If you have been following Bitcoin news today, then you will know that in recent years, Bitcoin has created a buzz among the crypto lovers. This popular cryptocurrency is credited with the Bitcoin millionaire list, which also includes Indian Bitcoin millionaire during its initial stages of growth. However, there are factors affecting the Bitcoin reaching to the masses. Moreover, many technological enthusiasts still consider being an exotic currency. The decentralized nature of the crypto coin has enchanted the early adopters.
Now, what are those factors that are causing hurdles in the way of Bitcoin to get connected with the masses? One of the major factors, to begin with, is trust. It is the main cause of barriers for Bitcoin. While doing Bitcoin discussion, it all revealed that the reason behind this fact is that many of the people are not aware of the digital currency. They only conception they have is its volatile movement of price. Not having much abreast with the concept adjoined with price swings leads to negative aspects for adoption.
Some other important major factors affecting Bitcoin reaching to masses include hacking. Bitcoin, no doubt is a big name in the new financial world. But it is somehow vulnerable to persisting thefts and hacking. Such factors instil much fear among the masses. People might found it interesting in knowing about how to invest in Bitcoin. But it is said that cash holding is much simpler to holding Bitcoin. A user is accountable for holding private keys and should be responsible for anything that goes wrong. Because of this, people become uncomfortable to agree to such conditions. Such a condition makes people flock on to fiat currencies.
Among the other important factors affecting the Bitcoin’s ability to reach the masses is the matter of Bitcoin exchanges and alternating between cash and Bitcoin. During the years (2016 to 2018) there have been many complaints regarding virtual currencies. The most common issue came to money receiving.
A CEO of a very popular crypto exchange agrees to this pivotal issue that brings problems in adoption for Bitcoin. This becomes the reason for the preference for fiat currency. But people just need to change their perception of digital currency. And besides this, they should understand the worth of Bitcoin as a currency where there is no need for permission from any central authority. Just like it made people becoming millionaires, similarly, it can also fetch positive results for you too. But the most important aspect is to be accountable for own private keys that supervise Bitcoin. However, it will be too early to speculate about Bitcoin warding off such barriers to connect with masses. But one of the main factors affecting Bitcoin’s mass connectivity is volatility in the crypto market.
Conclusion
It is no doubt that Bitcoin has created a buzz among people from all over the world. After its immense popularity, it paved the emergence of new cryptocurrencies, called as ‘altcoins’. However, many of these alternate currencies could not make up to taste success and crashed very shortly. But there are other altcoins that seem competitive enough to face Bitcoin. But the factors affecting Bitcoin’s mass connectivity must be resolved. There are people who are still not much aware of the digital currency. The only perception they had about is a volatile issue that brings unpredictable changes in the price. People must know about Bitcoin and the advantages it can provide to them.
