Many cryptocurrencies have been developed after the invention of bitcoin, but it is one of the most demanded and appreciated crypto assets. Crypto enthusiasts appreciate both bitcoin and blockchain, and this has inspired a lot of developers to invest time and efforts in developing a cryptocurrency like bitcoin. The bitcoin market is unstable and highly unpredictable, but the rise in bitcoin’s value has pleased investors and attracted them towards the mining process. To understand more about this digital currency, search bitcoin circuit, and learn about it for trading.
The increasing popularity and value of bitcoin have attracted investors and traders, and undoubtedly businesses and agencies have started accepting bitcoin as a medium of exchange. Still, there are some of the challenges that the bitcoin community needs to overcome, which are as follows:
List of Challenges that must be overcome includes:
Less supportive mobile platform
Undoubtedly many businesses and agencies have started supporting bitcoins, but it is quite shocking to see that the tech-giants companies still do not support bitcoin on mobile platforms. In fact, tech giants like Google and Apply are deciding to ban a bitcoin wallet’s applications on their App Store. Even after knowing that tech-giants are not supporting bitcoins, some developers are still creating bitcoin wallet applications and harming the economic ecosystem.
The popular and well-renowned companies are not participating in deals of bitcoin. They are a helping hand for the government as they are using their powers in not regulating bitcoin by not providing them a platform. This is quite a challenge for bitcoin users because bitcoin is an outstanding payment method that allows fast and easy transactions. It allows users to easily send and receive bitcoin using mobile wallets instead of going to bank accounts to carry out the transactions.
Dawdling Transactions
The biggest challenge that the bitcoin network is facing is the long time that is taken by the system to process the bitcoin transactions. This prevents businesses from accepting crypto tokens. The challenge of dawdling transaction occurs when the transaction is processed on the blockchain. The average time that a bitcoin transaction takes to get verified is around 43 minutes. The main reason behind the dawdling transactions is the transaction cost fee that is for people who want to get their transactions to verify first.
Users who don’t pay the transaction fee need to wait for hours to complete their transactions. For instance, when you go to a retail store to buy something, you pay for that item with bitcoin. The transaction is required to be verified first on the blockchain, and miners do this task. The miners are the specialized computers that use specialized computing power to solve the complicated mathematical algorithms to verify the transactions and mine new coins.
Costly Transactions
The bitcoin transactions are subject to the transaction cost fee, which creates a pending line of transactions. The transactions are implemented according to the transaction fee that is paid to verify the transaction fast. Users who want to complete their transaction need first to pay an extra transaction fee to get it completed. This will, in turn, make the transaction expensive gratuitously. Businesses hesitate to accept bitcoin as a payment method because of the slow and costly transactions it offers. Due to this issue, people are switching to other methods or currencies to complete transactions quickly and easily.
Less privacy
Another major challenge that bitcoin users face is the lack of privacy. Each transaction is recorded on a distributed public ledger, i.e., on the blockchain, making users switch from bitcoin to other cryptocurrencies. People trust bitcoin because they have heard of a misconception that says bitcoin is a private system. But the reality is completely different, and users must understand that the bitcoin network is anonymous but not completely private.
In reality, bitcoin transactions are hashed and not encrypted, and this makes all the transactions available for analysis and public scrutiny. People consider it a privacy concern that must be linked to bitcoin transactions. Many wallets and other projects have reported less privacy, and therefore, it is important to know the wallets and choose the one carefully.
Wall Street is Jumping to Bitcoin But “They Hated it Before” This Video Explains
https://wallread.com/2020/12/wall-street-is-starting-to-love-bitcoin-but-they-hated-it-before-this-video-explains/
A blog piece of eminent interest I must say. Thanks for sharing the information and of course decluttering the myths as well.
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Bitcoin has gained recent support from bigger investors, like Elon Musk Tesla (1.5 billion invested in btc ) Paul Tudor Jones and Stanley Druckenmiller from notable financial companies, like PayPal and Fidelity etc who used their balance sheets to buy bitcoins.
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Hello, Thank you for your awesome post. I liked your way of writing & you have highlighted the list of challenges that must be overcome. This post was really helpful to us.