This week, Latest Sale explores the challenges faced by bitcoin for its Business Directory Technology category. When bitcoin was introduced a decade back, it was expected to usher in a financial revolution of sorts. However, these predictions have not materialized yet. What is certain is that the next decade is crucial for the credibility and success of the cryptocurrency.
Bitcoin was invented to serve as a viable alternative for centralized and government-controlled fiat currencies. Large financial investors now have massive cryptocurrency holdings, due to which bitcoin has become centralized to an extent. However, the wider adoption by the general public and ordinary investors that it needs to be truly decentralized is still some distance away.
Cryptocurrencies have suffered serious damage from high profile cyber attacks where criminals have gotten away with bitcoins worth billions of dollars from exchanges. Public acceptance for bitcoins will not materialize unless the security features of cryptocurrencies are bolstered substantially.
In addition, the decentralized blockchain ecosystem must have the necessary computing power to process millions of bitcoin transactions concurrently, which it currently lacks. These challenges must be addressed for the cryptocurrency to be successful in the future.