Just to elaborate more on the subject, high transaction costs are mainly due to miners when they confirm transactions under the blockchain technology. The reward that they receive in return for confirming such transactions are relative to the amount of bitcoins they confirmed. Even in the transaction speed, they both posses a direct-proportional relationship between the amount being confirmed and the time being processes. Not to mention, its high volatility makes it a risk for both the consumer and the producer in purchasing products.

What most individuals fail to realize and maximize is the use of bitcoin beyond from the investment perspective. Since it utilizes the blockchain technology as its platform, they tend to take for granted the security granted by it since no one can tamper, alter, or change the information under the blockchain since it is being monitored by a network of computers. Hopefully, the government and some establishments may utilize bitcoin as a payment once they solve the aforementioned problems.