Hot search keywords

Hot search keywords

What Hinders Bitcoin from Becoming a Mainstream Currency?

 

bitcoin users

Bitcoin users have surpassed the population of Norway and Finland and its market cap has exceeded the value of fiat currencies of such countries as Mongolia, Thailand, Sudan, Laos and Nigeria.

Worldwide, more countries are working to make bitcoin a legal currency. Canada passes law to regulate bitcoin as money. Philippine and japan have officially legitimized bitcoin as a payment method. Russia has announced that it may recognize the digital currency as a legitimate financial instrument by 2018. And technically, the Bank of England, Sveriges Riksbank ( Sweden’s central bank), the People’s Bank of China(PBOC) and other banks are developing their own digital currencies. Meanwhile, the emergence of a large and a thriving bitcoin community is contributing to the wide acceptance of bitcoin.

bitcoin price

In such contexts, it is easy to see why fans of bitcoin are so optimistic. And the fact is that Bitcoin price went from a mere $5.80 per BTC in 2011 to a whopping $1000 per Bitcoin today, and it’s still increasing. Bitcoin fans boast that bitcoin will be accepted by both currency speculators and ordinary consumers in the near future.

The potential of bitcoin is enormous, but it is not likely to become a mainstream currency, at least not in the near future.

To begin with, its high volatility hinders it from becoming a widely accepted form of currency. Wild fluctuations in its value makes it easily scare off ordinary consumers. One bitcoin could worth $1000 today and $800 tomorrow, which makes it fail to be effective as a medium of exchange and unit of account.

Secondly,the decentralized nature of bitcoin and lack of regulation has led itself useful for illegal activities, such as tax invasion, theft and money laundering. Consequently, governments often see it as problematic and media coverage of bitcoin is often negative. How could it be widely adopted when it has so many negative connotations?

Thirdly, bitcoin itself is in the midst of a civil war. The scaling debate has been dragging on for years. And now bitcoin is on the verge of splitting in two. At this particular moment of bitcoin history, there are a lot of personal attacks, rude insults and even threats going on inside the bitcoin community. And it seems that people care more about profits than the wide acceptance of bitcoin.

To conclude, the main use of bitcoin will be a store of value, until its price stabilizes and regulations are in place.

COMMENTS(53)

  • Doofus
    1 week ago Doofus

    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?

  • lasthero
    1 week ago lasthero

    I feel its more education than anything, honestly for someone like myself I heard of bitcoin way back in like 2010 or so, sounded interesting wanted to spend 20$ on buying some but opted not to (bad decision could have made some money).  The reason why I didn’t? It was confusing as hell to understand how to even get started. Fast forward now to 2017, I’m only starting to get in on this, and why?  Because there are slightly more resources now to understand what in the world bitcoin actually is and how to actually get started.  Maybe if one day from an early age if people’s kids are taught how to use bitcoin and what it is, then it will become more mainstream.

  • gracia0023
    1 week ago gracia0023

    The government is the main obstacle that hinders bitcoin. The crimes are not caused by bitcoin, it is caused by people and they use bitcoin to make that crime, even fiat is not to be blamed so why blame it on bitcoin. Inflation is not a new thing. It has always been there since fiat exist and since bitcoin is like fiat in a way, then inflation will be there also. As for the security, bitcoin’s security is strong enough to withstand attacks, wallets and exchanges are the one who are prone to attacks.Going back to the government (in some countries), they impede bitcoin’s progress and growth because of its anonymity and decentralization. We cannot blame bitcoin for being like that because bitcoin is bitcoin and that’s that, the government just have to compromise and deal with bitcoin just the way it is.

  • RoommateAgreement
    1 week ago RoommateAgreement

    people love to blame others for their mistakes or what they lack.it is not the government, it is not the banks, it is not …. it is users themselvs. when you see people are not willing to spend bitcoin (use it as a currency) and see bitcoin as only an investment which they will hold for 100 years you can’t really expect merchants to accept it and eventually reach mainstream adoption.

  • Sithara007
    1 week ago Sithara007

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?

    None of these. IMO, the biggest issue is the lack of partnerships with the major online retailers such as Ebay, Alibaba, and Amazon. If any of these major online shops start accepting BTC, then the userbase will increase by many times.

  • Wind_FURY
    1 week ago Wind_FURY

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?

