The seeming general acceptance of bitcoin make its many limitations less obvious to the public. But a careful look at bitcoin shows that there are some Bitcoin limitations. These bitcoin limitations, however do not in any way affect the rising bitcoin price.
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SOME LIMITATIONS OF BITCOIN
1. Bitcoin is not locally accepted: While bitcoin might be making headlines internationally, reverse is the case locally. In most countries, many wholesalers and retailers still make use of local currency for purchase. And it seems bitcoin can never replace the use of local currency within a country.
3. Transaction Fee: Bitcoin transaction fee is another limitation of bitcoin. Imagine trying to send 0.0005 bitcoin to someone and transfer charge is 0.00003. It is therefore better to use local currency to make such purchase.
4. Bitcoin can never replace local currency: Granted, bitcoin have break ground and its gaining more attention everyday, but it’s also near impossible for bitcoin to completely displace the use of local currency. Most country recognize the local currency and its government approved. To make profit from bitcoin, an investor or miner have to sell bitcoin to local currency.
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The above are just few observations from the use of Bitcoin. And this point to the fact that bitcoin is focused more on international use than local use. Follow us on Twitter for daily updates.