Just like any new technology, the Bitcoin and its underlying blockchain technology, is not without its shortcomings and challenges. While the Bitcoin has been in existence for more than a decade now, it is still in a budding stage and is yet to become a universally-accepted method of payment. So, what are the issues or challenges that have been plaguing this crypto asset and how can we overcome these?

1. The biggest problem with the Bitcoin is of course its volatility. This explosive nature of the currency does not seem to be slowing down. This is the reason why many people are skeptical about making Bitcoin investments. On the other hand, the price volatility is also what has driven many investors to invest in this crypto asset hoping that the prices will skyrocket sometime soon. All said and done, the volatility has not really helped in fuelling Bitcoin’s popularity enough for people to consider it a regular currency. The solution for this problem is stability; once prices become somewhat stable Bitcoin will enjoy mainstream adoption.
2. Buying or selling Bitcoins may have become hassle-free in the past few years; however, it is still not that easy for everyone. In short it must be more user-friendly for it to be adopted universally. Today when an average individual wishes to buy Bitcoins he will have to first open an account in a crypto exchange like Coinbase. He will need to link this account with a credit card or checking account. Then he must wait a while for transactions to get approved. The solution to this issue is being provided by companies which are trying to launch automated trading apps to help people buy Bitcoins through these. This way many not-so tech savvy users can start trading crypto assets. Check this bitcoin rush review which talks about one of the effective automated trading apps that help even the beginners to trade efficiently.
3. Bitcoin may be popular but it is still not being accepted by all retailers as a form of payment in exchange for goods and services. Here also, payment processing companies will need to take the initiative of allowing retailers to employ their hardware for accepting Bitcoin payments. This could prove to be a game-changer and help in Bitcoin’s mainstream adoption.
4. One of the biggest challenges that Bitcoin faced was the idea amongst people that the currency was being used for illegal activities in the Dark Net, like for purchase of illegal products and money-laundering. Since transactions are anonymous in the Bitcoin network, people engaging in criminal activities were automatically choosing Bitcoin for buying illegal arms, drugs, etc.
5. There are security measures so that Bitcoins are hard to steal. But people who have an in-depth idea of how Bitcoin works can actually find ways to steal money. The real enthusiasts will not mind going through some more security steps to protect their funds, but not all exchanges conform to this idea. Even when you store coins in Bitcoin wallets these can be stolen.
6. There have been tax-related problems facing the Bitcoin. According to IRS it falls in the category of “intangible property” meaning that you have to pay capital gains taxes. So, as a user, you must keep records of all your transactions if you do not wish to get into a confrontation with the IRS.
7. Scalability was a big problem with Bitcoins because the blockchain limits data in every block to only 1 megabyte. This means that only 3 transactions can go through every second. But as number of trades goes up, the network will find it hard to cope with these transactions. In short, the Bitcoin has to do something about this transaction speed if it has to expand.

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