January 21, 2016
Bitcoin is a virtual monetary system, a peer-to-peer currency with no central bank. It is based on digital tokens with no intrinsic value. An outstanding innovation in the 21st century payment system, bitcoin gained popularity in its initial phase in the FinTech industry, but gradually the virtual currency is losing its charm. Seeing the fluctuations and multiple security issues faced by bitcoin, users do not have much confidence in bitcoin.
A couple of months ago, we listed some positive and negative quotes from some renowned personalities in the FinTech industry. As the fourth quarter of 2015 came closer, we observed more problems with bitcoin as did the FinTech industry. Some of the big problems associated with bitcoin include its wild volatility, security issues, unknown flaws, and both technical and governing issues.
To keep an eye on bitcoin, we had to take a closer look at what is happening to bitcoin in 2016, and it looks like the future of bitcoin is very bleak. Why? These are our reasons: