One of the biggest problems facing the cryptocurrency space is that, even with bitcoin’s prominence, no digital currencies can be deemed “widely accepted.”
“In a review conducted by the firm on the world’s 17 largest crypto merchant processing services such as BitPay and Coinfy, they found a reduction in Bitcoin Cash payments from $10.5 million in March 2018 to $3.7 million in May. Bitcoin payments also slumped from a peak of $412 million in September 2017 to $60 million in May 2018,” according to CCN.
Issues such as scalability must also be resolved before cryptos gain wider acceptance. Additionally, regulatory hurdles remain, including central banks in some countries outright banning transactions denominated in cryptocurrencies.
For more information on the cryptocurrency market, visit our Bitcoin category.