The Truth is, Bitcoin May Take Some Time Before Going Mainstream

Bitcoin may take longer to reach mainstream adoption in the future. This is due to the fact that users would have to realize that Bitcoin has many different use cases and that not everything is related to being a commodity or an investment tool.

  • Investors need to understand that Bitcoin must be used in order to reach mainstream adoption
  • Bitcoin must move away from being a commodity

There have been many discussions on whether Bitcoin (BTC) is going to be reaching mainstream adoption in the near future. However, it may take some more time before virtual currencies reach a larger number of users around the world.

Will Bitcoin Reach Mainstream Adoption?

During the last years, the crypto community has been talking about institutions entering the cryptocurrency market. With their presence in the market, many enthusiasts expected the crypto market to become mainstream and reach a larger number of users from all over the world. However, crypto adoption is not taking place as fast as many would desire.

There are several institutions that have already entered the space and that are trying to increase crypto awareness with their products and services. For example, Fidelity Investments, one of the largest asset managers in the world, informed that they are testing a crypto trading platform for larger companies.

At the same time, another important company that is trying to offer solutions to institutions is the Intercontinental Exchange (ICE) through its Bakkt platform. On July 22nd, the firm launched a testing phase of its new project that aims at offering Bitcoin futures contracts to larger investors. The ICE is the parent company of the New York Stock Exchange (NYSE).

Although institutions can help Bitcoin price grow and give legitimacy to the market, they may not be able to increase crypto adoption.

One successful case of cryptocurrency adoption is related to Venezuela and how individuals in the country have been using the most popular digital asset to purchase goods and services. At the same time, due to hyperinflation in the country, Bitcoin could work as a store of value.

It is worth mentioning that Venezuelans didn’t have free access to a foreign currency which led to citizens paying higher prices for them in the black market. Although there were controls on the internet, Venezuelans were able to use Bitcoin and other digital assets in a real way rather than just speculation.

The number of Bitcoin ATMs around the world is also growing. According to CoinATMRadar, there are more than 5,200 ATMs in 77 countries. However, over 70% are located in just 2 countries, the United States and Canada. The remaining number of Bitcoin ATMs is located in other countries, but just a few of them are currently installed in developed countries.

In general, most of the ATMs are used by individuals that have no economic issues or that do not need virtual currencies as a tool to avoid economic problems, like in Venezuela. The number of ATMs should continue growing in countries in need where Bitcoin would make a clear difference. Nevertheless, these jurisdictions are usually very aggressive against crypto projects and companies. In India, a crypto ATM was installed and the government shut it down in just a few days.

There are also some companies such as Coinbase or Binance that are working in order to offer more services to increase crypto adoption. Although this is not an easy task, these efforts will clearly help the whole industry and they will allow new users to enter the space.

Binance is a clear example of offering services in countries that tend to be out of the radar of crypto companies. The firm is currently offering a fiat to crypto exchange in Uganda and they have plans to expand to other countries in the future.

Square Crypto, a recognized cryptocurrency user on Twitter, said that Bitcoin is going to go mainstream once the digital currency stops being a commodity and it starts being a necessity for users around the world.

Meanwhile, Samson Mow, the CEO of Blockstream, said that there are just users and as a store of value, Bitcoin is not going mainstream. He compared it to gold and how it didn’t go mainstream.

Furthermore, Mow said that layer 2 technology, including the Lightning Network (LN) is what will make Bitcoin mainstream in the future. With the Lightning network, it will be possible for firms and users to start sending and receiving payments in BTC in a fast and easy way.

At the time of writing this article, Bitcoin is being traded around $10,000 and it has a market capitalization of $178.54 billion according to data provided by CoinMarketCap.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,428FansLike
2,795FollowersFollow
4,177FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May

Bitcoin price has yet again taken a dive to $8,800, recording a drop of 4%. Meanwhile, Network Demand Score which is a metric incorporating network...

Ledger and Trezor Crypto Wallets Dismiss ‘Rumored’ Hack Through a Shopify Exploit

A hacker has allegedly compromised the databases of Ledger, Trezor, Keepkey and Shapeshift hard wallets in a Shopify exploit. These storages are considered to...

Tulip Trust Addresses are Used by Someone to Sign “Craig Wright is a Liar and a Fraud”

Some of the addresses that Craig Wright, who claims himself to be the pseudo-anonymous bitcoin creator Satoshi Nakamoto, has filed in the ongoing court...

Bitcoin Market Outlook: A Long Game Looking Bearish in the Short Term

Last week, the price of bitcoin dropped below $9,000 and has been trading under $9,300 throughout the week. On the weekend, we yet again dropped...

Institutional Investors Are Scooping Up All the Newly Minted BTC, Leaving Not Much Left to Buy

Over the last three months, Grayscale Investments bought up to 33% of all newly minted bitcoin. The asset manager continues to stockpile the world’s leading...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today