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Discussion on: What is holding back cryptocurrencies?

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Dan Fockler

I think one aspect is cultural and the other aspect is technical.

The cultural aspect is that Bitcoin and Digital Currency is portrayed as nefarious underground currency used by criminals or as something that tech bros talk about in relation to their investments. All the scammy ICOs in the past couple of years didn't help on that front. Some of the big hacking stories didn't help either or the fracturing of the currency communities themselves.

The technical side is that what a normal person wants is a fast transaction at most businesses they go to. With fraud protection and customer support, credit cards already do this pretty well. Most businesses support credit card transactions, and those transactions are processed quickly.

From what I've read digital currencies haven't solved the problem of fast transactions or the security issues. So what do they provide that a lay person or the business owner would want? The only real edge they have is privacy and lower transaction fees. You need both a critical mass of businesses and customers in order to get things going, and digital currencies don't have that.