Don't know enough about Bitcoin, and the ways of securing it will likely be our biggest obstacle. Users here like to talk about scalability, and various other limitations to the code, but those can definitely be reworked. However, I don't see enough work being done towards simplifying Bitcoin so that the general public can just pick it up like fiat.
Now, I do understand that this is partly a unrealistic expectations, since securing Bitcoin is always going to be complex, especially if you aren't relying on a third party. I imagine in years to come we'll start seeing banks or the equivalent of banks which will offer to secure your Bitcoin for you, which could actually increase adoption. However, this breaks one of the golden rules for many of us, and one of the reasons why Bitcoin is unique, and revolutionary. It allows you to be your own bank, which is brilliant for us that do our due diligence, and don't mind being responsible. However, not everyone will be comfortable with that.
Lets face it, how many people in the general public break security rules all the time. I would say the vast majority do. People in my family have such weak passwords that I would be able to guess in under an hour. I know that, since I've done it before to prove a point. Yet, they still didn't change it to a more complex one. How many people write passwords down, right next to their computer for example? At that point there's no point even having a password.
I've been saying this for a while now, and I do believe there's others that are in support of it. I don't think the concept of Bitcoin is at fault, it's generally how uneducated we are as people about security. I'd love to say I had a solution to this, but I really don't. We can simplify the wallets, Bitcoin to a certain extent, but there's a ceiling to that.
Hardware wallets are something that has changed the game a little bit. They've provided a way for people to use Bitcoin without knowing much about securing it. They just trust the device. This is all well, and good, but the only problem with that is trying to convince these people to use open source hardware wallets, and acknowledge there are still risks of using them. As the saying goes, complacency is one's worst enemy.
If the statistics are to be believed in the OP, they agree with me. Over 80% of people don't go into Bitcoin because of not understanding i.e Bitcoin being too complex or not knowing how to secure their Bitcoin. That's our mass adoption right there gone, and therefore is the biggest stumbling block. I believe every other problem we might have, can be solved given time, and adoption. The more people that come into Bitcoin, the more urgency there is to solve any other superficial problem, and then we'll have even more people lending a hand to solve it.
For example, too expensive or don't know how to buy can be solved. The more demand, the more exchanges, the easier it becomes to buy. However, for it to be considered to expensive is baffling to me, since you can buy any denomination you want, but convincing the public of that will be a little more difficult. I imagine, we won't be using 1 Bitcoin in the future, but talking in Satoshi's. That way, it removes the idea that 1 Bitcoin is too expensive, since most people I talk to have an obsession with whole numbers, and owning that 1 Bitcoin. It's like they think holding anything less, isn't worth holding. It's a weird problem, that will likely be overcome with some terminology changes.
3. Too much price volatility
The reason why many people interested with Bitcoin as an investment commodities is volatility, if Bitcoin price can increase 10% in a day, then don't be sad or surprised if tomorrow the price will decrease 10% or more.
The reason for this is, because I would deem us in either the early bird catagory, i.e early adopter or the speculative investor period. It isn't ready to be a main use currency right now, although it can be used as one, it isn't as enticing as other options for people.
4. Uncertain regulatory outlook
Make sense, imagine you have trading and holding Bitcoin for a long time since your country are allow of use Bitcoin. But someday when you want to withdraw your fund on banks, they freeze your funds since they said it's linked with Bitcoin and they ban Bitcoin due to regulation at that time.
Yeah, that's a concern for many. However, if we look at the recent war with Russia, and the West you'll see that many people had trouble withdrawing their fiat money. So, this isn't exclusive to Bitcoin. However, I will admit that's a concern.
7. No practical use for it
Doesn't make sense, it's due to low knowledge.
Yeah, directly correlates with number one.
8. The environmental impact is too high
Doesn't make sense, Bitcoin is only use a tiny energy consumption comparing to other industries, why does the government/people didn't shutdown or complain about those industry energy usage? Moreover now Bitcoin mining will using more friendly energy called Crusoe Energy.
This is the most bad reason since they're prefer to buy shitcoins over Bitcoin.
This is the most difficult one to answer. At the moment, we're very environment friendly, and every company has to appear green. It's an actual selling point now if your company is doing things green. Now, I think the Bitcoin argument of us using too much energy is unfounded, but we should probably be thinking about ways of improving it regardless. The only problem with this accusation is it's hard to prove, and hard to disapprove, but as soon as people hear it, that's what they believe.
Therefore, it's not a problem of proving otherwise, it's convincing the general public that it's not true, which is a lot harder.
People don't understand that the volatility even becomes an advantage. Without significant volatility, people can't gain big profits. Just imagine if BTC price is similar to the stablecoins price. How we can gain profits with no big range between top and dip.
Hmm, it really only becomes an advantage if you're a speculative trader. If you are receiving your monthly wage in Bitcoin, you ideally don't want that to be going up, and down. Especially, if you're using it as a currency, and not a reserve currency.
Some people already live pay check to pay check, so adding some volatility into the mix, isn't good. As long as massive amounts of volatility exist, Bitcoin will not be adopted by the masses. Luckily for us, Bitcoin is naturally deflationary, and the block rewards reduce at given intervals, which effectively introduce volatility i.e Bitcoin should in theory get less volatility the longer it exists.
This is interesting report because Nigeria, India and Argentina banks are against Bitcoin, they will freeze any funds that linked with Bitcoin activities. But those countries are the highest rates of optimism of trusting Bitcoin. I guess since it's high optimism by the citizens, it seems they're mostly hold Bitcoin and in hope their banks will allow Bitcoin activities. It's hard for them to convert Bitcoin to fiat, since they can only use that as a gift card. Using P2P or decentralized exchange still need to link your bank account.
Edward Bernays basically taught us to not limit people's choices by outright stopping them from using it, as they'll feel suppressed, and will rebel. Instead, convince them they've a choice, and basically release propaganda about the options that don't work into their favour. So, yeah I'd say it's common psychology for people rebelling when outright being limited.
