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Bitcoin is the first cryptocurrency and has been the synonym for the cryptocurrencies. Crypto market goes up or down as per the mood of Bitcoin. Its rank and position is number one in cryptocurrency lists on parameters of total market cap, per day volume, price and popularity. But, it cannot be the money of the future because of following reasons:
- With generation of every new block difficulty in mining is increasing profoundly which is making mining a very costly job. It also requires huge electricity supply to mine a block. Hence, had a negative impact on environment.
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- With increasing mining cost it is becoming impossible for small and medium players to mine Bitcoin blocks. I will need big corporations in future to perform this task. So, it will not remain a decentralized cryptocurrency in the future.
- As the mining cost of Bitcoin is increasing, transaction fee will also increase with it. In future it will be very costly to transact money using Bitcoin owing to its very high transaction fee.
- Also, mining is taking too much time. So, it is taking hours to confirm a transaction. Till then, nobody can be sure if a transaction was done. It will make Bitcoin transactions unpopular and unreliable.
- Maximum 21 million Bitcoin can be mined. So, once total supply crosses that mark, mining will become useless. Nobody would come forward to record Bitcoin transactions. Also, it is not an easy thing to remember fractional amounts. You can buy a thing in $10 and remember its price but you cannot remember its price in Bitcoin as it involves a fractional amount 0.00153846 in Bitcoin. Slight difference in digits can make a thing costly or cheap.
These are the reasons that Bitcoin will not be the money of the future. Fast, secure and zero transaction fee cryptos like Steem will rule the cryptocurrency market and Bitcoin will become the thing of the past.