The Biggest Challenges Stopping Bitcoin from Going Mainstream?

[Satofan44]

Exactly FUD has a negative impact on the industry by causing price drops and making early investors feel nervous about their holdings.The rate at which bitcoin has grown most persons still believe whatever wrong information they see on the internet about bitcoin.Most persons really need a financial advisor because their mentality about the digital age is outdated.What I do ask people is;if bitcoin is a ponzi scheme what about the countless memecoins and shitcoins in the industry.Bitcoin isn't a ponzi scheme,many people just have to update the way they think about Bitcoin.

This is not the right way to explain why Bitcoin is not a ponzi, but otherwise your post is correct. One needs to fully understand the definition of a ponzi scheme and how it operates to be able to use this knowledge to easily dismiss such claims. Merely having superficial familiarity with the term ponzi, which is the case for most people that know it at all, is not sufficient.

A Ponzi scheme is a type of investment fraud in which investors are promised big profits at little or no risk.

The money is not invested. Rather, the scam artist concentrates on attracting more investors. A growing number of victims is needed to pay out the supposed profits being distributed to earlier investors.

When the flow of new investment slows, the scam artist doesn't have enough money to pay out those supposed profits. That's when the Ponzi scheme collapses.
https://www.investopedia.com/terms/p/ponzischeme.asp

There is no central organizer, there is no business, there are no promises (if you believe random people on social media blame yourself and them -- this has nothing to do with the thing itself, i.e., Bitcoin in this example), money is invested/exchanged for the asset/currency in question (and not given to earlier investors). There is not a single resemblance to a ponzi scheme.

From my observation, I think one of the things that stops bitcoin from going mainstream is the media! Yes the media can be ambassadors to sell this asset but unfortunately I think they do more harm especially when something bad happens like say a hack.. they will be everywhere almost like saying I told you so BTC is high risk.. already today was watching the crypto Queen news on BBC, mahn they really were loving this , I could see the smirk on their faces. Otherwise govt reason is top reason.

https://youtu.be/VAoSHnNJk0Y?si=zBZbAIOtYWv8rInw

As I have already stated here in this post, this is not a big obstacle. You can't educate someone who refuses to be educated. This is the case with most people. They literally don't know anything about anything in the world, and many of them are confident in their knowledge even though they know absolutely nothing. The media wave will change eventually, but neither is it good for society overall if people buy Bitcoin only because someone told them to on the TV. If you are short-sighted this might seem like a good thing, but if you have the capability to think long-term and deeply about it -- then this is not a good thing at all. It continues to foster the sickening of the average human mind and blind belief in authority, things that Bitcoin stands against.

[Fiasem20]

Exactly FUD has a negative impact on the industry by causing price drops and making early investors feel nervous about their holdings.The rate at which bitcoin has grown most persons still believe whatever wrong information they see on the internet about bitcoin.Most persons really need a financial advisor because their mentality about the digital age is outdated.What I do ask people is;if bitcoin is a ponzi scheme what about the countless memecoins and shitcoins in the industry.Bitcoin isn't a ponzi scheme,many people just have to update the way they think about Bitcoin.

This is not the right way to explain why Bitcoin is not a ponzi, but otherwise your post is correct. One needs to fully understand the definition of a ponzi scheme and how it operates to be able to use this knowledge to easily dismiss such claims. Merely having superficial familiarity with the term ponzi, which is the case for most people that know it at all, is not sufficient.

I know right that what I said wasn't sufficient enough to convince an individual about Bitcoin not being a ponzi scheme.Most individuals are familiar with the term "ponzi scheme" but they are afraid of participating on any digital asset because probably they've been scammed in the past,just like a scam project that was booming then in my country and alot of persons were victims of the scam project.What makes you feel they'll be comfortable with other digital asset?the phobia of been scammed can't be erased easily.One thing to know about ponzi scheme is that it uses the money of newer investors to pay early investors,and Bitcoin hasn't given such report in the crypto space.

[Lucius]

Bitcoin is everywhere in the news, but most people still don’t actually use it in their daily lives. Price swings, confusing technology, government rules, and environmental concerns all make it harder to adopt. Even with all the hype, it’s clear that Bitcoin has some major hurdles before it can become truly mainstream. Is it even possible for Bitcoin to overcome these challenges and become a normal part of everyday life?

