Reason why bitcoin won't last long (which are you afraid of?)

[Sithawaka]

10: No Physical Form

others are ok but that one is horrible,

anyone can have a physical form using a hardware wallet

Today many things are becoming digitized because that is the trend of the world and that makes everything easier than ever so why not currencies ? That is the question we should ask and why do we prefer fiat physical currencies over digital currencies because making a currency tangible wont give any extra options or features for a user because it is limited by its physical form but with digital currencies we can do anything in the on line world except touching so I don't think "No physical form" is a reason for bitcoin to disappear from the world

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[Kingstonic]

The only reason why i think bitcoin won't last long is if the price keep going down, that will sure scare people away from bitcoin related transaction.

[maculeth]

bitcoin lost? look for other investments. there are still many opportunities available to get profit on the online land. starting from February when bitcoin first fell and was followed by altcoin and ico, I have started thinking about other investments. we must with all possibilities. keep thinking positive.

[adolf512]

After surfing through the good side of BItcoin I was asked to give reasons why bitcoin won't last by a friend I searched through the web and found the following

1: Exposure to Bitcoin-Specific Scams and Fraud.
2: Black Market Activity May Damage Reputation and Usefulness.
3: Susceptible to High Price Volatility.
4: No Chargebacks or Refunds.
5: Potential to Be Replaced by Superior Cryptocurrency.
6:Environmental Ills of Bitcoin Mining.
7: Bitcoins Are Not Widely Accepted.
8: Wallets Can Be Lost.
9: Risk of Unknown Technical Flaws
10: No Physical Form

Guess what non of those mentioned above was big enough to discourage my friend from joining Cryptocurrency (buying bitcoin).

Which of the following disadvantages are you afraid of and how do you think it can be resolved

These are all the points that you have listed, these are small deficiencies that exist in all types of investment. Personally, I'm not afraid that something will happen to bitcoin or that its value will be 0, because bitcoin has become very popular among the community all over the world and its technology can bring many benefits in many areas of activity.

[abhi777]

The only thing am afraid of is having a stupid government which will take the dumbest of steps to regulate cryptocurrencies. Like what India did with carpet ban on exchanges not to use banks for fiat transactions..

bitcoin can not last long if the current market price continues. and there is no change or slight increase. I think bitcoin is better invested in the long run.

[IndigoRed]

Of course bitcoin is far from perfect. It’s only been around for a few years so it’s got some growing up to  do. But all issues you mentioned are fixable. Human intelligence and tech development are very resilient and can always come up with ways to correct mistakes and improve on things. Give it time. The foundation for cryptocurrency is already. It just needs some tweaking. And especially with AI leading the way for better security measures, i think we can rest assured it could be a viable form of currency.

https://www.wired.com/story/ai-machine-learning-cybersecurity/

[CadieTom]

I understand what you mean but for me bitcoin still have a bright future a head and it is not easy to  even now or in the future

[HadaMichiko]

i don't think bitcoin will hold long time more. this time is for the other coins.

[Sojuculture]

If Bitcoin were a human female, price is her level of physical attractiveness… she's still developing and right now learning about the world.

she was hot in the past

but now she doesn't

she keeps saying she'll be pretty again

but she just stays the same, or gets uglier with each new day

bitcoin is basically peggy bundy

Slightly weird comparison lol

[Stedsm]

Giving answer the Stedsm style:

1: Exposure to Bitcoin-Specific Scams and Fraud.

Depends on the level of security one keeps to secure their Bitcoins from such scams and frauds.

2: Black Market Activity May Damage Reputation and Usefulness.

If I'm not wrong, even Godl (gold) is involved in such activities like smuggling and/or stolen bars/pieces being sold in black markets.

3: Susceptible to High Price Volatility.

Guess that's why everyone's here for - making profits with their asset.

4: No Chargebacks or Refunds.

I believe this might be a drawback, but it's also good to stop misuse of the system and as well, it tests the concentration power of the sender as they're the only ones who will be responsible for any such false sends unless their private key got hacked and everything's swiped by hacker.

5: Potential to Be Replaced by Superior Cryptocurrency.

Waiting for this since past 8 years, eh!

6:Environmental Ills of Bitcoin Mining.

There have been projects I call as green mining where people use solar power to power up their mining equipment. I know that it's not too much used and not even able to cope up with network's requirements to smoothly process everything as the electricity levels needed in it couldn't be matched many times.

7: Bitcoins Are Not Widely Accepted.

Due to restrictions levied by governments in various countries, its adoption and growth levels have declined to a much broader level.

8: Wallets Can Be Lost.

See my reply to your 1st reason that you stated.

9: Risk of Unknown Technical Flaws

If you know any technology that comes without a single flaw, please do let me know.

10: No Physical Form

There are many digital wallets through which we pay our Fiat itself, and Bitcoins, if seen as assets, need not to be physical as the beauty of it is being transacted digitally.

Which of the following disadvantages are you afraid of and how do you think it can be resolved

I'm quite happy you're so concerned about the challenges Bitcoin is facing, but everything takes time to get resolved and devs are already doing what they are able to do at their best and tackling these challenges, not to let any such vulnerable situations occur.

