What's your biggest problem with Bitcoin

[futureofbitcoin]

No peer to peer banking app. If my programming time isn't already 100 percent occupied with other projects already, I'd code one. It seems to me that it is a waste of bitcoins to have it just sit in your wallet all the time. You should have a banking app that will allow you to loan your bitcoins out with interest based on a borrower's credit score. Your money should be working for you, making interest and dividends, not just sitting in your wallet.

Have a blockchain like app with multiple decentralized servers take deposits. Then, this app will make loans with interest based on credit scores. The app will then pay the depositors interest minus a reasonable fee for the people running the servers. This would act as a bank without the crazy banking fees and our taxes being given away to "bail out" shitty banksters that will only use the money to throw fancy parites with hookers and champagne! Computer servers don't need hookers and champagne.

There should be automated apps that take the place of all financial services which are currently run by corrupt banksters and lawyers.

That's a good idea.

I'm inclined to say it's not.  Lending at interest with a finite monetary supply will only encourage fractional reserve practices.  Bitcoin's economy at its core is not debt-based like the fiat world.  Imagine if Satoshi, after mining the first BTC50, had immediately lent out those coins with a 5% interest rate.  This means there would be BTC52.5 to pay back.  Where does the person he lent them to get the extra BTC2.5 from?  It didn't exist until the next block was mined.  I've never been a great fan of religion, but the one thing they used to get right (but sadly don't care about it anymore) is that they made it clear that usury was morally questionable.

Ok. Not bad. So in a bitcoin world there will be no such thing as interest?

Oh I'm sure there will be, it's pretty much inevitable.  There's nothing that prevents people from charging interest, so it's only natural that people will give in to greed and do exactly that.  They're probably already doing it right now.  It just kinda goes against the ethos of the whole thing (in my opinion at least).  As soon as you introduce debt in a system with a finite monetary supply, you are essentially guaranteeing that someone, somewhere, will be unable to repay because there isn't enough money actually existing in the system to cover the interest.  People will do just about anything to turn a profit, even if it means screwing someone else over.

What you're saying isn't true. It would be true if the guy who borrowed from Satoshi has to pay it back in a 1-time lump sum. However, he can provide a service that slowly earns bitcoins, and pay those back to Satoshi. In turn, Satoshi spends the bitcoins he got back somewhere, and that third party spends the bitcoin buying the service from the guy who borrowed from Satoshi. Now he has enough bitcoins to pay back Satoshi in full, without any magically appearing bitcoins.

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[grendel25]

My biggest problem with bitcoin is the obvious skew in opinions and elitist attitudes of several people associated with what is supposed to be the adoption of bitcoin as a currency.  But then again, maybe mediocrity is best for now.  Maybe the world isn't ready for bitcoin so it's just fine to keep it for the techies.

[ShawnCart]

Transaction time is a biggest concern. Some time its instant. Other time it takes much time and some users even wait for like 5 confirmation which normally take 30 mins for me now. So waiting seems to be drawback.

[Amph]

Transaction time is a biggest concern. Some time its instant. Other time it takes much time and some users even wait for like 5 confirmation which normally take 30 mins for me now. So waiting seems to be drawback.

transaction time are always instant, you are talking about confirmations, but it should be pointed out that the current situation is a not a good indicator of the normal network activity, so what you're experiencing now will not happen without the spam/attack/whatever and the blockchain split issue

[gogxmagog]

1. Difficult/expensive to acquire
2. Easy to get hacked/stolen if not careful - fraught with Wild West bamboozling ridiculous
3. Not so much real world use cases yet
4. Dissapointing speculation

[DooMAD]

No peer to peer banking app. If my programming time isn't already 100 percent occupied with other projects already, I'd code one. It seems to me that it is a waste of bitcoins to have it just sit in your wallet all the time. You should have a banking app that will allow you to loan your bitcoins out with interest based on a borrower's credit score. Your money should be working for you, making interest and dividends, not just sitting in your wallet.

Have a blockchain like app with multiple decentralized servers take deposits. Then, this app will make loans with interest based on credit scores. The app will then pay the depositors interest minus a reasonable fee for the people running the servers. This would act as a bank without the crazy banking fees and our taxes being given away to "bail out" shitty banksters that will only use the money to throw fancy parites with hookers and champagne! Computer servers don't need hookers and champagne.

