The key to the final success of Bitcoin is it becoming globally adopted. Bitcoin has come a long way when it comes to global adoption, yet it will be difficult to get the most conservative members of society on board. Aside from more people needing to accept Bitcoin in order for it to become mainstream, there are big issues concerning government policies worldwide that are stalling its progress. The Libertarian concept at the core of Bitcoin is a great threat to the States since it prevents the government from having complete control of the fluctuation of value. This is one of the main reasons for the often negative opinion towards cryptocurrencies. Each government ban or negative comment towards the cryptocurrency seems to make its adoption rates drop.

When it comes to the transaction times, this is one of the main issues concerning Bitcoin. The Ethereum network, an alternate cryptocurrency, has much lower transaction and block times. Although this is a current issue related to Bitcoin, it is likely that the computational power provided to the network will rise with the level of adoption. This is one of the ways the cryptocurrency is similar to a regular fiat currency method. Credit cards, for example, complete payments by instantly creating a small debt in order to instantly verify a transaction and later confirming it completely. Still, it is not very similar to the concept of Bitcoin. When we take into account the computational power of the Bitcoin network the transaction times are unreasonably high. Block times are too high and that is one of the main problems that Bitcoin developers will have to solve. Considering previous issues that Bitcoin managed to overcome, this does not seem like it will likely be a long-lasting issue.

Bitcoin, as a valid method of payment, has already made significant progress and today you can even pay with Bitcoin in some physical stores. Further, many respectable online retail businesses already accepted Bitcoin as a payment method, indicating that things are going in the right direction. The price of Bitcoin will only go up as adoption rates go up and the demand will surely go up with it. Since there is a finite number of Bitcoins, the supply will remain the same and Bitcoin can easily become very similar to what gold used to represent.

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Posted by Min Park

Blockchain Marketing Specialist / ICON ($42M) / MediBloc ($25M) / BOScoin ($12M) / Krown Media / :0

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