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Author Topic: One of the biggest challenges that we will encounter in Bitcoin  (Read 332 times)
dothebeats
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May 04, 2018, 07:21:58 PM
 #21

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.

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May 04, 2018, 07:52:03 PM
 #22

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.

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May 04, 2018, 07:57:04 PM
 #23


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May 05, 2018, 06:08:13 PM
 #24

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.
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May 06, 2018, 01:51:40 PM
 #25

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
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May 06, 2018, 02:05:18 PM
 #26

--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.

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May 06, 2018, 02:12:02 PM
 #27

--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.

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May 06, 2018, 02:35:54 PM
 #28

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.

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May 06, 2018, 03:03:35 PM
 #29

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.

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May 06, 2018, 11:09:23 PM
 #30

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.

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May 06, 2018, 11:49:43 PM
 #31

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.

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June 22, 2018, 09:50:43 PM
 #32

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.
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June 22, 2018, 09:58:07 PM
 #33

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.

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June 22, 2018, 10:19:06 PM
 #34

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.

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June 22, 2018, 10:28:06 PM
 #35

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.
Besides those scammers that we can easily avoid if we will just take time to investigate is how we are holding every time that the market goes down, how much we are willing to wait for it to rise again and how much we can value and support it.

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June 23, 2018, 02:59:31 AM
 #36

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?

I think this issue always exist. But i think the biggest challenges in cryptocurrency including bitcoin is regulation from government. When crypto going bigger and government wont issuing regulation, market will unstable because investor will not confident with their investment. Regulation like or not is needed

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July 11, 2018, 10:42:42 AM
 #37

Scalability and the issue of interoperability.
This issues are the major reason why bitcoin is yet to be widely accepted.
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July 11, 2018, 11:03:20 AM
 #38

--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.

Most exchanges are now using batching and the spam attack has changed. Now bitcoin fees are very low and confirmation time is very quick as well. So I guess this argument about bitcoin so slow and better to used altcoins is already busted. And there's one improvement that we all have been waiting for, and that is LN, once implement together with Segwit, transaction will be instant so I don't know what will be next arguments against bitcoin scalability will be.

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July 11, 2018, 11:05:24 AM
 #39

The internet era has one general problem which is hacking.Recently two exchanges have been hacked worth millions of dollars of digital currency.This came at a time btc and ETH were getting back on their feet after a lot of price flatuations.So simply hacking is a major cryptocurrency .

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July 11, 2018, 12:18:06 PM
 #40

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?

For me the challenges the i encounter is lack of knowledge in trading bitcoin so that i dont know how to trade my token because im scared to lost it. Next is waiting so long to give my token in some signature campaign. And last is losing my token in my ether wallet.

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