Post
Topic
Board Development & Technical Discussion
Merits 34 from 7 users
Re: What are the technical obstacles that Bitcoin has to overcome in the next decade
by
fresheneesz
on 15/07/2021, 20:35:34 UTC
⭐ Merited by Welsh (8) ,ETFbitcoin (6) ,NotATether (4) ,pooya87 (4) ,o_e_l_e_o (4) ,amishmanish (4) ,hugeblack (4)
These are the kinds of obstacles I see for bitcoin in the next 10 years:

* Scaling
 * There are various bottlenecks to increasing bitcoin's blocksize, and a number of ideas for how to loosen those bottlenecks.
 * Layer 2 networks like lightning will continue to be developed and gain adoption.
* Education and Tooling
 * Coin storage education - How will most people store their coins? How will your grandma store her bitcoin? How do we teach people what is a safe way to store their bitcoin and what is not? This includes procedures for how to create and use bitcoin wallets, improved tools and services for key storage and recovery, and education around the risks of various solutions that are out there.
 * Collaborative custody tools and services. Companies like Unchained Capital and Casa are working on this kind of thing, but standards are needed and the complexity needs to come down a lot and the accessibility needs to come up.
 * Wallet vaults can massively improve the security and ease of use of cold wallets. However covenants are needed, which will require one or more new Script opcodes (eg these ones).
* Governance
 * The Bitcoin community will likely continue have debates about how to make changes to the protocol and hopefully we can converege on a sustainable mechanism that is used for more than one or two updates before being discarded (like previous methods).
* Political and legal challenges
 * As adoption reaches significant levels, its likely there will be a lot more tension in some countries around Bitcion. Some countries will embrace it, some will try to reject it by proposing and/or passing various laws.
 * Existing laws that make bitcoin hard to use (legally) in some countries will hopefully be reformed (eg the tax implications of every-day-sized transactions in the US).