Regardless of the cycles its price is in, Bitcoin continues to see its adoption grow. While Bitcoin reached 100 million users in September 2020, there will now be around 219 million Bitcoin users by the end of 2022.
These numbers show that more and more people are interested in Bitcoin despite the lies of the powerful people at the head of the current system who are trying, by all means, to discourage the general public from discovering the disturbing truth about the current system.
Because once you understand that the current system is flawed and not fixable, the chances are immense that you will end up looking for an alternative system that is more protective of your interests. And that's where Bitcoin will sooner or later become obvious.
With 219 million users at the end of 2022, Bitcoin is still on track to reach the goal of 1 billion users by 2030 as I detail in my book “The Truth About Bitcoin”:
However, while the signs of the absolute necessity of Bitcoin in many emerging countries are multiplying, let's not fool ourselves: the victory of the Bitcoin revolution is still far from being achieved.
As powerful and liberating as it may be, a monetary revolution like Bitcoin can fail if the general public doesn't take it up. It would be a pity if people missed such a revolution and woke up too late stuck in a world of the future where cash will have disappeared and where CBDCs will allow governments to impose on us a society of mass surveillance which I don't think anyone wants.
It is therefore essential to consider what barriers remain for the mass adoption of Bitcoin to occur, and more importantly, what the potential solutions might be.
So I propose here to detail the 5 biggest barriers to the mass adoption of Bitcoin that I currently perceive. If you see others, please use the comments to engage in further discussion on the subject.
Bitcoin’s complexity
The topic of Bitcoin's complexity comes up again and again for a long time. I find that the user experience is getting better and better. To be honest, I don't even find using Bitcoin to be a complex thing. But since I am a developer who is attracted to new technologies, my perception of the complexity of Bitcoin is certainly biased.
If the general public perceives Bitcoin, but especially its use, as complex, then the general public is right. There is no need to go against the general feeling. Instead, we need to rise to the challenge and continue to improve the user experience of Bitcoin.
Something that comes up a lot is the need to stop letting the general public manipulate Bitcoin Blockchain addresses when making transactions. This is something that creates a certain fear: the fear of a wrong entry and losing money.
To make Bitcoin even easier to use, we need to hide the underlying complexity and find an even simpler way to transact on the Bitcoin network. Adopt something similar to email addresses that hide everything that goes on behind them, and allow the general public to easily communicate asynchronously via the Internet.
The solution here lies in the camp of developers and startup founders who will continue to seek and offer better solutions in this area of user experience in the future. In parallel with these more optimized technological solutions that will be proposed, a lot of education work will have to be done. Knowledge is the key to the future success of the Bitcoin revolution.
The misperception of what Bitcoin is
The general public does not perceive Bitcoin as it should. The fault lies with all those who push the anti-Bitcoin narrative of the powerful people at the head of the current monetary and financial system. There is nothing dangerous about Bitcoin as these powerful people would have us believe.
Quite the contrary, since Bitcoin is a unique opportunity to be seized. Bitcoin is there to give you back the power over the fruits of your labor by protecting you from inflation and censorship. Bitcoin is all about power, not just money. But unfortunately, only a tiny minority of those who own Bitcoin understand this.
In my opinion, the solution to this problem again lies in education. As Bitcoiners, our responsibility is to help as many people as possible to understand what Bitcoin is and how it addresses the flaws of the current system. But also to show that Bitcoin is already helping to build a better world around the world by representing a plan A for all those who suffer most from the flaws of the current system.
Cryptocurrencies
This is a barrier to Bitcoin mass adoption that was suggested to me by some readers with whom I was able to exchange emails. And indeed, it's pretty well thought out. If Bitcoin is the gateway to the cryptocurrency world, some people end up losing sight of the real signal given the plethora of cryptocurrencies available: over 22,000!
Most importantly, while Bitcoiners keep repeating that Bitcoin is not there to make you rich, but rather to keep you from slowly becoming poor within the current system, some end up being tempted by the more enticing lies of cryptocurrency promoters.
Humans' natural inclination for greed goes a long way in helping the promoters of these cryptocurrencies turn you away from Bitcoin. It wouldn't be a big deal if it didn't almost always end in a loss of money and especially time.
The key here again is education. Education to understand this fundamental truth:
Bitcoin != Crypto
Bitcoin is a separate species. Bitcoin is a unit of wealth that gives you power back and will still be there in the future. Cryptocurrencies can make you money just like playing roulette at the casino, but in the grand scheme of things, it is not a viable investment for your future.
I talk about this in a passage with a telling title in “The Truth About Bitcoin”: Buying Bitcoin is Saving, Buying Altcoins is Gambling.
The volatility of the Bitcoin price
Bitcoin's volatility is a feature, not a bug. It is natural because Bitcoin is a free market where every user can always find the equilibrium price. Under these conditions, it is to be expected that the price can fall by more than 20% in a few hours when fear grips the market, or rise by 20% in a few hours when euphoria grips the market.
Those who have understood the reason for Bitcoin know that this only has a short-term impact. In the long run, you can simply take a Buy and HODL approach to protect yourself from it.
However, too few people are still able to do this. A lot of the education I mentioned earlier will solve part of this problem. The other part will be solved by the LN which will allow instant payments with conversion into fiat currency to be sure to have the fiat money corresponding to the goods or products sold.
Finally, it is time that will make a difference. As Bitcoin's market cap increases in the future, the volatility of its price will fade. Moreover, when Bitcoin becomes a unit of account, this problem will be completely solved. However, it will still be some time before we fully complete Phase 3 of Bitcoin's mass adoption.
But as I frequently tell you, time is on Bitcoin's side. The flaws in the current system keep being exposed as Bitcoiners have long predicted, and this will increase the interest of the general public in taking back control of their lives.
This is why we must constantly help educate the general public about Bitcoin. The success of the Bitcoin revolution also depends on this daily work.
Scalability
Too many people continue to criticize the scalability of the Bitcoin network, saying that it could never be used as a means of payment in everyday life. Well, they are right about one thing at least. The Bitcoin network is not intended to be used as a means of payment for everyday life.
Think of the Bitcoin network as a central bank. Exchanges will occur from time to time with nodes in the Lightning Network (LN), which is a layer-2 solution built on top of the Bitcoin Blockchain. Opening and closing channels on the LN will not require the same speed as everyday payments.
On the LN, payments are instantaneous and ultra-low-cost. Ideal for everyday micropayments. That's why LN is the future of Bitcoin in terms of its adoption as an everyday payment method around the world.
The good news is that LN's growth has been exponential in recent months and will continue to accelerate. Time will do the rest here.
Don't take for granted the word of Bitcoiners who tell you that Bitcoin is an incredible monetary revolution, but verify it for yourself by developing the knowledge to build your truth about Bitcoin.
That's what I suggest you do in the book “The Truth About Bitcoin: Everything you need to build your truth about Bitcoin and stop trusting others without verifying.”
The book is available on various platforms:
- On Amazon in print format: 630 pages
- On Amazon in Kindle format: 543 pages
- On Gumroad in PDF format: 475 pages
- In P2P mode in PDF format or EPUB format with payment in BTC: contact me by email at sylvain.saurel@gmail.com
Plus
Subscribe to In Bitcoin We Trust Newsletter
By Sylvain Saurel
Everything you need to follow the Bitcoin revolution block by block.
Sylvain Saurel
