Despite its popularity, Bitcoin still faces issues in terms of being used as a mainstream currency for everyday transactions. It is primarily seen as a store of value or digital gold rather than a medium of exchange.
Scalability has emerged as a pressing issue, with the Bitcoin network limited in its ability to progress in handling an ever-increasing number of transactions in a timely, efficient, and secure manner. This bottleneck has led to higher fees and slower confirmation times, undermining its potential.
The inflexible nature of Bitcoin is what allowed new projects like Ethereum to flourish. Staying competitive, by securely facilitating new capabilities on chain, in the rapidly changing crypto landscape is a constant challenge.
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