Bitcoin itself is described as having sophisticated systems and security, almost perfect. But correct the bitcoin as tough as people say?
In fact, bitcoin does have its drawbacks. Bitcoin is made (or "mined") at a predetermined rate and gradually decreases, with a total limit of 21 million coins. The rate of increase in Bitcoin is not in line with the number of people who want to buy it, so the price of a Bitcoin continues to increase.
As the price increases, both "miners", who use their computers to perform complex calculations to create currency, and those who buy bitcoin from others, are reluctant to use it as a currency by spending it.
Instead, they sit on their coins while they wait for the price to go up further. With Bitcoin's limited supply and not meeting demand, instead of functioning as a currency, Bitcoin is a speculative blank asset.
Not only that, bitcoin also has problems from its technology. Firstly, anyone who has access to the Bitcoin password (or private key) has the authority to spend on the Bitcoins it opens. The loss of a password means losing all Bitcoin.
Second, the linear growth in the block chain that forms Bitcoin results in an exponential growth in the calculations required to process and verify transactions. Transactions that usually take 10 minutes now take hours.
Third, Bitcoin transaction costs soar above US $ 25 This is definitely not a digital currency that can work effectively.
