Cryptocurrency analysts have spoken out about why they feel that Bitcoin needs an image change before it can become accepted by the masses as a viable alternative to fiat currency.
Clement Thibault, Senior Analyst at Investing.com sees trust as the biggest problem: “Most people don’t understand the digital currency and only see Bitcoin’s erratic price movement. A lack of understanding coupled with wild price swings creates a negative environment for adoption.”
High profile hackings around the world and negative news stories often covering the latest scam have not helped Bitcoin’s image either, according to Jeff Ramson, founder and CEO PCG Advisory Group. He says, “Bitcoin’s biggest problem at this point is that the general public unfairly associates it with ICO scams.”
According to Krypti’s Steve Russo, hack thefts that continue to be on the rise and “seem to occur daily” also help magnify fears. Russo believes this to be unnecessary, however, since given the volume of transactions, this activity is still quite infrequent and the technology is still in its infancy in terms of a new universal monetary system.
Thibault cites difficulties in using Bitcoin as a contributing factor to its slow uptake. He claims that for many, it is more complicated than simply holding cash: “You’d need to set up a node, hold your private keys and be entirely responsible for anything that goes wrong. Most people just aren’t ready for this kind of commitment and the comfort of fiat money suits them well, as imperfect as it may be.”
Jean Amiouny, CEO of Shakepay, claims that exchanges need to be easier for people to use which is borne out by a recent LendEDU report which covered virtual currency-related complaints in the CFPB’s Consumer Complaint Database from 2016 to 2018. The report noted a 17,000% spike in crypto-related complaints over the two-year period. 35% of complaints were related to late receipt of funds.
“People need to understand the value of Bitcoin as a truly permissionless and sound money, more than simply as a speculative asset to ‘get rich quick,” he says. “And people need to learn how to take responsibility for the private keys that control their Bitcoin.”
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