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What could lead to Less Adoption of Bitcoin and Ethereum?

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Written by   11
1 month ago

If you are a consumer at times you would realize that not everything that is on the paper is correct as compared to what is on the ground. Heaven on earth is always promised in order to draw the attention of consumers otherwise if you do not do so then you will likely lose potential clients.

Freedom

Bitcoin was said and is meant to replace the current payment system, fiat money and the banks. Imagine you deposit your $20,000 in the bank and if you go back and try to withdraw lets say $1,000 you will be told that we do not have such kind of money and you will be given limit on how you should spend your money.


If you are transacting large volumes of money that can also raise red flags, so you can see there is no freedom when it comes on how you spend your money. So that is why investors preferred crypto currencies because you can spend your money how ever you want it and any moment.

However there is one thing that can slow down the progress which is:

Higher Transaction Fees

The only problem with Bitcoin and Ethereum now its higher gas and transaction fees. Bitcoin can require $60 to $80 to complete a transaction of-which that is too much.

If people are complaining that banks can charge them unnecessary $2 to $5 transaction cost how about bitcoin and Ethereum which are charging exorbitant transaction fees to send and higher swapping fees when swapping tokens.

Obviously people would want that freedom which is there in crypto currencies but the fact that they are being charged huge sums of money will discourage them and they wont adopt the crypto.

Conclusion

If the fees could go low then people will fully adopt it without hesitation. They need to work on that because this is discouraging a lot of potential investors since the charges are now much more than those charged by banks.

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Written by   11
1 month ago
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