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Author Topic: What's your biggest problem with Bitcoin  (Read 134994 times)
sipredrica (OP)
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June 27, 2015, 03:19:37 AM
 #1

Software development team here.
We would like to hear from the community what are the most annoying\frustrating stuff you have with Bitcoin and would love to get a solution for ?
Feel free to talk about any problem, even if it seems unsolvable or too abstract (e.g. Bitcoin is not safe enough for the average user)
Edit:
After reading all the replies, I feel confident summarizing that the #1 problem of Bitcoin is probably lack of adoption.
And the main reasons of lack of adoption are probably ease of use and insufficient security.
We are a team of entrepreneurs and software developers that are going to spend the next following months-year on developing a new product.
One of the most appealing markets for us is the Bitcoin market.
We will try to learn us much as possible from your replies and try to tackle the problems head on.

Lost Reputation upto 0.25 Btc from tomatocage .  .
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The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
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PenguinFire
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June 27, 2015, 03:22:04 AM
 #2

For me, probably the transaction confirmation times.  That is one the biggest wow or attractive factors with bitcoin for myself personally.  It is getting too long.

Ikron
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June 27, 2015, 03:52:51 AM
 #3

The current availability of where I can spend with BTC is my biggest issue. I know time will tell but that is my biggest issue right now.
On another note, long confirmation times is another issue that could be dealt with.
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June 27, 2015, 09:11:00 AM
 #4



 Wink

photon_coin
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June 27, 2015, 09:18:33 AM
 #5

I am a little worried about the future of bitcoin since a few want to ramp up max block size with some pretty 'crazy' untested code while other members of the team agree an increase is ok and have much safer ways to make it happen.

Hopefully soon everyone will come together + resolve it.

I think it would be pretty crazy if bitcoin divided into two chains but one of the largest pools made a public statement they considered some proposed changes an 'alt coin' not bitcoin.


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June 27, 2015, 12:37:31 PM
 #6

Safety of BTC wallet is the most important  Grin Especially online BTC wallets - as we all know. And also well developed hardware wallet safety and fast transaction times  Smiley
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June 27, 2015, 03:45:27 PM
 #7

To me Bitcoin is already good in its current form, there is practically nothing I would want to add beside faster confirmation times.

For online payments it doesn't matter that much, but if you buy something expensive "offline" from a retail store, they would at least want to have 1 confirmation. Which can take up to an hour. In this case faster confirmation times would be a great welcome addition.
b-trading
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June 27, 2015, 04:23:50 PM
 #8

I think transaction confirmation and the competition of mining
bryant.coleman
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June 27, 2015, 06:23:12 PM
 #9

Confirmation time is a big issue. Once I waited for almost 2 hours to get the necessary 3 confirmations, which are needed for deposits in Localbitcoins. And by that time, the exchange rate declined by 3% and I lost quite a significant amount of money. Normally the 3 confirmations take less than 30 minutes. But in that particular occasion, it took almost 120 mins.
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June 28, 2015, 05:39:37 AM
 #10

mining competition for sure... but I love anonymous currencies Smiley
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June 28, 2015, 08:47:56 AM
 #11

Long-term scalability first, mobile/embedded usability second. Failing at scalability would eventually leave Bitcoin in the hands of "the rich ones" (namely Google etc.), which makes for an even worse scenario than banking system. Relying THAT much on processing power or disk space is a doomed solution to me.

Generally speaking, it seems that Bitcoin keeps afloat based on ridiculously optimistic predictions, whereas any software in the world is written with a constant eye on worst-case scenarios.
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June 28, 2015, 06:06:08 PM
 #12

Nothing really, I love everything about except that mining is only left for the rich guys who can afford to make huge farms and earn bitcoins, I don't think it was meant to be this way and the other thing which is sorta problem for me is I don't have as much of Bitcoins as I would like.

 

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melody82
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June 28, 2015, 08:27:06 PM
 #13

For me it is transaction times, and the inconsistency thereof.  Sometimes confirmations are quick, other times they are not.  I would like them to be predictable based on what your transaction fee is.  I think that this randomness is a barrier to wider spread adoption.
RustyNomad
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June 29, 2015, 07:30:16 AM
 #14

For me it is transaction times, and the inconsistency thereof.  Sometimes confirmations are quick, other times they are not.  I would like them to be predictable based on what your transaction fee is.  I think that this randomness is a barrier to wider spread adoption.

Have to agree with the above as I also have some transactions taking 10 odd minutes and others that wait for close on an hour for a confirmation. Would be nice if there was a way to sort of 'predict' confirmation times beforehand by for example using a certain fee. So for example if I include a fee of say 0.00001 I know that confirmation time will be 30-60 minutes but when including a fee of say 0.001 it will be around 10-15 minutes etc...

Currently it's all over the place in regards to confirmation times.

Xialla
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June 29, 2015, 09:10:01 AM
 #15

*confirmation time and inconsistency (sometimes it is few minutes to get first confirmation, sometimes you have to wait half an hour)
*no finance motivation for running bitcoin core node (which cost more and more resources to run and is unusable for home users)
*centralization of bitcoin mining (even I know, that you can't do anything with it, I feel it like a problem)
*non-reverse payments (if you missclick with floating point, you are simply screwed)

and much more, but you asked only for the biggest one:)
 
sgk
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June 29, 2015, 09:23:25 AM
 #16

For me the following parameters are important:

1. Security of Bitcoins (Even noobs should not be worried about someone stealing their wealth)
2. Ease of Use
3. Faster 1st Confirmation (More confirmations can be followed later, but first confirmation should be as good as 'instant')

These are my primary issues which I think are getting in the way of mass adoption.
monsterer
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June 29, 2015, 10:28:36 AM
 #17

Confirmation times are horrible.

Mining leads to centralisation.

Wallets are vulnerable to attack by default.
DumbFruit
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June 29, 2015, 01:08:01 PM
 #18

Good question. There are a plethora of problems but there's only one that represents an existential threat, so I think that would have to take my top spot.

1.) Funding the nodes while remaining highly decentralized and retaining hashpower.

By their (dumb) fruits shall ye know them indeed...
Xialla
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June 29, 2015, 01:12:18 PM
 #19

1.) Funding the nodes while remaining highly decentralized and retaining hashpower.

point is, which fees to use? higher current fees or cut from fees from miners? this is really tricky..
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June 29, 2015, 03:55:31 PM
 #20

Since do transaction with bitcoin is more practical than fiat, then I have spent more bitcoin to buy some stuff than using fiat. I mean, the easiness of bitcoin can make us to be more consumptive. And sometime, we need long time to get confirmation for transaction, it will be harder to us when buy goods then.

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