❓What are the main Trends/Challenges for Bitcoin and whole industry?

[tracyspacy]

Nowadays Cryptocurrencies and especially Bitcoin are getting more popular, almost everyday appear new startups with attractive Whitepapers, which raise implausible money via ICOs and going to solve all possible and impossible problems. Because of this noise it is complicated to concentrate on real problems and current challenges for Crypto World and community.  

So here is what I mean:

- ~ 600 BC Metal Coins appeared.

-> 2009 Bitcoin p2p Electronic Cash System, which operates without any central authority, was launched and allowed to make transactions without banks and removed government monopoly on minting, distribution and control of money.

-> 2010 Mt Gox appeared, allowed to buy and sell Bitcoin.

-> 2012/2013 Peercoin/NXT appeared trying to replace PoW with PoS.

-> many altcoins appeared, 2013 Mastercoin launched, which allowed to create coins on top of Bitcoin layer.  

->  this idea was elaborated and in 2015 Ethereum was launched, that widely introduced smart contracts, ability to create own tokens and develop dapps on top of Ethereum blockchain. ICOs became trendy.

-> 2017 Lightening Network launched that enabled fast transactions for Bitcoin and micropayments.


Of course I mentioned not everything, a lot of things seems to be done, but more to come.

What's next for crypto industry? What are the most important Challenges now, what problems/weaknesses should be solved? Who is trying to solve them now and how?


PS please don't post in comments shitty projects - "copies of existing services but on blockchain"   it has nothing to do with bright future and development of Bitcoin's and cryptocurrencies' World.  

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[LeGaulois]

Edit: Someone I replied to above, deleted his post.

The main trend for Bitcoin is regulation. I don't know why, but it's something that a lot of people seems excited about, perhaps because they think the price will skyrocket. Personally, I say that we don't need regulations, we need adoption and regulations can't stop us from using Bitcoin (Adoption will also skyrocket the price naturally and gradually anyway, in addition to its rarity).
Yes, currently agree since most people convert their bitcoins into fiat so they have no choice but to abide by the law's requirements, AML, taxes, KYC and so on.

We could absolutely be free to use an alternative currency free from central banks and governments. Like we could use stones to pay with or without anyone's consent. Even if Bitcoin will probably never replace the banking system at 100% it can be quite complementary.

The problem is that people started calling and considering cryptos "investments" (I don't talk about ICOs, forget this shit a second), it did not take long for institutions to call it "crypto assets", in order to be sure to leave a door open to future laws and taxes to be as fair as possible with other citizens and their different investments for which they are taxed too.

Also truly for AML stuff, but not knowing how to approach the subject or lack of vision, they do it wrong, and anyway money laundering there is now and there always will be. It's something natural, just like it is with fiats but it still very minimal compared to the USD/EUR.
They already have trouble with traditional currencies and we come with an unregulated currency that uses decentralization and cryptography, they are caught off guard and a little in a hurry.

You have to think in the long term. Imagine a period in the future when Bitcoin is massively adopted, what regulation could prevent us from using Bitcoin? A partnership with Microsoft to block all Bitcoin wallets in Windows OS, Call your ISP to block Coinbase and others
One of Bitcoin's main challenges is to get it accepted as a currency and not an investment as well to get it adopted by making people understand that we don't need a law for an alternative currency and that BTC has a real value.

[Zadicar]

I know this is quite an old thread but since it had been bumped by people above then i will still give out my opinion.

What's next for crypto industry? What are the most important Challenges now, what problems/weaknesses should be solved? Who is trying to solve them now and how?

Whats next for crypto industry.? If you do try to read up once again on the thread you had made you will able to see on what happened almost a year. We are still here and kicking. About
Weakness then get used to it and its always have the issues when it comes to "regulation" which do definitely block up the full adoption of crypto.
We know that decentralization wont really be easily collaborated with government thats why solving it wont really be that easy unless if they fully recognize its existence.

