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Author Topic: Reason why bitcoin won't last long (which are you afraid of?)  (Read 1326 times)
magneto
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May 11, 2018, 12:08:17 AM
 #21

All of these reasons are probably more like flaws of bitcoin, some valid, some not. However, I don't think that any of them are actually reasons for bitcoin not able to last long. In fact, it's probably going to be one of the best asset classes to hold in the future in terms of longevity.

Yes, BTC is used for illegal things right now. But so is cash. So are credit cards. And plus, it's not a reason why bitcoin won't last long in the future, that just makes no sense. You mentioned in 10 that bitcoin doesn't have a physical form, but isn't that actually a reason why bitcoin is advantageous to hold, and can be held over the long term quite easily? Unlike traditional assets, there is absolutely no storage space or method needed.

Overall, as I said, bitcoin will have its imperfections, some of which are mentioned in your list (although a lot of your list can be rebutted easily). But on the larger scale it's going to be a great long term investment for sure.

I think you supposed to add ban by government to your list as i always fear if government will ban bitcoin in future..

Governments can't ban bitcoins. They can only ban third party services relating to BTC.


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May 11, 2018, 12:34:15 AM
 #22

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


Probably the potential of being replaced by another crypto currency, because we all know there are people out there finding a way that can beat bitcoin
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May 11, 2018, 12:38:39 AM
 #23

Probably the potential of being replaced by another crypto currency, because we all know there are people out there finding a way that can beat bitcoin

Actually, Ethereum has a (better?) construct of Smart Contracts on the Blockchain; but, it hasn't upstaged Bitcoin so far.

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May 11, 2018, 01:57:59 AM
 #24

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


With any early investing, there is a lot of risks involved. I do believe in the future Bitcoin or cryptocurrency overall will become safer.
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May 12, 2018, 10:22:25 PM
 #25

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

The biggest disadvantage of bitcoin is its price, we do not have any kind of control over it but people see the high price of bitcoin and they prefer not to invest in it, and I cannot blame them even if I have a very strong faith in bitcoin I'm not so sure that I would like to invest with the price so high, I was lucky to enter the market when the price was below 1000.
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May 13, 2018, 06:46:18 PM
 #26

There are many other reasons apart from your key points listed above. The major reason is banning of bitcoin from the particular countries government and other reputed organizations and big corporates and also using the bitcoin for dealing in drugs and illegal activities and using bitcoin in terrorism, criminal and other fraudulent activities. I think Bitcoin can last for the long term if all these things can be limited or totally blocked inside the Crypto Ecosystem through some means of regulations and conditions.

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May 13, 2018, 11:29:38 PM
 #27

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

You could add Quantum computers as one more reason as Its said that they would be able to read private keys from the public key of a wallet itself.

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May 21, 2018, 10:24:39 PM
 #28

That is totally false, bitcoin is going to be in here for more than years.
Frauds? FIAT money is used for fraud purposes too, whoever has access to money, can scam, and this is nothing new at all.

And media exposure? Advertising is always good, and it doesn't matter if it is good or bad at all.

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May 22, 2018, 05:24:46 PM
 #29

Bitcoin has grown so big now that Bitcoin is the only thing that could destroy itself. However, as we all know that Bitcoin is based on the blockchain technology which relies on the principle of decentralization. There is a distribution of responsibilities too and as of now, we don't have that maturity to use it on a mass level so it is causing a trouble. However, down the road, I am optimistic about the growth of cryptocurrencies and let's hope a positive growth down the road.

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May 22, 2018, 05:36:39 PM
 #30

Despite the many obstacles and challenges to bitcoin, I remain confident that bitcoin will persist.
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May 22, 2018, 05:51:01 PM
 #31

The only real threat I see on that list is #5. And even then that happening would take beyond 5 years at this point if not 10 to usurp Bitcoin from the top spot. I welcome currencies that can rival Bitcoin but given everything we know about the network and how the security is setup, I simply don't envision that happening.

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May 24, 2018, 12:54:07 PM
 #32

no refunds concerns me alot, like nooooooooo
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May 24, 2018, 01:01:49 PM
 #33

those reason mentioned by OP indeed makes sense but i personally not too fear about those things because such as number 3 and 7 that currently this is already happened but bitcoin still exist until now even more popular and i considers all of related to money have their own risk and i realize i have to facing those risk however my biggest fear besides all of it is if my government banned bitcoin and use bitcoin will against the law 

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May 24, 2018, 01:11:08 PM
 #34

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


1- just bad advertising
2- black market? what about dollars?
3- good, more traders and more volume!
4- not even with many physical stores
5- true, but no other crypto will have this kind of community
6- true
7- not yet Wink
8- also normal wallets can be lost in street, metro, train.. so we need to ban dollars?
9- if it is unknows, it is not a reason yet
10- physical is bad


And by the way depend how would you use bitcoins.. it is not necessary a coin, but just a store of value, like gold..
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May 24, 2018, 01:15:08 PM
 #35

for me, in addition to the above important things I fear is a ban that comes from the government because it relates to the law. if we continue to violate criminal law will act. that's what I fear.
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May 24, 2018, 01:26:52 PM
 #36

I fully understand your arguments, but the point is that some countries are stepping away from cash as a form. Look at Estonia, 98% of their money transactions are online. 98%
Also, crypto has a powerful ally here and that is blockchain. When blockchain reaches a certain level of use worldwide then we will see how cryptos are not important. Smiley
Joke aside, blockchain makes a difference.
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May 24, 2018, 01:46:32 PM
 #37

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


But beyond what you mentioned above, bitcoin provides convenience and also benefits that can be felt in real way. I think bitcoin can survive and in the future bitcoin will be used by many people.

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May 24, 2018, 10:53:45 PM
 #38

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


But beyond what you mentioned above, bitcoin provides convenience and also benefits that can be felt in real way. I think bitcoin can survive and in the future bitcoin will be used by many people.
Bitcoin is full of benefits for us and it gives us many benefits which help us to live a better life than before, as long ago people were not having more than one source of income but now bitcoin help us earn more profit even along without real job, bitcoin is future maker and it has made a lot of people rich in real life and help us to make our life better with fast and safe income, so I think as more and more people are investing in bitcoin it will remain the same high value currency forever it is ever green currency.

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May 24, 2018, 10:58:09 PM
 #39

the big danger for me is ban by the government... Smiley

That's true and the fact that Bitcoin is allegedly limited in numbers nowadays, I guess we should now work really hard since we have a limited numbers already every second most of it was mine by the richest people. Also the fact that you're roght banning of the government for this platform to run fears me, I dont have any speculations that it will happen soon or when.

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May 24, 2018, 11:14:21 PM
 #40

People are afraid that bitcoin will not be lasting because it is virtual money. Bitcoin is not accepted in many countries. Bitcoin prices always fluctuate. There is no government that protects bitcoin.

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