Categories: CryptoNews

What’s Holding Up the Global Adoption of Bitcoin?

Ever since Bitcoin was released as open-source software in 2009, it’s been held up as being the revolutionary cryptocurrency that’s going to overthrow the tyranny of big banks, multinational corporations, and government institutions. But whilst March 2017 was a landmark month for the cryptocurrency as it was the first time that a single Bitcoin became more valuable than an ounce of gold, it is still viewed with suspicion by many individuals and businesses. So what are the reasons holding up the more widespread use of Bitcoin?

Negative perceptions

Since Bitcoin operates as a decentralized currency away from the controls of banks and governments, it’s often been the victim of negative press. Whilst articles from

Vice that aim to show how it can be used for relatively normal purposes may be well-meaning, they still tend to feature the cryptocurrency against a backdrop of black market mechanisms.

It’s this perception that Bitcoin is primarily used on the Dark Web that compounds the perception that it is mainly used for drug trafficking and the sex trade, and until that changes, the Bitcoin symbol is unlikely to appear on our supermarket checkouts.

Price volatility

2016 was a year where the majority of the world’s currencies had a fairly unstable time. But such jitters are nothing compared to the renowned volatility of Bitcoin, and whilst this can create impressive speculative opportunities, it makes it less attractive for businesses.

Although over 100,000 merchants from Microsoft to Expedia facilitate Bitcoin transactions, these examples aren’t the norm. With UK casino gaming sites like

Related Post
LadyLucks preferring to use tried and tested payment systems such as PayPal, Visa and MasterCard, it shows how far Bitcoin has to go. But with other gaming providers like Steam starting to accept Bitcoin, it shows that the situation could be changing.

Hacking issues

Most of the times that Bitcoin comes to the attention of the mainstream press, is when it get hits by a hacking scandal. Just last summer, Bloomberg reported how hackers stole $65 million of the cryptocurrency through a security breach at the Hong Kong-based exchange, Bitfinex.

Although all digital currencies can be prone to hacking activity, it seems that Bitcoin has been repeatedly targeted by cybercriminals. And with The Verge posting articles boasting about how easy it is to override Bitcoin’s security, it seems like the cryptocurrency is seen as something of a soft target.

But with even fast food outlets like Subway joining the Bitcoin community, it could be only a matter of time before more online retailers and UK casinos join the cryptocurrency revolution.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

Image Source: 1

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Web3Bay, Solana & Tron: Leading the Utility Coin Revolution

The Next Big Crypto Projects: Why You Should Add Web3Bay, Solana, & Tron to Your…

10 mins ago

Last Chance Alert: Join the Best Crypto Presale Now for Top 7 Trending Cryptos

Imagine securing a stake in the next big cryptocurrency before it skyrockets. A chance investors…

50 mins ago

Remittix (RTX) Set To Surpass Ripple (XRP) In 2025 With The Dawn Of PayFi—5000% Rally Expected

Ripple (XRP) has certainly been around the crypto market long enough for anyone to have…

55 mins ago

What Are the Top Decentralized Crypto Wallets for This Year?

Master Your Crypto Portfolio: Leading Decentralized Wallets for Maximum Control & Earnings in 2025 With…

1 hour ago

Lethal Bearish Attack Heavily Dumps WIF & SHIB Prices; DTX Exchange Accumulation Soars

The crypto market is typical of sudden changes in fortune and price drops. That has…

2 hours ago

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

13 hours ago