Topic: What are some common challenges in bitcoin;and how can they be addressed? (Read 227 times)

Nothing special about the challenges but the most important thing is to have knowledge and understands how market works, but when open newly sure is secure platform or blockchain. Everybody in one way or other experience bearing period when prices doesn't favor like this season. And also keep your private keys to yourself, don't discuss with people to join when you yourself do not know much.

fortunately, you get a trader who can indeed be trusted to transact. there are many scammers around us, when we are too hasty and make wrong transactions with scammers, then we can lose our Bitcoins.
the more popular Bitcoin is, the more scammers will become part of the risks we have to face in the future. be careful and always be alert.

Bitcoin comes with many challenges because it is not legalized worldwide and bitcoin is not adopted by a majority number. Bitcoin comes with a change, but everyone welcomes the change and they refused to adopt bitcoin.

My great challenge with bitcoin is when I try to sell them. I don't use my bank card to buy or sell bitcoin. So the only way to buy and sell bitcoin is p2p. P2p trading is quite risky, and with that risk, we sell our bitcoins. But I was never got scammed by anyone selling or buying bitcoin.

You need to learn about the wallet aspect so that you don't store or keep your coins in a centralized exchange like Binance which is the most popularly used. You can use electrum wallet, since is a non custodial wallet which you are in total control of your keys. If you store your coins in exchange or in a centralized platform,you are no longer in full control of your bitcoin anymore but they are because they are keeping your bitcoin in their own custody and not in your custody and don't forget these centralized platform are not to be trusted for so many reasons. They can give out your information to government or sell out your information to whoever is ready to pay for it. Bitcoin was created for maximum privacy for you to be anonymous as an identity.

If you have a wallet,the next thing is  to back up your seed phrase and keep them in different location away from where people can have easy access to,if not if someone sees your seed phrase he can use it to get full access to your wallet and will steal all your bitcoin

Trust wallet is not advisable to use,it is vulnerable to attack and can be compromise. We have seen reports on this in the forum that trust wallet platform is responsible for the return of stolen funds from the victims wallets .You can use any of these wallets electrum or blue wallet.

Everybody have their own different challenges in their bitcoin journey,my challenge might be different from yours but it is how we understand bitcoin that we will also be faced with the challenges.

I think I would say bitcoin investment is not for those who are greedy and wanteto invest today and after one week they want huge profit. Those category that will use money they can't afford to lose for investment, those using small amount of money to trade and increase their leverage more than 10 times will find bitcoin challenging because these mindset will only be seeing bitcoin investment as gambling. Bitcoin is not an instant money spinner, it takes process. However, my challenge with bitcoin is when the fees for transaction goes high and cause confirmation delay.

There are few problems like low transaction speed and unable to process larger amount of transaction at the same time like some other alternative projects can do, still I have no problem with Bitcoin at all, every crypto blockchain projects will always have their disadvantages but one thing is still funny to me.

With what Bitcoin is created for, fully decentralized, why are the so-called bigger Bitcoin adopters using centralized exchanges to trade Bitcoin? It's like using something for or on something that not created for.

The cause of Bitcoin was never made to be traded on a centralized exchange, yet 99% of people trade their Bitcoin on centralized exchanges, aren't we people the ones misusing Bitcoin anyhow?

Scalability or the transaction fees are too much high sometimes. I believe that this kind of issue will be able to solve in the future, and there is already some technology that helping Bitcoin to solve this issue.
Another thing is the regulatory, which some governments are having problems with cryptocurrency because some governments hate cryptocurrency for their people.

To me the biggest challenge in Bitcoin is that its value can't be objectively estimated, so there's no guarantee that it will not lose 99% of its value. With other assets like real estate or stocks you can look at the demand, look at the factor that will influence it, look at supply, etc. With Bitcoin supply is fixed and demand in completely unknown. We can see the daily number of transactions on blockchain, but we have no idea how many of those transactions are payments for goods and services, and how many is just arbitrage trading or some other activity that is useless to society and thus isn't creating Bitcoin's value.

If a lot of bitcoin hodlers only wait to dump the coins in the future, that could create a scenario where Bitcoin market is just a big long tulip mania.