    Nothing. You just have to accept that Bitcoin was not meant to be a “mainstream” currency. How can it be? It is slow, there is no charge back feature and the government will have a hard time controlling it. But that does not mean you should stop using or stop having some of it.

  • Catmony
    1 week ago Catmony

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?
    Security = Bitcoin is the most secure form of payment Crime = Fiat is also related with crime along with bitcoin, this can’t hinder the growth of bitcoinInflation = Bitcoin have ZERO inflation so this doesn’t make any senseBitcoin will be mainstream currency, but it need some time.

  • Golftech
    1 week ago Golftech

    Quote from: Catmony on April 18, 2017, 04:55:19 AM

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?
    Security = Bitcoin is the most secure form of payment Crime = Fiat is also related with crime along with bitcoin, this can’t hinder the growth of bitcoinInflation = Bitcoin have ZERO inflation so this doesn’t make any senseBitcoin will be mainstream currency, but it need some time.
    nice answer mate those information is not been broadcast that’s why people awareness should be taking care as wellfrom this point bitcoin can be popular will gather more interest coming from investors and businessman, the more theyunderstand those advantage the more interested they can be to this system.

  • CARrency
    1 week ago CARrency

    Quote from: Catmony on April 18, 2017, 04:55:19 AM

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?
    Security = Bitcoin is the most secure form of payment Crime = Fiat is also related with crime along with bitcoin, this can’t hinder the growth of bitcoinInflation = Bitcoin have ZERO inflation so this doesn’t make any senseBitcoin will be mainstream currency, but it need some time.

    It needs a lot of time. It has many flaws that needs to be fixed. When it becomes a mainstream currency many users will be using it, but with these many users, it needs fast transactions and lower fees,

  • topesis
    1 week ago topesis

    Quote from: gracia0023 on April 18, 2017, 03:04:56 AM
    The government is the main obstacle that hinders bitcoin. The crimes are not caused by bitcoin, it is caused by people and they use bitcoin to make that crime, even fiat is not to be blamed so why blame it on bitcoin. Inflation is not a new thing. It has always been there since fiat exist and since bitcoin is like fiat in a way, then inflation will be there also. As for the security, bitcoin’s security is strong enough to withstand attacks, wallets and exchanges are the one who are prone to attacks.Going back to the government (in some countries), they impede bitcoin’s progress and growth because of its anonymity and decentralization. We cannot blame bitcoin for being like that because bitcoin is bitcoin and that’s that, the government just have to compromise and deal with bitcoin just the way it is.

    Totally agree with you, Government, they want control of your life but with Bitcoin, they lose this control. I believe they are just fighting a lost battle

  • arransiv
    1 week ago arransiv

    That not enough people use it or know about it and some countries prevent BTC from spreading across.That for me are the biggest reasons,also the misunderstanding about BTC that some people have.That’s why it’s good for us to have campaigns about BTC where it is explained in an easy and understandable way because many people hear about BTC but don’t associate it with something positive

  • Kakmakr
    1 week ago Kakmakr

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?

    The only thing standing in Bitcoin’s way now is global governments. They are so closely linked to the fiat banking systems that they cannot distance themselves from it. The fiat banking system is the building blocks of the financial world and a system that helped to keep some governments in power. They also help these governments to control and monitor individuals with their private internal ledger systems. Once these governments break away from these traditional systems, we might have a much better future. ^smile^

  • NUFCrichard
    1 week ago NUFCrichard

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?

    Security should be a major stepping stone, if major exchanges can’t secure their coins, how will my Granny manage it?  Crime doesn’t really matter, it is used as an excuse. People commit crime with cash, crypto and bank transfer.Inflation also isn’t really an issue in a growing market. My 1 bitcoin is worth more than it was, even though it has been ‘reduced’ in value by inflation.I think you missed scalability and the lack of a true need! They are 2 major issues, people don’t see why they should use Bitcoin.

  • crypted
    1 week ago crypted

    nothing, were about to become mainstream. enjoy !  

  • Doofus
    1 week ago Doofus

    Quote from: lasthero on April 18, 2017, 02:44:39 AM
    I feel its more education than anything, honestly for someone like myself I heard of bitcoin way back in like 2010 or so, sounded interesting wanted to spend 20$ on buying some but opted not to (bad decision could have made some money).  The reason why I didn’t? It was confusing as hell to understand how to even get started. Fast forward now to 2017, I’m only starting to get in on this, and why?  Because there are slightly more resources now to understand what in the world bitcoin actually is and how to actually get started.  Maybe if one day from an early age if people’s kids are taught how to use bitcoin and what it is, then it will become more mainstream.
    Education is good, but it can not change the fact tt btc is often associated with crimes, tax evasion, ML. 

