There’s Always a Downside

There’s Always a Downside

However, like any system created by humans, there are always downsides.

Blockchain technology has a pretty steep learning curve. Especially for the typical individual without a technical background, all the jargon and computer science concepts involved may intimidate and scare away otherwise would-be users. However, the rising popularity of cryptocurrency is resulting in the blockchain moving into the mainstream, with a lot more resources available to make the topic more approachable.

Transferring, trading, and buying cryptocurrencies usually involves a transaction fee, and is not usually instantaneous. The former can be costly, the latter inconvenient.

There is also a concept called the “51% attack” — if for some reason 51% of a peer-to-peer network validates an otherwise invalid transaction, it will still get approved and added to the ledger by nature of how the validation process works. Maybe right now it’s unlikely to happen, but it is a security flaw that might have potential for exploitation in the future.

However, there are a lot of developers, users, and enthusiasts who truly believe blockchain technology is the future. Many want to see the technology succeed, so stay tuned for new developments!