Topic: Biggest challenges of bitcoin... (Read 545 times)

It's due to these associated challenges and difficulties about bitcoin that's why newcomers are enjoined to get to have good understanding of how bitcoin works the pros and cons of it. Particular the volatility and the irreversibility of the coin are key issues most entrants into the industry ain't giving the awareness about by those that introduce them to it. All you mostly hear is invest, invest and hodl. A proper way to start with should be about the scalabilities and challenges involved first.

Regardless of those challenges, speaking of my experience, it's always been worth it to invest in Bitcoin. But this do require a lot of patience and a lot of work in progress before you can finally see that it's worthiness.

Even investors understand that but it's nature of Bitcoin that can't change. The volatility itself is one of the best qualities of bitcoin for which many are seeing how one can earn from it and use it as an investment or asset.

I do have also the feeling on the time that BRC-20 would be the next narrative then pretty sure it would be flooding out in the market and would really be the main reason on why it would clogged up the network again but just like on what mentioned above those LN approach then we might not be able to worry up such condition or situation.We've seen on how the network had been completely affects out the entire chain tx confirmations on which the fees made up high once again which we havent seen for a while on previous years.

Challenges and other criticisms which do really focuses out on Bitcoins flaws is never been new. They do keep on elaborating those flaws but still ends up on seeing Bitcoin sitting on that #1 spot just
because the community is really that mainly been supporting int. There's no way that it could be easily be replacen on the top spot. Challenges would really be neither on the technical side of things
and next would really be that regulation and legality aspect which it is really the main problems thats needs to be faced up.

At now we discuss about investing BTC and then it is a totally different thing from an ordinal issue because for some people it is a problem or loophole or issue from which other people no wonder are earning a lot but they hate it and then there is another group of people who supports ordinals it includes many devs too , And this is a mistake and find out to make a correction and before having do correctly done .

especially when the BRC-20 token arrived on the Bitcoin network and caused transactions on the Bitcoin network to slow down,
I used to like trading on Bitcoin because the fees were small but now the fees from Bitcoin are very large and it's even the same problem on the Ethereum network.
and the other biggest challenge is in the government of a country because if Bitcoin is banned then of course it will have an impact on the price of Bitcoin itself.

I know i am replying late but your main concerns seem to be about the ordinals problem which had congested the network with so many transactions that the BTC blockchain is taking days to clear that congestion and in the period more transactions keep coming and increasing the congestion. Well, you are totally right about one thing that BTC has some scalable issue that needs upgradation one is processing/validation of transactions at a faster level so that mass adoption of it could occur. For example, i have talked about it a few times before but let's talk again If El-Salvador uses BTC and makes many transactions in a day like if 90% of their total population makes transactions on the BTC blockchain then it will take 10 to 12 days to process those transactions which means if we currently watching congestion on BTC mempool explorer 12 days and it will become 22 days then.

I had talked about it earlier too, when the ordinals are not released yet but many there was news going around on many news websites that developers are working on deploying tokens onto the BTC blockchain. (Source)

Now coming back to your query about investing in BTC then it is a totally different thing from an ordinal issue because for some people it is a problem or loophole or issue from which other people no wonder are earning a lot but they hate it and then there is another group of people who supports ordinals it includes many devs too. The point is, BTC is here to stay long and ordinals is just an upgradation that will bring more improvements in BTC no matter how it is impacting it now because, for those it is an error, they will try to come up with solid solutions that will make it better then before.

In terms of investment, the biggest challenge faced by investors is how to keep their assets safe even though many people consider them to be quite safe. Even a big investor is unsure of his own security measures without involving an expert to provide him with the best security measures. Some of them also have to trust in a centralized platform due to uncertainty about the security of the wallet they control when the number of bitcoin they own is worth millions of dollars.

I don't think the transaction fee will really interfere with their investment plan because this fee can always fluctuate. Even I can say that $16 as transaction to move 127,351 btc is verry low fee for big investors.

Check out this tx: https://blockchair.com/bitcoin/transaction/6345aad1147bee45c9b35c58e043459d45c122a52de57ee596dad5917a0c5855

So that is what you consider the biggest challenge of Bitcoin?
I think that is only one of the challenges of a Crypto/Bitcoin trader but not totally the Bitcoin itself. Although there are other bigger challenges than that, and that is on how to analyze or read the market properly so that they can be able to benefit greatly from the market swings.

Choosing a platform is only easy because we can just read the reviews of it, if not we can also test it by a few amount. That's it. Investing is different from trading. It is less risky so earning 100 percent of profit is possible as long as the investor is willing to wait for the coins value to pump large enough.

Yea, and there will never be a time that bitcoin will be 100% scalable and its transaction very seamless or as fast as xrp. Again, the complexity of the network and the solution it profers is for the security of the network.
However, the developers are tiredlessly working to improve the system and there is a remarkable improvement over the decade. Before, bitcoin will click another decade, many things will change for good.

There are several platforms out there that offer services to this bunch of risk receptive crypto traders. In case of the growing options of platforms available to traders that fall under this category, we have decided to do a comprehensive review of crypto margin trading, what it means, and all you need to know before adopting it. In light of this, you should gauge your propensity to take risks, as well as the platform's offerings, before choosing the one that is the most suitable. Also, it doesn't mean that if you invest in it, you will gain 100% profit, because you still need to learn a lot about it before investing.

