What Blockchain Barriers Are Causing Delays With Bitcoin And Lightning Network Adoption?
What Could Be Causing The Delay In The Adoption Of Bitcoin And The Lightning Network?
During the recently concluded 2019 MIT Bitcoin Expo, a few issues including the major reason for the delay in adoption, faced by Bitcoin, were discussed. The topic on delay was initiated by Marcin Jachymiak who is a moderator for the MIT Bitcoin Club.
What Really Is The Issue?
The main problem with adoption of Bitcoin and the Lightning Network in the western world is an entirely mental one and not as technical as some people might think. This opinion was shared by Jack Mallers, the inventor of the Zap wallet.
Mallers, who was the first panellist to discuss the issue noted that digital payments and QR codes are considerably ubiquitous in China but not very much so in the western world e.g., the United States.
According to Mallers:
“Here, I think there’s a serious mental barrier that needs to be broken down as far as people’s relationship with Bitcoin and the asset itself. They aren’t comfortable holding it. They don’t look at it as very useful. They look at it as highly speculative.”
He went on to note that if a Bitcoin ETF is approved, it could help many skeptics have a bit more faith with Bitcoin, especially if regulatory bodies get more interested and offer more lucidity.
“As this industry matures and our relationship with the asset matures, I think that’s a way taller obstacle than the technology itself. The technology itself is moving at a grossly rapid rate.”