Even some discussions have taken place regarding the unfitness of the financial institutions for adopting the blockchain technology, which has become an issue with the financial institutions, but not the technology. However, the fact lies in the bigger and additional problems particularly with regards to Bitcoin.
First of all, the Bitcoin is having a limited number of coins which amount for 21 million BTCs, while the entire coins are going to be mined by the year of 2140. Before that, Bitcoin mining is not a profitable thing because of the extreme energy cost and expensive hardware that is needed for mining.
The Bitcoin transaction fees will be insufficient for keeping the networking going smoothly either. Several theories are there in connection if it happens to halt the mining. However, the present scenario reveals that Bitcoin will not be having the computing power which is needed for ensuring the transactions, grinding the network for a halt. Now, the billion dollar’s question is “what happens for the value of Bitcoin?”.
Secondly, the Bitcoin’s promise was to overlook the centralized economic methods and allow peer to peer exchange of value by availing this digital currency in Bitcoin Casinos. However the price of Bitcoin when getting fluctuated, it would be tougher for buying at least a cup of tea or something else online. Even it is deemed as meaningless and impractical, being given the delay that is needed for completing time sensuous transactions.
As a matter of fact, the moment when the Bitcoin’s price has raised like a supersonic rocket in 2017, then the number of Bitcoin transactions have dramatically plunged, as though Bitcoin is not going to be useful as a currency for exchanging value.
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