Bitcoin fails to reach the masses due to ICO scams, lack of public trust, say experts

The cryptocurrency market which was booming once has been seeing a tough time lately. Bitcoin, the topmost cryptocurrency made many believe in the concept of decentralized currency and the technology attracted many tech enthusiasts. However, those who invested in Bitcoin at the right time have turned their fate around. Today, Bitcoin too is surrounded by the bears and as per Forbes, there are three reasons for Bitcoin’s failure to reach the masses.

The experts told Forbes that one of these reasons is trust. Clement Thibault, Senior Analyst at investing.com said:

“The biggest problem, rather ironically is trust.”

He added:

“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 create a negative environment for adoption.”

Another reason for the market sentiment being skeptical for the topmost coin as per the publication could be the profile scams in the ICO markets. Jeff Ramson, founder and Chief Executive Officer of PCG Advisory Group said:

“Bitcoin’s biggest problem at this point is that the general public unfairly associates it with ICO scams”.

However, the fear is fair as digital currency cannot completely escape from hacks and this just adds to the market sentiment. Steve Russo, Executive VP Krypti, voiced a similar opinion to the publication when he said:

“Bitcoin is not able to escape the hacking and theft that continue to be on the rise, which seem to occur daily.”

Thibault opined on similar lines where he said that it is rather much harder to hold Bitcoins than it is to hold cash. Thibault added:

“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.”

The third reason discussed by the publication is of dealing with Bitcoin exchanges and switching back and forth between Bitcoin and cash. The publication took the help of LendEDU report where they analyzed virtual currency-related complaints in the CFPB’s Consumer Complaint Database from 2016 to 2018.

The report found a staggering 17,000% rise in virtual currency-related complaints about the 2016-2018 period, and the common complaint that has bugged many is with the timely receiving money when it was promised, as per Forbes.

Jean Amiouny, CEO of Shakepay, views “creating easy on and off ramps with fiat currency” as an important means in bringing Bitcoin to the masses.

According to Amiouny, until this is realized people shall change the way they view Bitcoin. He said:

“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. And people need to learn how to take responsibility for the private keys that control their Bitcoin

While the market is a difficult place to bet on the guaranteed recovery of Bitcoin, a sudden pump is seen in the market as of January 30, at the time of press. Bitcoin was valued at $3,482 with a market cap of $60.9 billion. The coin grew by 1.16% over the past day and noted a growth by 0.03% over the past hour.

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