We would have have never thought a currency could have impacted the world at such a level.
A simple whitepaper could make people billionaires or make us billionaires.
Do you want to be a millionaire or billionaire?
Well then, this is not for you please take a look at some other posts to help you get rich.
This post is the opposite of what I told you above. This post will focus on what are the things that are stopping you becoming a billionaire.
So let's start shall we?
Problem No. 1
1) Adaptability
So let's say in 5 years do you see your parents or grandparents using Bitcoin?
Well, I don't know about your but mine are certainly not going to be.
You ask me why they won't be using it?
Well for first using Fiat is much more simpler and easier.
Second, I simply don't want to send my money to a gibberish looking address which I don't is whether even is correct or wrong.
Now the crowd shouts, "Use the QR code then".
Yay, like that would make things any simpler for them. I am talking about those people who fill out their details on a phishing site too innocently without realizing a dime.
Problem No. 2
2) Transaction Fee and Conformation Time
Ohh, yes we all know this one don't we.
This might be a short term problem but a problem is a problem no matter how much you try to ignore it.
What stops it from arising in the future ?
So I recently paid a transaction of 1.5$ when I needed to send around 12$ dollars of Bitcoin to another wallet.
Most people see Bitcoin as a payment system which for me is a complete failure at the current moment. Do you really go to a shop buy something and wait for 10 minutes to 5 hours for the transaction to confirm?
The maximum I would wait is a minute and for that much time I would have to pay more transaction fee than the item cost itself.
Do you really think this is the end ?
No my friend, the list and the game is still on.
Part 2 - Coming Soon
PS: My first story on Steemit.
PPS: I HODL Bitcoin.
PPPS: The above & upcoming posts are not investment advice. I consider people who know and understand Bitcoin to be sane enough to not consider a post on a website to be investment advice.
The fee issue will be solved, one way or the other. I am confident that we will get around this, just like other software has evolved beyond issues of the time. But meanwhile, I enjoy the drama.
But I don't think it will be ever as fast as a payment system like Visa or MasterCard. It might be good for exchanging value as a money but it cannot work as a payment system.
Do share this post who hold some other view regarding would love to have a debate on BTC.
It may not have to work as day-2-day payment system. It could also serve as a reference of value. Mr Market will decide (basically, all of us).