What makes Bitcoin stand out so much from other altcoins like Litecoin, Ethereum, dash, and ripple, is its transparency, privacy, and speed. Since it is a decentralized digital currency, the Bitcoin network is independent of the interference of governing authorities, third-party, and it can operate on its own even if a part of the system stops working. Some of its other advantages include high portability, security, and control over transactions.
Due to the high transaction fees resulting from its scalability issues and long transaction times, Bitcoin’s acceptance as a medium of payment among merchants has reduced dramatically in recent times. It takes about 10 minutes for payments to be processed using the Blockchain which makes it impracticable to carry out large volumes of transactions in a retail setting. However, Bitcoin is still used to purchase large items and to carry out cross-border payments.
Due to concerns arising from its lack of price stability, high energy consumption, inadequate security, and fraud at cryptocurrency exchanges, some countries have made regulations prohibiting transactions with bitcoins. Indeed, Bitcoin is outlawed in more than eight states including Algeria, Bolivia, Egypt, Iraq, and Morocco.
Blockchain Watching brings you the latest bitcoin news from all over the world. Want to read more blockchain and cryptocurrency news? Visit our news page.