Since the inception of Bitcoin in 2009, it has been rising till last year, as it seems to have crashed now as the price of the digital coin hit nearly $20000 and then in early 2018 it began to fall.Today, it hovers at a little over $3000.
People started investing in Bitcoin without knowing the risks of investing in crypto currency. People pay attention to cryptocurrency, a world wide payment system which is not managed by bank. In the beginning of 2018, bitcoin slipped from its peak value. It suffered from serious flaws, from volatility to its algorithms. Users are now aware of the issues in Bitcoin due to its competition. Listed below are some of the issues with Bitcoin.
1. The bitcoin engine consumes more energy than expected.
2. Bitcoin transactions are not private and could be linked with network layer which means anyone can see the balance and transactions of any bitcoin address.
3. The cost of making the payment is not low
4. Many payment companies like credit cards, PayPal etc. can protect their buyers from fraudulent sellers with chargebacks, however bitcoin offers no such protection.
5. Bitcoin requires user to be well versed in computer security. In case, the wallet file is lost or stolen, then the person’s bitcoin is gone forever.
6. Bitcoin is not an official currency. It is a decentralised currency.
