The crypto market, which was booming in 2017, has seen a major decline since then. BTC, the top crypto coin made many believe in the idea of decentralizing currency. Many tech enthusiasts flocked to the technology with a lot of hope. Those who invested in BTC early on saw their fortunes grow hundreds of times. However, for those who came late, there is nothing to write home about BTC. Today, the crypto world is in a bear market and according to a Forbes report; there are three causes of BTC’s failure to achieve mass adoption.
According to an expert, trust is one of the main reasons BTC has not achieved mass adoption. Most people do not understand how crypto works. Thus, they only understand the erratic price movements of BTC. The lack of knowledge plus wild price swings has led to a lack of trust about crypto adoption.
ICO Scams And Hacks
One other reason why the market sentiment is not negative is due to scams in the ICO market. According to the CEO of the PCG Advisory Group, the main issue for BTC’s mass adoption is that it is unfairly associated with ICO scams.
However, this fear of scam is somehow justifiable since crypto has not been able to escape hacks, which has added to the negative market sentiment. BTC has not been able to escape the various digital thefts of crypto that seem to occur all the time.
Another expert noted that it was rather difficult to hold onto BTC compared to fiat cash. The process of holding onto BTC entail holding onto the private key, setting up a node and being responsible if the private key is lost. Most people are not ready for that much commitment just for the ability to hold onto some cash.
Dealing With Crypto Exchanges
This is the third reason why BTC has not achieved mass adoption. A recent report found that from 2016 to 2018, the complaints related to crypto had risen by 17,000%. The main issue is how long it takes money to be delivered.
To ensure mass adoption of BTC, exchanges will need to make it easier to switch between BTC and fiat. Until this happens, most ordinary people will not change their view on BTC.
According to the CEO of Shakespay, people need to understand the inherent value of BTC as a permissionless type of money. They should not view it like any other speculative asset. Besides that, people need to learn how to take care of their private keys.
While the current bear market makes it hard to predict whether BTC will recover, a pump was seen on January 30 with the price rising by 1.16%. At the time, it had a market cap of about $60.9 billion. This is a huge drop from its high of December 2017, where it had a market cap in the hundreds of billions. However, some are still hopeful that one day BTC will achieve mass adoption and see its price grow back to its glory days.