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Author Topic: One of the biggest challenges that we will encounter in Bitcoin  (Read 332 times)
googs84
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July 11, 2018, 12:25:26 PM
 #41

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?

Point out that one towards the devs behind the bitcoin network.  Cheesy

Well, I am not sure why people keep saying that bitcoin will, may or could not achieve the scalability that is need in the current era. There are real world example of Visa companies and MasterCard as well who has more than 20k transaction per seconds capacity. If they can achieve it over the centralised server then why not we over the decentralised network where the blockchain runs through millions of personal computers around the globe! I guess it would be pretty easy to do if someone really puts their efforts into the blockchain and try to scale up the bitcoin nodes. Thoughts are welcome on this one.


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July 11, 2018, 12:38:11 PM
 #42

The biggest challenge that I fear is that hackers keep stealing our account. Many people have lost a lot of organizers in their wallets, only small acts have made us stumble and lose money.
I agree with you, other than the fluctuation problem.
theft done by the hacker is also the main problem that we have reached.
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July 11, 2018, 12:59:49 PM
 #43

I believe that one of the biggest challenge that Bitcoin encounters is its volatile nature. Volatility though plays a very important role in making the coin a great investment asset, but at the same time stops the coin from being a mainstream currency. For a coin to be mainstream, it needs to be highly stable as a strong economy needs a stable currency. Another problem is the coin's decentralised nature due to which the coin is not getting acceptance worldwide as it is not bound to any rules and regulations by any government.
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July 11, 2018, 01:15:37 PM
 #44

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.
Aside from its risk because of volatility and unpredictable price the challenges that we encounter from bitcoin are the people who don't trust from. They are the one who keep on spreading negative news about Bitcoin and they keep on bashing that BTC is a scam. BTC is not a scam either but many people uses bitcoin for scam to destroy its popularity and to get easy money.
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July 11, 2018, 01:21:04 PM
 #45

With block chain technology scalability is not a big problem as per my knowledge and the transactions of crypto is going through advanced platforms which Bitcoin adopts and other altcoins are using ERC20 platform which have two different platform and I think this is huge. I don't think there is a scalability problem and it will be there in future as well since block chain technology transactions uses just 1% to 2% of limit as of now.

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July 11, 2018, 02:19:07 PM
 #46

Well, I am not sure why people keep saying that bitcoin will, may or could not achieve the scalability that is need in the current era. There are real world example of Visa companies and MasterCard as well who has more than 20k transaction per seconds capacity. If they can achieve it over the centralised server then why not we over the decentralised network where the blockchain runs through millions of personal computers around the globe! I guess it would be pretty easy to do if someone really puts their efforts into the blockchain and try to scale up the bitcoin nodes. Thoughts are welcome on this one.

The thing is that running 50,000TPS through a blockchain is technically possible, it's however not very healthy in a decentralized way. People quite often forget that every on-chain transaction needs to be validated and recorded in the blockchain that every node/computer has to save an exact copy of. In a decentralized network nodes aren't equal to each other and don't run on high end systems, this is a 'weakness' impossible to overcome.

The only way to scale beyond Visa & Co is to use second layers that aren't stressing the network and don't clutter the blockchain. Bitcoin's LN is already progressing and should be capable of processing millions of transactions per second. We still have to see how it works in reality and what its throughput is really capable of, but I'm very excited and confident. To add; Visa & Co use second and third layers as well, so we're definitely not unique in that aspect.

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July 11, 2018, 02:41:43 PM
 #47

Even though Bitcoin is still the best option for international transactions, I don't see people using Bitcoin for the regular day to day transactions because at this stage most of the things of daily need are available at the price of Bitcoin transaction fee, so technically it is expensive to use Bitcoin for the day to day transactions especially in the case of microtransactions. We must find some concrete solution for this issue because it is an obstacle to the growth of Bitcoin in the offline market.

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July 11, 2018, 04:38:16 PM
 #48

If scalability won't be fixed then its not a problem since I'm quite positive that bitcoin will never be used as a currency. People who knew about the technology will never use bitcoin as a currency instead use FIAT or use another crypto to do transactions online that is more convenient. We do have lots of choices when doing online transactions that is why other modes of payments will coexist with cryptocurrency for more options if one fails to deliver.

Sooner or later there will be new cryptos that will address this problem of scalability so no need to worry about bitcoin's flaws for it will remain an investment vehicle and a store of value.
If the scalability issue is never resolved then it is very likely that bitcoin will be used in a way similar to gold, it will be a store of value and will only be used for the bigger transactions, in that case we will need a coin that works like the silver of cryptocurrencies, and while many people call litecoin like that we will need something faster than that, however I'm confident the issue is going to be solved, bitcoin cash is simply facing this problem with bigger blocks while the original bitcoin and its developers took the choice of developing the LN, a project I support and I think it will be successful.
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July 11, 2018, 05:58:44 PM
 #49

Bitcoin's LN is already progressing and should be capable of processing millions of transactions per second. We still have to see how it works in reality and what its throughput is really capable of, but I'm very excited and confident.

