Quote from: DediRock on August 29, 2024, 05:10:41 PM

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

This is just an opinion and think one of the biggest challenges is regulatory uncertainty. There are many global measures in place to regulate cryptocurrencies, and these may impact the rate of adoption and usage of Bitcoin. Another challenge pertains to scalability issues. This is because a lot is left to be desired regarding improvements in the transaction capabilities of Bitcoin in handling volumes. Besides, the unstable nature of Bitcoin's price may not make it ideal for a store of value. Indeed, this takes sustained stability to reach such mainstream adoption. Security concerns relating to the wider environment of cryptocurrencies and the ecological footprint of Bitcoin mining are also issues of some relevance. Education on the benefits and risks would serve to increase the adoption of Bitcoin. And if that were not enough, it has to compete with other digital currencies. Despite all these challenges, in the growth of community interest and the integration into financial products lies great potential for Bitcoin. If all those mentioned above are properly solved.

Quote from: retreat on Today at 04:49:17 AM

What do you mean Bitcoin is increasingly being viewed as digital gold? Bitcoin is Bitcoin, there is no need to equate it to gold or anything else, it is a digital asset used for transactions - even though many people use it as their investment, it does not change Bitcoin's function as a means of transaction.

Quote from: DediRock on August 29, 2024, 05:10:41 PM

What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

Government regulations may be a challenge for Bitcoin in the future, because increasingly strict government regulations on the use of Bitcoin will have a direct impact on Bitcoin. Especially when the government is aggressively promoting their CBDC, it might be the reason they restrict the use of Bitcoin.

You are right, government regulation is going to play a role in the future of Bitcoin, and it will be much stricter regulation by governments. With the rise of the CBDCs, Bitcoin is most likely going to suffer further. The governments can ban or severely limit Bitcoin to protect their financial systems and favor CBDCs, seen to be more controllable and integrated with the traditional financial system.

In fact, tensions between Bitcoin and CBDCs can make a difference in the largest store of value attribute of Bitcoin. How governments handle that will determine the balance. A regulatory framework that fosters innovation and is transparent will help Bitcoin grow, while negative restrictions can deter its growth and adoption.

It will be interesting to see how this momentum develops and how Bitcoin changes under these regulatory pressures. Can it at the same time really keep up its value proposition as an alternative to the state in the 1990s? How do you think Bitcoin could respond to such legal challenges? What might this finally mean for its future as a store of value?