What are the current challenges faced by the cryptocurrency industry, and how are they affecting the growth and adoption of Bitcoin?
Scam all over the internet, that is the only thing that I am seeing that hinders people to believe that crypto is not a bad thing. We already in 2023 but still many people uses the term "bitcoin" to scam people and make MLM or pyramiding scheme with the use of the term bitcoin so that they can attract people attention and for them to get investment. There comes a time that even my family and close friends warn me about this because they are afraid that I might get scammed.
This is one of the factors that have a huge impact on Bitcoin. Due to the Ponzi Schemes used in altcoin tokenomics, many investors suffer huge losses and people mistakenly blame bitcoin for it. I don't understand why people put blame on Bitcoin whenever they suffer huge losses on altcoin scam projects.
Another thing is the collapse of centralized exchanges, which is one major challenge and impacts Bitcoin negatively, we can see how Bitcoin price crashed during the Tera Luna and FTX fiasco. It is really a challenge to separate the connection of centralized exchanges to Bitcoin especially when the media is highlighting Bitcoin whenever there is a collapse like the stated example.