There should be automated apps that take the place of all financial services which are currently run by corrupt banksters and lawyers.

That's a good idea.

I'm inclined to say it's not.  Lending at interest with a finite monetary supply will only encourage fractional reserve practices.  Bitcoin's economy at its core is not debt-based like the fiat world.  Imagine if Satoshi, after mining the first BTC50, had immediately lent out those coins with a 5% interest rate.  This means there would be BTC52.5 to pay back.  Where does the person he lent them to get the extra BTC2.5 from?  It didn't exist until the next block was mined.  I've never been a great fan of religion, but the one thing they used to get right (but sadly don't care about it anymore) is that they made it clear that usury was morally questionable.

Ok. Not bad. So in a bitcoin world there will be no such thing as interest?

Oh I'm sure there will be, it's pretty much inevitable.  There's nothing that prevents people from charging interest, so it's only natural that people will give in to greed and do exactly that.  They're probably already doing it right now.  It just kinda goes against the ethos of the whole thing (in my opinion at least).  As soon as you introduce debt in a system with a finite monetary supply, you are essentially guaranteeing that someone, somewhere, will be unable to repay because there isn't enough money actually existing in the system to cover the interest.  People will do just about anything to turn a profit, even if it means screwing someone else over.

What you're saying isn't true. It would be true if the guy who borrowed from Satoshi has to pay it back in a 1-time lump sum. However, he can provide a service that slowly earns bitcoins, and pay those back to Satoshi. In turn, Satoshi spends the bitcoins he got back somewhere, and that third party spends the bitcoin buying the service from the guy who borrowed from Satoshi. Now he has enough bitcoins to pay back Satoshi in full, without any magically appearing bitcoins.

If there was no interest involved, then yes, that would work just fine.  However, with interest, the person who borrowed the money might find a way to pay it back over time, but somewhere along the line, someone (or a group of someones) will always be in debt by BTC2.5 and that number will grow every time someone lends at interest.  If there is a fixed total number of coins and the interest requires more than that total to be paid, someone will end up owing money that doesn't exist.  That's why debt collectors usually resort to taking your possessions, most people (literally) can't pay.

[mattiadeabtc]

1. Difficult/expensive to acquire

I think the difficult on the purchase is agreat limit of bitcoin, id like to have a service that  allows you to change fiat in bitcoin  simple, fast and without registration, a kind of vending machine, as in car parks or those drinks, allowing also to buy like 1$ of bitcoin

[neoneros]

1. Difficult/expensive to acquire

I think the difficult on the purchase is agreat limit of bitcoin, id like to have a service that  allows you to change fiat in bitcoin  simple, fast and without registration, a kind of vending machine, as in car parks or those drinks, allowing also to buy like 1$ of bitcoin

I think it is very easy if you can find someone on this forum to make an exchange, via escrow, there are tons of ways to accumulate your coins. I think the ones I earned are the one I hold most dearly. There are bitcoin atm's that will accept local currency and put it on your wallet.

[mattiadeabtc]

yes for sure you can find someone who want to do exchange for you. But the fees are tipically "high" 5%, a lot of people find this like a problem because if u want to buy btc you lose 5% at the moment of the exchange, plus the value is super volatile and if u have to buy something expensive you can easily lose purchasing power, IMHO i think move fiat to bitcoin still needs to be revised to improve the situation

[acquafredda]

My biggest problem with BTC is that I was late!

I arrived too late. The party was over and everybody was drunk.
Now we're still cleaning that old mess.

[BIT-Sharon]

For me, the biggest problem is the price at which I should buy and should sell for earning profits.

[MF Doom]

too many unanswered questions with the whole mt gox collapse.

If they can go down, then whose next??

also the evidence of fraudulent exchange activity causing the price spike in late 2013.

[lorylore]

The problem is that if there is no fee when you send transaction your transaction will not get verified.

[ahmedjamal1998]

The time to receive some confirmations is the most frustrating fact in bitcoins.

[darkangel11]

The time to receive some confirmations is the most frustrating fact in bitcoins.

