Breaking Down Bitcoin (II): Challenges

Originally Posted On Publish0x

"Between trust and overconfidence there is a very thin line, which we must see or feel. Intuition or the sixth sense is an inner voice that can guide us, especially when it comes to trusting" | Anonimo

In my previous article: "Breaking down Bitcoin (I): the only cryptocurrency true to its essence", I explained why I consider Bitcoin to be the currency of freedom and security, and although I highlight its purpose of being a free, independent and sovereign electronic money, it does not exclude that it has to face great challenges in the future both from a technical and regulatory and economic point of view.

Some of these challenges are:

📌 Regulatory pressure: Bitcoin faces the threat of some countries or regions trying to ban, restrict or control its use, citing security, consumer protection or money laundering prevention reasons. Currently the U.S. SEC has sued several cryptocurrency exchanges and platforms for offering services without being registered or complying with current regulations.

📌 Mass adoption: Bitcoin has yet to overcome barriers of education, usability and accessibility to reach a wider and more diverse audience. Many people are unaware of the benefits and risks of using Bitcoin, or do not have the means or confidence to do so. In addition, Bitcoin's scalability and speed need to be improved in order to process a greater number of transactions per second and reduce fees and wait times.

📌 Volatility: Bitcoin is a very volatile asset, which can experience sharp rises and falls in price in a matter of hours or days. This can affect investor and user confidence, as well as market stability. Volatility is influenced by factors such as supply and demand, news, events, rumors or manipulations.

📌 Scalability: Bitcoin has a limited capacity to process transactions, due to the fixed block size (1 MB) and the average time between blocks (10 minutes). This implies that it can only process about 7 transactions per second, which is insufficient to meet growing demand. There are proposals to increase the block size or implement second-layer solutions, such as Lightning Network, but their adoption depends on community consensus.

📌 Tax issues: Bitcoin poses a challenge for tax authorities, which must define how to treat this asset and how to tax its operations. Each country or region has its own legislation in this regard, which can generate confusion and uncertainty among users. In addition, some users may try to evade taxes using Bitcoin, which may result in penalties or fines.

These are some of the challenges Bitcoin faces in the future, but there are also opportunities and advantages that can drive its growth and consolidation as an alternative to the traditional financial system.

💯💲🎁  Tools, Platforms and Applications 🎁💲💯 

👉 All promotions have referral programs with which you can earn passive earnings without investment, however I recommend  that you do your own research.

⚜ AddmeFast, BscAds - Advertise websites: Earn cryptocurrencies and boost your Referral Links and Social Networks.

⚜ Publish0X, Bulb, Substack, Zirkles, TipMeACoffee, CashRain - Web3 Blogging Platform, Social Media Platform and Others.

⚜ CoinInn - Trading - Bonus between $500 and $750, non-withdrawable, trading only, valid for 6 days, profits withdrawable to the portfolio of your choice (Need to complete KYC to extract).

⚜ StormGain - Trading - They can start without investment, capital is acquired with the Bitcoin Cloud Miner. The capital obtained in mining is not withdrawable, only to operate on the platform, profits withdrawable to the portfolio of your choice.

⚜ QuantFury (JRRU2593) - Trading - Bonus in cryptocurrencies or company stock worth up to $250.

⚜ KuCoin,  BingX, PrimeXBT, CoinEX,  MoonXBT, BiBox, BitYard, ZooMex - Trading - They offer different bonuses.

⚜ CoinMarketCap, TradingView - Indispensable tool for traders.

⚜ NFTify Store - To create your own NFTs store, without investment, no codes. 

⚜ LaMint ,  TakeItNFTs,  PowChess, HasteArcade - Earn Bitcoin SV (Without Investment).

⚜ StormGain affiliate program, Wallet HandCash - Make money and/or cryptocurrencies with affiliate marketing.

⚜ Books & Other Tools - Some things you may find interesting.

⚜ Ledger,  BixBox02, Ellipal Titan, Keystone - Hardware Wallet.

"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.

 |  🎁 Tips 🎁  |  💲 Products 💲 |

Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

“Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.