Why Is Bitcoin Not a Mainstream Currency?

As a Bitcoin investor or trader, you hope that your investment will pay off one day. Since its inception, this digital currency has endured many ups and downs. And this has prompted many people to question its long-term viability. Will Bitcoin acquire mainstream adoption or eventually die?

So far, some platforms that people use to purchase and sell Bitcoin and other digital currencies have gone public on the stock market. And this is a milestone for the crypto industry because it indicates the increasingly significant role digital currencies play in the mainstream economy.

In their most straightforward terms, cryptocurrencies are digital monies. That’s because people use them to purchase things online and locally, the same way they use credit cards. However, Bitcoin differs from conventional payment methods in fundamental ways. For instance, no government issues this digital currency. It’s also decentralized, meaning thousands of computers share information about Bitcoin worldwide instead of a single network like a database for a credit card.

Many Bitcoin enthusiasts believe that this virtual currency will eventually replace fiat currencies and become a dominant method for paying for items and services. Currently, people use platforms like http://yuan-paygroup.com to purchase this virtual currency using fiat money. After buying Bitcoin, people use it to pay for services and items around the world. That’s because Bitcoin is virtual and accessible from any location, anytime. What’s more, some people use it as an investment, hoping to earn enormous returns once Bitcoin acquires mainstream adoption. But why is this not happening? Here are possible reasons.

Some People Don’t Take Bitcoin Seriously

While people have bought, used, and stored Bitcoin for over a decade, some don’t take this digital currency seriously. Essentially, some individuals think about Bitcoin when they hear others talk about it. Others take it seriously when its skyrocketing prices hit the news headlines. And that’s when they start wondering why it hasn’t disappeared or died yet.

Ideally, most people don’t take Bitcoin seriously upon hearing about it for the first time because they don’t believe in a currency without the backing of a government or a central bank. What’s more, some individuals are yet to understand blockchain technology and its potential. Thus, they are uncertain about the ability of this virtual currency to impact the world significantly.

Bitcoin Solves Too Narrow Problems

In most cases, people consider the problems that new technology can solve. So, the question that some individuals and companies ask is about the issues that Bitcoin can solve. While this cryptocurrency solves some problems, they are too narrow to take them seriously. Ideally, Bitcoin allows individuals to transact anonymously online. Perhaps, that’s the primary advantage of Bitcoin over traditional payment methods like PayPal and ACH transfer.

What’s more, Bitcoin is convenient compared to traditional cash. That’s because nobody will know that you’ve completed a Bitcoin transaction unless you inform them. But the fact that you can’t reverse a Bitcoin transaction makes some people wary about it. What’s more, you have nobody to report to if somebody hacks your crypto wallet and steals your funds.

At the same time, some individuals don’t want Bitcoin because people associate it with the black market. For instance, some people think that this virtual currency is the best friend for ransomware perpetrators. Ideally, ransomware victims pay with Bitcoin. What’s more, some drug sites receive payments for their products in cryptocurrency on the dark web.

In addition to these reasons, the lack of governments’ and central banks’ support hinders Bitcoin from acquiring mainstream adoption. Some people think that Bitcoin won’t go anywhere because governments won’t allow it to deprive them of their control of the current monetary systems. Additionally, some people might use Bitcoin to evade taxation. Consequently, some governments will ban or crackdown on Bitcoin and other digital currencies.