Weaknessess of bitcoin

[Irviyandi]

The weakness of bitcoin according to my personal is in terms of security that is easy to do hacking by certain parties and with security and bitcoin there is no control so it is so easy the occurrence of deception and lgi about the price is very volatile.

[Mylove risa]

BTC is very small in the real world! People in many countries in the world do not know BTC, there is no way to use BTC!

And BTC's impact on the real economy is limited!

In this case, there are some weaknesses in BTC, among others,
1. Level of acceptance - Many people are still unaware of the existence of Bitcoin. Every day, more and more businesses are receiving bitcoin because they want to profit from bitcoin usage, but still the user list is still small and needs to grow to benefit from network effects.
2. Volatility - The total value of the bitcoin in circulation and the number of businesses using Bitcoin is still very small compared to what it should be. Therefore, small events, trade, or business activities can significantly affect bitcoin prices. In theory, this volatility will decrease as the market and technology of Bitcoin develop. Previously there was never any currency created by itself, so it is very difficult to imagine what developments will happen next.
3. Ongoing development - Bitcoin software is still in beta with many incomplete features that are still actively developed. New devices, features and services are being developed to make Bitcoin more secure and accessible to the public. Some of these developments are still not ready for everyone. Most Bitcoin businesses are still new and have not offered insurance. In general, Bitcoin is still in the process of growing up.

[Yarsk]

What you pointed out as the weaknesses of bitcoin are even what make bitcoin really unique, having a twenty one million limitations on the amount of bitcoin in circulation is what real make bitcoin decentralized and free from all forms of interference both internal and external.

[Superzpay]

The weakness of bitcoin according to my personal is in terms of security that is easy to do hacking by certain parties and with security and bitcoin there is no control so it is so easy the occurrence of deception and lgi about the price is very volatile.

No hacking is not easy in bitcoin and it is not the fault of bitcoin if someone bitcoin or wallet is hacked but it is the irresponsibility of ourselves. We do not care much about our wallet then our wallet is hacked easily and if we will care for our wallet and we will create a stronger password and will keep our bitcoin in a more secure wallet then no one will be able to hack it.

[Cinemo]

Hello,

I'm fairly new to bitcoin but really interested as it solves a problem I was trying to solve for years. Nevertheless, there's some weaknessess I'm foreseeing. It has probably been answered before but I could not find any answers on this forum.


1) Low monetary mass.

21.000.000 seems really low. The lowest fraction is 10e-8. Why such a low limitation ?  I understand perfectly the fact that generation should be harder and harder but I don't understand why limit it to 21.000.000.

2) Fixed monetary mass.

In the long run, it means that the money will disappear. Crash disk, human error. Even real money is destroyed every day. What will happen if we start running out of bitcoin ?

3) geekish interface

I'm a user experience/human machine interaction guy. And bitcoin is currently just plain geek masturbation. There's no way any "normal" user would use that.

This is not a unsolvable problem. But it should be taken into account more deeply. Users don't care about underlying concept, P2P, cryptography. They just want a secured account somewhere in a "bank" and a pocket account that they could afford to loose. Everything else should disappear.

The key/anonymity concept is also very hard currently (and it could be non-convenient). What if you want to send some money to your family to wish an happy birthday ? What if you want to see which customer has payed what ?

(well, it means that I could work myself on that particular problem)


4) Early/late user unfairness

I've read that some users generated 150bitcoins in a few days. According to the calculator, I will have to wait 60 days before having my first bitcoin !
Would you join a monetary system if you know that a few people already have approximately half of the whole monetary mass ?  Hmm, it seems rather odd, isn't it ?

5) Exchanges

I've browsed the list of websites supposed to offer stuffs against bitcoins. Only one was really displaying "bitcoins accepted". All the others were standard ecommerce websites with no mention of bitcoin. What could I do if I wanted to use my bitcoins ? No idea yet on how I could use them.

6) fraud

What if I pay for a service and it appears that it was a fraud ? With VISA, you can get your money back quite easily. With bitcoin, it is just impossible. A transaction is a transaction an it is impossible to find the receiver afterward.


Well, this is a lot of questions, don't hesitate to redirect me to related topic in this forum.

Weakness of bitcoin is when you are unaware that your wallet can be phished. Cause we all know that many peoples are desperate to get your money inside your wallet so they create phishing site. To hacked your account and to. Steal your money.

[Nissan-GTR]

6) fraud

Yeah, bitcoin doesn't provide any third party or compensation service.  That's not its goal.  But such service can be provided by someone you trust.  It's the same for all money.

Indeed, that's a good idea. Thanks.

I agree with this also. Bitcoin has the most unique characteristics to own, and one of that is being accessible,  for most of the time this is such an amazing thing for us to keep in track with this forum ,on the contrary people who aims to fool other people were not prohibited to this, and anomalies involving fraud and scams cannot be detected given the fact taht personal information were not required.

[DPrillio]

6) fraud

Yeah, bitcoin doesn't provide any third party or compensation service.  That's not its goal.  But such service can be provided by someone you trust.  It's the same for all money.

Indeed, that's a good idea. Thanks.

I agree with this also. Bitcoin has the most unique characteristics to own, and one of that is being accessible,  for most of the time this is such an amazing thing for us to keep in track with this forum ,on the contrary people who aims to fool other people were not prohibited to this, and anomalies involving fraud and scams cannot be detected given the fact taht personal information were not required.

In the current scenario that bitcoin was not yet fully adapted by the whole world including many government in different country, I think its strongest will be its weaknesses. We know that being a decentralized system then bitcoin is almost untouchable and some government used that fraud to attack bitcoin as a tool of money laundering because its always been an anonymous transaction.