Today is considered the information era or the digital age wherein people rely on data gathered from the internet. It is simply moving from traditional industry to internet-based economic information that is affected by the fast technical advancement. Bitcoin plays a major role in technical advance pioneering in the spread of digital currency. That being said, accompanying are issues with Bitcoin that need to be tackled.
Bitcoin was created by a web developer behind the name Satoshi Nakamoto in year 2009. It focuses on decentralizing monetary system which means independently operating from any governing body or bank that will regulate the flow of money.
In a short period, Bitcoin earned popularity among businessmen and investors that predicts its success in the future. Despite its advantages, there are issues with Bitcoins financial experts see:
- Consumer protection issue. Anonymity is one of the unique features of Bitcoin wherein people can register in the system without posting their true identity. This is an opportunity for bad actors to scam and rob the company which may result in future problems like not being allowed to deposit money to banks using Bitcoin.
- Interference from other countries. Not all countries recognize Bitcoin as real currency. For instance, there is a raid that happened in India that caused cessation of Bitcoin operation, the government of China is cracking down Bitcoin activities, and there are speculations that Russia will ban digital currencies.
- Limited platform support on mobile. Recently, Google and Apple did not allow Bitcoin transactions including in-app payment and transfer from digital wallet. This limits the access and flexibility of Bitcoin which will make it difficult to use for transactions.
- Issues on governance. Since Bitcoin is decentralized, there is no governing body or repository information that implements the rules and guidelines. Thus, not all investors consider Bitcoin in the business mainstream.
Bitcoin was released prematurely and requires development and improvement in its feature and security. But it will be too early to say that, due to issues with Bitcoin, they will never make it through the following years. Every innovation needs time to fully reach its potential just like Bitcoin that has a big advantage over traditional transactions.