2018’s bearish trends have been keeping potential investors away from cryptos, especially after the massive market fall at the end of the year.
Crypto experts have been saying that instead, 2019 will be the year of Bitcoin adoption.
Here are the main reasons that have been keeping crypto just around the corner from mainstream adoption.
Lack of trust
The lack of widespread use is due to three main factors, as Smartereum notes and the first one is obviously trust.
The Senior analyst at Investing.com, Clement Thibault, says the biggest problem is trust. He continues and says that “Most people don’t understand the digital currency and only see Bitcoin’s erratic price movement. A lack of understanding coupled with wild price swings creates a negative environment for adoption.”
The online publication also brings up the founder and CEO PCG Advisory Group, Jeff Ramson who stated, “Bitcoin’s biggest problem at this point is that the general public unfairly associates it with ICO scams.”
Hacks
This is the second factor that keeps adoption away. This also leads to the magnifying of fears of Bitcoin enthusiasts.
It’s true that holding Bitcoin is much more complicated than holding fiat currency because digital assets are more prone to hacks.
Bitcoin exchanges
Last but not least, Bitcoin exchanges also contribute to mass adoption being late.
CEO of Shakepay, Jean Amiouny believes that people should change their views on the digital asset.
He says, “People need to understand the value of Bitcoin as truly permissionless and sound money, more than simply as a speculative asset to ‘get rich quick…And people need to learn how to take responsibility for the private keys that control their bitcoin.”
But don’t worry as there are enough hints that Bitcoin is currently on the right track towards mainstream adoption.
There are enough viable catalysts that could trigger adoption rather sooner than later.
Bitcoin (BTC) adoption has been reportedly intensifying lately, and 2019 has just begun.
This is a great sign, and it comes to validate the 2018 predictions which were suggesting that we’ll probably witness mass adoption of Bitcoin and crypto this year.