Biggest concerns surrounding bitcoin?

[Pursuer]

1. The Darkweb gets shutdown or takes another hit. IMO the Darkweb/illegal activity plays a huge role in the success and failure of bitcoin.

No, it never played any role in success or failure of bitcoin.
maybe back in the early days like in 2009-2011 it had some effects with silkroad but not today, never. back then there were no good anon coins or they were unknown. also people still believed bitcoin is anonymous!!!

right now the most used currency of darkweb is the real anonymous coins not bitcoin. coins such as Monero. and people already know that bitcoin is not anonymous!

2. Banks getting involved. If Banks are losing out on money or think bitcoin is taking money out of their pocket they could create a mess for bitcoin.

maybe, but not really a big concern. bitcoin is still small and not taking that much money from banks. and remember that if someday bitcoin becomes big enough to be used instead of banks I assure you that banks will adopt it in a heartbeat. they simply start offering services they offer for fiat, for bitcoin now. like credit cards and loans. and that will just help bitcoin improve.

3. The richest of the rich will own most bitcoins. The rich usually make money from the middle/lower class, if they own most they will be no profits for them and bitcoin become obsolete.

that is not a concern for many reasons.
first because it is not real. and distribution of bitcoin has been good and second if it were real, someone owning that much bitcoin will only help it grow more not doing anything to harm it.

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[orions.belt19]

I don't fully understand Bitcoin yet, as pointed out by one of the replies in this thread but I just want to share some of my thoughts regarding concerns surrounding Bitcoin.

At OP, those are good points but I think that there are also some other matters that surround Bitcoin, which are particularly concerned by its users. I agree with some except for with your second point with the banks. I don't see problems emanating from their end. From what I see, the Bitcoin users are concerned with the transaction fees and confirmation time. This hinders them from transacting fast and easily. Perhaps another concern is the lack of adoption and acceptance of Bitcoin in other countries, making it hard for them to use it.

[HabBear]

2. Learn something new everyday, I don't know banks invested in bitcoin. Which bank has the largest investment in bitcoin or is that information not public?

It's not possible to know which bank has the largest investment in Bitcoin. The information doesn't have to be made public (just like you don't have to announce how much Bitcoin you own.)

What I keep seeing is articles about Banks investing, spending their time, money, and resources on understanding what Bitcoin is, what blockchain technology is, and how blockchain technology can be leveraged to make their business more profitable.

Here's an example article, Bank of America has filed 20 blockchain related patents. That's insane! And indicates a clear interest in participating in the cryptocurrency market (or the fundamental functionality that it's build upon). Article: https://www.coindesk.com/bank-america-filed-20-blockchain-patents-already/

And as I mentioned previously, these banks are in the business of making money by way of investments. Bitcoin is the best performing investing of 2017...any investment bank that's not getting in on the action is one that's losing to the competition.

[cybersofts]

Questions for you...

I would have to say for me the biggest concerns for bitcoin would be..

1. The Darkweb gets shutdown or takes another hit. IMO the Darkweb/illegal activity plays a huge role in the success and failure of bitcoin.

How does the Darkweb shutting down impact Bitcoin? Bitcoin operates in the light, out int he open. The darkweb has no consequence on Bitcoin's future.

2. Banks getting involved. If Banks are losing out on money or think bitcoin is taking money out of their pocket they could create a mess for bitcoin.

Banks are already involved. So in what way do you believe bank's involvement would be crossing the line? Banks invest in Bitcoin. Banks are exploring the blockchain. Banks are trying to use blockchain technology for their benefit. None of this is nefarious or threatens Bitcoin.

3. The richest of the rich will own most bitcoins. The rich usually make money from the middle/lower class, if they own most they will be no profits for them and bitcoin become obsolete.

What happens when those that own the most bitcoin (because they acquired early on) become the riches of the rich...will they also be damned by you? Will they also be a curse to Bitcoin? How do you regulate the ownership of bitcoin across the world? Why would you want to?


The biggest concern I see is Bitcoin being perceived as a threat by country and business leaders. The most powerful among us will not allow a threat to take their power away. They won't allow it without a fight. And when those people have the power they can choose to outlaw Bitcoin simply because they think it's a threat.

As I mentioned I newer to the bitcoin world.

1. I don't actually have any evidence that the darkweb is directly linked to bitcoin but from what I've read and heard a good percentage of the darkweb transactions are made with bitcoin. So I was thinking it could affect bitcoin if it was taken down.

2. Learn something new everyday, I don't know banks invested in bitcoin. Which bank has the largest investment in bitcoin or is that information not public?

3. Those that own a good percent of bitcoin because they bought early is probably not that many people. (I don't have any data to support that, just opinion). Also they will not be dammed by me. I don't think anyone should control who owns what/how many bitcoins, once again in my opinion I don't think it's good for the investors of bitcoin for a small percent to own a good majority of anything.

Thanks for all you're responses, much appreciated

New2Coin
Bitcoin is King #BiK

My advice to you is you should go back and read the history of bitcoin first. Then you'll fully understand what happened to bitcoin in past. You should go and learn more about what is bitcoin, how bitcoin and blockchain works, and then you may see a road-map of bitcoin in the future because what you've listed above are baseless in regards to bitcoin. The only thing that you may concern about bitcoin is the price volatility and that also seems to be stable for now.