Currently, bitcoin network can support up to 7 transactions per second compared to visa which can support 2,000-4,000 transaction in a second. Although, bitcoin network process a much higher number of transaction in a second than it does today. One of the advantages of bitcoin over existing payment networks is freedom from regulation. However, this advantage has also been one of the major concerns for bitcoin to become a major payment network. Payment system without any limitation will not likely to be efficient as there will be no limits on how people can use it. There are also concerns about bitcoin’s limitation to scale and government intervention. These are some of the challenges that are necessary for bitcoin to overcome to become a major payment network.
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