Bitcoin, as one of the representatives of cryptocurrency, has always attracted much attention. However, data shows that Bitcoin is still far from large-scale application. Behind this situation are many challenges and possible development directions. Let us explore the real dilemma faced by Bitcoin and its future development prospects.

As a decentralized digital currency, the core charm of Bitcoin lies in its security, anonymity and traceability. However, it is these characteristics that make Bitcoin face challenges in large-scale application. With the strengthening of supervision and the improvement of compliance requirements, the anonymity of Bitcoin may be questioned, which also brings certain difficulties to its application in the mainstream financial system.

At the technical level, the scalability of Bitcoin has been controversial. As the number of transactions increases, the transaction confirmation time of the Bitcoin network becomes longer and the transaction fee becomes higher, which makes Bitcoin have certain limitations in daily payments and large-scale transactions. Although these problems are expected to be alleviated with the continuous advancement of technology, such as the emergence of solutions such as the Lightning Network, it still takes time to verify its stability and reliability.

In addition to technical issues, Bitcoin also faces the problem of insufficient market recognition. Although the price fluctuations of Bitcoin are eye-catching, there is still great uncertainty about its value, which has also led some traditional financial institutions and investors to hold reservations about Bitcoin. The lack of widespread market recognition also restricts the promotion of Bitcoin in practical applications.

However, despite the many challenges facing Bitcoin, its future prospects are still worth looking forward to. With the continuous development of blockchain technology and the expansion of application scenarios, Bitcoin, as one of the representatives of blockchain, is expected to play a greater role in finance, the Internet of Things, supply chain management and other fields. At the same time, the global recognition of digital currency has gradually increased, which has created a broader space for the future development of Bitcoin.

In general, Bitcoin, as an emerging digital asset, faces many challenges and opportunities. Although it is still some distance away from large-scale application, with the continuous advancement of technology and the gradual recognition of the market, Bitcoin is expected to develop a broader space in the future. For investors and users, understanding the real dilemma and future prospects of Bitcoin will help to better grasp its investment opportunities and risks, so as to participate in the Bitcoin market more rationally. Let us look forward to the future development of Bitcoin and contribute to the progress of the digital economy.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to several indicators tracked by The Block Research, Bitcoin, or cryptocurrencies, still have a long way to go before they can be widely used. The indicators tracked by the study include Google search engine "Bitcoin" search data, the number of new followers of cryptocurrency-related accounts on Twitter, the number of views of the "Bitcoin" page in Wikipedia, and the trading volume of the Bitcoin/US dollar trading pair.

The results show that these indicators are far from the data when Bitcoin's price hit an all-time high in December 2017. For example, the number of "Bitcoin" searches on Google search engines is only one-eighth of the high point in December 2017.

The same is true for the number of new followers of cryptocurrency-related accounts on Twitter. Since the bull market in 2017, the growth rate of new followers of major exchanges such as and Coinbase has slowed down. In January 2018, these exchanges added nearly 254,000 new followers, but in 2020, the average monthly increase in followers was 5,340, which is about 50 times less than the peak period.

Similarly, weekly visits to Wikipedia's "Bitcoin" page are 31 times lower than the peak week in December 2017. The weekly trading volume of the Bitcoin/USD pair reached $17 billion in December 2017, while the average weekly trading volume so far in 2020 is only $2.5 billion, only one-seventh of the peak.

The study believes that overall these indicators show that there are fewer participants in the current crypto market compared to December 2017. However, as Larry
Cermak of The Block pointed out, the crypto market structure has matured dramatically over the past two years and has become more institutionalized. This means that when another bull run comes, the market will be more prepared.

While facing real challenges, the Bitcoin community is also constantly exploring innovations and looking for better development paths. For example, some institutions are trying to establish a financial derivatives market based on Bitcoin to enhance the liquidity and value stability of Bitcoin. At the same time, the community is also exploring how to improve the scalability and privacy of Bitcoin to meet the needs of different users.