Bitcoin is the first cryptocurrency that is presently very high in value. You will be happy to know that a considerable number of people are admiring this digital currency and investing in different ways in which you can use bitcoin because of its best benefits. But the fact is that there are some severe issues with bitcoin, which most people are probably not aware of. There is no doubt that some of the bitcoin issues were discussed earlier, such as volatility. Still, here in this article, you will know more about this crypto’s social, ethical, and political impact. After reading this article, you will surely think deeper about the concept of bitcoin, and it is genuinely a better thing for the whole world and not. In simple words, you will get the actual perspective of bitcoin.
No accountability!
Since it is possible to create unlimited accounts on the blockchain, it is not good to rely on the reputation of bitcoin technology. We all know that accountability is one of the main things of human society and which we are learning from our ancestors. We have accountability on the traditional system of payment also. But with the ability to create an unlimited account, there is no capacity for the accountability of the individuals, which often comes with the reputed systems.
Not capable of regulating itself!
Since accountability is absent in the bitcoin system, it is tough for this crypto to regulate itself. When there is no regulatory system of anything, then the risk of frauds and hacks increases. Smart contracts and other hacks have stolen 1.8 billion dollars from 2010 to 2018. Most of the time, the scammers also open the bitcoin exchange, and when people sign up on them and trust them for buying the bitcoin, they run off with that money. There is no punishment or rules for such people, so they are free to do whatever they want. They know that no one will be coming behind them to put them in jail for stealing such valuable items.
Moreover, there is more than 13 billion worth of bitcoin, which is impossible to retrieve because of private keys. Nobody is responsible for this situation except the investors, so they are left with nothing or no chance to get their coins back. The thing is that because bitcoin cannot self-regulate itself, the state nation regulations are now looking forward to regulating the bitcoin exchanges to limit the transaction, which is unwanted.
Tough to obtain!
Before using bitcoin, people need to get them first. Unfortunately, one of the primary ways of getting bitcoin is with the help of the regulated bitcoin exchanges, and it is a challenge for the people. Furthermore, people want to buy bitcoin because they want anonymity, but by using the regulated bitcoin exchange, there is no anonymity left. No doubt, other ways are also available for getting this digital currency. Still, all those options are not accessible for everyone, or they are technically tough to begin the journey.
Impossible to change or upgrade!
You should know that bitcoin’s design is so that upgrading it can be tricky since it is a part of the software technology, so it is basically against mainstream learning. No one has the power of changing or upgrading the coins because it is an in-built system that is not trying to change ever. But today’s era is changing and keeps on evolving, so the bitcoin not upgrading or no changed behaviour is not suitable for its existence in the future.
It is not destined for the mainstream!
The fact is that bitcoin is addressing global issues to be accessible to only a few people. It is because of its technical design and only the tech-savvy, ready to bear the financial risk, and the B2B users are the people who are using this crypto. The solution of being a universal cryptocurrency is not accessible for most people. It is possible to educate people and overcome this difficulty, but the scale of this exertion is quite enormous.
The final sayings!
Till now, you might have got familiar with all the issues which this cryptocurrency has. These are the issues that raise political and social concerns about the future of this crypto.
Also Read: How can an individual earn more bitcoins? – a complete guide for the novices!