  • QuestionAuthority
    1 week ago QuestionAuthority

    The question needs to be clarified before it can be answered.By mainstream currency, do you mean fiat currency? If you do here’s the reason it can’t happen:Quote
    Fiat currency is established as money by government regulation or law. The term derives from the Latin fiat (“let it become”, “it will become”) used in the sense of an order or decree. Government fiat is minted and controlled solely by the issuing government.
    By mainstream currency, do you mean a regularly used means of exchange used by the masses? If you do then it depends on government regulations and acceptance. Japan for example is becoming more open to Bitcoin than any other country. The U.S. treats Bitcoin more like a commodity and has stiff laws against making a competing currency. In the U.S. a man named Bernard von NotHaus was found guilty of counterfeiting charges for minting and distributing a form of private money called the Liberty Dollar. There are ways around that problem even in the U.S., during the Great Depression, local governments, businesses and individuals issued currency, known as scrip, to keep commerce flowing when bank closings led to a cash shortage. Scrip is legal but, by law, may not resemble federal bills or be promoted as legal tender of the United States. That’s kind of where Bitcoin is now but people have always been hesitant to accept scrip as they would government fiat. It will take some time for wider acceptance to happen because trust must be established first.You’re right, Bitcoin could serve all the functions of money you outline. It could be a medium of exchange, a unit of account, and a store of value. Widespread use as those functions depends on governments regulation of Bitcoin (or lack of), the individuals willingness to accept scrip instead of their local fiat, and bitcoins continued evolution. Right now, today, Bitcoin isn’t ready for the job.

  • Amph
    1 week ago Amph

    regulation, come to my mind first, after all amazon and other are not accepting bitcoin because of no proper regulation, japan did experienced an increase after they regulated and accepted it as a paymentif every government follow what japan did, you can be assured that bitcoin will be successful

  • SONG GEET
    1 week ago SONG GEET

    Quote from: CARrency on April 18, 2017, 05:07:42 AM
    It needs a lot of time. It has many flaws that needs to be fixed. When it becomes a mainstream currency many users will be using it, but with these many users, it needs fast transactions and lower fees,
    For faster transactions and lower fees, segwit need to be activated and it is quite not sure when all this political drama over block size debate will end so that we will get segwit and LN afterwards.

  • Doofus
    1 week ago Doofus

    Quote from: QuestionAuthority on April 18, 2017, 06:04:48 AM
    The question needs to be clarified before it can be answered.By mainstream currency, do you mean fiat currency? If you do here’s the reason it can’t happen:Quote
    Fiat currency is established as money by government regulation or law. The term derives from the Latin fiat (“let it become”, “it will become”) used in the sense of an order or decree. Government fiat is minted and controlled solely by the issuing government.
    By mainstream currency, do you mean a regularly used means of exchange used by the masses? If you do then it depends on government regulations and acceptance. Japan for example is becoming more open to Bitcoin than any other country. The U.S. treats Bitcoin more like a commodity and has stiff laws against making a competing currency. In the U.S. a man named Bernard von NotHaus was found guilty of counterfeiting charges for minting and distributing a form of private money called the Liberty Dollar. There are ways around that problem even in the U.S., during the Great Depression, local governments, businesses and individuals issued currency, known as scrip, to keep commerce flowing when bank closings led to a cash shortage. Scrip is legal but, by law, may not resemble federal bills or be promoted as legal tender of the United States. That’s kind of where Bitcoin is now but people have always been hesitant to accept scrip as they would government fiat. It will take some time for wider acceptance to happen because trust must be established first.You’re right, Bitcoin could serve all the functions of money you outline. It could be a medium of exchange, a unit of account, and a store of value. Widespread use as those functions depends on governments regulation of Bitcoin (or lack of), the individuals willingness to accept scrip instead of their local fiat, and bitcoins continued evolution. Right now, today, Bitcoin isn’t ready for the job.
    You are right about mainstream. Just like the US dollar.

