and gets updated subsequently, and a state or province who don't access to electricity maybe it would be one day mentioned in local televisions/radio station and many more). Lastly price variations, it's another major key factors that hinders fast adoption just as OP said.

[BITCOIN4X]

From OP post i noticed the most important thing hindering the max adoption is Government, without the government's approval i don't thing it would be very easier for Bitcoin to be generally legalized or adopted from all country. This same point which many have been holding on, Transaction fees is not the main key factor which is preventing it, the governments would want to have full country but since the founder is anonymous and is untraceable people's funds can't be trusted over knowing who has controls over it, for world to fully adopt bitcoin maybe if only remain traceable and trackable.

The government and its regulations are one of the inhibiting factors for adoption, it's true. But you also need to know that some people are still unable to convince themselves to adopt bitcoin as a means of payment due to fluctuations and possible problems with expensive transaction fees. Transaction speed is also sometimes one of the things considered by anyone who wants to adopt bitcoin even though LN is quite reliable as a means of micro-transactions with better speed.

So far, the adoption of bitcoin has increased everywhere, but many people will still consider this payment option especially as long as bitcoin is accepted as a means of payment. It's still has to be converted manually if shop owner are not willing to accept the risk of price fluctuations. I wouldn't say this is a major issue, but just a few things to support about why bitcoin has not been fully adopted by every country.

[nicedreams]

Stop thinking about government's restrictions for this time. We have to take a look at people's minds to see why they ain't embrace Bitcoin and worldwide adoption for it. Can you guess it? Yes, it was because not everyone wants to be a holder or I meant a Bitcoin investor because of Bitcoin or crypto volatility. It is relatively easy to see the high volatility discourages people from using it. If you think Bitcoin can be comparable to gold, you're wrong. Gold has a lot of other uses which make it not likely to go down, or lose its value.

[sklopan]

In general, bitcoin has already become a global currency. Especially if you pay attention to how some countries began to deal with this)

[shogun47]

From OP post i noticed the most important thing hindering the max adoption is Government, without the government's approval i don't thing it would be very easier for Bitcoin to be generally legalized or adopted from all country. This same point which many have been holding on, Transaction fees is not the main key factor which is preventing it, the governments would want to have full country but since the founder is anonymous and is untraceable people's funds can't be trusted over knowing who has controls over it, for world to fully adopt bitcoin maybe if only remain traceable and trackable.

The government and its regulations are one of the inhibiting factors for adoption, it's true. But you also need to know that some people are still unable to convince themselves to adopt bitcoin as a means of payment due to fluctuations and possible problems with expensive transaction fees. Transaction speed is also sometimes one of the things considered by anyone who wants to adopt bitcoin even though LN is quite reliable as a means of micro-transactions with better speed.

So far, the adoption of bitcoin has increased everywhere, but many people will still consider this payment option especially as long as bitcoin is accepted as a means of payment. It's still has to be converted manually if shop owner are not willing to accept the risk of price fluctuations. I wouldn't say this is a major issue, but just a few things to support about why bitcoin has not been fully adopted by every country.

I think it really depends in which area of the world you are. These days banks usually have an option to wire money instantly from A to B, and if you use your debit or credit card it is instantly anyway. From that point of view Bitcoin is still lacking behind. If those things can be fixed it might be a big plus.

Regarding volatility, the real problem also is taxation. I don't know how it works in most countries, but as far as I know if you own Bitcoin and it appreciated 5% in value and you use it to buy something, you are actually required to file a tax report for the portion of Bitcoin you used and the according 5% appreciation in value. That makes it a pain in the * to use it. That is one big issue I see that makes the use of Bitcoin overcomplicated.

[theCommittalist]

In general, bitcoin has already become a global currency. Especially if you pay attention to how some countries began to deal with this)

It's internet money so can be used everywhere there is internet which is pretty much global like sklopan says. And some myopic reactionary elements in the international economy feel threatened by it. They fail to recognise that as a medium of exchange with arguably universal value Bitcoin streamlines all economics & fiat trading. Also as the default global currency the USD relies as we know not on a gold standard but basically on America's 'national security' & 'standing in the world' which boils down to enforcement. War is a racket like Smedley Butler said & the value imposed by the collective consciousness onto dollars is largely as a result of military & structural power. So when something like Bitcoin emerges that can be & as said is perceived as a threat the response can be in some ways violent or reminiscent of violence.

[Adbitco]

But do you know if you today Government and World Bank passes judgement or gives order that Bitcoin is now generally acceptable as payment in all various country, use as fiat including in day life expenses, individuals has no options than to use, now taking of transactions fees it is only less than $1 and max of $2.5 depending on the gas fee at such point. As time goes we could be used to it.,
The honest truth of it is the "Volatility". 

[AicecreaME]

Stop thinking about government's restrictions for this time. We have to take a look at people's minds to see why they ain't embrace Bitcoin and worldwide adoption for it. Can you guess it? Yes, it was because not everyone wants to be a holder or I meant a Bitcoin investor because of Bitcoin or crypto volatility. It is relatively easy to see the high volatility discourages people from using it. If you think Bitcoin can be comparable to gold, you're wrong. Gold has a lot of other uses which make it not likely to go down, or lose its value.

You have a valid point. Bitcoin is not for everyone and we have to accept that truth. I just don't know why some members here and user of bitcoin can't swallow that idea. After all, we have our own preferences in life and in the things we want to do. Some people just don't like to be part of bitcoin and that's it. Despite its advantages, they knew in themselves that they can't just enter it and that's okay. Perhaps there are other fields and areas of financial platform that they are more comfortable with. Still, to each his own. We can educate, but we cannot impose our own beliefs.

[ChrisPop]

I agree and it is also psychologically hard to adopt a change that will fundamentally change the way people store value and perform payments.
You see.. humans have anxiety systems that ideally should help them identify danger. Changing the financial system from its foundation is indeed  something that provokes a lot of thoughts. But that is not a bad thing. it just means we need to take our time and not hurry when making important decisions.

[tbterryboy]

But do you know if you today Government and World Bank passes judgement or gives order that Bitcoin is now generally acceptable as payment in all various country, use as fiat including in day life expenses, individuals has no options than to use, now taking of transactions fees it is only less than $1 and max of $2.5 depending on the gas fee at such point. As time goes we could be used to it.,
The honest truth of it is the "Volatility".  

I believe that the laws are fine, the gas fee situation will be fixed in the future for sure without a doubt. Look at Lightning Network on bitcoin right now, it spends only a few satoshis and it is incredibly fast as well.

It is not ideal right now because of security concerns and that is why we are not seeing that everywhere, but it is being worked on right now which means that when the time comes we are going to have a system where it's only like 1-5 cents per transaction and that would be amazing and it could be working towards paying right away anywhere you go as well since you wouldn't have to wait neither, it is both fast and cheap.