Why do you think Bitcoin is not already a normal part of everyday life? Maybe you have such an opinion because you live in a country where it is not possible to pay or buy anything with Bitcoin, but the reality is completely different if you look at the global picture. There are thousands of online places where Bitcoin is accepted as a means of payment, but also hundreds (if not thousands) of physical locations where you can pay with BTC.

However, it is not realistic to expect Bitcoin to replace fiat currencies because it was not created to replace them, but to be an alternative. In addition, the world is deeply centralized and the very idea that Bitcoin represents is in complete contrast to today's way of life of the average person.

I think there are people who are very happy that there is an alternative, whether it is Bitcoin as a cryptocurrency or as an asset that serves as a hedge against inflation. As long as that may seem to some, Bitcoin has only been around for a little over 15 years, and in that time it has achieved quite a bit of success, the biggest of which is that it still exists despite all attempts to "kill" it in various ways.

[Satofan44]

I know right that what I said wasn't sufficient enough to convince an individual about Bitcoin not being a ponzi scheme.Most individuals are familiar with the term "ponzi scheme" but they are afraid of participating on any digital asset because probably they've been scammed in the past,just like a scam project that was booming then in my country and alot of persons were victims of the scam project.What makes you feel they'll be comfortable with other digital asset?the phobia of been scammed can't be erased easily.One thing to know about ponzi scheme is that it uses the money of newer investors to pay early investors,and Bitcoin hasn't given such report in the crypto space.

While this can most certainly be true, i.e., that it is a piece of the puzzle that does not make their position valid. Pretty much every single person in the world has been scammed in one way or another. If they would follow their own logic consistently, they would never leave their house again and interact with anyone else because they might be scammed again. This is just a consequence of being uneducated, which most people are, and it does not justify their position. For there to be justification, the reasons must make sense and be rational. Dismissing Bitcoin because someone scammed a person is simply proof that the person is a coward who does not take responsibility for their own actions.

Why do you think Bitcoin is not already a normal part of everyday life? Maybe you have such an opinion because you live in a country where it is not possible to pay or buy anything with Bitcoin, but the reality is completely different if you look at the global picture. There are thousands of online places where Bitcoin is accepted as a means of payment, but also hundreds (if not thousands) of physical locations where you can pay with BTC.

However, it is not realistic to expect Bitcoin to replace fiat currencies because it was not created to replace them, but to be an alternative. In addition, the world is deeply centralized and the very idea that Bitcoin represents is in complete contrast to today's way of life of the average person.

I think there are people who are very happy that there is an alternative, whether it is Bitcoin as a cryptocurrency or as an asset that serves as a hedge against inflation. As long as that may seem to some, Bitcoin has only been around for a little over 15 years, and in that time it has achieved quite a bit of success, the biggest of which is that it still exists despite all attempts to "kill" it in various ways.

Chicken and egg. You will see many people bring up this argument of lack of places accepting Bitcoin. How many merchants have they on-boarded? Zero. If someone wants this to change where they live, then they need to act and be the change. There are places and communities in the world where they have made this happen. I don't see this as an issue relating to Bitcoin but rather it is a reflection of the current diseased society. 

[Questat]

Bitcoin will only become a mainstream if there are no barriers along the way, if the government starts to be open and accept bitcoin as an alternative currency to fiat. So far, there is no other way, global adoption is the only one we're lacking and bitcoin is good to go.

But I don't think it will as easy as it is. The government will never accept something that they can't control, or they have less control, that's why its hard to push bitcoin to become mainstream and be used as a legal tender or an alternative currency.

[Joy- maker]

It's true that governments are not much in favour of decentralised Bitcoin because they can't control or manipulate it. But it's also now becoming a reality that people are gathering Bitcoin with intention of hodling it for long term. The mean reason for long term hodling is exponential increase in price of bitcoin for last 15 years. People now feel that Bitcoin is more profitable as an investment, so it's better to buy a cup of coffee with fiat currency. These days majority of people are also not much interested in using Bitcoin as a mode of payment for daily living.    

Where you expecting the government to be in favour of Bitcoin that is decentralized? The government can never be in favour of anything that they can't influence, so since they can't influence Bitcoin they are not in support of it, and if they have their way am pretty sure that they will terminate Bitcoin, but funny enough they can't have their way, so for that case  they have to accept Bitcoin the way it is. And secondly we who are Bitcoin enthusiasts are not really doing Bitcoin good, because we are not frequently using Bitcoin for the main purpose it was actually created for which is transacting with it, rather will prefer to only accumulate Bitcoin and hold for long term, because it is store of value with potential returns, although planning to hold Bitcoin for long term is not bad, but will should also transact with it.

