A little earlier we started to explore some of the issues behind Bitcoin, issues that have thus far prevented Bitcoin from really seeing and glimpse of mainstream adoption. Our discussion started by focusing on some of the legal issues surrounding Bitcoin, now we want to turn to other issues, more technological ones that have prevented the development of the worlds first, and of course biggest cryptocurrency. As we highlighted earlier:
“Bitcoin in all its glory isn’t without problems. Yes as a cryptocurrency its very rounded, but as you know the cryptocurrency markets have only been able to expand at the rate they have as a result of many of Bitcoins failures. Of course, we still believe that Bitcoin is far superior to any traditional payment systems or FIAT currencies, but we can’t ignore the fact that Bitcoin does have a few demons that is holding it back.”
The useability of Bitcoin is one issue that seems to be preventing Bitcoin from moving forward. Even the most attuned investors will admit that investing in Bitcoin isn’t exactly easy. Often transactions are slow and can be very expensive and moreover,, the transactions can sometimes be very dangerous. The markets are a volatile place buying Bitcoin really isn’t a sure thing. In short, Bitcoin investment is not yet suitable for the inexperienced retail level investor. Normal people can’t use it, because they don’t know how.
Cryptocurrencies such as Litecoin have been created to try and address some of these issues. Litecoin specifically was created to speed up Bitcoins slow transaction times in order to allow for a cryptocurrency that could be used on a daily basis, by normal people as a normal cryptocurrency.