But still, it is not for everyone, like the soft-hearted or faint-hearted, because the price is very volatile, meaning it goes up and down, and for those who tend to get emotional, there is a possibility that they will sell it off early and can't get hold of it. Also, it doesn't mean that if you invest in it, you will gain 100% profit because you still need to learn a lot about it before investing, and mostly those who gain profit are those who hold it for a couple of years and not those who easily get panicked when the price drops.

By investing in Bitcoin you can make transactions very easily and quickly which will benefit you a lot. If investing in bitcoins, you must be tolerant of bitcoins. You can invest in Bitcoin as you will definitely have it as a future asset. Currently, various transactions can be done very easily with Bitcoin, due to which various banks pay in Bitcoin for transactions. So you can invest and hold bitcoins by looking at the market position with confidence. There are no particular challenges to be faced in investing in Bitcoin as there is no risk of loss. If you invest in Bitcoin, you don't have to go through hard times, you will definitely get profit.

This is both true and wrong at the same time and not many people realize what you realize. I mean it is not a problem because government can't really change much about bitcoin itself, but it is a problem because they could ban you to use it, that alone is a huge problem right there. Doesn't mean they will, looking at most nations they are fine with it so I do not think that it will have anything big anytime soon, but it also doesn't mean that it will stay neither.

I personally believe that the best thing about the current situation is that they are not meddling with crypto all that much, they find it just too far away as a threat so they are fine with it. But what happens when we grow even bigger? What happens when people start to prefer crypto over stocks?

"What makes it difficult to invest with Bitcoin?"

Maybe I am too old at watching Bitcoin because recently I don't see anything difficult about it. It's the easiest way to invest. You don't need any broker, you don't need to fill out a lot of forms, TOS, contracts, or whatever they will make you write just to approve your investment.
Go to a trading site, P2P, or other legal ways and then buy Bitcoin. That's it. You are the owner, the manager, and you will have the right to sell it whenever you want, trade it, or just store it if you feel like there's a chance it could make better profits in the future.
What is so difficult about that?
When it comes to reputation, there's nothing to be scared about anymore. A lot of people are buying it continuously while some are holding it long-term which means the value could not depreciate that fast giving an opportunity for others to sell if they feel like a dump will happen.
About transactions, well there are bumps about the fees but it goes back to normal when the heavy traffic subsides.

Scalability is still a problem as it hasn't been totally eliminated, the solution you listed has done well to fasten the confirmation rate of Bitcoin but it hasn't brought about a permanent solution and they aren't been adopted because of the complexity of the solution. We haven't reached the full capacity of transaction that other online payment processors make and how fast those transaction are been done

I'm not saying those payment system are better than Bitcoin but when Bitcoin will start processing transaction in those number it'll become a problem as the network will become congested and the price for fees will start to rise again as individual increase fees for faster confirmation.

to support that belief we must have knowledge of bitcoin, so that we have a foundation in holding bitcoin as an investment. with good knowledge, if the schedule or prediction for the increase in bitcoin is not as expected, then we don't give up, and can relax in dealing with it. it seems simple, but it's hard for everyone to do considering that there are still many people who experience losses in investing, that means a lack of knowledge and psychological stability, or even the initial goal is to get big profits in a short time

I pretty much agree with what you said that investing in Bitcoin is a smart choice because it's really proven. I have not seen anything over time that its value has decreased, instead every time there is an upcoming bitcoin halving there is always a rally in the price of Bitcoin in the market.

      Especially now that the halving is coming up next year where many bitcoin communities hope that its value can reach 100k$ or more depending on the demand. And for now, everything is back to normal when it comes to transaction fees.

We havent seen any exploit or security issues in Bitcoin but somewhat most competitors would really be point out out about its scability issue which most projects are trying out to patch up and resolved  that kind of problem, but it did really make out such changes or kicking out Bitcoin into its place? None of them did succeed on which it did really still able to sit on the top of the markets despite of those flaws and this does really prove out that community support would be always the biggest consideration about on projects success. Also if we do speak about that irreversible transaction is already that something revolutionary and this is why
its not really that surprising that it is really that mainly been loved by those people who are engaging into crypto. Challenges is there but doesnt mean that it would really be over for Bitcoin
to fly with colors even into the future.

I can say the government, because the government is the biggest challenge for bitcoin,
if the bitcoin problem in the government is resolved then Bitcoin will really live in that country,
we know that China has given permission to Bitcoin and of course this is a good thing for Bitcoin in China,
but unfortunately in the USA it has not materialized.

Everything has pros and cons. And for some people the cons acts like pros and vice versa. To be honest for me Bitcoins are like a boon. Bitcoins has many advantages than the traditional banks for which it gained so much popularity in short period of time. Banks are centralised and have lots of rules and regulations to follow. Moreover there are also many hidden taxes and fees. But due to the decentralised nature of Bitcoins, it gets a point here. Yes I know Bitcoin network is too slow, but to be honest, for the other advantages I am getting here, it is worth waiting.