What Is Holding Bitcoin Back From Mainstream Adoption?
cryptolove last edited by
As the crypto space continues to grow at a rapid rate throughout the world, many people are wondering when bitcoin and the gang is going to go mainstream. It’s a question that has been asked for a while now and even though we saw a spark of it at the end of 2017, when bitcoin reaches $20,000, we have yet to return to such fame.
Obviously, there are a lot of hurdles in the way for cryptocurrency. Governments and other regulatory institutions are one of the many obstacles that crypto faces as it attempts to globally be accepted as a medium of exchange. Taxation on distributed ledger technology is just part of the hurdle as it is an independent body away from governments and traditional banking systems. Looking at how the public views bitcoin changes almost daily.
A few weeks ago, Twitter experienced a breach on its platform leading to many Celebrity accounts being compromised and scanning many people out of the well and it’s going. This got bitcoin trending on Twitter and typically, many people will call this a so-called ‘bitcoin scam’. The reality is, this is a Twitter hack but that doesn’t get as many clicks…
Then there is the argument of whether bitcoin is good for the environment. Bitcoin mining is a controversial topic throughout the world as well as the crypto space itself. It’s a very complex system that consumes a lot of energy as its processes. The University of Cambridge have even guessed that the whole process consumes 0.21% of the electricity that the world produces. This is an amount close to the total electrical consumption of countries such as Israel and Bangladesh.
Whether we will ever see mainstream adoption of bitcoin remains to be seen but as the leading cryptocurrency rises above the $10,000 mark for the first time in weeks, things seem to be on the up at the time of writing.