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Author Topic: Drawbacks And Bumps On Bitcoin Path!  (Read 218 times)
Victorycoin
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August 29, 2017, 01:49:11 PM
 #1

These are apparent threats to this exquisite technology that offers us freedom to choose for ourselves and to control our own destiny, no matter where we live or were born.

1. Increasing number of attacks, forks and ransomware

2. A limited number of available coins

3. Increase in complexity of Bitcoin mining

4. Slow processing of transactions

5. Increasing transaction fees

6. Price fluctuations

7. Lack of malleability within the network

Where do we go from here?
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SilentSculptor
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August 29, 2017, 02:09:07 PM
 #2

Although bitcoin has offered  alot of success and handful amount of  opportunities to people and has a core hand in  making  them richer but unlike other currencies it has some drawbacks also:
1. Fluctuating price
2. Built in deflation
3. No physical form
4. Wallets can be lost
5 Limited number coins available
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August 29, 2017, 02:15:14 PM
 #3

Although bitcoin has offered  alot of success and handful amount of  opportunities to people and has a core hand in  making  them richer but unlike other currencies it has some drawbacks also:
1. Fluctuating price
2. Built in deflation

The reason more users and investors are putting their money into it.

3. No physical form

I think this is good because you are not holding any money or cash but you now to yourself you are a millionaire and no one knows that except you.

4. Wallets can be lost

This depends on how you care about your bitcoins. If you really want to take care of them, you take care of your wallet and also pick a secure wallet. There is always a back up.

5 Limited number coins available

if there are no limits, you think the price will reach what it has now? I think the lesser the number of supply, the higher the demand, the higher the price can get.
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August 29, 2017, 02:34:32 PM
 #4

We just go forward. The users spread the word and the developers find ways to counter these attacks. We have already seen

some implementations with SegWit that would make spam attacks a lot more expensive than before. We should just build on

the positive improvements to the code to make Bitcoin even stronger than before. { malleability counters in SegWit }  Wink

The next thing that should happen, is for the Chinese miners to get some competition. { Russia & USA }  Wink

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August 29, 2017, 03:01:15 PM
 #5

1. Increasing number of attacks
Attacks become harder over a long time because developments in hardware can allow the blocksize to gradually rise, which means that they have to spend more to push the transaction fee up to the same amount.
forks
Forks are irrelevant.  That's the market's decision.
and ransomware
Fair enough.  I would be using Monero by now though.
2. A limited number of available coins
That's a good thing.  There are more than enough units because each coin is 100,000,000 units.
3. Increase in complexity of Bitcoin mining
That happens naturally from the price.  If the price decreases, so does the difficulty.
4. Slow processing of transactions
5. Increasing transaction fees
Fair enough.  Those are scaling problems which will hopefully become less prominent with Lightning and other solutions.
6. Price fluctuations
That's always going to happen in an asset unless it is globally adopted.  The same thing happens with gold.

At least it's not just decreasing forever like fiat though.
7. Lack of malleability within the network
?

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carlisle1
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August 29, 2017, 03:04:02 PM
 #6

with all those things I think we should continue to move forward there's always a solutions in anything that hindrance the innovations of this system
bitcoin already proven its existence and popularity and even there's a lots of things which giving some delays and doubts I'm looking ahead and thinking
that after all  its still standing tall.

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iamTom123
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August 29, 2017, 03:22:04 PM
 #7

Although bitcoin has offered  alot of success and handful amount of  opportunities to people and has a core hand in  making  them richer but unlike other currencies it has some drawbacks also:
1. Fluctuating price
2. Built in deflation
3. No physical form
4. Wallets can be lost
5 Limited number coins available

Drawbacks? Yes, that is quite possible because there is no such thing as a perfect innovation for as long as something is man-made and being utilized by humans as there is always that possibility of our human nature getting in the way. However, I don't fully agree with all the five drawbacks listed in here.

Let me talk about that in number 5. Limited number of coins is working right for Bitcoin because had there been an unlimited supply then it can just be another fiat money where any government can just order from the printing press. And Bitcoin will not be as valuable today had it not been because it is limited in supply.

Maybe some people are worried that because Bitcoin has a limited supply they might have a hard time looking for someone to sell his Bitcoin...would this be a possible scenario later on? That can also be possible but I am not worried on that as we still have the present to contend with. Currently, for as long as you the money to buy Bitcoin supply can still be found. This is in fact the reason why we already have many exchanges for Bitcoin right now.
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