Bitcoin Forum

Is the Blockchain a perfect solution? Is it flawed? Please Comment below !

One point I'd like to make is that while Blockchain is a topic that is often associated with Bitcoin, it can exist entirely independent of Bitcoin. There's lots of technical and intellectual "baggage" associated with Bitcoin, and those negatives shouldn't prejudice someone as to the possible uses of Blockchain.

The blockchain is not a perfect solution but is the best we have, one of the biggest problems with the blockchain is that it does not scale very well that is why we had this debate for so long, some people wanted offchain scaling in the form of the lightning network and some wanted bigger and bigger blocks this is why we are getting these forks all over the place.

So i guess we will keep seeing more forks "till infinity" as long as bitcoin reigns !!

That is in fact a possibility, we had two forks already, in the form of bitcoin cash and bitcoin gold and we have another fork coming segwit2x and I have been reading of another fork called bitcoin silver but I do not know how serious it is, so there is the chance that bitcoin is forked many times and even some of the forked coins get their own forks as well.

Blockchain is an emerging technology. It isn't even much more than a decade old, depending on when you consider it to officially have been born. Considering how far it has come in such a short timespan, we should appreciate how much of an impact it could have in decades to come. With that said, like any new tech - it is constantly evolving and improving.

I think decentralization alone makes the blockchain a worthy and perfect solution for the future generation and since it is evolving by the day as you said there will be massive improvements and uses that are going to come in the future for us.

It is funny but sometimes people forget about the incredible benefits that bitcoin has brought to our lives and it has only existed for less than a decade, it is difficult to imagine the changes this technology is going to bring to our lives, it is like the internet in the early 90 it was attractive but not many people were into it but then there was an explosion of interest on the internet and now it is impossible to understand our world without the internet and I think the same it is going to happen to bitcoin.

Blockchain is a great design. The so-called "scaling issue" is driven by security practices being fundamentally slow. WIFI encryption, passwords, 2FA authentication. Security measures always take longer in comparison to equivalents without security. This conflicts with the speed, ease and convenience consumers have come to expect from point and click based electronic payment solutions.

Technology often takes the blame for the poor policy choices people decide to implement. Bitcoin is no exception. A lot of the technical issues people have with crypto can be traced back to decisions made by miners and others that were intended to manufacture a crisis to push a political agenda.

blockchain is new system that you can called, miracle. these system is decentralized and independent, what makes users can create and develop to make strong

Blockchain technology is new and maybe I can describe as in experimental stage as it was never been tested before or of any kind that may have the same features.. It is a good one but not the perfect one,, it needs modifications and improvements that might be given attention after analysis of its existence.. But this is the best example of a technology that is open source and has the potential to grow infinitely..

Blockchain is a good spin off to a common thing that people have not really tried to change over the past years -- the currency system. Blockchain technology offers a pretty simplistic and community based approach to currency, and even though it's a good solution, it has its flaws. Another thing to note is that blockchain isn't just bitcoin, it's a new technology that people can use for transactions and more.

Ok we all know that blockchain is the new thing in terms of technology. And if for example, the banking system integrates or used blockchain, it will literally takes years before finally using it. Also, the cost of implementing it should also be taken in consideration. And we also know that every records in the distributed ledger are permanent and its really hard to manipulate the data, but banking systems sometimes has to do reversible transactions, if blockchain can't be manipulated, then how do the banks reverse transactions?

That is why I do not think we are ever going to get full adoption from banks or governments they do not like the idea of not having the power of reversing transactions, I think that is the biggest issue they have, when you open a bank account you are effectively giving all the power to the bank if they decide to freeze your funds you are going to lose all your money, they could even take all your money without your consent, this has happened before and I do not see a reason of why it should not happen in the future.

The whole point of bitcoin was to not get governments and banks on board, but to become your own bank. The fact that bitcoin cannot be regulated is a feature, not a bug, or something that bitcoin users should be looking forward.

A very different thing is if Wall Street investors decide to get in. In that case, they are welcomed. As long as they can't change the protocol, they just become bigger stakeholders that have to avid to the same rules as everyone else.

Why are you associating Bitcoin with blockchain?

Blockchain is indeed a technology behind bitcoin. But that doesn't means blockchain can't exist without it. Blockchain has the potential to disrupt many sectors in which banking being the main. Right now many banks are spending millions in R&D in blockchain technology and how it gonna help them. Regarding reversible transactions. Banks are mainly focusing on data storage and keeping a tab of transaction using blockchain and not on money transfer using the tech.

It is not perfect because nothing is a perfect solution in life. It surely has some flaws but I cant think of them at the moment as I do not know blockchains that in depth. I would say they are the greatest tech invention to

happen since email and looking at email it was a great way of enhancing delivery but privacy could be compromised. Similar things with block chain it helps track and send money but the network is vulnerable to attacks still.

Blockchain technology is/was considered cutting edges and apparently has many potential applications. However, I think we are seeing a flaw or an imperfection in it as it relates to Bitcoin. The flaw being speed of transactions. For a payment method that was touted as almost immediate, we’re seeing that as more transactions build up, the transaction time slows way down so that you might have to wait hours for a transaction to complete. There are probably some ways to fix this or some new twists to this technology that can be developed such as Iota’s Tangle.

Yes it is a perfect solution for problems associated with centralized databases. It is much less vulnerable to hackers, because

it is decentralized.  ;D .....It is also a lot more transparent than any other "private" network, making it ideal for good

governance. The Blockchain/Bitcoin also solved the Byzantine Generals' Problem... making it even more special.  ;)

In our world there is nothing thorough, but if you can not offer something more efficient then you need to use something that is. The trouble is that those who criticize the blockchain itself does not offer anything in return. This is a new technology that could allow the world to make the world a better and more honest. Maybe this government does not want to accept this technology.

I agree on that, I'm simply explaining the reasoning for banks and governments to not get behind bitcoin, another reason is that governments love to print their own currency, they have been stealing the hard work of people from a long time with their fiat currencies and their high taxes and bitcoin once again does not let them to do that, so it is not really surprising that governments of the world are not very excited about bitcoin.

I doubt any blockchain-based solution has ever deigned to call itself perfect. From Bitcoin's whitepaper to every other (reputable) one established down the line, from traditional blockchain to so-called third generation blockchain meshes and DAGs, they all acknowledge their limitations and possible issues - just like a proper whitepaper should.

I think as others mention, scalability isn't really a flaw. If anything, to me, it's an indicator of progress and success. If a solution needs to scale, then it's a solution that's achieving aims of adoption and use. In this sense, scalability issues is a necessary marker for further development. The blockchain solutions that purport to improve on Bitcoin's "scalability issue" cannot really provide evidence until it itself experiences the need to scale.

That is not exactly correct, transactions are instantaneous, what it is slow as hell are confirmations, and as we know this has been an issue of debate for a long time about how to get around that, bitcoin took the segwit approach and we are going to see the lightning network in full effect probably in the next year and only then we will see if the proposal made by the core developers is going to work as advertised.

There is still no perfect solution for the flaws of bitcoin transaction. But the truth is, people could actually live with those minor issues in regards to transaction on blockchain becasue it is not really noticeable n the sense that peoole could still used Bitcoin as a form of investments, in transavtion and in tradings.