[Kakmakr]

I think the next big thing will be the Banking industry catching up to Crypto currency and hosting their own BankCoins. They have had loads of time to develop their own coins, like what Mike Hearn was doing at R3 with Corda.

The competition between "private" and "public" coins will increase and we will see a lot more regulations from governments that would be focused on "public" Blockchains. <Governments are working with Banks, so they will use regulations to give "Private" coins the edge over "Public" coins in the future. 

[Haunebu]

I think the next big thing will be the Banking industry catching up to Crypto currency and hosting their own BankCoins. They have had loads of time to develop their own coins, like what Mike Hearn was doing at R3 with Corda.

The competition between "private" and "public" coins will increase and we will see a lot more regulations from governments that would be focused on "public" Blockchains. <Governments are working with Banks, so they will use regulations to give "Private" coins the edge over "Public" coins in the future.  

I agree. I have been hearing news regarding banks developing their own coins, Facebook and Amazon developing their own coins etc(Mostly rumors currently) a lot in recent times which is why this could soon become a reality.

Government banks realize the power of the blockchain which is why they are trying to utilize it for their own benefit since they clearly hate volatile crypto like Bitcoin.

[gantez]

Government banks realize the power of the blockchain which is why they are trying to utilize it for their own benefit since they clearly hate volatile crypto like Bitcoin.

I think that one of government problem that they seem not to be coming out vocally about crypto is because it is decentralized.

Government is about control. Control which is mainly about resources. They can't control the transfer, even where they can control mining.

The government is always about control, regulation and punishing offenders but it is difficult in block chain.

[Xenrise]

My idea on the challenges that bitcoin will face is still on how it can be known worldwide and how can the people trust bitcoin. The op is right and bitcoin still gathering more people to use it. But one thing is certain that some people are losing hope in bitcoin. You should look at some people reaction if they hear the word bitcoin, they will think that it is a scam or they'll think it as a bubble. So we need to build trust worldwide. And next stop for that is massive adoption.

[Bitinity]

My idea on the challenges that bitcoin will face is still on how it can be known worldwide and how can the people trust bitcoin. The op is right and bitcoin still gathering more people to use it. But one thing is certain that some people are losing hope in bitcoin. You should look at some people reaction if they hear the word bitcoin, they will think that it is a scam or they'll think it as a bubble. So we need to build trust worldwide. And next stop for that is massive adoption.

This is because bitcoin is not simple thing to learn as it consist of many complicated things to learn especially for those who are technologically challenged. If there is a simple way to learn about bitcoin, to make people understand it easily then it will be easier to build trust. So the challenge is how to make people learn bitcoin in very simple short way.

[sheenshane]

For me, the main trends and challenges for the whole industry today is the upcoming and a possible financial crisis global. The regulation is also a thing we need to put in the key points indicator. I can't understand but the people today are getting worried about investing bitcoin because of the frequent fraudulent and scam activities before.

This is because bitcoin is not simple thing to learn as it consist of many complicated things to learn especially for those who are technologically challenged. If there is a simple way to learn about bitcoin, to make people understand it easily then it will be easier to build trust. So the challenge is how to make people learn bitcoin in very simple short way.

Ain't also understand why is that some of the people who think bitcoin is an investment are accepted in the industry/community. I think people must change their mindset about bitcoin.

[Erickan]

The most important thing for Bitcoin and the entire cryptocurrency industry is the specific legal provisions of the countries. We will never see the development of cryptocurrency if governments still  banned and viewed as illegal industry. But I believe that the issue of accepting cryptocurrency is only a matter of time for governments. They cannot deny the superiority that blockchain and cryptocurrency technology brings.

[lyks15]

I think the biggest challenge on bitcoin on this predent situation is regularization and legalization. Because when it's happen nothing will impossible all of propose usage and functions. And other challenge is how can bitcoin can handle the right tax that government will put? How bitcoin can protect the users and investors to have a proper income even the tax will put in every bitcoin transactions.

