My Issues With Bitcoin
Bitcoin as a technology stack is one of the greatest things to happen in the last ten years. It has given rise to a large number of alternative cryptocurrencies and a whole new way of looking at capital. In its current state, though, I have a few complaints that I believe could hapmer mass adoption.
Technological
These items are my current problems with the Bitcoin network.
Transaction Fees
Even without a large amount of small inputs, the fee recommended by most wallets is 400 satoshi/byte. This would make a $1 transaction cost approximately $4 in fees. A fee as large as this is unacceptable for a payment platform, which is why a large number of online content creators are switching over to using altcoins for donation purposes.
Time
In my use, the average Bitcoin transaction takes around 20 to 30 minutes. While this is acceptable for personal transfers, it is a problem when using a service like localbitcoins or even purchasing from a vendor.
Social
Bitcoin is still seen by many as fake internet money. There are a lot of resources describing the value of the platform and the technology that drives it, but for the most part you have to seek out reliable (read: not FUD) information. The truth is, a lot of people in general think cryptocurrency is a scam.
There we are, my first post on my platform. I hope my thoughts here were concise and that you enjoyed your read.
Yeah, that's why I expect other currencies like litecoin or Fastcoin being used in daily transactions, once we get to that point. There's no denying that there are better options than Bitcoin for daily use.
Once crypto breaks into the mainstream, I think there will be need to be one dominant coin that merchants use. Not everyone wants to have 10+ wallets installed onto their phone, unless crypto of the future is all based on the Ethereum blockchain. BTC fills that need in theory.