Bitcoin Forum

OBJECTIVE:
The objective of this discourse is not to dwindle your interest in bitcoin, but to give a better understanding of bitcoin by analysis of an aspect that much attention has not been given.

INTRODUCTION:
As much as we all like to speak of the benefits that   comes with bitcoin, it is also important that we point out some of the problems associated with bitcoin that many do not speak about.

Some problems associated with bitcoin use are;
(A). Bitcoin is not designed for mass adoption/acceptance;
Because of its digital nature by design, only those who possess a level of tech knowledge find btc useable, even amongst those with tech knowledge, there are some that are not ready to risk their fiat against something digital that they cannot see.
 As a result of the large difference in the number between those that possess tech knowledge in the society and others that don't, complete mainstream adoption for btc and other crypto is not in view any time soon.

(B). High transaction fees;
This needs no explaining, I am sure you have been charged a ridiculous amount for a transaction you made. Fact is, as btc gains more acceptance, the transaction fees will increase proportionally.

(C). No regulation.
Considering the fact that anyone can just use btc for any kind of transaction (purchase of illegal merchandise, weapons etc) without any regulation or trace is scary to think of. Because of this scare, many governments having considered it, are trying to be able to checkmate the entry and exit point of the crypto currency.

(D). No accountability.
The people in charge that govern and control how things work in the network and Blockchain are still very anonymous to many and as a result, many find it difficult to trust the system.

(E).  Highly volatile nature.
Bitcoin is highly susceptible to rapid change, many countries, companies and individuals for this purpose find it too unpredictable to be used as currency.

(F). It is easy to make a mistake because of the cryptographic nature of the address when sending it to someone for a transaction. It is very difficult to keep to memory your btc address.

(G). The burden one has to bear in terms of their account management and personal financial security is too much for some to handle.

CONCLUSION:
The above listed problems create points at which  the Blockchain technology can be strengthened for the better. I plead with the developers of this technology to address the problems for the betterment of us all.



Source (https://theblockstalk.medium.com/the-biggest-problems-of-bitcoin-that-people-are-not-speaking-about-8ce2493e9609#:~:text=has%20high%20transaction%20fees%2C%20which,day-to-day%20currency))

Then, why bitcoin. Masses are using it now.

Terrorists have been existing before the creation of bitcoin, and they are using fiat. Criminals have been existing before the creation of bitcoin.

Bitcoin is not controlled or governed by anybody, it is completely created with open source codes and completely decentralized in design.

Highly volatile but deflationary if you are patient. For companies to use it, there are many companies using it now, example is Tesla accepting it for car purchase, while many companies has been using it before now and many will still use it. Did you think fiat is not worse? Fiat is inflationary and susceptible to devaluation. Institutions dealing with bitcoin now are having rapid growth.

Good to learn about it before using it. Mistakes are more in altcoins, while I will not regard altcoin mistake to bitcoin mistake.

Mine is simple, which makes you completely wrong. Learn how to safetly hold and uses bitcoin, it is money, also an asset, it brings privacy. So, learning how to safely hold and use bitcoin is paramount. If you do not want to learn it, then go for custodial services, but for privacy learning it is very important.

These facts you raised have been discussed before, they are not actually related only to Bitcoin especially the part where you mentioned "Regulations" and "Adoption" the fact remains that Bitcoin was created for everyone to be able to own their assets individually without the involvement of any third party be it bank, even your spouse or your relatives and the transactions can be accessed in an open ledger formats. It is really not designed for the non techy people as gold is even openly available it is not everyone who owns a quantity of gold.

Now let's talk about the price and it's volatility, several companies like Tela and some magazines have started accepting Bitcoin payments, the more adoption it's getting the higher the price and popularity will triple.  Time Magazine: Will start to accept crypto for subscription (https://bitcointalk.org/index.php?topic=5326059.0)
You can actually avoid unnecessary huge transaction fees by using Segwit wallets,  you can check what Segwit wallet is here; https://support.edge.app/support/solutions/articles/8000069591-what-s-the-difference-between-a-bitcoin-segwit-wallet-and-a-bitcoin-no-segwit-wallet-

Bitcoin being highly volatile isn't an unspoken problem.

It is its natural character ever since it has been made by satoshi. If you're looking at it as a problem, it's not really but it's good that you're educating.

This is where it lands when newbies are falling and making their mistakes. They don't understand what does volatility really means when they invest just because they've heard their friends made money from bitcoin.

Your post re-opens things discussed over and over again.
If you would have had good intentions, you would have searched instead of opening a thread which I think it's intended to FUD and also to back-link a website you are associated with.

Your post shows that you have no idea what you are talking about. For example, how could developers handle the price volatility?!


Hats off to @Charles-Tim for the patience to explain this yet once again.

That is so not true. You don't have to be tech-savvy to use Bitcoin, all that newcomers need to understand is what it takes for them to be their own bank, and the aspect of the security protocols inherent in the network is most important, what I'm saying is that, so long as one can protect their Bitcoin, then you could even possess zero tech knowledge and still comfortably use Bitcoin.
Sometimes accountability and control can be counterproductive, cause the people in charge more often than not work only for their own benefit like is the case with our government, but that's not so with Bitcoin, the control is with the user, you have the freedom to use your funds as you deem fit, you do not have to trust anyone or any party, cause you're your own bank.

These problems are not unspoken, they have been known for years. If you just stick around this forum even for a few weeks, you would see discussions regarding all these concerns regularly.

Yes, it is true that Bitcoin has problems, just like any other system in the world. Some of these problems will be fully solved, some only partially. You can't expect a technology that was only created 12 years ago to be perfect already.

I'm sorry but do we need another thread like this? specially in B&H?

Don't know what's the intention of the OP, but as others have explained already, this has existed and we have seen this in previous bullrun of 2017 and yet Bitcoin remains the dominant coin in crypto sphere. You can email Tesla or tweet this to Elon Musk and tell this so called problems with bitcoin use.

There is LN if you wanted to take a look:

https://bitcointalk.org/index.php?topic=5202798.0
https://bitcointalk.org/index.php?topic=5158920.0

For merits.  ::)

Bitcoin was designed for mass adoption but unfortunately, it has now become a commodity like gold due to its USD value. There are many online as well as offline stores that accept Bitcoin, the latest one being Tesla. This clearly indicates mass adoption is going on.

 
Yes, the transaction fee issue was always there, when you check the USD value. Therefore always check the satoshi required to complete a transaction. You still can send Bitcoin at 8 sat/byte but, it will take time to reach the other wallet.

In my opinion, you do not need regulation in a decentralized environment but, looking back on those hacks and scams that happened in the past regulation can be a good idea.

The rest of your points does not make any sense. Another thing no one is forcing you to buy Bitcoin so if you do not like it do not buy it.

Bitcoin is gradually gaining global acceptance. Although it wouldn't be possible convincing the aged on investing in Crypto currency because the can't be schooled any longer. I strongly believe over time many will come to accept bitcoin as a major means of transaction.

For insecurity and easy luby of funds through bitcoin and other altcoins I believe insecurity has always been and most of the suspects had other ways of carrying out their transactions other than using bitcoin without been traced.

In the aspect of high cost of transaction I believe this should be because of the bullish trend which bitcoin maintains overtime.