Post
Topic
Board Bitcoin Discussion
Re: CHALLENGES Bitcoin have to overcome .
by
pooya87
on 06/04/2020, 09:01:10 UTC
1.Trust[/size]-Most people don’t understand the digital currency and only see Bitcoin’s unpredictable price movement. This generate a negative environment for bitcoin.
that is not bitcoin's problem. bitcoin is what it is, if people wanted to use it they would. just like many people who are using this decentralized currency. others who want to get too involved in the price movements and lose money in the process is their own fault.

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2.ICO scams[/size]- general public unfairly associates bitcoin with ICO scams.
3.Hacks[/size]-Hacking and theft continue to be on the rise.
neither of these two have anything to do with bitcoin.
ICO scams are other people doing other things using another cryptocurrency.
hacks are also third party websites (such as exchanges) that are weak enough to be hacked or people losing their bitcoin because they download malicious software, don't inform themselves,...
bitcoin itself is 100% secure and unhackable.

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4.Ease of use[/size]-Bitcoin is much harder and more complicated than holding cash. people need to learn how to take responsibility for the private keys that control their bitcoin.
this is the only valid point you can make. although the wallets are very easy to use nowadays. from centralized custodial ones that look like PayPal to secure desktop wallets that are easy to use such as Electrum.

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5.Open nature[/size]-Powerful machines built specifically for bitcoin’s proof-of-work algorithm have changed its decentralized and more open nature.
This has, in effect, concentrated bitcoin’s confirmation power, leaving it in the hands of only those who can afford thousands of dollars of ASIC hardware.
usage of ASICs does not change anything about open nature of bitcoin or its decentralization. the fact that some people choose to take a high risk and invest their money into specialized mining equipment and spend more money on electricity, maintenance,... to be able to mine bitcoin shows the decentralized nature of bitcoin. and nobody is preventing anybody else from entering the scene. it is your choice not to trust bitcoin enough to invest that kind of money and effort so you can't blame bitcoin for it.

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6.Scalability[/size]-Bitcoin has a serious scalability problem. As more and more bitcoin trades and purchase transactions are executed, the network will have a more difficult time keeping up.
you haven't seen "serious" scaling problems. if you want to see them look at a shitcoin like ethereum with its 2 terabyte blockchain size, 99% light nodes and the fact that its entire network goes down anytime there is a big traffic.
scaling in bitcoin will always exist, there is no magical solution to make it go away. we can only improve it which is being done already.