What are the challenges faced by Bitcoin?

In delving into the intricacies of Bitcoin, one must confront a series of challenges that threaten to undermine its very essence. Chief among these is the issue of scalability, as the Bitcoin network struggles to keep pace with the increasing demand for transactions. This bottleneck results in high transaction fees and slow confirmation times, deterring widespread adoption. Furthermore, the debate surrounding Bitcoin's energy consumption and environmental impact remains a contentious topic, with critics pointing to the vast amount of energy required to power its mining process. Security vulnerabilities, such as the potential for 51% attacks, also pose a significant threat to the network's stability. Additionally, the volatile nature of Bitcoin's price makes it a risky investment, further deterring mainstream use. Finally, the lack of regulatory clarity surrounding cryptocurrencies adds another layer of complexity and uncertainty to the Bitcoin ecosystem.