Oh how investors love the volatility and excitement that comes from the latest web innovation, crytocurrency. There are many types of cryptocurrencies out there, and there is mostly a uniform series of complaints that are consistent with all of them. Cryptocurrency is not necessarily a new thing in the economic world. They’ve been around since the mid-2000s, but only in the last few years has certain cryptocurrencies, such as Bitcoin, really dominated the mainstream. Now people from all walks of life understand the basics of what a digital currency is in theory.
So what are some of the biggest concerns and complaints that people have about bitcoin and other digital options? Aside from them being somewhat inconsistent in providing returns, there are some patterns and issues present.
There aren’t many places that take themTruthfully, there aren’t all that many places one can use their bitcoin. Sure, websites such as Satoshi Slot allow for users to play around with their coins in online slot machines. But it is not necessarily enough. A few web retailers have jumped on board accepting bitcoin, which is a step in the right direction. But if more companies do not take the famous cryptocurrency seriously, it could be a long and a rough road for it as a productive entity.
There are security issuesIf someone wants to get into another person’s bank, they need to do a lot of legwork. A lot of people understand that a bank is typically more protected then, say, keeping a wad of cash under the mattress. Everything has security concerns, but the bitcoin system is perhaps a little more vulnerable than people would like. A few high profile hacks have dived into a lot of users e-wallet’s, which is where the bitcoins are stored. They are able to mimic their identification numbers and make transfers without them knowing. It is something that will seriously hold back the cryptocurrency if not addressed properly.
These are just a few of the main concerns, but there are many more. People are bothered that there are so many different cryptocurrencies that are essentially carbon copies of the other. The security issues are paramount to the long-term success of the currency. In all, these concerns will hopefully be reviewed and handled.