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The Barriers To BCH Mass Adoptions

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Written by   91
4 months ago

When it comes to the issue of what is holding back the mass adoptions of BCH, lots of salient factors play significant negative roles in answering this particular question.

Among the factors, the cogent ones are highlighted as follows:

Usability Limitation

There are not many traditional retail businesses that accept BCH as a payment option, they accept fiat currencies which is their status quo in lieu.

Accessibility

While the above mentioned issue is quite important to enable the BCH holders use and transact with it conveniently, the masses must actually have the easiest ways to access BCH in the first place. Accessibility to BCH worldwide is still lopsided.

Fear

The 2017 bull market in cryptocurrencies brought many interested new retail investors into the market, hopping to profit off of the price bullish at the end of the year.

The ATH of BTC was $20,000 and that of BCH was $3,785.82 as of December 2017.

Many investors mortgaged their houses and invested in cryptocurrencies during the peak of the hysteria, only to experienced significant losses of over 50% during the 2018's bearish market.

It is these series of losses and the very real volatility allied with it that instill fear among potentially new BCH investors and distract them from giving it a try.

To be clear enough, it is not just volatility that instill so much fear, but negative volatility. This makes retail investors lose significant amount of money quickly.

Almost all investments have some degree of risk and volatility, but that of cryptocurrency is huge and nothing significant has been done to salvage the retail masses from this concern.

Another aspects of fear in consideration are exchange thefts, scam ICOs and lack of regulatory clarity. All of these negative factors hinder potential new investors from adopting BCH.

Confusion

It is relative that every industry would have challenges educating the masses about its advantages, the learning curves for cryptocurrencies are particularly steep due to their technical jargons. The cryptocurrency market is currently immature and inefficient to educate new investors thoroughly. Those who we regard as "experts and gurus" in this field have no total solutions regarding the simplicity of educating potential new investors. Invariably, BCH is at the receiving end of this impotency and lacuna.

To achieve mass adoptions for BCH and sustain it, the cryptocurrency industry and market must fill those lacunas with reasonable and lasting solutions.

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Written by   91
4 months ago
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Comments

BCH is a great crypto, but there are a lot of people who really afraid of taking risk. You cited to your article the exact reaskn why having a mass adoption will be a little challenging.

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4 months ago

Your comment is very appreciated. The cryptocurrency industry is evolving at a slow rate due to fear of losing money by potential adopters. Many big investors still see cryptocurrency as scam. Terrible!

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4 months ago

Unfortunately when there are profits, there are scams, also.. So, by my opinion, the best way to adopt BCH - and all cryptos, really - is by knowledge. After that, many merchants would accept them. Many human will accept them, as a mean to pay. Your article is great and identifying the biggest enemy of cryptos and this is fear..

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4 months ago

The majority of people don't care about crypto. "Mass adoption" will only come when they have a reason to use the technology. Otherwise why bother.

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4 months ago