Part 11/14:
One practical hurdle for widespread Bitcoin adoption is the cost associated with transactions. Bitcoin network fees—paid to miners for processing transactions—have risen significantly, reaching multi-month highs in early 2023. Although high fees can be a deterrent for everyday small transactions, they are often acceptable for high-margin business models or larger payments.
If Bitcoin continues to evolve as a preferred cashless payment method, as some analysts predict, these fees and the infrastructure supporting such usage will need to improve to ensure efficiency and affordability. The expectation is that Bitcoin might eventually become one of many digital payment options, much like existing mobile payment services such as GrabPay or PayNow in Singapore.