[Cookdata]

Bitcoin is everywhere in the news, but most people still don’t actually use it in their daily lives. Price swings, confusing technology, government rules, and environmental concerns all make it harder to adopt. Even with all the hype, it’s clear that Bitcoin has some major hurdles before it can become truly mainstream. Is it even possible for Bitcoin to overcome these challenges and become a normal part of everyday life?

There is no law written anywhere that Bitcoin must be spent. The institutional investors that are pouring billions of dollars into Bitcoin market every week are buying and holding, the purpose was to buy enough and then hold it until they are ready to sell them for profits, the utility demand is very low, which organizations is ready to accept transactions worth billions of billions in a day, we have them but there is none that is ready to chest. The close institutions is the government but they are avoiding it for some reasons best known to them, the only time they understand true value of Bitcoin is when the election is coming.

[Lucius]

~snip~
Chicken and egg. You will see many people bring up this argument of lack of places accepting Bitcoin. How many merchants have they on-boarded? Zero. If someone wants this to change where they live, then they need to act and be the change. There are places and communities in the world where they have made this happen. I don't see this as an issue relating to Bitcoin but rather it is a reflection of the current diseased society. 

What you say makes sense, because in an environment where no one shows interest in paying with cryptocurrency, sellers will rarely be the ones to make the first move. However, in some countries it may not be wise to go around asking merchants if they will accept Bitcoin, as this may pose a threat to your own security.

At the end, there is also the question of how practical it is to pay with Bitcoin today, given that more and more payment processors through which transactions are carried out conduct crazy AML controls and refuse transactions under the pretext that they are risky/coins tainted.

[Satofan44]

~snip~
Chicken and egg. You will see many people bring up this argument of lack of places accepting Bitcoin. How many merchants have they on-boarded? Zero. If someone wants this to change where they live, then they need to act and be the change. There are places and communities in the world where they have made this happen. I don't see this as an issue relating to Bitcoin but rather it is a reflection of the current diseased society.  

What you say makes sense, because in an environment where no one shows interest in paying with cryptocurrency, sellers will rarely be the ones to make the first move. However, in some countries it may not be wise to go around asking merchants if they will accept Bitcoin, as this may pose a threat to your own security.

I don't really agree with this view. I believe that the risk is overblown and that people here and on other social media are suffering from negative media bias. This is also one of the reasons why many individuals are scared to do P2P transactions in any amount, because they have read very bad stories about this. However, the issue in neither case relates to the thing itself. Of course if you approach some random stranger online to do P2P you will probably get in trouble. The sentiments of people here do not reflect the reality on the outside, as the P2P trading industry is massive. Similarly, if you approach random merchants with "I have a lot of Bitcoin I want to use it" or if you tell them you were invested in Bitcoin for a decade what do you expect is going to happen?

Everything in life is extremely dangerous if you do it wrong. Even drinking water is extremely dangerous if you do it wrong. You need to do things correctly to minimize and contain the risk. Therefore, on boarding merchants can be done in a safe manner. If it was not possible, nobody would be doing it. I assure you, there are groups of people doing this in many places of the world every day.

At the end, there is also the question of how practical it is to pay with Bitcoin today, given that more and more payment processors through which transactions are carried out conduct crazy AML controls and refuse transactions under the pretext that they are risky/coins tainted.

This is not going to happen as long as mainstream payment providers are not used, you know those that don't care about Bitcoin but only care about making their fees. I have never had this happen to me.

[OsaiEmma]

Bitcoin is everywhere in the news, but most people still don’t actually use it in their daily lives. Price swings, confusing technology, government rules, and environmental concerns all make it harder to adopt. Even with all the hype, it’s clear that Bitcoin has some major hurdles before it can become truly mainstream. Is it even possible for Bitcoin to overcome these challenges and become a normal part of everyday life?

Well for starters, Bitcoin is already on the mainstream, it has a very large adaptation, and usage, in fact, people call it modern money, so yeah it's mainstream already, but if ur talking about incorporating it into the economy to be wildly acceptable across all works of life, that won't be easy, but I think one way to make it very possible is to be able to provide an offline means to exchange BTC, maybe you can carry a barcode or something that contains x amount of Bitcoin, whoever scans it, automatically it gets transferred u know tynz like that, it will make accessibility easier, I think ease of access and operation is one of the biggest hurdles

[freedomgo]

Bitcoin is everywhere in the news, but most people still don’t actually use it in their daily lives. Price swings, confusing technology, government rules, and environmental concerns all make it harder to adopt. Even with all the hype, it’s clear that Bitcoin has some major hurdles before it can become truly mainstream. Is it even possible for Bitcoin to overcome these challenges and become a normal part of everyday life?

