Bitcoin started a massive revolution in the field of finance.

Yet, there are still some issues regarding Bitcoin and Blockchain.

Let’s discuss some of them that the crypto community found solutions for.

1.  Volatility

Bitcoin is viewed by many people as the easiest way to make fast money. This is because of the currency’s volatile nature. 

Volatility is the extent and speed of price changes. In the past, Bitcoin went from $700 to almost $20,000 in a matter of months. This can be very attractive for risk-loving traders. However, if Bitcoin wants to reach mass adoption, it should also draw the attention of the average person.

There are many reasons for Bitcoin’s irregular price with the most prominent ones being lack of institutional investment, the unregulated market and the market’s small size.

  • Coins That Provide Solution

In the last year, there has been a movement towards using stablecoins. These are cryptocurrencies that keep their value relatively stable. The most famous Stablecoins are Tether (USDT), GlobeCoin (GLB) and CarbonCoin (CARBON). 

2.  Scalability

Scalability is a quality that characterizes the action of expanding a network and handling rising demand. Blockchain, the network on which Bitcoin operates, consists of blocks that can store a limited amount of data. 

Moreover, the creation of a Blockchain block takes ten minutes, so if the network is processing too many transactions there may be a problem.

  • Coins That Provide Solution

Ripple’s native coin, XRP, doesn’t require time and energy to be spent on establishing transactions. The Ripple network distributes the transaction information instantaneously. Other scalable coins include RaiBlocks (XRB), Pascal Coin (PASC) and IOTA (MIOTA). 

3.  The Middleman

Although Bitcoin claims to be decentralized it still heavily relies on mining. Mostly mining takes place in mining farms in China. This puts much power into the hands of the Chinese government, which is against the original principle of crypto coins.

  • Coins That Provide Solution

MIOTA, one of the top cryptocurrencies, instead of Blockchain uses a network called Tangle. All members of the network that own IOTA can mine. This makes the cryptocurrency even more decentralized.

4.  Transaction Quality

Although at the time of its creation Bitcoin transactions were considered fast, nowadays there are better blockchain-based platforms for transactions. The cost of Bitcoin transfers isn’t cheap either and it still keeps growing.  

  • Coins That Provide Solution

Payment systems like Stellar provide better transactions at higher speed and lower fees. The platform is also highly secure and provides Smart Contracts and DApps. 

Not to mention, that the network’s native coin, Stellar Lumens is among the TOP 20 cryptocurrencies. To find out more about Stellar, check out XLM news.

5.  Lack Of Regulation

Bitcoin remains a cryptocurrency widely used by criminals, terrorist organizations and so on. The reason for this is the lack of a central entity that can regulate the market. Crimes related to Bitcoin leave a bad taste in many people’s mouths as they just don’t want to associate with that. 

Nonetheless, many jurisdictions and organizations around the world are developing effective laws and regulations against money laundering, fraud and other unlawful activities concerning crypto assets.

  • Coins That Provide Solution 

Privacy coins may be the solution to this large problem of Bitcoin. The most famous privacy coins are Monero (XMR), Dash (DASH) and Zcash (ZEC).

Author's Bio: 

Ryan Luke is a creative writer and content strategist from Company Name. I am a graduate of the University of London. Currently, I write for various websites and working in Bestway Software House. I am interested in topics about self-education, Social writing, motivation and Technology. As a trained writer, I love discovering new ways to use my writing as a tool to further the education of others.