What are the current challenges faced by the cryptocurrency industry, and how are they affecting the growth and adoption of Bitcoin?
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Here are some challenges being faced by the cryptocurrency industry which are affecting the growth and adoption of Bitcoin
1) Scams : A lot of people are doing scams related to bitcoin and crypto which has reduced the trust of people in crypto. Some people are still scared to use crypto because of fear of these scams.
2) Price fluctuations: Imagine investing in bitcoin when prices where $60000 and it reducing to 1/3rd in just few months. That can also affect the trust and faith of common people in bitcoin. This will however get solved in future with mass adoption. There will be less fluctuations when there are more users.
I don't see any of these things as issues or challenges.
Scams happen everywhere and they are a part of the traditional financial system as well. Most scams, drug and arms deals, prostitution, human trafficking is financed with cash.
The only scams that can be harmful are fraudulent exchanges like FTX, but these usually harm people who hold money there. It's rare for someone who does their business and withdraws on the same day to lose money on defunct exchanges like Quadriga, Mtgox and so on.
Price fluctuations are good for investors because you can be on the winning and on the losing side of things, but with enough caution and dedication you can come out on top.
People who buy the top feel bad about it, but you'd probably want to be one of those who bought the 2013 or 2018 tops. Buying the top means pain, but it doesn't have to mean a loss. Even if bitcoin were to decrease its volatility by 50% there would always be people who buy high and sell low.
