Ethereum is a revolutionary platform and cryptocurrency that is because it uses blockchain technology and smart contracts that make it very beneficial to use. But this platform has many problems that you need to understand before using Ethereum, and those are:
Slow Speed
It’s a fact that people use cryptocurrencies because of the fast transaction process. I mean, if you are trying to send funds, it will take days for you to complete the transaction and get the money. But with the help of cryptos, the transaction can be done within minutes. However, Ethereum is slow in a transaction. It’s faster than the traditional transaction methods. But the overall tractions are slow. Just think about this Bitcoin’s Transaction speed is 7TPS, which means Bitcoin can complete seven transactions per second. On the other hand, Ethereum’s transaction speed is 15TPS, and it can complete 15 transactions per second, which is not enough for the users.
Transaction Fees
Another reason why people use crypto for the transaction is that the transaction fees are combatively lower than traditional transaction methods. It is lower than other methods, I agree. But the transaction fees are still big. I mean, you have to pay $5 for each transaction when you are using the Ethereum platform. On the other hand, Ethereum has smart contracts, but complex transactions will cost you even much. Basically, a complex transaction will cost you around $50 to $60, which is a large amount.
Immutability
Most people think that Ethereum is immutable. And there is a very good reason why people think this way. The reason is it’s been hacked. However, in 2016, when Ethereum was in its early stage and making a name for itself, a hacker was able to exploit a bug in the Ethereum smart contracts. With that, he was able to make $50 million worth of Ethereum. But Ethereum has fixed those issues and increased the security, and now it’s quite impossible to penetrate the security and hack Ethereum that easily. However, people are not convinced, and that incident still remains on their minds. That’s why people are afraid to use the Ethereum platform.
Programming Language
One of the biggest problems with Ethereum is the programming language that they use. It’s similar to C++, Java, and Python. But the one thing that makes the language difficult to operate is its use in the Ethereum platform. I mean, if you are going to create an app or token with the Ethereum platform, then you have to make smart contracts with the codes. The problem here is people aren’t familiar with the codes and smart contracts. So, it could happen that anyone can make mistakes. On the other hand, since people don’t know how to work with smart contracts, so it will take a good amount of time to make them. However, even if you make smart contracts easily or in time and check the contracts with the third-party auditor, there is a good chance that hackers will be able to exploit the contracts easily and hack the system.