5 Reasons Why People Don't Use Bitcoin, Or Are You One Of Them?
The phenomenal bitcoin reinforcement rally invites people to be interested in collecting the digital currency or cryptocurrency.
Some time ago, Bitcoin prices plunge from 20,000 US dollars to 13,000 US dollars.
Quoting The Guardian, the value of bitcoin was down approximately 2,000 US dollars within 12 hours. It shows how the bitcoin volatility that people have to think about before buying it.
According to Bloomberg, there are five reasons why many people are still reluctant to collect bitcoin to date even though the value is tempting. Anything?
5 Reasons Why People Don't Use Bitcoin
1. Security
Hackers and cyber criminals love bitcoin because of their anonymity. Because of hacker hack hacking Mt Gox, exchange of the largest bitcoin, cryptocurrency and then shrink.
Even Mt Gox then declared bankruptcy.
The value of bitcoin shrank back a few months ago after hackers stole 69 million dollars from the Hong Kong bitcoin exchange, Bitfinex.
2. Increased debate
The bitcoin community continues to debate how to improve blockchain performance in the past year.
This is important as bitcoin transactions continue to break the record, but it is still difficult for businesses to use them as a means of payment transactions.
If this continues it may be that bitcoin users are reaching to another better blockchain.
3. Competitive Digital Currency
According to Ron Quaranta, Chairman of the Wall Street Blockchain Alliance, there are about 700 digital currencies bitcoin competitors. One of the strong bitcoin rivals of Ethereum which this year has gone up 20 percent.
4. Not Recognized by the Government
A number of countries still prohibit the use of bitcoin as a means of payment. For example, in China, and also in Indonesia.
In the US alone, not many companies accept bitcoin as a means of payment.
5. Bubble Blast
The market of speculation may explode at any moment, as a moment of correction. What is the trigger, is the hardest part.
If investing in bitcoin in the present time must be careful given the value that has been so high.