[kryptqnick]

The main trend for Bitcoin is regulation. I don't know why, but it's something that a lot of people seems excited about, perhaps because they think the price will skyrocket. Personally, I say that we don't need regulations, we need adoption and regulations can't stop us from using Bitcoin (Adoption will also skyrocket the price naturally and gradually anyway, in addition to its rarity).
Yes, currently agree since most people convert their bitcoins into fiat so they have no choice but to abide by the law's requirements, AML, taxes, KYC and so on.

We could absolutely be free to use an alternative currency free from central banks and governments. Like we could use stones to pay with or without anyone's consent. Even if Bitcoin will probably never replace the banking system at 100% it can be quite complementary.

The problem is that people started calling and considering cryptos "investments" (I don't talk about ICOs, forget this shit a second), it did not take long for institutions to call it "crypto assets", in order to be sure to leave a door open to future laws and taxes to be as fair as possible with other citizens and their different investments for which they are taxed too.

Also truly for AML stuff, but not knowing how to approach the subject or lack of vision, they do it wrong, and anyway money laundering there is now and there always will be. It's something natural, just like it is with fiats but it still very minimal compared to the USD/EUR.
They already have trouble with traditional currencies and we come with an unregulated currency that uses decentralization and cryptography, they are caught off guard and a little in a hurry.

You have to think in the long term. Imagine a period in the future when Bitcoin is massively adopted, what regulation could prevent us from using Bitcoin? A partnership with Microsoft to block all Bitcoin wallets in Windows OS, Call your ISP to block Coinbase and others
One of Bitcoin's main challenges is to get it accepted as a currency and not an investment as well to get it adopted by making people understand that we don't need a law for an alternative currency and that BTC has a real value.

I agree that it's problematic that even people who are crypto enthusiasts are often treating Bitcoin as some sort of asset they can profit from if they engage in trading or long-term investment. Profiting from the difference in the price of Bitcoin in fiat over time means recognizing that Bitcoin is not money and that fiat is reliable and stable.
Adoption of Bitcoin as a legal tender is rather uncommon, but the leading country that regulates Bitcoin thus way is Japan. I think it's easier for Japan to recognize it, because they have deflation economy and great technological development.

[Haunebu]

For me, the main trends and challenges for the whole industry today is the upcoming and a possible financial crisis global.

Can you elaborate as to why you think a financial crisis is coming sometime in the future?

I personally do not think that anything of this sort will happen anytime in the near future, but I am curious to know why you said that.

[fiulpro]

I would say bulls , investments , market's flexibility plays a part but the biggest thing that I could think of is *government*.
It depends on the government if they allow or ban people to trade Bitcoins and trust me even am aware that no government can kill person to person trading but at the same time we should understand that they are responsible for controlling major market that is white !
Cryptocurrency is something that they have no right over but by inhibiting banks to trade with regards to the cryptocurrency they actually are influencing the people , the people who are already in into the business they have to find more ways to do so and people who wanted to try it already thinks that this thing is a faux because government isn't showing the support .
Besides this there are numerous reasons ,
There is another thing that I think makes a large impact and that is
*ADAPTABILITY*
How Bitcoins which was taken out in the market in 2009 is still completing with the coins that are more advanced and coming out 10 years later.
I totally support Bitcoins but let's make a point why would you still use iPhone 7?
Bitcoin is awesome but there are still flaws worth mentioning.

[traderethereum]

What's next for crypto industry? What are the most important Challenges now, what problems/weaknesses should be solved? Who is trying to solve them now and how?

The next thing for the crypto industry is regulation and approval from all countries. The most important challenges now are the mass adoption itself which is start from the beginning until now and still continues. The problem is people still don't believe in bitcoin, and they say that bitcoin will scam you and you will never make a profit from bitcoin. The bitcoin itself and the community will solve that problem, and together, we can do that thing although we need longer to see it solves.