5 the main obstacles to mass adoption of Bitcoin

It’s been ten years since Satoshi Nakamoto published the Bitcoin Wallpaper and introduced the concept of cryptocurrency to the world. His radical views were a breakthrough with the help of p2p electronic cash Satoshi swung to the traditional order in the global financial system. A decade later, the capitalization of crypto-currencies reached 209 billion dollars, and a list of coins has added thousands of new altcoins.

Bitcoin has achieved success? Yet, because the crypt where little is used in real life. The original purpose of Satoshi Nakamoto is still not implemented. To reach the dream of a new world order, kryptonyte must overcome five obstacles in its path.

Regulation

Although government intervention in the stock market, many find it unacceptable, proper regulation of Bitcoin can bring a lot of advantages for both sides. Governments still do not fully understand the essence of the crypts, therefore, prefer to follow a policy of laissez faire.

Image source — Volokolamsk Today

The lack of control and restrictions encourages innovation, but the flip side of the coin has many disadvantages. For example, now anyone can create their own cryptocurrency and earn impressive money on ICO. While investors in ICO do not protect anyone, if anything they just remain empty. This approach discourages many of the major players from the industry and damaged the image of Bitcoin.

Volatility

The price jumps by 10-20 percent in one day — quite a common thing for cryptocurrency. In comparison with Fiat these numbers are just unthinkable. The last day when the pound fell to four percent, known in history as Black Wednesday. Finding a way to cope with volatility, we will have the ability to establish the status of Bitcoin as a completely stable currency.

At the moment, to move to settlements in the crypt can only be a desperate seller and at least a desperate buyer. Because of volatility the client is at high risk of overpayment for the purchased goods.

Practicality

Now Bitcoin and altcoins popular among traders and investors, but ordinary consumers pay not so much attention. The reason the cryptocurrency is not a very practical thing for everyday use. Few people will take your coins for the commodities, few will agree to deal with the same volatility and lack of protection of the law.

Image source — Bitcoin ATM Services

Therefore, the value of the crypts as electronic money tends to zero. Also buy Bitcoin not just from the point of view of the average citizen. In this area there are already several solutions — gift cards and cryptomate. However, in both cases, the process of buying wedged intermediaries.

Security

At the beginning of the crypto-currencies are not involved in criminal activity. But as soon as the market has grown and criminals have realized the benefits of a digital asset, Bitcoin often began to appear in the news about hacking attacks, as well as theft and money laundering.

In a traditional financial system transfer funds perform centralized structures. In the case that they can cancel the transaction. In the crypt of this responsibility lies with the user. If he sends bitcoins to the wrong address, his money will be lost.

Understanding

According Bitcoinist, about 38 percent of the UK population do not understand cryptocurrency. The majority of people believes that the crypt is a kind of tool for fraudsters, with the help of which they launder money.

Image source — Reddit

If you do not understand the basic principles of investing and trading, you will be hard to explain the concept of nominal value and scarcity of the asset. Moreover, cryptocurrencies require a fundamentally new approach to the understanding of financial transactions as such.

Your friends still don’t know what Bitcoin is? Invite them to join our cryptodatahere on the crypt can tell you a lot.

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