Three Main Obstacles Are In The Way Of Bitcoin Mass Adoption
After the bearish 2018, crypto experts have been genuinely positive regarding 2019, and they are expecting this to be the year for mainstream adoption for Bitcoin and crypto.
Despite the fact that there are numerous signs that the whole crypto space is indeed moving ion the right direction to reach mainstream adoption there are still a few obstacles which make things a bit more challenging to achieve.
Lack of trust/more precise regulation
Smartereum recently wrote that they believe the main factor that stands in the way of adoption is still the lack of faith among investors.
After the bearish 2018, a year which saw the market fall really hard towards the end, it’s no wonder that investors are thinking twice these days.
And there’s more to this because it’s not only about the volatility of the prices.
The online publication brings up the senior analyst at Investing.com, Clement Thibault, who says the biggest problem is trust.
He continues and says that “Most people don’t understand the digital currency and only see Bitcoin’s erratic price movement. A lack of understanding coupled with wild price swings creates a negative environment for adoption.”
Smartereum also mentions the founder and CEO PCG Advisory Group, Jeff Ramson who stated, “Bitcoin’s biggest problem at this point is that the general public unfairly associates it with ICO scams.”
More precise regulation would definitely help as well in making crypto seem more legit.
This factor is strongly related to the first one because definitely crypto enthusiasts have magnified fears due to the massive amount of hacks in the crypto space.
Holding Bitcoin is much more complicated than holding fiat currencies because we all know that digital assets are more prone to hacks.
This is another factor that contributes to mass adoption being late, according to the same online publication.
CEO of Shakepay, Jean Amiouny believes that people should change their views on the digital asset.
He says, “People need to understand the value of Bitcoin as truly permissionless and sound money, more than simply as a speculative asset to ‘get rich quick…And people need to learn how to take responsibility for the private keys that control their bitcoin.”
The crypto space, on the right track to mass adoption
Despite all these factors that are in the way of adoption, the crypto space is on the right track to achieving it.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.