Bitcoin is potentially chaotic as well as brilliant. Its future is questionable. There are all sorts of obstacles facing the famous cryptocurrency that a mainstream break for the long term is difficult to see. But there are many people fighting for Bitcoin’s embrace because they believe it can reinvent the way in which people see money, and potentially save the economy forever. The below considerations take a good hard look at what is blocking Bitcoin now, and what that means for its success both in the coming months and in the next decade.
Legality QuestionsBitcoin is not illegal, but that does not stop detractor’s from claiming it is. Worse yet, it does not stop legislation from making it so. The legality of Bitcoin is a current issue because it could be changed in the future. Government’s in countries outside the United States are banning major banks from even be open to Bitcoin and all digital currencies. Now, the United States is a bit more concrete in its structure, and very few banks are even willing to work with Bitcoin in any capacity. But it is not illegal for them to choose so, and that distinction is incredibly important. The illegality of digital currency confirms that it has absolutely no value in the mainstream.
Not Enough SupportBanking institutions, unsurprisingly, have turned a blind eye to Bitcoin. Government institutions see it as little threat to the dollar, for the most part, and are unwilling to really go down that road for now. In all, Bitcoin needs more support from investors as well as users. This is a major obstacle blocking growth. The expectation that it is a niche thing will keep it restrained and unpredictable. Interestingly, banks and government bodies will go where the people go. Support is an issue that will resolve itself on the major end when enough people are using it as a valued and faithful currency.
Something can change at the drop of a hat, which could make Bitcoin a game changing innovation or a total failure. But it has, at the least, introduced these concepts to the mainstream and it is now up to the public to run with the torch long enough to make it the future.