Challenges
There are countries that are very apprehensive of the growing influence of Bitcoin and hence they are putting a ban on the usage of the same. While there are others where it is not banned yet it is still put under the clutches of legal obligations which is not what it is meant for.
The global usage and acceptance of Bitcoin is still a far-fetched concept. While some prominent brands and companies have made this decision to start accepting Bitcoin payments, it is still a long way from being a replacement of the fiat currency. Not many businesses are doing that so except, holding, buying, selling, and storing the usage of Bitcoin still remains ambiguous. Even the brands which are going to accept Bitcoin payments are doing that only in association with some third parties and the simple Point-of-sale transactions still remains a long-fetched concept. For more information visit bitcoin compass platform.
So, if there is no easy way to spend Bitcoin it will act as a demotivating factor for the users to get into this industry and out their money into something where it will remain blocked.
A major reason why the governments are apprehensive of Bitcoin is that the trade-in this industry remains anonymous, untraceable, and hence insecure. These are things that could pave way for an illicit industry operating under the gambit of Bitcoin. It could easily facilitate money laundering, terror financing, and dwindling of money. These are some serious threats that Bitcoin poses for the entire world.
Another serious implication that it has is the lack of regulations in the industry which exposes it to crimes like cyber-attacks, scams, phishing, and other cyber flaws. When there is no official body regulating the trade in the same, it is easier for these petty criminals to attack, and hence putting your money in Bitcoin is not always a safe bet.
Bitcoin is limited in number and hence this trade can never take over the traditional currency space. Now, Bitcoin is still under the mining process and there still is a huge number of coins left to be mined. However, there will come a point when Bitcoin will be exhausted, and then its demand will sky-rocket but the supply will be limited. Then, its price will of course increase which is good from an investment point of view but its usage will stay limited after a certain point in time in the future.
Opportunities
Though the usage of Bitcoin is limited at the point of transactions it still is a great investment opportunity. After all, why would we spend our money on a cup of coffee or a dress when what we owe today could be 10 times the price in the future. So, if we look at the very basic nature of Bitcoin it only makes sense to save it future and use it as a feasible investment option.
Cryptocurrencies Blockchain technology is well-acclaimed and appreciated. Its usage of Smart language over Swift has put it way ahead of its competitors who are striving to catch up with the same. It’s advanced, contemporary, and modern technology is what adds to its value and other players in the industry are on their way to adopt the same.
It has totally done away with the concept of middlemen and intermediaries and that’s just a blessing when it comes to our finances. There are no delays, no extra charges, no human interference, no space for glitches, and frauds. It is self-regulated, easy, faster, and efficient.
It has helped connect the whole wide world through a single network of blockchain technology. The price of Bitcoin here is the same as that in France or any other part of the world and that’s its beauty. So, it has made international trade easier and faster by doing away with the obligation of conversion.
Considering, all this it will be interesting to see in which direction Bitcoin will move and how the world will perceive in the future. For now, can see that Bitcoin is sure on the trajectory of growth and the future looks bright and promising for it.