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Biggest threats that bitcoin is facing

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Biggest threats that bitcoin is facing

Post by blockchainboy on Mon Apr 17, 2017 4:13 pm

I got to know about some of the threats bitcoin is facing-

1. Centralization of Bitcoin

As Bitcoin transaction confirmation is based on the miners but due to increased difficulty in mining, the powerful machines built specifically for bitcoin’s SHA-256 proof-of-work algorithm have changed its decentralized and more open nature. Hence concentrated bitcoin’s confirmation power, leaving it in the hands of only those who can afford thousands of dollars of ASIC hardware.

2. Bad Actors

The anonymous digital currency has sometimes attracted the wrong types of people – those looking to prey on others who fall under the spell of a never-ending upward trend for bitcoin’s price.
Whether it’s illegal online marketplaces, pump-and-dump schemes or shady crypto exchanges, they all create a black cloud over the industry. And, every time there is another bitcoin robbery or scam, it draws attention from the mainstream.
When leaders in the bitcoin industry are discouraged over their inability to be banked in the US, bad actors are the ones who should be blamed.
The bad actor problem creates a consumer protection issue for bitcoin. When people learn about bitcoin and are lured to products and services that do not follow best practices, as opaque as they may be in this industry, that’s a problem.
As a result, some countries are simply playing safe and pushing bitcoin away from their banking systems.

3. Reactionary regulation

A number of countries taking a stance against digital currencies appear to be more reactionary in their behaviour than seems justified.
These actions perhaps reflect more about the banking systems of those countries than anything a government official says. It reveals that many financial systems don’t want to compete with bitcoin; they would rather regulate it out of existence.
A patchwork of reactionary regulatory policies helps no one. This is especially true since international borders simply cannot restrict bitcoin, the decentralized nature of which makes it impossible to ban.
A better approach could be a wait-and-see attitude towards this new technology since its advantages could end up befitting everyone. Countries currently taking this kind of approach include Canada and Israel.

4. Poor mobile platform support

Bitcoin is excellent as a method of remote payment. It could be a competitive credit card alternative – especially in remote transactions with mobile or wearable devices. And this is a much better way to receive and send payments instead of using of QR codes.
Using Bluetooth Low Energy, Near field communication (NFC) or some other wireless technology could change the way people make payments.
However, with billions of dollars relying on the outcome, the major players in the technology industry will do their best to restrict innovations that they do not control.

5. Low adoption

Many startups in the bitcoin space tout the 'wow' factor of bitcoin. Yet negative events over the past year have left consumer sentiment less positive than the industry hoped for and this, in turn, has caused tension with policymakers.

Source: http://www.coindesk.com/five-biggest-threats-facing-bitcoin/

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