{"id":7398,"date":"2017-12-06T12:53:56","date_gmt":"2017-12-06T12:53:56","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=7398"},"modified":"2018-06-27T08:16:09","modified_gmt":"2018-06-27T08:16:09","slug":"the-7-biggest-challenges-facing-bitcoin","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/the-7-biggest-challenges-facing-bitcoin\/","title":{"rendered":"The 7 biggest challenges facing bitcoin"},"content":{"rendered":"

Bitcoin has come a long way since its creation almost eight years ago; however, there is still a long way to go before the digital currency becomes a widely used method of paying for goods and services. Here are seven of the biggest challenges facing the mainstream adoption of bitcoin:<\/p>\n

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  1. Volatility<\/strong> \u2014 bitcoin has proven to be extremely volatile, and this does not appear to be slowing down. This increases its popularity among speculators but is not helping its appeal as a currency.<\/li>\n
  2. Ease of use<\/strong> \u2014 although it has become easier to buy, sell and use bitcoin in the past several years, it has yet to become user-friendly enough for mainstream adoption.<\/li>\n
  3. Widespread acceptance<\/strong> \u2014 although some retailers, especially online retailers, allow consumers to pay using bitcoin, the cryptocurrency is still not widely accepted enough for mainstream use.<\/li>\n
  4. Potential for theft <\/strong>\u2014 knowledge of how to use bitcoin requires significantly more effort of the part of users, hurting its appeal to a mainstream audience.<\/li>\n
  5. Reputation for criminal activity<\/strong> \u2014 Bitcoin, as an anonymous payment source, has earned a reputation as a tool for money laundering or the purchase of illegal items. This has hurt its ability to obtain a broader appeal.<\/li>\n
  6. Tax issues<\/strong> \u2014 bitcoin is considered by many taxing authorities as an intangible property rather than a currency, meaning the tax situation around it can become very complex very quickly.<\/li>\n
  7. Scalability<\/strong> \u2014 the underlying technology behind bitcoin means that, as it become more widely-used, the slower the network used to process transactions will become.<\/li>\n<\/ol>\n
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