Popularity of Bitcoin and Many Other Cryptocurrencies

Bitcoin and many other cryptocurrencies are of immense popularity these days! Apart from huge savings and investment options, bitcoins are also popular as they can be used as a currency for the transaction.

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Now, this sounds exciting right.

Yes, most countries have authorized Bitcoin to be used as an official mode of transaction and can be used as part of the tender exchange.

But whatever has been said, volatility is a major obstacle to bitcoin’s use as a digital currency. The frequent and rapid change in the price of bitcoin and other digital currencies makes it difficult to understand precisely the purchasing power of your holdings.

Moreover, as a currency, it is incredibly scarce. Doing common transactions is difficult as it is not a widely accepted form of currency in many parts of the world.

There is a lot of uncertainty as cryptocurrency transaction processing times and fees have also risen with its demand. Moreover, peer-to-peer transactions without a middleman create major challenges for users.

Hence, the future of digital currency still remains a question in many countries worldwide.

As per the current regulatory guidelines, the government has asked Bitcoin exchanges to adopt specific identification processes where a user needs to submit their ID and confidential information just like they do in the bank.

The measures have been taken to make sure that the traders do not use Bitcoin for any anti-social activities like fraud, money laundering, trafficking, or terrorism funding.