Complexity - I mean let's face it. Since Bitcoin and it's technology is just a new invention, people are having a hard time understanding it even only just the basics of it. The solution? Constant learning.
It being used for scams - People around the world have been using Bitcoin to scam newbie investors, and as a result, investors especially those new ones are having a hard time to decide whether they will invest into it or not. Solution? Proper teaching.
Storing - Nowadays, there are lots of hacks happening around the crypto space, and because of that, investors are having a hard time picking which wallet they will put their holdings on that is also less prone to hacks. Solution? The internet.
High Transaction fee - Just a few weeks ago, we've seen Bitcoin's transaction fee went to as high as 20$, and because of that, there are many who prefer to just hold their Bitcoins instead of selling it. The good thing though is that, the fees are already at it's normal (below 1$). The solution? I guess wait for the fees to go down then transfer your Bitcoins.

I guess it's good for the OP to ask so many questions here with regards to Bitcoin, and the basics of it. I mean you're also the one who posted that "Convincing" thing where you want to gave us one reason to convince you to buy Bitcoin. All of the challenges that I shared have one common solution, and that is learning. Learning even only the basics will help you a lot already.

My biggest challenge is belief, I have a hard time not selling every time Bitcoin is going down, I have to cut my losses, and I admit I have weak hands because of impatient because of the long wait, this is something I'm trying to overcome and it's very challenging especially if you invested with money that I can't afford to lose, you have an attachment to your investment that you don't want to lose it.

The biggest challenge is the ability to proceed number of transactions in a second or minute is too low for a system that is supposed to change the existing system. So Bitcoin is definitely behind the processing of transaction and that is the reason why we are facing high fee for a transaction to proceed so if the earlier gets a solution then there won't be a clog in the network and also high fee.

Volatility is also big challenge because we always wanted a monetary system to have stable value so we may not worry about the inflation, etc while this is actually benefiting the users now by gaining more value when they hold but from the perspective of money it is a red mark that needs to be resolved.

Bitcoin price fluctuations do give you an adrenaline rush or some panic when you start investing or trading for the first time. it becomes a thing that can already be done, the more often you trade, the more you will know what to do. the most important thing is to master trading analysis well so you don't panic and can take advantage of every fluctuation for an advantage. beginners will always learn how to deal with every condition and deal with existing risks, if you don't learn from the initial stages then there will be no valuable experience.

In the beginning, I studied and got to own Bitcoin, the biggest challenge was the feeling of panic at seeing the value of Bitcoin which fluctuated a lot. I know it will happen, but still in the beginning I will panic when I see the market move.
what became a problem for me was when I was long enough to master this trait of mine. quite a long time until finally I got used to it and was quite calm in trading and investing.

OP, currently now as a result of the BRC20 attack on bitcoin chain there seems to be a high transaction fee challenges but however, it can controlled by adjusting your transaction fee from your end.
If you are using a trust wallet the link below would guide you through with some explanatory.
Although it was explained in Nigeria local language but I would still explain it here for you

https://bitcointalksearch.org/topic/m.62257960

I believe you have a trust wallet as it is the most commonly used wallet for holding funds and assets.
If you have already put your  amount of BTC you want to withdraw the you click on continue, it would take you to the next page which is where you would see the settings at the upper right corner facing you. To set the fee, you will have to click it and reduce or adjust the fee yourself as it suits you for your transaction.

I hope this little explanations would guide you through if you see your transaction fee way too high and you want to reduce or adjust it.

A common challenge that most of us face in Bitcoin is when we decide to buy Bitcoin because if I observe the conversations in my groups, they often ask this. Even though they know that when the price hits the big red candle, they can buy it immediately if their goal is a long-term investment.

But they didn't buy it and instead asked other friends when they could. And unfortunately, if they get any advice on when to buy it, they will immediately buy all-in, which is highly discouraged.

Other friends have suggested that you buy in stages so you can get a low price on many occasions but they have not followed suit. We can't do anything about it because it will be their responsibility. To overcome this, we must be able to analyze ourselves so we don't use their advice and can find the right time to buy Bitcoin.

that,s major issues for everyone to securing yourself, first use reputable crypto wallet and exchanges that have strong security measures in place. keep you,r private keys secure and considered using hardware wallet to added for protection. keep binding 2 factor authentication for you,r account to get fast secure in every threat. it,s make more secure yourself to login with unique code after putting it

Thanks for the link,I think it's going to help alot

I'm actually referring to the learning aspects of bitcoin

One challenge that has been seen and also been mentioned by some about Bitcoin is about connectivity. There's no solution for those that have been in remote areas and they're not versed with using the technology. At least, this is the very one thing that Bitcoin can be said of challenging. There's solution about satellite connectivity but devices and even the connection itself won't cost just a penny but it's more than that.