  • pooya87
    1 week ago pooya87

    volatility, age and adoption.that is all the things that are “slowing down” the process. when price changes a lot as in big swings and the media is full of propaganda against bitcoin then regular people get scared of wanting to try bitcoin out. you know people love their money and don’t want to lose it.which is why it is a slow process and taking a long time.although Japan is seemingly getting ahead of the rest of the world and they are reaching that stage.

  • TravelMug
    7 days ago TravelMug

    Quote from: pooya87 on April 18, 2017, 06:51:23 AM
    volatility, age and adoption.that is all the things that are “slowing down” the process. when price changes a lot as in big swings and the media is full of propaganda against bitcoin then regular people get scared of wanting to try bitcoin out. you know people love their money and don’t want to lose it.which is why it is a slow process and taking a long time.although Japan is seemingly getting ahead of the rest of the world and they are reaching that stage.

    Of course the scaling issue that has been causing continual disruption to the market price of bitcoin. I think this is foremost factor that been hindering us for the last couple of years for bitcoin to be really mass adopted globally. I agree with you that Japan is leading the way for bitcoin to be used by a lot of people globally.

  • AK47-
    7 days ago AK47-

    I think the main obstacle in bitcoin becoming the mainstream currency is its volatility. Bitcoin’s volatility makes it awkward as a cash substitute.  Every transaction is a gamble.  For the seller, they must add enough to cover possible losses between the time they make the sale and the time they then either spend the bitcoin or trade it for fiat currency.

  • dinofelis
    7 days ago dinofelis

    As a “daily means of payment”, bitcoin is a clunky solution looking for a problem that almost doesn’t exist.  In most countries where people have sufficient computer means, network means, education, …. to even be able to use bitcoin, there are modern fiat means of payment in place with which bitcoin cannot compete in terms of ease of use, legal protection, rapidity, generality, reliability, security, and yes, cost.The “cost of a daily transaction” is in most of these places, negligible as compared to the taxes one has to pay on the transaction (value added tax, income tax, …), you can pay with your credit card in a store, it takes 10 seconds, and what’s more important: if there’s a dispute, you have legal recourse.  If there’s a computer mistake, you’re not accountable.  If you’ve been stolen, you will get refunded.All these are things that bitcoin payments cannot provide, if even technically bitcoin were capable to handle this kind of payment, which it isn’t:- at the moment, bitcoin can handle only about 4 transactions per second world wide- you have to use the software correctly- if you send you bitcoins by mistake, there’s no recourse- if you want to be sure that your transaction is taken into account, you have to wait a multiple of 10 minutes- you need network connectivity (not only the store needs it, you need it too)- you need to secure your wallet, as you are entirely responsible for any form of theft.On top of that, bitcoin’s price is volatile with respect to the price of things you want to buy.All this makes that bitcoin is not solving any issue for most people, who already have a better solution to that.Bitcoin is useful, however, for all those things where you cannot do the thing with fiat, or where it is difficult, risky or expensive to do with fiat.  In other words, in unregulated or illegal environments, bitcoin is an interesting means of payment.  Bitcoin used to be used also if privacy was a concern, but people are slowly finding out that bitcoin is a worse night mare on that side than fiat.  Fiat, as long as it is used legally, is pretty private.  It is not anonymous against law enforcement, but it is perfectly private against your employer, your neighbour, Google, or a Chinese hacker.  Bitcoin isn’t.So no, as compared to fiat, bitcoin is a clunky solution to an essentially non-existent problem for far most people.  It does have a niche application for all those payments where fiat cannot go, and where all difficulties in using bitcoin over fiat are acceptable.But the main application of bitcoin is “greater fool game”.  Most people holding bitcoin are in the belief (correctly until at a certain point) that they will be able to sell their coins for more fiat than the amount of fiat they bought them for ; that is, in finding a greater fool than themselves when acquiring their coins.

  • mmo4me.2016
    7 days ago mmo4me.2016

    I think that is not possible at this time, later not known, but the tax is the revenue of all countries

  • AjithBtc
    7 days ago AjithBtc

    Bitcoin haven’t reached majority of population. This is one that hinders bitcoin go as a mainstream currency. Even this cannot be indicated because bitcoin is too young to reach the entire population in a short time of around 8years.

  • Mumbeeptind1963
    7 days ago Mumbeeptind1963

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?

