The Key Issue That’s Preventing Bitcoin from Going Mainstream is “Not Technical”

By Kapil Gauhar

The key snags with further adoption of Bitcoin and the Lightning Network were talked about amid a panel discussion at the 2019 MIT Bitcoin Expo. This topic was initially raised by mediator Marcin Jachymiak of the MIT Bitcoin Club.

The Main Issue is Not Technical, But Mental

Jack Mallers, who is the maker of the Zap wallet, was the main panellist to share his contemplations on the issue, taking note of the issues with adoption, which are more mental than technical. While China is extremely acquainted with QR codes and digital payments, the same isn’t valid in places like the United States.

Mallers said –

“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.”

Mallers included that it’s conceivable that the approval of a Bitcoin ETF and further regulatory clarity may be useful in getting individuals progressively alright with this new asset.

Mallers said –

“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.”

The Lindy Effect

Pierre Rochard, the founder of Lightning Power Users, agreed with Mallers’ assessment.

Rochard said –

“To me, the most important variable in that is just time. The longer bitcoin is around coming out every ten minutes with a new block and just working reinforces the psychological aspect, this thing is going to be around tomorrow, [and] it’s okay for me to hold it and use it today.”

Rochard, with these comments, was mainly describing the Lindy effect.

Justin Moon, the BUIDL Bootcamp Instructor, added –

“Most people take it seriously like the 3rd time they hear it didn’t die or something. Most people don’t take it seriously the first time, nor should they because there are so many different things to evaluate in your daily life. There’s just not – you don’t have the capacity.”

Rochard compared this wonder with the promoting business where consumers should be presented to an advertisement several times before it affects them.

Moon, on the matter of why it is taking too long for Bitcoin to take over the world, added –

“To me – and this is why I do what I do – I think it’s a large education. People just didn’t understand it. They didn’t understand why it’s valuable. They didn’t understand how to use it. And so, I think we just need a lot more [education].”

However, Moon clarified that it’s also possible that Bitcoin is simply not a good idea. We don’t know that yet.