And one other challenge about still, the most common about many people that are still not yet educated about Bitcoin. The resolution on this one is to keep them informed about Bitcoin but then there goes the other challenge that will made from there, and that's when you're educating the wrong people that are not eager on learning on it as it seems you're wasting your vocals, time and efforts on them.

Some common challenges as a beginner in Bitcoin are the technological knowledge on how the wallet can be securely operated or used.  To address the issue, a user must take time in learning the ropes of securely installing the wallet.  It won't be a problem for people who have the initial technical knowledge but for those who are not tech-savvy will find it difficult.  So it is suggested to do thorough research and give time to study how it can be done.  Resources or information about Bitcoin wallet security isn't hard to find since it is everywhere in the internet.

Another common challenge is network congestion and transaction fee.  For a beginner, it will be troublesome if we sent our transaction and it does not confirm after many hours.  Again for non-tech-savvy users will find this situation difficult but there are instructions on the internet that can give a solution to the problem.


@OP is asking us about the difficulties we encounter, the question is subjective so each one may have different challenges.  Probably @OP wanted to know our experiences and how we dealt with it.  I think it is a better way of asking for information since he can get varieties of challenging situation and how each one of us dealt it and came for a solution.

Why not make it more clear and straight forward in your request, are you referring to learning  about bitcoin or handling the bitcoin you have invested, or is it on security to bitcoin or where bitcoin is more applicable for use, because your question is a broad topic and to begin to give you reply is not an easy task because you're not being specific in your question, you can read more about bitcoin threads on this link to beginners and help encyclopedia Beginners and Help Encyclopedia https://bitcointalksearch.org/topic/--5364418

Some hurdles I believe that most new Bitcoin users would face:

Security: Most standard internet users still use Windows, which include large vulnerabilities especially for those who are not well-versed in keeping their PC safe. Using online wallets, or storing Bitcoin in insecure systems are common precursors to problems for newbies who are using Bitcoin.
Network fees & spend-ability: A common new user probably just obliges with the stated/recommended fee and hits send. Learning about how to customize the fee and taking advantage of low network-activity periods to send transactions with minimal fees is a technique that new users probably do not learn prior to using Bitcoin.
Privacy: Providing personal information is not required to use Bitcoin, however many users will probably submit their identification documents to exchanges because they think that this is the only way. Maintaining privacy is probably a challenge that a newbie would face, if they have in mind that they would like to retain it.
Exchanging: Linking with the above point, exchanging can be done in two ways. Non-privately and for convenience, meaning you submit your info and sacrifice your privacy to use mainstream exchanges, or, privately by using kyc-free exchanges and p2p marketplaces. The latter is usually only learned after digging a little deeper than "Where to buy bitcoin" and "how to store Bitcoin".

Security, network fees and spend-ability are the top challenges that might deter a person from using Bitcoin after their first experiences. Privacy and exchanging would be next learning curves after these mentioned challenges.

If you agree with my Security, Privacy and Exchanging points, I've suggested to introduce a Cybersecurity & Privacy board, which would include knowledge to help Bitcoin users resolve these learning curves faster than if they were to try and learn/explore solutions on their own (if they make it this far to begin with).

If you take the time to study and understand Bitcoin and how it works both in its primary and secondary function, bitcoin's primary function is to perform as a decentralized trances border financial tool and at the same time a digital asset, bitcoin functions as both asset and money at the same time so if you take the time to understand how this two fundamental of bitcoin and how it works.

For someone who's just starting out its security, securing your coin, your waller, and your machine, and securing yourself if you are storing a huge amount of Bitcoin that you are still ok until the time to reap your rewards.

After you learn the first step the second one is trading and HODL and having an insight into the market, there are a lot of challenges and they can be addressed through experience having gone to many things and learning many things.

When it comes to investing in Bitcoin, experience is the best teacher, so get a lot of it.  

Hi mates,what are some common challenges most of you have faced in bitcoin and how they can be addressed...