One of the biggest challenges that we will encounter in Bitcoin - page 3.

sclmte

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Quote from: thecoder2017 on May 06, 2018, 07:09:23 PM

One of the challenges bitcoin has is the risk in investing i guess because it takes a lot of courage to venture with this and also on how to identify the acammers to avoid the loss of money and as long as bitcoin is active there are lots of challenges coming in.

Scammers are just around us and cant make them disappear, only for our own self to stay away from them.
The strong challenge that we are facing today is that of having a high volatility rate which could bring into high risk investment. But isnt enough to be afraid of, still manageable and for those who can take the risk will surely survive and win.

laravuemaster

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Quote from: thecoder2017 on May 06, 2018, 07:09:23 PM

One of the challenges bitcoin has is the risk in investing i guess because it takes a lot of courage to venture with this and also on how to identify the acammers to avoid the loss of money and as long as bitcoin is active there are lots of challenges coming in.

Everyone is actually taking a risk for investing a huge amount of their money into cryptocurrency and that is the reason why you should always hold your coins whenever the market is in a huge dip in order to avoid losing a huge amount of profit due to the volatility of the market.

DaryaDancova

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Now, after all, the Lightning Network technology has already appeared, thanks to which the transaction inside the Bitcoin network will be carried out instantly, and the commission for such transactions will be minimal. I believe that the problem of scalability is not the main problem.

mostkey

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the war with the government itself, when our government forbids bitcoin and we try to still use it, that's a big challenge, bitcoin is not accepted in all countries including my country, only the future of bitcoin is guaranteed.

thecoder2017

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One of the challenges bitcoin has is the risk in investing i guess because it takes a lot of courage to venture with this and also on how to identify the acammers to avoid the loss of money and as long as bitcoin is active there are lots of challenges coming in.

ladydark

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Quote from: kauban2018 on May 03, 2018, 09:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

It was an issue earlier when thousands of transactions got stuck due to spam attacks and as a result of which,BCH supporters started to claim that BCH has very low transaction fee and very fast transactions and so,BCH would be the true bitcoin.

But all such issues have already got solved by the active implementation of segwit which has caused transaction fee to fall very low nowadays.

evader11

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I believe that not only one challenges you will encounter in working here in bitcoin because the truth, there are many trials you need to overcome such as scam, ban and hack your account these will be the common incident happened in the world of cryptocurrency so to avoid this situation you need to be strong so you can't easily give up in any problems you've been come to you.

supermine

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Quote from: amishmanish on May 06, 2018, 10:05:18 AM

Quote from: dothebeats on May 04, 2018, 03:21:58 PM

--snip--
It goes to show one thing: every transactions made during those previous instances were spams and nothing more, and both sides are rushing things to gain 'control'. Sure adoption will come soon to bitcoin, but assuming a heavy load within a short span of time is nothing short of nonsensical for me. Good thing LN is there to facilitate transactions should people need to create fast and cheap transactions.

Another major reason for the spike in transaction was aot of people trading on exchanges and buying up in ICOs. Most exchanges didn't have SegWit enabled or Transaction batching.
Now those features are being added to bigger exchanges gradually and this must have contributed in reducing the load on block space.

Bitcoin is the one tested on its full capacity and ready to face the next level of usage explosion with second layer solutions. As usual, the other coins are still going to keep calling themselves "cheap and fast" when blocks are going completely unoccupied. This can never be a long term solution.

LN is already on mainnet and is now hnder community testing and adoption. As always, bitcoin is the pioneer.

Yes,segwit adoption by most of the exchanges reduced the number of unconfirmed transaction very much and still coinbase and blockchain exchange is going to adopt the segwit by this year which will reduce lot more that number again.So that may not be the biggest challenge for the bitcoin,the main challenge is that bitcoin is not yet consider as currency even my many investor they only think bitcoin as money making investment.

amishmanish

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Quote from: dothebeats on May 04, 2018, 03:21:58 PM

--snip--
It goes to show one thing: every transactions made during those previous instances were spams and nothing more, and both sides are rushing things to gain 'control'. Sure adoption will come soon to bitcoin, but assuming a heavy load within a short span of time is nothing short of nonsensical for me. Good thing LN is there to facilitate transactions should people need to create fast and cheap transactions.

Another major reason for the spike in transaction was aot of people trading on exchanges and buying up in ICOs. Most exchanges didn't have SegWit enabled or Transaction batching.
Now those features are being added to bigger exchanges gradually and this must have contributed in reducing the load on block space.

Bitcoin is the one tested on its full capacity and ready to face the next level of usage explosion with second layer solutions. As usual, the other coins are still going to keep calling themselves "cheap and fast" when blocks are going completely unoccupied. This can never be a long term solution.