Man, every time I see people talk about lightning network it gives me goosebumps, especially so with how I have had a node operational and conducted quite a few transactions. It almost feels weird to not worry about confirmations anymore, because we're used to them and accepted that it could even take 30+ minutes for transactions to confirm. If there are mobile clients available utilizing lightning, people won't ever want to deal with the main chain itself due to the significant difference. In the end, people want near free and instant settling transactions, and lightning does exactly that, which will be a smash in the face of many altcoins trying to be the currency that Bitcoin couldn't be anymore....
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July 11, 2018, 06:41:14 PM
 #50

One of the biggest challenges with Bitcoin would be lack of adoption by many countries and central banks, this would affect the growth abit, but nevertheless the crypto community would need to develop many unique ways to solve this problem.
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July 11, 2018, 06:48:32 PM
 #51

Yeah that's the point.  Because its all about the time when things can be sorted out for something. The devs are already on it but only thing we miss is, speed and accuracy of development. The things is, the development here works on the people's contribution considering the fact that it is public ledger and there is no way to keep things altogether unless and until people contribute! Whatever you discussing is all about the part of development and its really achievable. But if master card or such types of payment gateway can handle, the future only   for cryptocurrencies
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July 13, 2018, 12:31:47 PM
 #52

The only way to scale beyond Visa & Co is to use second layers that aren't stressing the network and don't clutter the blockchain. Bitcoin's LN is already progressing and should be capable of processing millions of transactions per second. We still have to see how it works in reality and what its throughput is really capable of, but I'm very excited and confident. To add; Visa & Co use second and third layers as well, so we're definitely not unique in that aspect.

The only problem with the LN is that there is still the need to close the channel with a fee on the main blockchain unless we either raise the block limits bit or implement channel factories.

If there are mobile clients available utilizing lightning, people won't ever want to deal with the main chain itself due to the significant difference.

This is one of the problems with LN.
We already have bitcoin which is hard to understand for like half of the world and now we add LN on top which I doubt most than 1% truly understand how it works.

So unless we have a client (app) that does it all for you with no stress then it won't be used globally (sadly).

This is the same with VISA, nobody cares what's behind the card, nobody cares that in reality payments have a settlement time, they use it because you can pay in 2 seconds with a contactless card and you're out of the store.

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July 14, 2018, 03:05:19 AM
 #53

One of the biggest challenges that we will encounter in Bitcoin is Unreliable Third-Party Storage.
 There are still lots of Bitcoin users in the world who are not actually Bitcoin users, They deposit their Bitcoins with a third party and what they get in return are promises that they’ll get it back. That’s not really what Satoshi intended when he built a system that wasn’t supposed to have any middlemen.

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July 14, 2018, 03:57:37 AM
 #54

One of the biggest challenges that we will encounter in Bitcoin is Unreliable Third-Party Storage.
 There are still lots of Bitcoin users in the world who are not actually Bitcoin users, They deposit their Bitcoins with a third party and what they get in return are promises that they’ll get it back. That’s not really what Satoshi intended when he built a system that wasn’t supposed to have any middlemen.

Do you mean investing in HYIP sites? Well judging on the social media groups especially in facebook wherein scammers are everywhere and there are so many people who are still willing to invest in sites that will promise a return in a short period of time. I was once the same with those people investing in those sites but now I know better and I wanted to make people be aware that bitcoin is not just one of the investment schemes but it is a cryptocurrency created to get away with the control of the government. One of the biggest challenge for us is to make people be aware that those are just scam sites and stop them supporting and investing in it.

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July 14, 2018, 04:26:34 AM
 #55

This problem, in principle, is solved. For bitkoina promise in September, a network of lightning. Earlier, SegWit was fully implemented at the end of February for this purpose. If this does not completely solve the problem with scalability in bitcoin, they will come up with something else.
It seems to be a good solution to a similar scaling problem for ethereum is the developed Plasma project, which can allow to make up to hundreds of thousands, and in the future up to millions of transactions per second. So we hope that these problems will be solved in our leaders' crypto currency.

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July 15, 2018, 02:32:26 PM
 #56

One of the biggest challenges with Bitcoin would be lack of adoption by many countries and central banks, this would affect the growth abit, but nevertheless the crypto community would need to develop many unique ways to solve this problem.
The lack of adoption by central banks and governments do not worry me and in fact I think it is natural, I think we are going to see more and more regulation that most people will not follow then it is likely more governments will ban bitcoin and people will still not care, this will keep happening until there is a crisis and governments try to do everything to keep themselves in power and the confiscatory measures will grow up but eventually they are going to give up seeing how ineffective this really is.
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July 15, 2018, 03:11:29 PM
 #57

The only problem with the LN is that there is still the need to close the channel with a fee on the main blockchain unless we either raise the block limits bit or implement -snip-
The block size has been increased with Segwit already, which makes sure that at least initially, we can handle the increased on-chain traffic. If the entire network starts conducting Segwit transactions, and thus drops the legacy format, Bitcoin's throughput will increase far beyond what is currently possible. Segwit while it comes with various important updates, it is actually a first step towards LN. In other words, we don't need a block size increase, but everyone to start utilizing Segwit to the full.

Also, the more economical activity is happening on LN, the less incentive there is for people to close their channels. I can see a time where people don't even want on-chain transactions anymore. They'll buy and sell Bitcoin through LN.

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July 15, 2018, 03:16:24 PM
 #58

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.
In some part you are right but in some part not cause making any moves on our market is always connected with some "risk" and always you need to remember that you could lose that is why we must think a lot about our moves.

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July 15, 2018, 10:26:01 PM
 #59

It is normal in my opinion, bitcoin will be just gaining its value with time passing, so the scalability problem will be solved one day, or Bitcoin will be just replaeced otherwise.
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July 16, 2018, 08:36:30 AM
 #60

Perhaps the biggest challenge is the government is starting to ban this digital currency to develop so someone who wants to start investing becomes worried and uncomfortable looking for an income in the future.

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