    I think the other alt coins, or the changing value of dollars. I believe that even though alt coins are being converted unto it, some people want other alt coins rather than bitcoin, but I dont even know why.

  • avikz
    7 days ago avikz

    Bitcoin is structurally not fit to become a mainstream currency. The reason you have mentioned in not the main roadblocks, let me point out , why! Remember, money is produced by the government and government controls its flow to the masses. Also the value of any money is backed up by an asset like gold. Do you find any similarity with bitcoin here? No!Bitcoin is not generated by government and not backed up by any asset. Only public trust is what we got for bitcoin. So bitcoin looks good as an investment or a method of online transactions where government doesn’t have much to do. Bitcoin is not meant to become a mainstream currency, take it as an investment and prosper in life. 

  • The One
    7 days ago The One

    Quote from: avikz on April 18, 2017, 03:42:03 PM
    Bitcoin is structurally not fit to become a mainstream currency. The reason you have mentioned in not the main roadblocks, let me point out , why! Remember, money is produced by the government and government controls its flow to the masses. Also the value of any money is backed up by an asset like gold. Do you find any similarity with bitcoin here? No!Bitcoin is not generated by government and not backed up by any asset. Only public trust is what we got for bitcoin. So bitcoin looks good as an investment or a method of online transactions where government doesn’t have much to do. Bitcoin is not meant to become a mainstream currency, take it as an investment and prosper in life. 

    False.

  • Yakamoto
    7 days ago Yakamoto

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
    Complexities along with the fact that people aren’t prone to changing something they’re satisfied with.A lot of people simply don’t care about all the issues that the fiat system prevents and the fact that their wealth is being tallied lower and lower and the work they do means less further on as long as they’re able to still do the same things they do these days. That’s ignoring the fact that for a lot of people Bitcoin is a lot more complex than a piece of plastic and a PIN.

  • iqlimasyadiqa
    7 days ago iqlimasyadiqa

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
    I think all these things are matters that affect current bitcoin. we know that bitcoin is very closely related to inflation. in addition to the bitcoin many people who use it for criminal offenses. not spared also some time ago frequent hacking against bitcoin wallet. This is very sad indeed, but until now we certainly must continue to support the development of bitcoin in the world.

  • squatz1
    7 days ago squatz1

    Quote from: gracia0023 on April 18, 2017, 03:04:56 AM
    The government is the main obstacle that hinders bitcoin. The crimes are not caused by bitcoin, it is caused by people and they use bitcoin to make that crime, even fiat is not to be blamed so why blame it on bitcoin. Inflation is not a new thing. It has always been there since fiat exist and since bitcoin is like fiat in a way, then inflation will be there also. As for the security, bitcoin’s security is strong enough to withstand attacks, wallets and exchanges are the one who are prone to attacks.Going back to the government (in some countries), they impede bitcoin’s progress and growth because of its anonymity and decentralization. We cannot blame bitcoin for being like that because bitcoin is bitcoin and that’s that, the government just have to compromise and deal with bitcoin just the way it is.

    Going to have to fully agree with ya on this one, some people say the reason for us not being able to go mainstream is the scaling issues that we have and how high the transcation fees are. Don’t get me wrong this is one of the issues that Bitcoin isn’t able to go mainstream but I feel that Government is the driving force behind stopping Bitcoin from ever going to everyone.This is based on the simple face that the Government is going to want to have control over the money that is moved within their country and up to before the point of Bitcoin they did (Fiat Currency) now they don’t like that within Bitcoin their losing control so they have to do something and they tack regulations on it.Quote from: The One on April 18, 2017, 03:44:51 PM

    Quote from: avikz on April 18, 2017, 03:42:03 PM
    Bitcoin is structurally not fit to become a mainstream currency. The reason you have mentioned in not the main roadblocks, let me point out , why! Remember, money is produced by the government and government controls its flow to the masses. Also the value of any money is backed up by an asset like gold. Do you find any similarity with bitcoin here? No!Bitcoin is not generated by government and not backed up by any asset. Only public trust is what we got for bitcoin. So bitcoin looks good as an investment or a method of online transactions where government doesn’t have much to do. Bitcoin is not meant to become a mainstream currency, take it as an investment and prosper in life.  

    False.

    Yeah dude Money hasn’t been backed by gold since like the 60’s I think? Don’t remember the year but now it’s backed by the faith of our government.

