Categories: CryptoNews

4 Primary Issues That Are Holding Bitcoin Back For Now

Depending on whom one poses the question to, Bitcoin either has a lot of problems or no significant issues. A new Twitter poll touches upon the factors that are a potential threat to cryptocurrency in the future. The usual suspects are named, including the block size and volatility. But there are some other things to consider as well.

Four Key Pillars of Bitcoin That Pose Issues

For a decentralized cryptocurrency, there have often been remarks of how centralized the mining ecosystem is. The majority of mining pools – and hashpower – is directed at a handful of Chinese mining pools, giving them a significant ‘power” in the cryptocurrency space. At the same time, without Chinese mining pools, it is doubtful Bitcoin would be as successful as it is today.

The lingering block size debate, on the other hand, is a significant concern. Bitcoin Core developers are working on finalizing Segregated Witness, although that will take some time to complete. As long as there is no solution to this ongoing problem, scalability will remain a  fatal weakness of Bitcoin.



Price volatility, while seemingly less spectacular compared to a few years ago, is still hindering Bitcoin adoption. Both consumers and merchants want to explore Bitcoin as an investment vehicle, rather than as a way to send or receive payments. The volatility associated with cryptocurrency makes it more appealing to hoard instead of spend, unfortunately.

Related Post

Interestingly enough, this Twitter poll – which is not a valid reference for the general community feeling by any means-  indicators co-opted development as the biggest problem. Throughout the years, there has been a lot of debate regarding the involvement of Blockstream, and how they are slowing down development of the Bitcoin protocol.

This poses an interesting question as to how Bitcoin development should be handled. While there are a fair few contributors, most of the ‘decisions” seem to come from a handful of people It is due time new people rise up as a Bitcoin developer and make their voice be heard. While not everyone wants the spotlight, there is nothing wrong with standing up for what you believe in.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

The Calculated Collapse of $TG: How a “Utility” Token Was Engineered for a Rug Pull

In the unpredictable world of cryptocurrency, new tokens launch daily, each one a shining beacon…

1 day ago

Staked Ethereum Hits Record High as Whale Accumulation Signals Bullish Long-Term Sentiment

Once more, Ethereum is commanding the spotlight as fresh figures indicate that the amount of…

1 day ago

Arbitrum Sees Surge in Protocol Revenue and EIP-7702 Adoption Following ArbOS 40 Upgrade

The ecosystem on Arbitrum keeps flaunting its robust foundations, with a steady incline in the…

1 day ago

Ethereum Whale Accumulation Surges as Long-Term Confidence Outweighs Short-Term Volatility

Once again, major market players are focusing on Ethereum. The whale activity surrounding the second-largest…

4 days ago

Week in AI: Fartcoin Steals the Spotlight Amid Market Turmoil

It has been a tumultuous week for the artificial intelligence sector in crypto. Sharp valuation…

5 days ago

BSC Foundation Resumes Strategic Accumulation: VIXBT, CAKE, LISTA, and MOOLAH Under Spotlight

Following a brief stint of dormancy, the BSC Foundation is back in action, reestablishing its strategic…

7 days ago