A big problem in bitcoin ???

[richardsNY]

I think the biggest problem of bitcoin is the concept of this system is hard to understand that's why many people misunderstood of what bitcoin can do and this the reason that until now it is being banned in some countries because they doesn't have enough knowledge to realize bitclin system are good for our future.

Bitcoin's basics are very easy to understand, so that's definitely not a problem. If you for example go in depth and focus on how transactions are set up technically, then things are obviously different, but that's not something the mass thinks about or is remotely interested in. Once you understand the basics, and you demand more advanced usage, you'll educate yourself on that, which is how things work. No one forces the newer users to understand everything related to Bitcoin -- most people still don't even understand the internet, and that while it has been available for more than 2 decades. It also comes down to your personal will to learn something. If you aren't willing to invest even a few minutes of your time in understanding Bitcoin, you are just limiting yourself.

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[paresh nakar]

The bitcoin price lots of changes high to low its depond on marcket so its difficult know sometimes good or sometimes bed but i thought it is not problem.

[marielbeckham]

I've discovered earlier that BTC has fixed limits. If I'm not mistaken only 21, 000 000 BTC can be issued and exist.

[Kambal2000]

I think the biggest problem of bitcoin is the concept of this system is hard to understand that's why many people misunderstood of what bitcoin can do and this the reason that until now it is being banned in some countries because they doesn't have enough knowledge to realize bitclin system are good for our future.

Bitcoin's basics are very easy to understand, so that's definitely not a problem. If you for example go in depth and focus on how transactions are set up technically, then things are obviously different, but that's not something the mass thinks about or is remotely interested in. Once you understand the basics, and you demand more advanced usage, you'll educate yourself on that, which is how things work. No one forces the newer users to understand everything related to Bitcoin -- most people still don't even understand the internet, and that while it has been available for more than 2 decades. It also comes down to your personal will to learn something. If you aren't willing to invest even a few minutes of your time in understanding Bitcoin, you are just limiting yourself.

Even a teenager could easily understand this when in fact I have known some of teens just like me, so the way it is using is not a problem, what  matters right now is that people are doing some wrong things with it, and what most of us are afraid at is that the inventor can easily closed it all the time he wants but I doubt if it will happen.

[Untitled01]

21 million bitcoins is the emission limit. Ego the real problem is speed but if everything is decided it will go up  think.

[pareshnakar]

We are not sure in Crypto its depend on marcket up down so sometimea maybe its big problem.

[budz0425]

21 million bitcoins is the emission limit. Ego the real problem is speed but if everything is decided it will go up  think.

That is a sure thing that bitcoin will really grow up and we cannot stop it from getting to the moon, so if I were you just keep what you have right now, and spread this good news to all people that we met, in that way you are helping them as well as helping the bitcoin community to grow.

[hacekd]

A single bitcoin may end up with a value of $ 100,000 or it may suddenly change to $ 0, but one thing is for sure bitcoin will not be trading at a constant rate in the long run. In that case, the critic's opinion that bitcoin fails as a currency today is true.

[btrice7]

I guess in essence I think there's no a big problem in bitcoin, it's just we alone or the people that enlarge on that's problem.

[SingAlong]

I think the big problems of bitcoin are first is being prone to scammers, Second, are being hard to understand and learn, Third, are being unpredictable because you will not know when the price is falling or rising and lastly transaction sometimes are slow and transaction fees are high.

[KorakPawon]

lack of consumer understanding of the subject. For all of its development, it is still difficult to explain to many people how bitcoin technology can affect their daily lives. so many people wasting opportunities or wasting money like at the time of tranding or others, are easily fooled by the various services. it is very christmas.

[qwertyup23]

I am not sure that this section is right to post my thread .
my question is :
since it was already fixed by the bitcoin owner network that 21 millions bitcoin can exist in the whole internet
But now I heard that now the mining of the bitcoin will be unlimited , I mean unlimited bitcoin will generate by the bitcoin network .
If this is real news then the value of the bitcoin will go down speedly
It is because the supply is unlimited so it is simple to say that bitcoin price will no more increase rapidly ., so no more profit

what's your thought guys

There will be only a limited amount of bitcoins available in the market, specifically, 21 million bitcoins. Due to this, the price of bitcoin actually depends on the law of demand and supply. Not to mention, its lack of any government regulation makes its value very volatile in the marker- making it a perfect investment mechanism for invesyors who are aiming to earn short time income.
Like gold, its quantity is limited, thus it has the potential of whales controlling the price. It depends upon the investors if bitcoin would still reign in the market.

[Kinan07]

an electronic currency that has a uniqueness that may not last long, because it uses a mysterious algorithm whose originator is anonymous. no one really knows whether the algorithm used can be trusted to generate the promised bitcoin number, or that will be responsible for errors or fraud.

