What Are the Obstacles in the Mass Adoption of Bitcoin?

You know, the invention of Bitcoin and blockchain technology had marked an important moment in our society because it was the first time a decentralized digital currency was created that became a strong competitor to fiat currencies and an alternative option for making online payments. 

Today there are many cryptocurrencies available on the market (over 4,000 have been developed after Bitcoin), and we can invest in them and use them for payment online. However, even though there is an increased interest in Bitcoin and other cryptocurrencies, globally, there isn’t a mass adoption of crypto. In this article, we explore the advantages of the mainstream adoption of Bitcoin and what are the current obstacles to mass adoption.  

Bitcoin Purchases 

The main advantage of Bitcoin owners is that there is an ever-rising number of companies that operate online and offline and are accepting BTC payments. So, you can easily use your BTC funds in everyday life to make purchases online and offline.  

Some of the most notable businesses that are accepting BTC payments are AT&T, Microsoft, KFC, Etsy, Twitch, OK Cupid, Norwegian Air, and many other companies.  Recently, Tesla has made a huge investment in BTC by investing 1.5 billion from its corporate cash in Bitcoin.  

This move has also triggered a lot of other companies to invest in Bitcoin. For example, MasterCard, Square, and even more brands are supporting BTC by accepting payments. Namely, PayPal has decided to accept BTC payment which undoubtedly is a huge step forward towards mass adoption of BTC. 

Investment in BTC 

The price of Bitcoin is still on an upward trend after halving in May 2020. Afterward, the price climbed to $9,999. Furthermore, the Bitcoin’s price rose steadily in 2020, reaching over $20,000 in December. Actually, the price grew over 224% from January 2020 to December 2002. What’s more, in January 2021, it exceeded $40,000 and set a new record in March with a price of over $60,000, resulting in a significant increase in the number of investors. 

Plus, online trading sites are very accessible, and you can invest in BTC on a reputable exchange site like Bitcoin Storm. The automated-trading system is based on AI-driven algorithms and blockchain technology to provide a seamless trading experience on all devices. 

Regulation of Crypto 

One of the major possible obstacles to adoption of cryptocurrencies and Bitcoin is their regulation by governments around the world. Although there is an increasing number of governments that are getting interested in Bitcoin are supporting the implementation of blockchain technology and, of course, BTC payments, there are some governments that want to support the development of their own cryptocurrencies. For example, China has announced that it is launching a digital version of its currency – the e-Yuan. But, otherwise, there are a lot of countries that are looking to make it easier for people and businesses to adopt cryptocurrencies. 

Lack of Knowledge About Bitcoin   

Even though Bitcoin has been part of the crypto market for over ten years, the general public is still getting acquainted with cryptocurrency and its benefits. For mass adoption to happen, it is required for the public to be familiar with Bitcoin, blockchain technology, and how it operates. 

Fortunately, we’ve seen that a lot more people are getting interested in BTC due to the last bull market phase that has put Bitcoin in the spotlight. Of course, the public support by brands like Tesla not only propelled the price to new heights, but had also made the general public aware of Bitcoin and its benefits. In the future, we expect more people to invest in BTC and support the mass adoption of cryptocurrencies.