Challenges That Bitcoin Is Already Facing

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Bitcoin is one of the most popular crypto assets currently and there is denial on this part. With the growth of its market price, it has created enough interest among the investors. People are predicting Bitcoin’s future and thus they are planning for next investment. However, like the digital things, this digital currency also has some loopholes which are imperative to be fixed otherwise the dilemma which is still there will not be removed and Bitcoin will not reach the height that it deserves. Check it out.

Slow Transaction

One of the deepest challenges that Bitcoin faces is slow transaction. The problem was looming around for quite a long time because of which businesses have stopped accepting Bitcoin as a mode of transaction. The problem lies in the distributed ledger technology can initiates the transaction. This needs to be fixed asap.

Costly Transaction

Bitcoin involves a transaction fee for each block which means each transaction and needless to say that the fee is pretty high. This also makes a queue of pending transactions. If you want your transaction to be processed earlier, you have to pay more. This is the reason why people are seeking for a cheaper substitute.

Mobile platform support

Despite having a huge popularity in the market and involvement of tech-savvy professionals, the giant companies like Apple or Google doesn’t support Bitcoin. Google doesn’t permit the in-app payments with Bitcoin. This is huge drawback of Bitcoin for which it is facing challenges.

Privacy

On the public blockchain technology the major challenge lies in the security. For the public access and security with the cryptography, Bitcoin transactions are available for public scrutiny and this is considered as a disadvantage.

Hence, if you are all set to invest in Bitcoin, think again and consider all the pros and cons before investing a lump sum amount.