Bitcoin has been around for over 8 years now. But the widespread popularity of this digital currency as an alternative to fiat currency dates back only to the past 2-3 years. While Bitcoin continues to gain a lot of media attention as the “future of currency”, it has its own struggles that raise doubts among people.
Even though there is so much media attention towards the digital currency, it hasn’t contributed much towards the rate of adoption. Bitcoin continues to suffer from a slow rate of adoption which is attributed to either the lack of understanding or confidence among the masses.
A recent article in one of the leading business publications offers an insight into the minds of an average user. In addition to the lack of understanding about Bitcoin and its underlying technology, there are other concerns shared by regular people used to the traditional banking system which is affecting the adoption.
Traditional financial systems follow a centralized approach. Being such an institution, banks are accountable to their customers’ money. Bitcoin is just the opposite. The digital currency is based on a decentralized protocol and it allows users to have complete control over their funds without any third party interference.