We just have to wait until Bitcoin payments become more popular and one confirmation becomes instant. It would be great if we could shorten the delay before the first confirmation because that's what matters for people who want to pay in a store or a restaurant. Maybe there would be a way to recognize small transactions, like smaller than 0.01 BTC and allow them to get the first confirmation quicker.

[runpaint]

My only problem with Bitcoin is that not enough people use it yet.  That problem is being fixed every day. 

[PeterGuinness]

No peer to peer banking app. If my programming time isn't already 100 percent occupied with other projects already, I'd code one. It seems to me that it is a waste of bitcoins to have it just sit in your wallet all the time. You should have a banking app that will allow you to loan your bitcoins out with interest based on a borrower's credit score. Your money should be working for you, making interest and dividends, not just sitting in your wallet.

Have a blockchain like app with multiple decentralized servers take deposits. Then, this app will make loans with interest based on credit scores. The app will then pay the depositors interest minus a reasonable fee for the people running the servers. This would act as a bank without the crazy banking fees and our taxes being given away to "bail out" shitty banksters that will only use the money to throw fancy parites with hookers and champagne! Computer servers don't need hookers and champagne.

There should be automated apps that take the place of all financial services which are currently run by corrupt banksters and lawyers.

That's a good idea.

I'm inclined to say it's not.  Lending at interest with a finite monetary supply will only encourage fractional reserve practices.  Bitcoin's economy at its core is not debt-based like the fiat world.  Imagine if Satoshi, after mining the first BTC50, had immediately lent out those coins with a 5% interest rate.  This means there would be BTC52.5 to pay back.  Where does the person he lent them to get the extra BTC2.5 from?  It didn't exist until the next block was mined.  I've never been a great fan of religion, but the one thing they used to get right (but sadly don't care about it anymore) is that they made it clear that usury was morally questionable.

Ok. Not bad. So in a bitcoin world there will be no such thing as interest?

Oh I'm sure there will be, it's pretty much inevitable.  There's nothing that prevents people from charging interest, so it's only natural that people will give in to greed and do exactly that.  They're probably already doing it right now.  It just kinda goes against the ethos of the whole thing (in my opinion at least).  As soon as you introduce debt in a system with a finite monetary supply, you are essentially guaranteeing that someone, somewhere, will be unable to repay because there isn't enough money actually existing in the system to cover the interest.  People will do just about anything to turn a profit, even if it means screwing someone else over.

What you're saying isn't true. It would be true if the guy who borrowed from Satoshi has to pay it back in a 1-time lump sum. However, he can provide a service that slowly earns bitcoins, and pay those back to Satoshi. In turn, Satoshi spends the bitcoins he got back somewhere, and that third party spends the bitcoin buying the service from the guy who borrowed from Satoshi. Now he has enough bitcoins to pay back Satoshi in full, without any magically appearing bitcoins.

If there was no interest involved, then yes, that would work just fine.  However, with interest, the person who borrowed the money might find a way to pay it back over time, but somewhere along the line, someone (or a group of someones) will always be in debt by BTC2.5 and that number will grow every time someone lends at interest.  If there is a fixed total number of coins and the interest requires more than that total to be paid, someone will end up owing money that doesn't exist.  That's why debt collectors usually resort to taking your possessions, most people (literally) can't pay.

What you're saying still isn't true because you are forgetting that loans can be used to cancel each other.  Here is a simple example:  image that Satoshi who is cold and has a broken arm has 50BTC, a forest of trees and food while hungry Ben has nothing but an axe.  Ben borrows 50Btc from Satoshi to be repaid at the end of the month with 10% interest.  Ben then buys the trees and some food from Satoshi for 50BTC.  Ben chops the trees into firewood which is now worth 55BTC.  Satoshi buys the wood with 50BTC cash and agreement to pay the extra 5BTC at the end of the month (effectively he is borrowing 5 virtual BTC from Ben).  At the end of the month Ben pays Satoshi 50BTC and they agree that the two debts of 5BTC cancel each other and that everything has been made good, ie: there is no debt remaining to anyone at all.  

