Hindrances facing Bitcoin cash and other cryptocurrencies global adoption.

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3 years ago

The primary idea behind the creation of Bitcoin cash and other crypto currencies was to have a monetary system that truly gives the power of money to the people, a payment system that is completely own and operated by the people. Such a payment system that is completely devoid of central government and other middle interference would make the world a better place. However, as things stand presently it would be hard to say BCH or any other cryptocurrencies have atained the primary purpose of being invented. Several factors abound hindering the global adoption of BCH and other cryptocurrencies by extension.

The issues

1. Unstable value.

One of the major challenges facing global adoption of BCH and other crypto currencies is instability in value. The rapid fluctuation in value of BCH and other cryptocurrencies render them unhelpful for purchases and trade. When all activities is driven by speculation there is bound to be fear in the mind of investors, so not to lose their money. The basic requirement for any currency is stability and predictability in purchasing power. When this is unsure, adoption is slowed down.

2. No reversibility.

Anything that involves human must have an error, and the possibility of correcting such error can quickly be deployed. But with cryptocurrencies and BCH in this context errors in transactions are non revisable. Allowing transactions to be reversed will be of benefits to both buyers and sellers. Many people have lost their coins during transactions due to human errors, their experiences, when told easily discouraged others from getting involved with cryptocurrencies.

3. Security issue.

Transferring security to the currency owners doesn't seem to bond well in getting people to adopt the use of BCH and other crypto currencies. Leaving security solely in the hands of the currency holders makes them venerable to scam, theft and mistakes. The use of cryptographic keys or mnemonics make it more complicated to so many people. Knowing that loosing the private key means the Lost of ones funds serve as a barrier to unboarding many people. Cryptocurrencies wallet can be liken to a bank account, anytime an individual lost his account number he can simply recover it by visiting his bank. But with cryptocurrencies there is no agency to recover lost key to ones wallet.

4. No government regulations.

Until there is government regulations on the use of digital currencies it will remain an illegal dealings. Hate it or love it. governments still hold ultimate power in regulating currency transfers, financial transactions, investments, and their institutions. Any currency that attempts to bypass such regulations, including BCH, will face an uphill battle gaining mass adoption. BCH and other cryptocurrencies are still widely considered as illegal dealings in most part of the world. The only way to get global adoption would be when there is a government regulations allowing people to hold and use digital currencies.

5. Lack of useability.

Cryptocurrency is a brilliant solution to the problem of global payment system, directly supporting peer to peer payment across the globe. This idea would be concievable in a global market accepting digital currencies as payment for goods and services. A global market where individuals can buy and sell using BCH and other crypto currencies. The absence of this kind of global market hinders the use of cryptocurrencies. Question is, can we call BCH and other crypto currencies "MONEY" right now? Certainly not, because without an exchanger cryptocurrencies is worthless and useless.

BCH and other crypto currencies rate of useability is a major set back to getting global adoption. Until people are able to buy and sell using BCH in their locality adoption can be hard to get. Right now there are only a few business places around the world that accept crytocurrencies as means of payment for goods and services.

Conclusion

Given the circumstances facing global adoption of BCH, it is imperative for developers and technicians involved in BCH and other crypto currencies to look inward to device a robust way to scale above the challenges mitigating against global adoption. Such robust way that will provide stability to currency value and leave room for correcting human errors will go a long way to unboarding many people into the digital currencies world.

Security is one thing that is mostly considered for any financial transaction. Hence developers should find a way to create a feature that enables individual recover lost wallet in case of missing keys. Whether we like it or not, government must play a role in seeing the adoption of BCH globally. Not until we have a global community comprises of individual who has agreed to buy and sell using BCH as means of payment among themselves global useability of digital currencies can not be possible.

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3 years ago
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Comments

This really help a lot, thanks for this great information

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3 years ago

You are welcome, you can follow me to keep updated about bitcoin cash and other Crypto currencies issues.

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3 years ago

Cancelling transactions is no problem. Because transactions are received immediately by the recipient, he can transfer them back immediately. This is the same as cancelling.

I would name your points 3 differently.

  1. Height Responsibility of the user

    Cryptocurrencies have no security problem. On the contrary, they are much safer than normal money. But the user has much more responsibility in handling them.

BCH and other crypto currencies rate of useability is a major set back to getting global adoption

This sounds something like "adoption is low because the adoption is low". The snake eats its tail.

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3 years ago

You are speaking on a technical ground, but i must tell you that cancelling transaction is different from being reverse. A novice trying to receive BCH mistakingly provide a BTC wallet id, how can such transaction be cancelled, such is lost forever according to Crypto technicality.

Yes security isn't a problem in Crypto currencies, yet users responsibility in keeping it safe is more than an ordinary people can handle. Adoption is slow because useability is scared.

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3 years ago

A novice trying to receive BCH mistakingly provide a BTC wallet id, how can such transaction be cancelled, such is lost forever according to Crypto technicality.

No, isn't. Here you can read how to do it

https://support.bitpay.com/hc/en-us/articles/115005019583-How-Can-I-Recover-Bitcoin-Cash-BCH-from-My-Wallet-

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3 years ago

Thank you for this information provided by the link, this helps to broaden my knowledge about BCH technicality.

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3 years ago

The article talks about Copay Wallet, but it also works with bitcoin.com wallet

https://support.bitcoin.com/en/articles/3680104-i-accidentally-sent-bch-to-my-btc-wallet

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3 years ago

Yes these are some faulty points of cryptocurrency.

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3 years ago

nice article..well done

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3 years ago

Well composed article 👌 really educative and informative.

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3 years ago

Nice article loveu bro..

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3 years ago