Problems of Bitcoin

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I want to talk about bitcoin problems in my post. please follow and upvote.

There is a limit to how many transactions can be processed in a given time-frame, and the increase in transactions has meant a slowing down of payments.

For years, those involved in bitcoin’s software development have argued over how to overcome its capacity problems. That problem is still not solved.

But there are more mundane problems, like the fact that it suffers from price fluctuations.
And, like any software based system, it’s also vulnerable to attack.

Then there is the matter of how different countries treat the currency. Some treat it as a commodity, like oil or gold, but others treat it like money. Some prohibit its use entirely.

Governments don’t like the fact that bitcoin users are anonymous, and they have concerns over its use for criminal activity and money laundering.

Their worries aren’t unfounded. In the recent ransomware attack, WannaCry hackers demanded bitcoins as payment, and so far $80,000 has been paid out.

The EU wants to be able to identify bitcoin users in the name of preventing money laundering and terrorist financing.

In addition, the whole system is not highly regulated. Partly, this is because any developer in the world can verify exactly how bitcoin works. The bitcoin protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use.

Even where regulation exists it is not always clear.

Some say that the uncertainty over regulations will get in the way of bitcoin growing.

Is it here to stay?

Bitcoin is not the only cryptocurrency, lots of others have entered the market - over 200 of them. Whilst bitcoin is still the leader, Ethereum, Ripple and NEM and many others also exist.

The Economist thinks that we’re in a cryptocurrency bubble from where the only way is down.

Even some of those who work intimately with bitcoin say it is going to be a failure.

But according to a website that tracks bitcoin “obituaries”, the currency has already “died” - ie been predicted to fail - 106 times. And a newly published study says that bitcoin and other cryptocurrencies are no passing fad.

Bitcoin is not the only cryptocurrency, lots of others have entered the market - over 200 of them. Whilst bitcoin is still the leader, Ethereum, Ripple and NEM and many others also exist.

The Economist thinks that we’re in a cryptocurrency bubble from where the only way is down.

Even some of those who work intimately with bitcoin say it is going to be a failure.

But according to a website that tracks bitcoin “obituaries”, the currency has already “died” - ie been predicted to fail - 106 times. And a newly published study says that bitcoin and other cryptocurrencies are no passing fad.

In short - no one really knows just yet.
Source : World economic forum