  • BitcoinPanther
    7 days ago BitcoinPanther

    I think it is being decentralized itself is hindering Bitcoin to become mainstream currency.   As of now government does not support decentralization, mostly they need centralized currency so it is easier to implement updates and fix problems and most of all regulate it.  Aside from that  Bitcoin is really young and still under experimental state.  So definitely government wants to see more from Bitcoin to be able to acknowledge it as a mainstream currency.

  • Lacander
    7 days ago Lacander

    Quote from: BitcoinPanther on April 18, 2017, 06:09:48 PM
    I think it is being decentralized itself is hindering Bitcoin to become mainstream currency.   As of now government does not support decentralization, mostly they need centralized currency so it is easier to implement updates and fix problems and most of all regulate it.  Aside from that  Bitcoin is really young and still under experimental state.  So definitely government wants to see more from Bitcoin to be able to acknowledge it as a mainstream currency.

    Yes, the government wants to control all operations. And to enter a new official currency you need some time, perhaps the disappearance of another currency because of this.

  • Betwrong
    7 days ago Betwrong

    Quote from: RoommateAgreement on April 18, 2017, 04:17:48 AM
    people love to blame others for their mistakes or what they lack.it is not the government, it is not the banks, it is not …. it is users themselvs. when you see people are not willing to spend bitcoin (use it as a currency) and see bitcoin as only an investment which they will hold for 100 years you can’t really expect merchants to accept it and eventually reach mainstream adoption.

    Actually a lot of people are willing to spend Bitcoin but they don’t know how to do that since very few places accept it. Like someone said in this thread if Amazon or ebay were accepting Bitcoin it would become popular much faster. And I think those who see Bitcoin as a long term investment are in the minority, because most people want to have something right now, not waiting for it 20 years, let alone 50 or, like you said, 100 years.

  • BitcoinAllBot
    7 days ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • olubams
    7 days ago olubams

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?

    Security will be my main concern because where others are reffering to government as a major standing block stopping bitcoin, they also have something to pick as excuse and that is the issue of security which means anything can be achieved with free flow of funds whether legal or illegal. And  in this era of insecurity all over and terrorism still having sway despite the various controls, then government cannot be too careful in which is a valid concern if you ask me.

  • SDCrypto
    6 days ago SDCrypto

    Answer: The geeks who write the code.

    They’ve built themselves an ivory tower and won’t let anyone else in.

    This gives them freedom to geek around instead of providing something that the mainstream wants.

    Either the network will route around them eventually, or the mainstream will choose another currency instead.

  • coin-master
    6 days ago coin-master

    Answer: Blockstream

  • hgmichna
    6 days ago hgmichna

    Not much, but too many people don’t understand Bitcoin.

    Fortunately, the people that count do understand it and will use it sooner, rather than later.

  • XbladeXxx
    6 days ago XbladeXxx

    Bitmain 🙂

  • know_not_much
    6 days ago know_not_much

    Didn’t their exchange just crash and half a billion dollars worth of bitcoins went missing.

  • coinstash
    6 days ago coinstash

    Erroneous conclusions drawn by an imbecile.

  • redditbsbsbs
    6 days ago redditbsbsbs

    It’s outdated technology

  • loveforyouandme
    6 days ago loveforyouandme

    The network is limited to 3.5 transactions per second.
    The blockchain is transparent.
    The block time is 10 minutes and it’s too easy to double spend 0 confirmations.

  • Doofus
    6 days ago Doofus

    Quote from: Amph on April 18, 2017, 06:05:33 AM
    regulation, come to my mind first, after all amazon and other are not accepting bitcoin because of no proper regulation, japan did experienced an increase after they regulated and accepted it as a paymentif every government follow what japan did, you can be assured that bitcoin will be successful
    What comes first to my mind is the bitcoin is in a civil war. the author of the article says high volatility, negative contonations and lack of regulation are all the factors.  http://news.8btc.com/what-hinders-bitcoin-from-becoming-a-mainstream-currency

  • pooya87
    6 days ago pooya87

    Quote from: TravelMug on April 18, 2017, 07:35:25 AM

    Quote from: pooya87 on April 18, 2017, 06:51:23 AM
    volatility, age and adoption.that is all the things that are “slowing down” the process. when price changes a lot as in big swings and the media is full of propaganda against bitcoin then regular people get scared of wanting to try bitcoin out. you know people love their money and don’t want to lose it.which is why it is a slow process and taking a long time.although Japan is seemingly getting ahead of the rest of the world and they are reaching that stage.

