Challenges in Bitcoin adoption.

[Ahmedo24]

Cryptocurrency to an extent has come to stay as most of us are clamoring for the use of cryptocurrencies for local and international transactions, possibly adopting it as legal tender, this might be connected to the fact that most of us has seen the opportunities and financial liberation.

It's also very important we identify the likely challenges countries or companies could face using cryptocurrencies as legal tender or for cross border transactions and possibly proffer solutions to them as a proactive measures since El-Salvador has already adopted the use of bitcoin precisely as legal tender and they are working very hard and smart to make the adoption a smooth one.
It will be nice if careful observations and like challenges are identify with suggested solutions from you guys.

 

[Josemendez]

The main problems facing not just Bitcoin but cryptocurrency adoption is the fact that they are decentralized and thus government won't want to adopt something they do not have control over.

Secondly , they are annoymous in nature. Cryptocurrency is currently used to sponsor terrorist activities , money laundering , etc. All these pose threat to countries that have adopted it.

Thirdly , it's volatility . Cryptocurrency is volatile to be a legal tender.

 

[Ahmedo24]

I think the first two points you mentioned are very very important and if the two of them can be minimised or eradicated I think to an extent volatility won't be a problem because when huge number of people are holding Bitcoin and other cryptocurrencies that is a possibility that the volatility won't be that very high. Government can actively make money from regulations and forget about control.

 

[sincerem]

The challenges we are facing now around Cryptocurrency is making the prices of the coins to be on the tolling, but no withstanding the coins won't be thrown away with the few countries still seeing as a doubt to improve countries economy, cos they failed to control it the best they could. Thanks to its anonymous developers for backing it up to this day not to be evaporated by its haters.

 

[Challenge.Gives]

@Josemendez, the point you make of cryptocurrencies being used to sponsor terrorist activities is not a valid one in my opinion. Real Money, with the help of banks, is used far more to sponsor terrorist activities, money laundering, and so much more good and bad.
@sincerem, the market is nothing more than manipulation, again it's my belief that cryptocurrencies, especially those like BTC, ETH, LTC, BCH, Dodge, & many others are here to stay, at least a while longer, therefore there is still a lot of opportunities to profit from them.

it's a risk, but so is the school system, a lot of students get in debt, and many years after graduating still can't find jobs for their degrees.

 

[Sherman198]

Bitcoin and the other Alt coins have been facing a lot of problems lately. Different issues have been surging lately that forces Bitcoin in bear run. The government has been making several laws inorder to ban the coin but with big goons

 

[Sherman198]

Bitcoin and the other Alt coins have been facing a lot of problems lately. Different issues have been surging lately that forces Bitcoin in bear run. The government has been making several laws inorder to ban the coin but with big goons

 

[sincerem]

Bitcoin and the other Alt coins have been facing a lot of problems lately. Different issues have been surging lately that forces Bitcoin in bear run. The government has been making several laws inorder to ban the coin but with big goons

Different issues have affected BTC and other altcoins cos of country's lawmakers especially the government who isn't satisfied about the progress made by the coin's developers. Since they can't control the coins they just develop the intention of hating this coins cos of its anonymous nature. But no matter what they treat Cryptocurrency it can't go off cos the foundation is strong.

 

[Sherman198]

Different issues have affected BTC and other altcoins cos of country's lawmakers especially the government who isn't satisfied about the progress made by the coin's developers. Since they can't control the coins they just develop the intention of hating this coins cos of its anonymous nature. But no matter what they treat Cryptocurrency it can't go off cos the foundation is strong.

Definitely it's foundation is very solid....It's something that can't be uprooted just like that. Even with the consensus of the powerful countries, it will still stand. But I fear for some of the Alt coins. Some of them may not stay to face the test of time. As we are having so many enemies standing against Bitcoin.

 

[sincerem]

Definitely it's foundation is very solid....It's something that can't be uprooted just like that. Even with the consensus of the powerful countries, it will still stand. But I fear for some of the Alt coins. Some of them may not stay to face the test of time. As we are having so many enemies standing against Bitcoin.

Those altcoins that have gained ground can't be pushed around that will make them switch off. The coins i know that will be heavily affected which might make them go off is the privacy coins, and those Defi coins that is still languishing on the lower end of the crypto table. BTC, ETH, LTC, BCH etc, will stay on for many years.

 

[Lens1000]

There are lots of speculations around bitcoin adoption. When the bitcoin disbelievers saw that the odd that the coin will fail become slimmer, they had no choice but to come to terms with it. There are speculations of different version on the power consumption of the coin but all are falsified. Bitcoin has a lot of enemies

 

[Ahmedo24]

@Josemendez, the point you make of cryptocurrencies being used to sponsor terrorist activities is not a valid one in my opinion. Real Money, with the help of banks, is used far more to sponsor terrorist activities, money laundering, and so much more good and bad.
@sincerem, the market is nothing more than manipulation, again it's my belief that cryptocurrencies, especially those like BTC, ETH, LTC, BCH, Dodge, & many others are here to stay, at least a while longer, therefore there is still a lot of opportunities to profit from them.

it's a risk, but so is the school system, a lot of students get in debt, and many years after graduating still can't find jobs for their degrees.

@Josemendez , has a very strong opinion as regard cryptocurrencies being used to sponsor terrorist because it was one of the valid point or strong point rather that my country hold against the activities of cryptocurrencies which eventually leads to baning of cryptocurrency transactions with the local Banks, you're also very correct that even the Fiat currencies are used to sponsor terrorist but you know a lot of government are not really comfortable with cryptocurrency so they're always looking for slightest reasons to ban it.