[redsap]

Well i think some of that can being agreed but bitcoin can still last long because bitcoin is cryptocurrency that dont have any third parties that control it and the circulation flow by the people itself thats make bitcoin price are so high because of that many people are using that

[cryptotenoy]

After surfing through the good side of BItcoin I was asked to give reasons why bitcoin won't last by a friend I searched through the web and found the following

1: Exposure to Bitcoin-Specific Scams and Fraud.
2: Black Market Activity May Damage Reputation and Usefulness.
3: Susceptible to High Price Volatility.
4: No Chargebacks or Refunds.
5: Potential to Be Replaced by Superior Cryptocurrency.
6:Environmental Ills of Bitcoin Mining.
7: Bitcoins Are Not Widely Accepted.
8: Wallets Can Be Lost.
9: Risk of Unknown Technical Flaws
10: No Physical Form

Guess what non of those mentioned above was big enough to discourage my friend from joining Cryptocurrency (buying bitcoin).

Which of the following disadvantages are you afraid of and how do you think it can be resolved

Investors and adoptors keep in growing.Many people want to risk their money on bitcoin because they know its potential to grow more in the market.This trend will continue to develop as times goes by most especially when more and more people knows its existence.

[Treasurer]

After surfing through the good side of BItcoin I was asked to give reasons why bitcoin won't last by a friend I searched through the web and found the following

1: Exposure to Bitcoin-Specific Scams and Fraud.
2: Black Market Activity May Damage Reputation and Usefulness.
3: Susceptible to High Price Volatility.
4: No Chargebacks or Refunds.
5: Potential to Be Replaced by Superior Cryptocurrency.
6:Environmental Ills of Bitcoin Mining.
7: Bitcoins Are Not Widely Accepted.
8: Wallets Can Be Lost.
9: Risk of Unknown Technical Flaws
10: No Physical Form

Guess what non of those mentioned above was big enough to discourage my friend from joining Cryptocurrency (buying bitcoin).

Which of the following disadvantages are you afraid of and how do you think it can be resolved

Another reason to never engage in crypto currency is the opportunity to be robbed by thieves. If you work with crypt, then you are rich. So at home you have treasures of money and precious metals.

[pundit]

After surfing through the good side of BItcoin I was asked to give reasons why bitcoin won't last by a friend I searched through the web and found the following

1: Exposure to Bitcoin-Specific Scams and Fraud.
2: Black Market Activity May Damage Reputation and Usefulness.
3: Susceptible to High Price Volatility.
4: No Chargebacks or Refunds.
5: Potential to Be Replaced by Superior Cryptocurrency.
6:Environmental Ills of Bitcoin Mining.
7: Bitcoins Are Not Widely Accepted.
8: Wallets Can Be Lost.
9: Risk of Unknown Technical Flaws
10: No Physical Form

Guess what non of those mentioned above was big enough to discourage my friend from joining Cryptocurrency (buying bitcoin).

Which of the following disadvantages are you afraid of and how do you think it can be resolved

Out of above mentioned reason I could only agree to one point ie 10th one "No physical form" but it is actually not right, if physical form could have done something then Google, Facebook, Instagram and many other software based companies would not be there. All other points I am not agreed to.
1. Scams are everywhere, its you to chose the right currency/investment.
2. There is hardly any space of black marketing, you mine bitcoin, earn it or buy it, you can not blackmarket it.
3. Volatility is an attractive feature among buyers and sellers of bitcoin.
4. Could not understand point of chargeback.
5. BTC is the king, nearest currency is currently way back.
6. Cannot comment on mining environment but bitcoin mining is not that bad and tough.
7. Bitcoin is being widely accepted.
8. If you secure the private key, BTC wallet is secure.
9. Till now no any tech flaw faced.

[xfaqs01]

1: Exposure to Bitcoin-Specific Scams and Fraud.
2: Black Market Activity May Damage Reputation and Usefulness.
3: Susceptible to High Price Volatility.
4: No Chargebacks or Refunds.
5: Potential to Be Replaced by Superior Cryptocurrency.
6:Environmental Ills of Bitcoin Mining.
7: Bitcoins Are Not Widely Accepted.
8: Wallets Can Be Lost.
9: Risk of Unknown Technical Flaw

1. so as the dollar
2. so as the dollar
3. its just a matter of time
4. it depends upon the  exchanges sites rules not btc
5. yes but itll take 10 or 20 years maybe
6 gold too
7. its just a matter of time
8. its users fault, lack of cyber security education,
9. because its new, just like the internet in 1990s
10. because its trustless digital

[worldofcoins]

I agree with the money opinions on here that the only thing that will bring crypto to a holt if not even a collapse is a worldwide government ban on crypto. This will be the most devastating news possible, at the same time I'm of the opinion this won't happen since so many industries are built on it generating the GDP a country requires to survive.

[sngwinner]

Most of the points are there because perhaps the source of your information was dated about 5 years ago because frankly some of these things you have mentioned doesn't scare anyone again. All these are some individuals view and to me I do not buy into their views

[CryptopreneurBrainboss]

Which of the following disadvantages are you afraid of and how do you think it can be resolved

Its was fun reading though your replies. What amused me was the fact that many users are afraid of the government banning cryptocurrency for good. Well to prevent thread from been turned into a spammy thread, I have to lock topic now. You can check out some other topics I stated for more amazing discussion.