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Author Topic: One of the biggest challenges that we will encounter in Bitcoin  (Read 332 times)
Daimon88
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July 18, 2018, 06:44:45 AM
 #61

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?
You don’t know what you’re saying. Being limited in amount is not a problem in Bitcoin. The price for every bitcoin is being determined by the rate of demand. So even if there isn’t much, when the demand increases the price will also increase and as demand continues to go up, so will the price continue also. Even if the price turns out to be stable you will still see people complaining. No way to please them.

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July 30, 2018, 09:35:42 PM
 #62

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.
Every challenge creates success and opportunity. Regardless of the circumstances, let's calmly resolve the issues. There are many solutions to get involved. I believe the leaders will have solutions for investors or you can ask your relatives or friends in the country. Not banned for investment. Also very simple.

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July 30, 2018, 10:24:38 PM
 #63

I think one of the challenges right now is the acceptance of btc/ETFS BY SEC.That is not all, The mainstream usage of btc is another challenge as the usage of cryptocurrency is not fully implemented.

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July 30, 2018, 10:54:53 PM
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I think one of the challenges right now is the acceptance of btc/ETFS BY SEC.

It's not a challenge at all. It's nothing more than an optional product that the SEC might approve or reject. If they choose to reject it then nothing is lost. The market might be disappointed and go down as result of that, but it's only temporary. We have always gone up without any of these optional produtcs and it worked extremely well. No reason to think current times are different. On top of that, the SEC is just one regulator covering one country -- we have more countries and regulators in the world and one of them will approve an ETF sooner than later.

That is not all, The mainstream usage of btc is another challenge as the usage of cryptocurrency is not fully implemented.

Mainstream usage costs time only. We need the lightning network to be up and running in order to serve a lot people at the same time. It's rapidly growing and becoming more secure, but it may take another year at least....
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July 30, 2018, 11:29:03 PM
 #65

once the lightning network is implemented then we can see speed in transactions in less fee the transactions are processed in lightening fast
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July 30, 2018, 11:40:26 PM
 #66

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.

Thats why lightning network must be released as this is designed to help the transaction become faster and lower fee charges.hopefully this year LN will be on track since December is soon to come and this is the time that many transactions is happening
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July 31, 2018, 01:14:45 AM
 #67

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?

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July 31, 2018, 04:54:11 AM
 #68

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?
This was alleviated somehow with the activation of segwit and things are going to improve a lot once the lightning network goes live, it is going to take some time before we see that but I think the wait is going to be worth it, so the only thing you need to do is to wait a little bit longer and we will be able to see the benefits of the path taken by the core developers.
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July 31, 2018, 05:45:00 AM
 #69

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?
The small bandwidth of bitcoin in the number of transactions per second, called scalability, has always been one of the main problems of bitcoin. Of course, the current seven transactions per second for the current bitcoin is catastrophically small. In ethereum, for example, with its fifteen transactions per second, they plan to soon implement the Plasma project, which will give this coin the ability to carry out hundreds of thousands of transactions, and in the future millions of transactions per second. It really will be a good scalability and ethereum after that should well rise in price. And what will happen to bitcoin further?

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July 31, 2018, 07:05:26 AM
 #70

If the block size limit is increased to the limits sufficient for world needs, then the size of the block will grow to at least a few petabytes. This will lead to an increase in the centralization of bitcoin: only large companies will be able to provide enough data space, processing power and network bandwidth, and the nodes of small operators will be discarded. This contradicts the basic idea of bitcoin as money managed by users.

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July 31, 2018, 08:13:55 AM
 #71

        The biggest challenge that encounters in Bitcoin is the government is trying to ban the growth of Bitcoin so those who are willing to invest get confused . Bitcoin is a digital currency that people think as a medium of exchange Bitcoin transaction is recorded in a blockchain . Bitcoin is created by mining since Bitcoin is is a decentralized and peer to peer transaction there is no third party influence . One of the problem that Bitcoin is facing is the value fluctuation and the value depends according to the demand.

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August 13, 2018, 01:41:18 PM
 #72

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 we will encounter in bitcoin are the scammers because they challenge us to keep out account secure . And we should be aware to this .

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August 13, 2018, 02:14:29 PM
 #73

        The biggest challenge that encounters in Bitcoin is the government is trying to ban the growth of Bitcoin so those who are willing to invest get confused . Bitcoin is a digital currency that people think as a medium of exchange Bitcoin transaction is recorded in a blockchain . Bitcoin is created by mining since Bitcoin is is a decentralized and peer to peer transaction there is no third party influence . One of the problem that Bitcoin is facing is the value fluctuation and the value depends according to the demand.
The implementation and acceptance will not be that easy in every nation, some still didn't realize the easement that bitcoin can offer to their people, once government see its use and importance it will have another pump again.


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August 13, 2018, 02:26:47 PM
 #74

Didn't the lightning network solved this? I don't think we've seen bitcoin network congestion anymore since the last fork and even if we encounter another one I believe some people will find a way to solve that. Bitcoin will face a lot of problem in the future and if it want to become a digital currency then It must face and solve them. Also there's a lot of other coin that claim to have better scalability.

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August 13, 2018, 03:33:56 PM
 #75

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?
This has been an issue for some time and that is why the developers pushed for the activation of segwit which has alleviated the problem somehow but the real benefits of segwit are yet to come, the purpose of activating segwit was so the developers could release the Lightning Network once that is ready and it works as envisioned by the devs there will not be more scaling problems.
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