Bitcoin is just described as a digital currency through which rather than having your cash in banks and on written papers, you will have your cash on your phone, laptop etc as digital wallets. With Bitcoins the story is completely different, the financial institution could be a ledger that exists on several servers, and anyone will keep a duplicate of this ledger, there’s no bank, and nobody to manage it for ungenerous reasoning. It is decentralized and therefore free from corruption. Though Bitcoin has a lot of uses and advantages, still there are many problems associated with the Bitcoin. These problems must be solved for Bitcoins to become mainstream.

Some of them are:

• Bitcoin requires users to be little bit versed in computer security
• Bitcoin is slow and impractical for retail transactions
• Bitcoin has no built-in consumer protection
• Bitcoin has problems in bank withdrawals
• Bitcoin has technical weaknesses vulnerable to orchestrated attacks
• Bitcoin has been highly speculative
• Bitcoin is suffering from blockchain bloating

With the increasing number of transactions on the Bitcoin blockchain, there is more and more delay in completing the transactions. There are a lot of disadvantages that are associated with the Bitcoin, and also there could be some solutions through which these problems can be solved for the Bitcoin to go mainstream.  Some of the solutions are:

1. Increasing the block size

As the Bitcoin blockchain has become highly populated, the average time to verify a Bitcoin transaction has increased significantly. Also, there are some transactions which remain unverified forever. Since Bitcoin is facing the problem of blockchain bloat, therefore the block size of the blockchain must be increased in order to increase the speed of transactions.

2. Lower transaction fees

All the Bitcoin exchanges that are currently available charge a big amount for every transaction and bank withdrawals. Due to this, some of the organizations and companies deal in loss. Therefore, the idea is to lower the transaction fee as well the fee charged for every bank withdrawal for the better future of Bitcoin.

3. Monitoring by authorities

Since today, as we all know, Bitcoin is not controlled by any organization or bank. There is no one who is controlling the Bitcoin blockchain. Due to this, the Bitcoin may collapse at any time and the people who have invested millions in it will have to suffer a lot as no one could be blamed for this loss. Therefore, the Bitcoin blockchain must be monitored by some legal authorities such as banks or big organizations so as to maintain all the transactions on the blockchain in a legal manner.

4. Adoption by corporates

The corporate industry and big organizations hold the future of Bitcoin in their hands. In the beginning, no company agreed to trade on the blockchain. Currently, a lot of big organizations such as WordPress, Dell, Microsoft, Paypal etc. have been adopting Bitcoin and started accepting it as a currency. Therefore, if more and more companies will start to accept Bitcoins, then there will be no need for withdrawing Bitcoins or converting it into fiat.

5. Banks vs Bitcoins

Since Bitcoin is decentralized, it irritates a lot of banks. The rise of Bitcoins doesn’t mean that the banks will be diminished. Instead, the banks and blockchain can work hand in hand. The blockchain could be used only for trusted transactions and the banks could provide brokerage as they always used to. In this way, no one of them will suffer from loss and also it would become easier for people too.