TL;DR
This paper analyzes Bitcoin's success, challenges, and potential improvements, providing a comprehensive overview of its history, current status, and future prospects in the cryptocurrency landscape.
Contribution
It offers a detailed analysis of Bitcoin's success factors, challenges, and potential solutions, along with a comparative survey of existing cryptocurrencies.
Findings
Bitcoin is the leading cryptocurrency based on survey analysis.
Current challenges include scalability and security issues.
Proposed solutions aim to enhance Bitcoin's stability and trustworthiness.
Abstract
In this paper we discuss Bitcoin, the leader among the existing cryptocurrencies, to analyse its trends, success factors, current challenges and probable solutions to make it even better. In the introduction section, we discuss the history and working mechanism of Bitcoin. In the background section, we develop the ideas that evolved in the process of making a stable cryptocurrency. We also analyze the survey matrices of the present day cryptocurrencies. This survey clearly shows that Bitcoin is the clear winner among its kind. Section 3 is about the success factors of Bitcoin and the proceeding sections are a discussion about current challenges which pose as hurdles in making Bitcoin a better currency in the digital world. We finally discuss the balance between anonymity and reduced trust in the cryptocurrency world, before concluding the survey.
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