Can the following problems be solved?
- Bitcoin is not based on "underlying" for the transaction, the risk is high.
- Bitcoin is very close to the possibility of money laundering and terrorism financing.
- Bitcoin has no "best practice" and international standards to ensure the security and efficiency of the organization.
- Bitcoin has no central entity as the subject of arrangement, no party is responsible.
- Bitcoin price is determined by the market depending on supply and demand
- In Bitcoin there is no consumer protection.
You have listed several problems that you think bitcoin has. I will focus on answering the second from the top problem as it has a big impact to me. The problem on bitcoins that it could be possibly be used in financing terrorism and money laundering has already been solved by the governments. The countries who accepted cryptocurrency have placed a strict regulation on bitcoin to track down money launderers and financing to terrorism. Using bitcoin in money laundering and on terrorism is no longer a good choice since using the blockchain technology combined with the KYC and AML regulations the sender can easily be tracked and identified even after long years.