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Author Topic: Does bitcoin solve more problems than it creates?  (Read 2375 times)
DarkDays
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December 13, 2020, 03:58:14 PM
 #61

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. there are already plenty of ways to send money online a lot easier, it doesnt really do anything new
7. absolutely no buyer protection
8. scam companies/scammers
feel free to add to this list ^^

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

If you don't like bitcoin, don't use it.

That's right. If you think BTC is not for you then walk away. Simple as that.

On the other hand, I must say that most of the cons as initially listed aren't in fact cons at all. For most of them there are ways to control who for instance has your private key (this should be yours and your alone) you can also not send your funds to the wrong address  Grin
Most of these are things that are very simple to solve.

There's nothing wrong with BTC but the people using it. Amen.
bryant.coleman
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December 14, 2020, 03:39:35 AM
 #62

If you don't like bitcoin, don't use it.

And this is the reason why Bitcoin user base has remained stagnant for the last 2-3 years. jcoin200 raised some very valid points. Volatile exchange rates, difficulty in obtaining BTC, wallet hacks.etc are some of the reasons why ordinary investors refuse to consider Bitcoin. Up to a certain point, solutions are available for all these concerns. But Bitcoin's failure is in taking these solutions to the common people, making them aware about it. And saying "If you don't like bitcoin, don't use it", is not really a solution.
proTECH77
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December 14, 2020, 04:17:51 AM
 #63

Yes, bitcoin solve more problems in some countries that made it legalized. Here are some of the problems bitcoin solve in some countries of the world:
1• unemployment: Bitcoin has help some countries to reduce unemployment in the country which many citizens are enjoying today by engaging their self in bitcoin investment.
2• Bank delay: Bitcoin also solved the problems of transaction delay in the country which many people in the country are seriously facing over some years now, which is not giving them joy because of the delay they are experiencing from the bank system in the country. Since bitcoin came, every international transaction and local transaction became easy for all businesse men and women in the country.
3• profit making: Bitcoin help some users to know how to make a good profit from their Investment, not to experience any lost from their businesse in the country. It solved the problems of lack of profit making in the country which many traders have been facing in the market.

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Eureka_07
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December 14, 2020, 05:58:12 AM
 #64

<snip>
So why should more people start using btc?  It seems the cons outweigh the pros.
For YOU. It seems that the cons outweighs the pros, but in reality it doesn't. Have you ever been used bitcoin for transactions? Because it is nonsense if you didn't ever experience doing so. All of those cons that you'd listed are already existing. Bitcoin will not resolve the hacking on exchanges LOL. I had nothing to complain on using bitcoin, probably if you don't know much you'll to more.

Crptomagma
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December 14, 2020, 08:17:08 AM
 #65

Bitcoin is a digital currency with lots of digital flexibility and can be used for lots of online trade and investment so with these I can boldly say bitcoin solve more problems than it creates. Since the creation of bitcoin there have always been controversy but the importance of bitcoin cannot be underestimated.

Many have found sources of living good life and making great investment and trade using bitcoin technology. I’m not ignorant of the devices of scammers capitalizing on bitcoin as a means of scamming people online because of its digital flexibility. That’s always why it’s advice to keep all your recovery details secret and in save location.

heztida3
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December 23, 2020, 12:13:23 PM
 #66

We can't compel individuals on the best way to utilize bitcoin in a privilege or terrible manner, that is their decisions throughout everyday life. In spite of the fact that bitcoin's shortcomings were being manhandled by insatiable individuals, we can't reject that it has incredible positive uses to the opportune individuals who truly accepted the philosophy and its genuine employments and that"s what makes the distinctions that truly cleared the new first light of installment and monetary arrangement of things to come.

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AicecreaME
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December 23, 2020, 02:05:34 PM
 #67

Problems with btc:
1. wild, unstable exchange rate

- Much better, to have more profits in the long run

2. difficulty to obtain and use (for most people)

- If you have funds and it's legal to your country, obtaining Bitcoin is not a problem. About it's difficulty to use, the word "study" do exist.

3. getting coins hacked or lost by sending to wrong address

- Even your money in bank accounts could be hack, and sending it to a wrong address is the same as sending it to a wrong bank number, in short, it's your fault and responsibility, not on Bitcoin.

4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)

- Same in Fiat.

5. it enables criminals to get paid online

- All of the currencies and even cryptocurrencies are being used by criminals, that's why it called money.

6. there are already plenty of ways to send money online a lot easier, it doesnt really do anything new

- Blockhain is much safer for me and can't be manipulated by the Government unlike Banks.

7. absolutely no buyer protection

- Again, it's your responsibility. No one is forcing you to buy Bitcoin if you don't want. Just chill and watch us getting profits from it.

8. scam companies/scammers

- Banks are also a scam, and it's not Bitcoin who is a scam, it is the company that you were saying. Scammers existed first in Fiat.
Crptomagma
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December 23, 2020, 02:25:04 PM
 #68

Bitcoin is not problematic but rather a comparative advantage for people who are open minded for investment and financial breakthrough. I’m not ignorant about the activities of scammers online using Cryptocurrency as means of defrauding and extorting.

Bitcoin as a digitized currency is decentralized and these means it’s not controlled by the centralized Authority. Bitcoin shouldn’t be seen as a problem. I don’t know if there is any means of detecting bitcoin scammers.

bandungan
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December 23, 2020, 04:09:43 PM
 #69

solve the problem to be the biggest for bitcoin. now we think if bitcoin only causes problems why is there bitcoin until now? isn't bitcoin a source of profit. So if talking for bitcoin as the source of the problem I think that's not good
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