Topic: Biggest challenges of bitcoin... - page 4. (Read 545 times)

Scalability is one of the problems that have been studied and tried to reduce its risks since the early days of Bitcoin, and it is almost the reason for the emergence of most altcoins that promised to provide better solutions than Bitcoin to this problem, but failed to do so or at least were unable to provide a good price model compared to Bitcoin.

There is no wisdom in fear as long as there are many solutions that have been devised to end this problem. You have the sidechains and LN.

The only thing that worries other bitcoin holders right now is that the fees to make a bitcoin transaction may still be high. Now, if you ask if it is still a wise decision to invest in bitcoin, my answer is yes.

Although there are some things that I still consider that should be considered in the risks that can be faced with Bitcoin, but still, of course, it is still up to us. What do we really want?

Pros and cons of Bitcoin https://www.cointree.com/learn/pros-and-cons-of-bitcoin/

When you're investing in Bitcoin, you're doing so for the gains you'll get in the future and not because you want to use it in transactions. Bitcoin investing and adoption are two different things. Bitcoin will keep giving future gains without it be used for transaction because of how it was built. Bitcoin has a limited supply and will keep having high demand.

The high demand of Bitcoin will keep increasing the price and since there'll always been a scarcity of Bitcoin because of the block reward been halved every four years. There's more chances the price will keep increasing and the gains will keep on coming by just holding.

You are wrong scalability issues aren't present with all cryptocurrencies, but with some unique ones and for a valid reason. Many cryptocurrencies can process enormous quantities of transaction within short duration, if we take the example of XRP (Ripple), it can process thousands of transactions every minute without any delays or need of high fees.

You can easily use XRP for routine transactions as it is the fastest and most secure cryptocurrency for the purpose. The transactions made with XRP are very fast and the process won't take longer to complete. I know that with the current situation of Bitcoin there are delays in transactions and the fees are higher but that issue will be fixed soon.

Investing in Bitcoin is another thing than the transaction speeds because you can invest in Bitcoin even if the network is congested and the transaction speeds are slow. There are many exchanges that have listed Bitcoin on their platforms and you can easily purchase Bitcoin from those exchanges with any other cryptocurrency and fortunately some exchanges allow you to purchase with fiat currencies. Even with congested network investment isn't an issue, and in fact in such times investing in Bitcoin could be a better decision.

I know that you'll have to wait for the network to get less congested again and after that you can withdraw your bitcoins into your personal wallets without any issues. The fees will be fixed soon and the higher fee issue won't stay for a long time.

Bitcoin in a few days ago did experience a little obstacle at a high transaction fee than usual. In determining how long the transaction process, everyone may determine themselves. There are so many types of crypto that have been tried by traders, investors and who are the best of them, no one has said that thousands of crypto are better than the Bitcoin transaction process.

Can and Bitcoin are very feasible for investment because Bitcoin is a smart choice compared to choosing crypto that was born in the crypto room quite a lot at any time but it is not yet clear the future.

Yes, Bitcoin worth investing in because we saw many investors that came to share their cryptocurrency income experience that is attracting other people to start making Bitcoin their choice so that they will enjoy what investors are enjoying in the community. If you can make up your mind and save enough capital in this season and wait for the price of Bitcoin to decrease back to $20,000 before you can buy, I think it will really help you to solve many challenges that will make you believe that Bitcoin remain the king among other cryptocurrencies. Since the price of Bitcoin has increased to $27,481, showed that the bullish season is very close for those that invested in Bitcoin some months back to get prepare for massive pumping.

What cryptocurrency are you talking about,  there are thousands of cryptocurrencies, and many of them can produce more than one block within 100 seconds, and therefore using them will enable anyone in the world to conduct a transaction whenever they want.

Some protocols are centralized, so if we take Ripple (XRP) as an example, there is no problem of scalability as it is specially designed to process thousands of transactions continuously, but it is centralized and has one point of failure.

When you search for investment, daily use is not a criterion to determine whether this service is good as an investment or not, and the evidence for that is gold. It can be used as a currency, and yet we do not pay transactions with it daily.

Of course everything should be justified before investing. A few days ago Bitcoin faced scalability challenges due to high transaction volume.  This makes Bitcoin transactions slower and more high transaction fee.Everyone is now worried about the high transaction fees of Bitcoin.  We have not faced such scalability challenges in any other year except this year 2023.  Bitcoin will overcome scalability challenges very soon.  I'm not too worried about Bitcoin scalability, because the demand for Bitcoin will be higher day by day.

I agree @OP that Cryptocurrencies, such as Bitcoin, face scalability challenge that can result in slower and more expensive transactions, potentially hindering their use for routine transactions. Additionally, Bitcoin's high volatility makes it a risky investment, as its price can fluctuate significantly. Before considering investing in Bitcoin, it's important to understand these challenge, as well as the potential benefits and drawbacks associated with cryptocurrencies.

What has scalability got to do with bitcoin investment, trading volume and future flourishness?

What you call a problem is the reason bitcoin is unique and can not be tampered with. No other project can challenge it since in place of decentralization and integrity of the system. The lack of much scalability is the price bitcoin it is paying and it will always stay that way and still be the most demanded for.

It has created the road, others are only enjoying it.

I personal see that there are scalability difficulties with cryptocurrencies, which means they may not be able to process enormous quantities of transactions at once. This might make them difficult to utilize for routine transactions, since these transactions may take too long to process and complete.

So if you're asking yourself can I invest? Is bitcoin worth investing in? Is it smart choice to invest? Then you need to understand the challenges involved, the pros and cons, what makes it difficult to invest or not.

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