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Author Topic: What problems face Bitcoin?  (Read 301 times)
AakZaki
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October 19, 2021, 06:22:15 PM
 #41

Their is no need to repeat what people rendered concerning this question, but what i actually denotes is the primary thing which you are meant to obtain that it's because of it's volatility, and another challenges found out there that might cause bitcoin infrastructure is due to congestion and network challenges to process its data, because if their is much congestion it will really affect, and is very obvious.
network congestion will be the main problem that will make the bitcoin network not adopted, but the problem of the jammed network can be overcome with the Lightning network, this is faster and will certainly solve the network congestion problem.
Lightning Network Bitcoin is a second layer payment protocol that operates on top of the Bitcoin blockchain network, which makes bitcoin transactions faster and more efficient.
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October 19, 2021, 08:57:29 PM
 #42

Their is no need to repeat what people rendered concerning this question, but what i actually denotes is the primary thing which you are meant to obtain that it's because of it's volatility, and another challenges found out there that might cause bitcoin infrastructure is due to congestion and network challenges to process its data, because if their is much congestion it will really affect, and is very obvious.
network congestion will be the main problem that will make the bitcoin network not adopted, but the problem of the jammed network can be overcome with the Lightning network, this is faster and will certainly solve the network congestion problem.
Lightning Network Bitcoin is a second layer payment protocol that operates on top of the Bitcoin blockchain network, which makes bitcoin transactions faster and more efficient.
Or simply with scability issue because this is something we had big problems in the past whenever the network pool is really on congestion on where fees are really on the roof.

Aside from that we are facing some regulation issues but well it  isnt really that much a serious issue because this market could move out freely without the need of those government approval.

Thing here is that we doo able too see the high demand of bitcoin despite of these problems.

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GeorgeJohn
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October 19, 2021, 08:59:11 PM
 #43

Their is no need to repeat what people rendered concerning this question, but what i actually denotes is the primary thing which you are meant to obtain that it's because of it's volatility, and another challenges found out there that might cause bitcoin infrastructure is due to congestion and network challenges to process its data, because if their is much congestion it will really affect, and is very obvious.
network congestion will be the main problem that will make the bitcoin network not adopted, but the problem of the jammed network can be overcome with the Lightning network, this is faster and will certainly solve the network congestion problem.
Lightning Network Bitcoin is a second layer payment protocol that operates on top of the Bitcoin blockchain network, which makes bitcoin transactions faster and more efficient.
On my own i have not detect any meaningful challenge that can hinder the transaction of all cryptocurrencies except congestion, because when its trafficking  occur via transaction of any cryptocurrencies i know vividly that it affect it's network and also cause insufficient cyber control, so with that alone it will delay the rate of transaction, then i noted that for any cryptocurrency transactions to process properly or very speed up it's transaction processes, it doesn't need to be congested, that's from my perspective.

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October 19, 2021, 10:06:35 PM
 #44

I think the problem that really stands out from btc is
regulation
High volatility
The unstable nature of the price often results in a fairly high decline from the initial price and sometimes vice versa
Decentralized, where the government is difficult to regulate, and difficult to manipulate

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October 19, 2021, 11:54:28 PM
 #45

What problems in Bitcoin's infrastructure prevent it from being adopted more easily?

I've expressed my views regarding this in a similar topic in past.

Don't worry I'll say it again in brief, News is the reason mostly that's preventing people to adopt bitcoin and gambling related rumors surrounding bitcoin.
rumors like bitcoin are only used for gambling and deep web related services which creates a false image of bitcoin in many people and prevents them from using it.
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October 20, 2021, 05:27:55 AM
 #46

What problems in Bitcoin's infrastructure prevent it from being adopted more easily?

I've expressed my views regarding this in a similar topic in past.

Don't worry I'll say it again in brief, News is the reason mostly that's preventing people to adopt bitcoin and gambling related rumors surrounding bitcoin.
rumors like bitcoin are only used for gambling and deep web related services which creates a false image of bitcoin in many people and prevents them from using it.

Yeah, I actually didn't pay too much attention to Bitcoin over the years because of how it was described in the news.

It was just recently that I sat down and actually read about Bitcoin for myself, from the original whitepaper, this forum, etc.

I felt so betrayed by the news.

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October 20, 2021, 05:43:09 AM
 #47

The actual fear of volatility and FOMO from people. This isn't an actual infrastructure but this scares a lot of people that it can correct at any time and their investment will actually go lessen the way they're expecting it a lot. Although on the other hand, it's not actually a problem but it's typical in such markets including bitcoin's market.

It is not a technical problem but still a problem that slow adoption process, to be honest, many people I have encountered have this problem of not understanding the whole crypto space and fear their investment will go down when the market is in the bear state, so some only target when the market is in bull run to invest and quickly cash out, such attitude will not help in the adoption process if people are not confident to endure the market in both bull and bear.

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