There is no law written anywhere that Bitcoin must be spent. The institutional investors that are pouring billions of dollars into Bitcoin market every week are buying and holding, the purpose was to buy enough and then hold it until they are ready to sell them for profits, the utility demand is very low, which organizations is ready to accept transactions worth billions of billions in a day, we have them but there is none that is ready to chest. The close institutions is the government but they are avoiding it for some reasons best known to them, the only time they understand true value of Bitcoin is when the election is coming.

Exactly. There is no law that requires people to spend it like a currency rather than just hodling it till it gain profits. But once global adoption is achieved, maybe we can be encouraged to step up and make the move to spend bitcoin. For now, let's just keep buying and hodling while opportunity to profit is here, as even the big institutions are hoarding bitcoin.

Leave whatever the government wants. If I'm not mistaken they are also silently buying bitcoin, they just do it under the table.

[colinistheman]

Exactly. There is no law that requires people to spend it like a currency rather than just hodling it till it gain profits. But once global adoption is achieved, maybe we can be encouraged to step up and make the move to spend bitcoin. For now, let's just keep buying and hodling while opportunity to profit is here, as even the big institutions are hoarding bitcoin.

Leave whatever the government wants. If I'm not mistaken they are also silently buying bitcoin, they just do it under the table.

even if bitcoin is widely adopted globally, we still cannot spend bitcoin without government permission. Therefore, whether bitcoin can become and be used as a currency will be decided by the government, not us.

i think you are wrong, the government cannot buy bitcoins secretly. because to be able to buy bitcoins, the government needs to use the national budget (taxes). And to do that, things not only need to be public, but also need to be approved by Congress. So there will never be a situation where governments are secretly buying bitcoins. This is a hypothesis, baseless speculation.

[CryptoYar]

[...]

It is very smart way to look at Bitcoin debate. You are correct that government now decides whether Bitcoin can be real money or not by regulating its legal place and by giving rules to banks and exchanges, that is, government controls to large degree whether Bitcoin can become complete currency or not. But you are also right to ask that governments can buy in large amounts secretly since spending of tax funds needs okay from people and lawmakers and thus massive secret purchases are not possible because of rules regarding money.

[Satofan44]

Well for starters, Bitcoin is already on the mainstream, it has a very large adaptation, and usage, in fact, people call it modern money, so yeah it's mainstream already, but if ur talking about incorporating it into the economy to be wildly acceptable across all works of life, that won't be easy,

Bitcoin does not even have a 5% penetration rate, and therefore it can not be called mainstream. In the context of this discussion it is not even necessary to talk about merchant acceptance yet as the adoption is still so low.

but I think one way to make it very possible is to be able to provide an offline means to exchange BTC, maybe you can carry a barcode or something that contains x amount of Bitcoin, whoever scans it, automatically it gets transferred u know tynz like that, it will make accessibility easier, I think ease of access and operation is one of the biggest hurdles

Terrible idea for exchanging BTC as it introduces more trust assumptions, but it is a great idea for scamming people with fake BTC.

Leave whatever the government wants. If I'm not mistaken they are also silently buying bitcoin, they just do it under the table.

No, that is not possible. Individual government members can buy it secretly, but a democratic government is not able to buy it secretly.

even if bitcoin is widely adopted globally, we still cannot spend bitcoin without government permission. Therefore, whether bitcoin can become and be used as a currency will be decided by the government, not us.

Another retarded statement by shitposter. The whole point of Bitcoin is that you can spend it without anybody's permission. Don't write these lies here, go to the fucking gambling discussion you 3rd world imbecile.

It is very smart way to look at Bitcoin debate. You are correct that government now decides whether Bitcoin can be real money or not by regulating its legal place and by giving rules to banks and exchanges, that is, government controls to large degree whether Bitcoin can become complete currency or not. But you are also right to ask that governments can buy in large amounts secretly since spending of tax funds needs okay from people and lawmakers and thus massive secret purchases are not possible because of rules regarding money.

