Future of any invention depends upon the challenge of its continuous
improvement and commercialization. This challenge requires tremendous efforts
to overcome. So is the case with the introduction of bitcoin in the market. Its
future is still obscure due to lack of clarity in the eyes of a common man and
some strategic challenge it has been facing in its commercialization. According
to some statistics, bitcoin experienced unprecedented popularity among masses after
2014. Still, it has a long way to go to replace the fiat money and gain acknowledgement
at the government levels. Some of its bizarre features and lack of government
acceptance have been remained the major barriers to its success. Let us brief
you about some of the challenges that need to be addressed systematically and immediately
in order to make bitcoin’s future bright.
Layman’s Perception
and Educational Challenges:
Bitcoin is still a
difficult invention to understand for many people. For them, buying and
spending bitcoins is a very complex and gruesome task. Experts need to make
things simpler and more understandable for laymen. They need to focus on area
of educating them about bitcoin. Bitcoin’s usability can be enhanced by informing
people about its clear safety and security features. Businessmen and investors can also play
active role in its commercialization by swapping bitcoins in trade as a substitute of cash.
Controlling Illicit Activities through Bitcoins:
Bitcoin is a creation of modern technology and is therefore
very prone to misuse by the people. Hackers and terrorists can exploit the
anonymity feature of bitcoins to support their illicit activities. Remember,
bitcoins involve no banks, no middle man and users don’t register with their
real names. Also, bitcoins are not taxed or regulated anywhere in the world; therefore it has become first priority of people buying
online drugs. Some reports also claim that ISIS terrorists use bitcoins to fund their operations.
This needs to be controlled in order to promote bitcoin’s positive image.
Technical Challenges:
The
major technical challenge bitcoin facing is an undeveloped infrastructure. Meagerness
of experienced developers, lack of application support, immature middleware and
incompatible devices are some of the very important areas to be addressed. Bitcoins
proper integration into the fabric of the internet and accessibility to anyone
from any part of the world can play pivotal role in overcoming such challenges.
Market Challenges:
Bitcoin’s future greatly depends upon the market challenges
it has been facing. The abortive attempts at digital currencies in the history have
made people think it’s a flop invention. Breaking this stereotype about digital
currencies is very important. Mining
bitcoins consume a lot of energy which people consider a major pitfall. Their
availability in the market is also an important issue. There are very few
retail locations where you can purchase products and services with bitcoins.
Regulatory Barriers:
Unclear
regulations are another challenge in the way of bitcoin’s future. Some other
regulatory issues are no or minimal protection or guarantees on transactions, irreversible
transactions through bitcoins, risk of government blockage anytime, no backing
for this currency and bitcoin warnings by several governments.
Bitcoin’s bright future is directly associated with its stakeholders which
include governments, individuals, investors and businessmen. The more they use
bitcoins, the more it will thrive. Their combine efforts will elevate bitcoin’s
evolution, lower its challenges and will propagate its vision around the globe.
For more Bitcoin news and updates, you can visit us here at
http://thebitcoinbanc.com
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