Bitcoin is a decentralized digital currency that has become incredibly popular since its launch in 2009. It operates on a peer-to-peer network, allowing for fast and secure transactions without intermediaries. However, there are several significant issues that hinder its widespread adoption. These issues include scalability, high energy consumption, limited merchant adoption, and regulatory challenges. The increasing number of transactions per second leads to longer transaction times and higher fees, while the proof-of-work consensus algorithm used by Bitcoin mining requires a significant amount of energy consumption. The high volatility of Bitcoin's price also limits its use as a means of payment. Addressing these challenges is necessary for Bitcoin to achieve its full potential as a global payment system.
