Bitcoin's challenge

Bitcoin, despite its revolutionary capabilities, encounters several challenges that hinder its widespread adoption and utility. Some of the prominent challenges include:

Scalability Issues

As Bitcoin's user base continues to grow, its capacity to handle a high volume of transactions becomes increasingly strained. The limited block size and transaction throughput often result in network congestion, leading to delays and higher fees for users.

High Fees

Sending and receiving Bitcoin transactions can incur significant fees, especially during periods of high network congestion. These fees can be prohibitive for microtransactions and limit the accessibility of Bitcoin for individuals in regions with lower economic means.

Limited Functionality

While Bitcoin serves as a robust store of value and medium of exchange, its functionality is somewhat constrained compared to newer blockchain platforms. Advanced features such as smart contracts and seamless interaction with other blockchains are either absent or rudimentary in Bitcoin's protocol, limiting its potential applications in decentralized finance (DeFi) and other sectors.