Bitcoin has also come such a long way in the eight years or so that it has been around, but it also has a long road ahead to go until it becomes a commonly accepted means of payment for products and services.
Here are several of the greatest barriers to bitcoin’s widespread adoption, as well as what needs to happen with consumers to begin using digital money on a massive scale.
1. Unpredictability
Since its launch, Bitcoin has become very unpredictable, and the uncertainty isn’t slowing down; in particular, the value of a currency has more than increased since I published the article only about two months ago.
This climate has made bitcoin increasingly successful with speculators that purchase bitcoin in the hopes of seeing the price grow further, but it isn’t continuing to boost bitcoin’s currency popularity. E.g., if I intend to go on holiday in 2 months and choose to reserve $1 million in spending cash, check it out and you could see a rise or fall dramatically through the time I wanted if I store it in bitcoin. I assume that until bitcoin becomes broadly known as a currency, its price must become even more secure.
2. Usability
Buying, selling, and using bitcoin has become much simpler in recent years, but it is still not user-friendly enough to promote widespread acceptance. Currently, whether the ordinary user wishes to purchase bitcoin, he or she must first create an account with only a bitcoin exchange like Cryptocurrencies, either connect to a savings account (or a direct debit, which has a higher premium) and wait many months for such transaction to clear. I consider myself crypto-savvy, and I can purchase almost any commodity online with greater efficiency than I might, say, $200 with bitcoin.
3. Affirmation by People
Consumers could pay for purchases in bitcoin at several retailers, especially online, but the virtual currency is still far from being universally adopted. If Square or another large payment processing firm agrees to make things simple for merchants that use its hardware to embrace bitcoin payments, that might be a match for bitcoin’s public adoption.
4. Possibility of Fraud
There are security mechanisms in place that render bitcoin nearly impossible to hack, but wanting to take advantage of them necessitates a thorough understanding of how bitcoin functions and a considerable amount of effort on behalf of the consumer.
Although real bitcoin enthusiasts aren’t opposed to added security precautions, this illustrates the previously mentioned ease-of-use problem. And there’s still the risk of the cryptocurrency being stolen by using online bitcoin wallets. It has occurred before, and it will almost definitely happen again.
5. A Track Record of Illegal Conduct
Bitcoin was well, introduced and growth days, for its usage here on the Dark Web, profit operations, and the buying of illicit goods. It’s even logical. Bitcoin is the natural option for people who wanted to purchase narcotics, illegal guns, you name it since it was the last true anonymous payment method. Since it’s an online payment source, thoroughly resolving this issue would be challenging, if not impossible.
6. Transactions That Take So Long
The main issue that blockchain technology is dealing with is how long it takes for the infrastructure to accept bitcoin transactions. Businesses are unable to consider crypto tokens as a result of this.
When a request is handled on the internet, the possibility of a faulty transaction arises. The transaction cost tax charged to citizens who want their transactions validated first is the theory developed for delayed transactions.
7. There is Less Privacy
Another significant issue for bitcoin users is the loss of encryption. Users will migrate from bitcoin to these other currencies when each transaction is registered on a global public ledger and database.
People believe bitcoin because they’ve learned that it’s a remote device, which is fiction. However, the truth is very different, and consumers must be aware that although the bitcoin community is anonymous, it is not private.
8. Consumer Rights
The unpleasant truth is that Bitcoin offers little product security. A flawless transaction cannot be reversed. All that’s left after a collapsed exchange is to encourage the funds’ holder to return them willingly. This is owing to the reality that, unlike bank cards, there is also no central guarantor.
Bitcoin transfers are comparable to traditional cash transactions except that only human beings are involved. On the other hand, the irreversibility of purchases has no impact on the dangers of making an investment decision as a currency. The investor, on the other hand, must be informed of this danger.
