Banks usually serve as the third party in transactions and Bitcoin effectively cuts of that third party. Does this mean that banks might become obsolete? That’s a no because banks are pretty important in today’s world. It’s possible that they would adapt to the Bitcoin phenomenon and maybe even help regulate it.

The volatility of the cryptocurrency has shown to be a problem that needs to be tackled. Additionally, the currency relies on the Internet to exist and has proven to be vulnerable to hackers. In other words, there’s a possibility that a hacker could ransack your virtual treasure and make off with the loot.

What’s important is that people are optimistic about the rise of Bitcoin which means that solving all the problems of the cryptocurrency is just a matter of time.