What's your biggest problem with Bitcoin

[ransomer]

The biggest problem i have right now is the drama between the Chinese miners thinking they own bitcoin because they got a mafia setup with the bitcoin miner companies to no accept the bigger block size.

Dealing with the Chinese mafia, I would also consider a problem

But on a serious note: Let us see if they can can, or rather will, create some actual problems. They are after all depending on the fact that they can sell their mined coins. Too much drama would, I think, hurt bitcoin price-wise.

If they create more problems, something has to be done.

Like setting a limit to how much mining can be associated with a geographical region. If possible this might reduce the super mine sizes. This will in turn lower the efficiency of these mines, and lower the difficulty of mining. Thus making is viable for more people around the world to mine again. This would decentralize the mining power... something Satoshi would probably want. I doubt he ever intended for some mega mines (or anyone else) to be able to influence the system in any way.

Just one example of a solution. There could be many other ways of reducing the power of the mega mines.

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[dKingston]

I don't have any problems with bitcoin :-)

[sana9821]

my problem is that the price of it is really fluctuating so i cant really buy it as one day the price might fall really sharply

[dollarneed]

my biggest problem with bitcoin is its fluctuation and of course and its legalized in my country specially to make a purchase live as soon as posible from your smartphone, i hope someday that would happen amin

[ronaldo40]

My biggest problem when I get bitcoin quite a lot and I am confused how to multiply it, and then my friend suggested hyip investment and that time I did not really know. then I invest all my bitcoin, and one day later the website can not be accessed and scam 

[DooMAD]

My biggest problem isn't with Bitcoin itself, but with its users.  Bitcoin works best when it is used as a peer-to-peer system with no middlemen.  Sadly, human beings are creatures of habit and over the years have become accustomed to leaving their money in the hands of other people, namely banks.  The outcome of using this same mentality with Bitcoin is usually a bad one.  Nearly all of the thefts and hackings reported in the media happened because people left their bitcoins stored online in the hands of someone else, mistakenly believing they would look after them.  Even now, there are still far too many people leaving the bulk of their coins on exchanges or other third party websites where users don't have full control of their keys.  Stop doing Bitcoin wrong.  It's not difficult.

[Herbert2020]

My biggest problem when I get bitcoin quite a lot and I am confused how to multiply it, and then my friend suggested hyip investment and that time I did not really know. then I invest all my bitcoin, and one day later the website can not be accessed and scam 

i am sorry to hear that.
but it doesn't matter where you have invested because you invested your money (bitcoin) in something without any prior knowledge.
the thing is, every kind of investment has its own risks and rewards. it is up to you to do some research before investing your money into anything , no matter what it is.

[shad_90]

Very less number of resources to earn BTC. BTC is mostly being used for gambling online.
BTC value is very unstable and that can be factor that websites like swagbuck and mturk don't pay in BTC.

[ronaldo40]

My biggest problem when I get bitcoin quite a lot and I am confused how to multiply it, and then my friend suggested hyip investment and that time I did not really know. then I invest all my bitcoin, and one day later the website can not be accessed and scam 

i am sorry to hear that.
but it doesn't matter where you have invested because you invested your money (bitcoin) in something without any prior knowledge.
the thing is, every kind of investment has its own risks and rewards. it is up to you to do some research before investing your money into anything , no matter what it is.

yeah it was the worst experience, then I feel very sad inconceivable enough money lost.
but now I have learned from experience, and already knew about the dangerous investment

[zvs]

ppl that want to keep block size at 1MB and also somehow allow microtransactions

[giustone]

volatile price of bitcoin is a major problem for business.

[ransomer]

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.

[mattiadeabtc]

My biggest problem with bitcoin, or my biggest fear is that one day any early miners decide to convert its btc in fiat, and the market of bitcoin will go to hell

[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.

[ransomer]

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?

[ragi]

Slow confirmation times!

[scarsbergholden]

The biggest problem right now is just people not being able to hold the price, i thought 300 was going to be our new floor but go figure a lot of manipulation just pushing the market down lets just bully the price.

[MF Doom]

I'm just not so sure it would be useful at all in an emergency situation.

BUT, the idea of having a wallet that you can access ANYWHERE in the world with just an internet connection and a computer/smartphone is a very cool idea.

[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.

[ransomer]

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.

I can see your point.

So - in a weird twist - FIAT money are more digital than Bitcoins? FIAT just needs to actually exist in a very limited amount and the rest can be digits on a computer. Btc seem to have to exist...