    Of course the scaling issue that has been causing continual disruption to the market price of bitcoin. I think this is foremost factor that been hindering us for the last couple of years for bitcoin to be really mass adopted globally. I agree with you that Japan is leading the way for bitcoin to be used by a lot of people globally.

    the scaling “debate” is the new thing disrupting the price of bitcoin. it has not always been this though. throughout the years there have been many different things that made the price similar to what it is now, fluctuating, crashing, rising fast,…the problem is that market is still small and the exchanges have too much power on their small orderbook size to swing the price around a lot.

  • Wind_FURY
    6 days ago Wind_FURY

    Quote from: AK47- on April 18, 2017, 07:48:42 AM

    I think the main obstacle in bitcoin becoming the mainstream currency is its volatility. Bitcoin’s volatility makes it awkward as a cash substitute.  Every transaction is a gamble.  For the seller, they must add enough to cover possible losses between the time they make the sale and the time they then either spend the bitcoin or trade it for fiat currency.

    Good answer. I have read some comments here that says it will be a mainstream currency and the funny part is there are people who mindlessly agree without considering why it is almost impossible to become one.The infrastructure the banks built is there and it will last even if there is Bitcoin trying to disrupt it.

  • erickkyut
    6 days ago erickkyut

    Nothing hinders Bitcoin to become a mainstream currency. It just that it is not yet prepared for that. There are still lots of people who does not have any idea about it. There are still countries who doesn’t approved it. Maybe in the future, Bitcoin can become the universal currency. It has a very promising future.

  • ogoowinner
    5 days ago ogoowinner

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
    I think it’s because, sometimes, people like to see and feel things. Bitcoin exist only online, so people still have some doubts about it. All the fiat currencies in the world can be seen and felt, but it’s not so with bitcoin and other crptocurrencies, and people are used to such system of money.

  • olarsson
    4 days ago olarsson

    Banks and the people with real power dont like it because they live of centralization of moneyhandling.Core team is determined to make bitcoin to shit, so that solutions that are controlled by the establishment can replace it.

  • dinofelis
    3 days ago dinofelis

    Quote from: ogoowinner on Today at 07:31:00 AM

    Quote from: Doofus on April 18, 2017, 02:16:32 AM
    Security? Crime? Inflation?Bitcoin is money and thus serves the same functions that any money does: a medium of exchange, a unit of account, and a store of value.But can it prominently satisfy all these functions?
    I think it’s because, sometimes, people like to see and feel things. Bitcoin exist only online, so people still have some doubts about it. All the fiat currencies in the world can be seen and felt, but it’s not so with bitcoin and other crptocurrencies, and people are used to such system of money.

    I’m not so sure that when they would “see and feel” their bitcoin, that is, sleazy Chinese stealing electricity to feed their mining hallways, they would feel better about it 

  • bitbunnny
    3 days ago bitbunnny

    Quote from: speem28 on Today at 08:40:50 AM
    Acceptance and Awareness are problems that hinder bitcoin to become the mainstream currency not Security, Crime or Inflation, people need to be open-minded about Bitcoin because they don’t know anything about it. They should try to get out of their comfort zone and try new things in life. Security is not a problem in bitcoin, as it has a strong network or type of security that can prevent unexpected attacks. So by having this kind of security, crime can also be prevented. As for inflation, there is always a huge possibility that bitcoin will continue to grow as more people starts accepting it.

    This is all true but even if all this was solved and in best order it’s not very likely that Bitcoin would be mainstream currency. And not just Bitcoin, any virtual currency and the reason is exactly that, virtual cryptocurrency. This world and the finances despite all progress and technologies are functioning prety much traditional and conservative so material fiat money will rule this world for a long time.

  • speem28
    1 day ago speem28

    Acceptance and Awareness are problems that hinder bitcoin to become the mainstream currency not Security, Crime or Inflation, people need to be open-minded about Bitcoin because they don’t know anything about it. They should try to get out of their comfort zone and try new things in life. Security is not a problem in bitcoin, as it has a strong network or type of security that can prevent unexpected attacks. So by having this kind of security, crime can also be prevented. As for inflation, there is always a huge possibility that bitcoin will continue to grow as more people starts accepting it.

Please sign in first