The Biggest Problems with Bitcoin
Just as no human is perfect, so as cryptocurrencies like Bitcoin. Sure. It can be a good investment for some and can even make them rich. But as the saying goes, there’s a flip side to the story. And we will discuss them all here.
Bitcoin requires technical expertise
Undoubtedly the main reason why the mainstream is difficult to adopt this form of digital currency. If you want to get started with Bitcoin, you should be knowledgeable about the computer. This holds true for computer security. Those encrypted wallets and cold storage? There are terminologies you need to learn and master. A user will usually be given one file to access his Bitcoin. Once this wallet is lost or has stolen, everything you have invested into will instantly be disappeared forever. But, to be fair and according to some users, Bitcoin is now much easier to buy, use, and sell over the previous years.
Bitcoin is slow and deemed unviable for retail transactions
Recipients are usually able to view their transactions after a few seconds. Although sometimes, it could take several minutes or until your patience blows away. This is such a total deal-breaker among sellers and buyers. Not to mention the possibility of experiencing double-spend attacks. That’s why merchants depend on third-party cryptocurrency payment service providers to handle all the transaction processes.
Bitcoin discourages potential investors with its price volatility
Even since it was first launched, Bitcoin has been known for its volatility. The immense increase sounds too promising; however, you surely don’t want to deal with a sudden drop. Let’s say you have saved a thousand dollars in your Bitcoin account. It may climb or fall substantially. If you have quite bad luck and the latter occurs, you may end up losing every single money. That’s too distressing, which is why most are extremely hesitant about investing in Bitcoin. For more information you can visit here the original site
Bitcoin has a scalability issue
Another concern surrounding Bitcoin is scalability. There’s a restricted amount of data, which causes a delay in the transaction process. It’s still far from that of Visa’s 2000 network process transactions for every second. But the good news, there are ideas presented on the table. We can only tell in the future if any of them will work.
Bitcoin exposes users to possible digital threats
Cryptocurrencies are not cheap investments, so dealing with scams, money laundering, ransomware, and other online attacks is the last thing you want to happen. But unfortunately, this is one of the weaknesses of Bitcoin as of yet. It has no built-in consumer protection similar to credit card and payment processing companies. Every transaction carried out is irretrievable. You can only hope for your preferred seller to deliver.
Bitcoin is difficult to earn and cannot be upgraded, altered, or adapted
The conventional way to acquire Bitcoin is by regulated exchanges. This is a real challenge among regular persons, especially if you are new in the market and have no one to rely on for basic facts. Although there are other ways to earn Bitcoin. Either through decentralized exchanges or asking a friend. But again, they are technically tricky and may not available to most.
Bitcoin may not cater to everyone
Bitcoin, in general, is a trustless investment. If you have confidence in the central authority to manage the transaction processes, then go ahead and try where your luck brings you. However, in turn, users are expected to be more responsible by having in-depth know-how about the safe application and properties of Bitcoin. It has a complex idea, so it will definitely take a bit of time for most people. You can always seek assistance from a third-party and have your share of a valuable investment.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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