What Would It Take for Bitcoin to Reach Mass Adoption?
Hi friends, Nowadays a lot of people holding Bitcoin and Investing here for future needs. Due to decentralised network, easy to buy and sell now a lot of people showing interest to invest or hold here.
On compare previous, now Bitcoin holders increasing day by day. Many countries have been exploring Bitcoin’s remarkable potentials, including quick, accessible, and cheaper payment systems, borderless money transfers, and more things attracting to invest here.
But still, for mass adoption of Bitcoin still facing some issues of Transaction fee and Time,lot of countries not accept crypto as a currency, need skills to use this system like major issues still having besides this now lot of people also interested to invest and use this technology for their needs. Due to this, we can see the Mass adoption of Bitcoin possible in a very short period.
The Bitcoin adoption rate in 2020
Now all most all people start using Digital payment services for their needs. Because of quick results and easy to use now all most all people start the digital transaction. From this Crypto become very popular, now day by day crypto investors also increasing.
Due to borderless transaction a lot of people using crypto services for money transaction. Already Top countries start their daily needs payments with crypto.
From this Nigeria, Vietnam, and South Africa, are in Top place along with some other countries like Pakistan they not accepting crypto.
Some busines platform already accepting crypto as payment for their services.
Major companies from entertainment and sports, automotive, food and beverages, technology, banking and finance, and other industries are starting to accept Bitcoin as payment for their products and services.
Using Bitcoin now we can buy pizza,luxury hotel bookings, and many more services available now.
There are also thousands of cryptocurrency exchanges and marketplaces already emerging crypto in online. This goes to show that there’s a big chunk of the world’s population that realizes the true power behind Bitcoin and giving most trustiness to investors.
Key drivers for Bitcoin’s mass adoption
Current adoption not giving needed mass adoption for Bitcoin. Along with we need some other steps for reaching mass adoption of Bitcoin. Now we discuss those key factors which we need for mass adoption.
1. Legal and regulatory concerns
This is the main issue for reaching mass adoption of Bitcoin.
Still a lot of Countries banning crypto in their countries. Due to this usage of Bitcoin reducing, a lot of people still think that it is illegal currency. For investing hear they getting fear, this is not a good thing.
All most All Country financial services are centralised, but coming to Bitcoin it is decentralised. That's why for understanding its usage a lot of Government getting issues. For lack of knowledge they not accepting crypto activities in their Country.
When it acceptable to all most all countries then mass adoption of Bitcoin is possible.
Countries like Estonia, Japan, Singapore, Germany, Switzerland, and the United Kingdom are just some of the many Bitcoin-friendly countries where people can freely hold and spend their BTC for their daily needs too.. But some other countries like Saudi Arabia, Qatar, and others that ban Bitcoin within their borders that's why people in their Country not possible to access crypto-related activities freely.
Using Bitcoin we can transfer money one person to another person, possible to buy or sell any goods through Bitcoin very easily that to a low transaction fee. Like those activities not possible with fiat, no one can say for sure whether or not this dominant cryptocurrency can or will replace government-issued money in the future.
For example for transfer bitcoin from one wallet to others wallet is cheaper and faster compared to fiat. Here we can transfer borderless without taking any permission but coming to fiat it's not possible.
But here due to baning of crypto in some countries these activities also limited.
Bitcoin is Completely work in a digital platform, we don't have any offline activities for this we need high-performance computers with good network connection, for mining, it consumes huge electricity also. That's why some countries not showing interest to accumulate this technology because they having huge issues with electricity problems already. For ser up Bitcoin mining it needs huge power it gives another burden to them. It is one of another reason for some countries not allowing Bitcoin in their Borders.
Another reason is for using this technology they need some skills. No persons not possible but or sell or hold Bitcoin easily, without proper knowledge, not possible access Bitcoin-related activities.
For this, we need a good network connection, with put internet not possible to access Bitcoin. It is one of the main reason for Bitcoin. Bitcoin access is not user friendly too, need some skills and knowledge for buying, selling here. Otherwise, we lose our all investments within a second.
This is another reason that faces Bitcoin to reach mass adoption.
This is one of the development we need in Bitcoin adoption. Still, now a lot of people don't know about Crypto. Some countries not accepting crypto in their borders, they treated as crypto is illegal money. We need to give more awareness through social media, word-of-mouth conversations like those activities we need to increase then only crypto reach to huge people.
Now using Smart Phones increased, all most all known about Youtube, Google-like that we need to give awareness for Bitcoin also.
How Google, YouTube and other social media reach huge people within short periods, like that we need to give awareness to people, then only it reaches to huge people then only possible huge investments here.
But still, Bitcoin has some limitations, but hope soon possible to reach good growth in this field too.
Due to technology development, a lot of usage of Smart Mobiles, cheaper rates of Network, social media growth all those factors indirectly supporting crypto field too.
In my opinion, within 5-10 years we see huge growth here, even bitcoin price also reach $40000 within 10 years. For investors investing in Gold, Fixed Deposits, Realestates, investing in Bitcoin is Good choice.
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