[Kemarit]

I think the biggest problem of bitcoin is the concept of this system is hard to understand that's why many people misunderstood of what bitcoin can do and this the reason that until now it is being banned in some countries because they doesn't have enough knowledge to realize bitclin system are good for our future.

I disagree, bitcoin concept is pretty straight  forward and not hard to understand. Please let us know what is misunderstood about it? Transaction fees? mining? If you are investors, you don't want to get into technical and don't make things complicated on your end. It is banned because nation or government as simple afraid of it because they cannot control it because of its decentralization.

an electronic currency that has a uniqueness that may not last long, because it uses a mysterious algorithm whose originator is anonymous. no one really knows whether the algorithm used can be trusted to generate the promised bitcoin number, or that will be responsible for errors or fraud.

What is so mysterious about it? everything is open source and you can check the algorithm anytime. We have mined 17 millions already and the 4 millions left will be difficult and it might take some time that's why it will last long.

[hannahwaston96]

I think, there are more and more different kinds of digital cryptocurrencies with more impressive features such as short blocktime, easy-to-mine,etc.

[princeyeboah]

I am not sure that this section is right to post my thread .
my question is :
since it was already fixed by the bitcoin owner network that 21 millions bitcoin can exist in the whole internet
But now I heard that now the mining of the bitcoin will be unlimited , I mean unlimited bitcoin will generate by the bitcoin network .
If this is real news then the value of the bitcoin will go down speedly
It is because the supply is unlimited so it is simple to say that bitcoin price will no more increase rapidly ., so no more profit

what's your thought guys

You have a point mate but i don't believe in the notion that Bitcoin will run out of the system since only 21M BTC were created. Remember that Bitcoin is still in the beta stage and there are yet more developments to be fixed in.

[Pattart]

I gues we have to take time for resolving the current issues that we are facing and that is with the miners fee, it is too high now since the value of bitcoin is starting to increase too.

Yeah don't be surprised if many users prefer transactions using altcoin to transfer their assets to another exchange or make transactions with others people. because the transaction fee is cheaper than using bitcoin. default fee is 10k satoshi while bitcoin prices continue to climb up. of course the fee will continue to rise because of it. how to overcome this?

[Magic Sarap]

I am not sure that this section is right to post my thread .
my question is :
since it was already fixed by the bitcoin owner network that 21 millions bitcoin can exist in the whole internet
But now I heard that now the mining of the bitcoin will be unlimited , I mean unlimited bitcoin will generate by the bitcoin network .
If this is real news then the value of the bitcoin will go down speedly
It is because the supply is unlimited so it is simple to say that bitcoin price will no more increase rapidly ., so no more profit

what's your thought guys

Bitcoin Unlimited does not increase the number of coins.
Under this new client, there will only be 21 million coins. The reason why it is
called unlimited is because it allows the potential to create a block that has more
transactions in it. Current protocol has a limit of 1MB. This new client can be 1MB
to unlimited, if the network participants wish it to be so. Bitcoin Unlimited does not
increase coin supply.

Also, this thread was posted in the wrong section. Please move this to "Bitcoin
Discussion" or "Beginner Section". On the bottom left of your thread, there is move
button where you can move your thread to those sections. This is the Legal Section
and your question does not pose any legal aspect.

Yes thats true, theres a possible that the price of the bitcoin will rapidly down because of the unlimited mining!

[Tapyaks72]

I am not sure that this section is right to post my thread .
my question is :
since it was already fixed by the bitcoin owner network that 21 millions bitcoin can exist in the whole internet
But now I heard that now the mining of the bitcoin will be unlimited , I mean unlimited bitcoin will generate by the bitcoin network .
If this is real news then the value of the bitcoin will go down speedly
It is because the supply is unlimited so it is simple to say that bitcoin price will no more increase rapidly ., so no more profit

what's your thought guys

Bitcoin Unlimited does not increase the number of coins.
Under this new client, there will only be 21 million coins. The reason why it is
called unlimited is because it allows the potential to create a block that has more
transactions in it. Current protocol has a limit of 1MB. This new client can be 1MB
to unlimited, if the network participants wish it to be so. Bitcoin Unlimited does not
increase coin supply.

Also, this thread was posted in the wrong section. Please move this to "Bitcoin
Discussion" or "Beginner Section". On the bottom left of your thread, there is move
button where you can move your thread to those sections. This is the Legal Section
and your question does not pose any legal aspect.

Yes thats true, theres a possible that the price of the bitcoin will rapidly down because of the unlimited mining!

As far as I know  you  cannot create nor destroy bitcoin in your own so there no basis that unlimited mining is means   unlimited unlimited supply.

[CryptoMoar]

In my opinion. the number of people who mined bitcoin is unlimited. but the amount of bitcoin we can mine is limited to about 21 million bitcoins. so now there are many altcoins that arise from the development of bitcoin itself.