Wrong. The government does not decide what is real money. They decide what is legal tender. One has nothing to do with the other.

[Ndabagi01]

Bitcoin is everywhere in the news, but most people still don’t actually use it in their daily lives. Price swings, confusing technology, government rules, and environmental concerns all make it harder to adopt. Even with all the hype, it’s clear that Bitcoin has some major hurdles before it can become truly mainstream. Is it even possible for Bitcoin to overcome these challenges and become a normal part of everyday life?

Bitcoin challenges are much and when it’s to look up to that before getting the major attention it needs to  breakthrough and be used as part of daily life routine, it will never get to achieve anything. The people using it have to just see its flaws, and learn how to use them without using that against it, that’s the only way bitcoin can be well adopted more in general, or everyone will always have something to look back to, that will discourage their use of Bitcoin in the future and daily life.

[Hypnosis00]

It is already a normal part of everyday life for those people who are living in a country where bitcoin adoption as a currency is high, because they can already utilize bitcoin well and use it as an alternative to fiat on the things that they aim to purchase.  Even for majority where bitcoin is an investment tool, I believe it's part of our everyday life's existence, without checking on it daily, without seeing how the market moves and how bitcoin reacts on it, it's like living life lack of meaning and value, most especially if you get used to it doing everyday.

[DiMarxist]

It is already a normal part of everyday life for those people who are living in a country where bitcoin adoption as a currency is high, because they can already utilize bitcoin well and use it as an alternative to fiat on the things that they aim to purchase.  Even for majority where bitcoin is an investment tool, I believe it's part of our everyday life's existence, without checking on it daily, without seeing how the market moves and how bitcoin reacts on it, it's like living life lack of meaning and value, most especially if you get used to it doing everyday.

It is true that in places with strong Bitcoin adoption, using it daily becomes completely normal.People get comfortable paying with it just like they do with fiat, but I get what you mean about Bitcoin becoming part of everyday life even for investors  and once you follow it regularly, it becomes a habit.

[boyptc]

Bitcoin will only become a mainstream if there are no barriers along the way, if the government starts to be open and accept bitcoin as an alternative currency to fiat. So far, there is no other way, global adoption is the only one we're lacking and bitcoin is good to go.

But I don't think it will as easy as it is. The government will never accept something that they can't control, or they have less control, that's why its hard to push bitcoin to become mainstream and be used as a legal tender or an alternative currency.

That won't be easy, the government will not allow that to happen not unless they're like El Salvador that have adopted it as a legal tender and have a fully belief on it that it will be a good way for them to put their economy up.

It's true that bitcoin is beyond their control and having a limited supply won't convince them. Because government is all about control and centralization and Bitcoin doesn't have that.

But with that factor of Bitcoin, it makes it even more valuable which makes it as the money of people. Forget about that adoption in the mainstream because it's already in.

[imthegreat]

Bitcoin is everywhere in the news, but most people still don’t actually use it in their daily lives. Price swings, confusing technology, government rules, and environmental concerns all make it harder to adopt. Even with all the hype, it’s clear that Bitcoin has some major hurdles before it can become truly mainstream. Is it even possible for Bitcoin to overcome these challenges and become a normal part of everyday life?

Bitcoin is increasingly featured in TV series. This indicates that even more housewives (I'm joking, referring to even the most ignorant segments of society) are learning about Bitcoin and cryptocurrencies. Yesterday, I was watching a TV series in the background, and there was talk of someone investing in cryptocurrency. Based on this information, you can see that everyone on earth knows about Bitcoin and cryptocurrencies, even those who aren't interested in expanding their horizons. Previously, I only heard about Bitcoin on TV in the news, because they were surprised by its price rise.
And I'm glad adoption is happening. I believe Bitcoin will overtake the dollar as a store of value in the future.

[Dunamisx]

Bitcoin is everywhere in the news, but most people still don’t actually use it in their daily lives. Price swings, confusing technology, government rules, and environmental concerns all make it harder to adopt. Even with all the hype, it’s clear that Bitcoin has some major hurdles before it can become truly mainstream. Is it even possible for Bitcoin to overcome these challenges and become a normal part of everyday life?

No matter the conditions now and ever, bitcoin cannot be stopped, if it can survived the 16th year of its invention without compromise or denial, then everything about it will only wait for the right time to manifest, because it cannot be resist form getting to where its destination is, we needed bitcoin more than it requires from us when it comes to financial economy and decentralization for our own benefits.