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- One of the significant challenges Bitcoin faces is scalability. In its current form, the Bitcoin network is relatively slow and expensive compared to other blockchain networks. However, developments such as the Lightning Network — a layer-2 scaling solution built on top of Bitcoin — aim to address these issues by enabling faster and cheaper transactions. Pierce was an early adopter of bitcoin, after an unknown author using the pseudonym Satoshi Nakamoto published a paper in October 2008 outlining proposals for a new technology called blockchain, which would rely on the agreement of users to operate, rather than work as a centralised entity. It would be the basis for a digital currency called bitcoin, which can be “mined” by deploying computers to solve puzzles. Bitcoin’s supply is capped at 21m units.