LN is already on mainnet and is now hnder community testing and adoption. As always, bitcoin is the pioneer.

localcrypto

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Now Bitcoin transactions are lightning fast and we can see transactions happen very less fee and fast transactions bitcoin scalability problem is very prolonged issue got solved

Fatimah Azzahra

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All your proposals and your solutions all here are almost all true.
so because I am here still a beginner I got a lot of knowledge for this question, because maybe what is the problem here one day I experienced too.
so I am very grateful for your opinion all that is here can add insight for me.

prismatica007

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the computer pirates, who enter the accounts, no matter how sure they were

semobo

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Quote from: kauban2018 on May 03, 2018, 09:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

Yes this is one of the biggest problem of the bitcoin because the transaction cannot be done instantly so if it need to be considered as a mode of payment the transaction should be fast but it is not possible in bitcoin but the transaction speed increased a lot better when compared to the past years so in future the this will get more improved after the implementation of LN and it may make the bitcoin transaction at much faster time.

dothebeats

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This scaling debate has been going on for almost 2 years now, and apparently the fees/transactions have lowered now together with the block size even without LN's help. It goes to show one thing: every transactions made during those previous instances were spams and nothing more, and both sides are rushing things to gain 'control'. Sure adoption will come soon to bitcoin, but assuming a heavy load within a short span of time is nothing short of nonsensical for me. Good thing LN is there to facilitate transactions should people need to create fast and cheap transactions. The dev team would always look for better features to implement without losing the core features of bitcoin and surely, the scaling issue would be addressed every time the need arises.

exalterego

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Quote from: kauban2018 on May 03, 2018, 09:00:30 AM

So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

Lightning network has already proposed one of the solutions - it enhances micropayments between users through a network of users-generated payment channels.
Lightning would let people instantaneously send/receive payments and reduce transaction fees by keeping them off the main network.
Thanks to this technology the number of transactions per second can increase by hundreds of thousands of times, and the transfer fee will be reduced to minimum values or will be zero at all.

Siren

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Quote from: Idrisu on May 04, 2018, 03:07:11 AM

I know very little about scalability and many technical personals has spoken very well about this issue and how is going to affect transactions in future. I think bitcoin and blockchain developers need to do something about this in others to stop this foreseen problems that may stand against bitcoin adoption.

Thays why Lightning Network is there to help blockchain improving its service for the bitcoin users..with LN transactions ate faster now and lessen amount of transaction fees.

Quote from: OGBandit23 on May 04, 2018, 09:51:49 AM

Lightning Network is the only working technology at the moment that can solve the existing problem of scalability and instant processing of transactions

Yups and LN is starting to improve the processing of transactions nowadays and it was a big help for all of us

stompix

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Quote from: Ilegendph on May 04, 2018, 09:39:22 AM

I also believe that the solution to scalability problem of bitcoin alone is to use altcoins so that the volume of transactions would diversify making the network of bitcoin still convenient to use.

So your solution for not getting hit by a car is to never leave your house.
Or the solution to fix traffic in New York is to have everybody moved to Los Angeles.

It's simple, once people don't use Bitcoin anymore it makes no sense to continue using BTC only at its currency capacity, what's the point of having two coins for this?
Fortunately LN will solve this, as history has thought us that the other coins, no matter how attractive on paper they are in real life there is no usage , even with bitcoin fees spiking at 20$ per tx.

Quote from: charlotte04 on May 04, 2018, 09:28:41 AM

My challenge that I almost lost everything in trading shitcoins but I was able to pass that challenge and now I am profitable in it

And what has BTC to do with this?

jhongzjhong

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Quote from: OGBandit23 on May 04, 2018, 09:51:49 AM

Lightning Network is the only working technology at the moment that can solve the existing problem of scalability and instant processing of transactions

This is also one factor that the biggest problem on bitcoin the delay sometimes of the transaction and the big amount of transaction fees.
With the help of this lightning network, it lessens the amount of transaction fees and more faster transaction. There is also segwit that most people that have bitcoin transactions they apply Segwit.

OGBandit23

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Lightning Network is the only working technology at the moment that can solve the existing problem of scalability and instant processing of transactions

Cinemo

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Quote from: kauban2018 on May 03, 2018, 09:00:30 AM

One of the biggest challenges that we will encounter in Bitcoin is the Scalability problem which means there is only limited amount of information that can be contained or its capacity. I'm sure that there will be more people who will going to join the campaign which will result to a possible delay during processing or trading. So how can we provide a solution on this or how to ensure that all the trading done were saved once delayed before bitcoin achieves mainstream adoption?

one of the biggest challenges that I been encounter in bitcoin is when i badly need money and bitcoin was still dump. then i just sit there. thinking if I sell my bitcoin. im so sad that day. cause my bitcoin was exchanged in very small amount of money. then the next day i trade my bitcoin closely so i can gain an extra amount of bitcoin. i profit more that yesterday. in my experience we should take the risk to gain our goals so we can live happily.

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