The important thing to note is that without the use of loans Satoshi's trees would have never been chopped, Satoshi would remain cold and Ben would have starved!  There is nothing inherently wrong with interest bearing debt as long as it is used wisely.  Everyday around the world interest bearing debt facilitates trade that would not occur otherwise.

[ClayPigeon723]

I'm a Newbie and I guess my biggest problem is: "Where do I find answers to questions that I have related to Bitcoin Core." Sure this forum is a good start, but I don't always have time to go through all the information on this forum in order to answer what I consider to be questions about the software and how it works. For instance:

1. Today I installed Bitcoin Core, 32bit version, on a spare computer running Windows 7, with 2GB of RAM. I plan to run this as a full node. Is running Bitcoin on 2 separate computers okay, one desktop and one laptop? Why does the new computer only have 8 outgoing connections and no incoming, yet the laptop had 17 connections at the time it was checked? Is this based on the amount of time the software has been running? Should I use a separate port forwarded instead of the 8333 used on the other computer? If so, how do I tell the program to use this new port?

2. How do you "Unlock" your wallet and/or is it necessary to do that?

Do you see what I mean? Maybe a good "Help File" would be a start. I think this is a big problem for me when I need to get additional information on how certain commands are used, etc.

[pooya87]

yes for sure you can find someone who want to do exchange for you. But the fees are tipically "high" 5%, a lot of people find this like a problem because if u want to buy btc you lose 5% at the moment of the exchange, plus the value is super volatile and if u have to buy something expensive you can easily lose purchasing power, IMHO i think move fiat to bitcoin still needs to be revised to improve the situation

which exchanger charged you 5% fee? are you sure? you said it twice.

most exchangers have fees in range of 0.2% to 0.5% where some of them charge fixed fee percent and some charge you in accordance with your trading amount history. and it is not high at all IMO.

besides fees are a necessity in exchangers, because this is the legit way for them to make money for their services and also with 0 fees, it is easy to spam and make unreal volume on the exchanger. so it somehow prevents it to some extent

[neoneros]

What you're saying still isn't true because you are forgetting that loans can be used to cancel each other.  Here is a simple example:  image that Satoshi who is cold and has a broken arm has 50BTC, a forest of trees and food while hungry Ben has nothing but an axe.  Ben borrows 50Btc from Satoshi to be repaid at the end of the month with 10% interest.  Ben then buys the trees and some food from Satoshi for 50BTC.  Ben chops the trees into firewood which is now worth 55BTC.  Satoshi buys the wood with 50BTC cash and agreement to pay the extra 5BTC at the end of the month (effectively he is borrowing 5 virtual BTC from Ben).  At the end of the month Ben pays Satoshi 50BTC and they agree that the two debts of 5BTC cancel each other and that everything has been made good, ie: there is no debt remaining to anyone at all.  

The important thing to note is that without the use of loans Satoshi's trees would have never been chopped, Satoshi would remain cold and Ben would have starved!  There is nothing inherently wrong with interest bearing debt as long as it is used wisely.  Everyday around the world interest bearing debt facilitates trade that would not occur otherwise.

Why should ben buy the trees? He could offer his service and his axe to chop the trees for Satoshi and then get a decent meal from Satoshi.  So Ben is not hungry anymore. Satoshi still has his 50 BTC and no one owes anyone anything?

And your story would be a bit different in real life, the bitcoin loansharkt who will loan you the money do not want to buy back the trees, they will not make a deal with you where you get the same debt to cancel eachother out. You will build up and build up debt upon debt and then we are back again where we started from, a banking system and virtual BTC that has no backing at all by anything but an agreement between you and the loanshark, thus creating bitcoin out of thin air made possible.

Bitcoin is not just about a currency, it is about rethinking where money comes from and how to prevent that people will find ways to make money out of thin air without anything in return but more money. That is what is wrong with fiat, the ones making the money are lending it and want it back with interest, but hey, if I make a loan of something that is limited by me and I want back more, the only way to get more is make more en lend it to get it back again.

Please rethink the way we work, get paid and rewarded for our services. The biggest problem with BTC is that people see it too much as just a coin and a nice way to make money by investing. It is a revolution and we're on the train to the big breaktrhough in history!