This exploration of Bitcoin, the leading existing cryptocurrency, analyses its trends, success factors, current challenges and probable solutions to make it even better. In the introduction section, the authors discuss the history and working mechanism of Bitcoin. In the background section, they develop the ideas that evolved in the process of making a stable cryptocurrency.

Within this research, you’ll find an analysed survey of present day cryptocurrencies. This survey clearly shows that Bitcoin is the clear winner among its kind. Section 3 is about the success factors of the cryptocurrency and the proceeding sections are a discussion about current challenges which pose as hurdles in making Bitcoin a better currency in the digital world.

The authors also discuss the balance between anonymity and reduced trust in the cryptocurrency world, before concluding the survey.

The success attained by Bitcoin on various factors makes it as the market leader among the digital currencies. Alongside, analysing the ups and downs of the market value of Bitcoin in the past year implicates the probable flaws in the system and hence showcasing the solutions that could be implemented to overcome those flaws.

Assuming that these solutions are implemented successfully, it gives a positive hope about the Bitcoin revolution to be continuing for a long run, providing economical benefits preserving the privacy of people around the globe without depending on any government or third party authorities.