Over the past year, the popularity of crypto-currencies has increased, mainly because of the unprecedented growth of bitcoin in the fall of 2017. Today, 5 ICO (icodata.com) are held every day, at least one of which presupposes the creation of a new crypto currency for solving some problems of blocking and technology revolutionization. And yet, crypto-currencies are still far from universal use in stores.
So, what are the main problems on the way to large-scale adoption of crypto currency? Let’s take it apart.
This is the greatest obstacle to the universal use of the crypt. Compared to the currencies, bitcoin is very unstable, which allows speculating on its course. The same statement applies to other crypto-currencies.
The growing popularity of bitcoin has opened a new problem – block scalability. In the blockroom, each transaction is written to a block of a certain size, and the system will not be able to process more transactions than is contained in the block constraint. The more transactions at the same time, the longer it takes to register each, and this raises commission fees.
For a normal user, it looks like this: when sending transactions in an overloaded system, you will have to raise the commission for a quick transfer or wait long with a minimum commission (and wait can be up to 24 hours, as shown by the bitcoin experience in 2017).
Comparing the digits makes you feel the difference: bitcoin can process 3-7 transactions per second (github.com/ethereum/wiki/wiki/Sharding-FAQ), the Ethereum limits are higher and make up 7-15 transactions per second, and Visa processes an average of 150 million transactions per day or about 1 667 transactions per second [Source: mybroadband.co.za].
Lack of education
Another reason for the slow spread of crypto-currencies is the lack of adequate education in people.
According to a Cobinhood poll in December 2017, when crypto and bitcoin were one of the most popular topics for conversation, about half of respondents knew what crypto-currencies were and only 21% knew where to buy them.
People may not know how the block works and why the block size matters, or how new blocks are created. But if they do not know where to buy the crypto currency, then it is unlikely that the latter will be used to buy milk and cookies. Therefore, on our forum you will be able to find out everything about buying crypto currency in Ukraine, Russia, Belarus and the rules for storing your assets.
We, as the team of the Kyiv Blockchain Forum, can not influence the scalability of bitcoin, but we do our best to answer the current questions about crypto-currencies in the forum. Join us on September 3 and get fresh and truthful information about crypto-currencies and blocking technology.