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

[CryptopreneurBrainboss]

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


New discussion: Celebrating Bitcoin 10 years anniversaries.

As an investor/believer of bitcoin, what are the features you will love to see in bitcoin as we celebrate the 10 years anniversary, what positive news will you love to hear concerning bitcoin come 2019?.

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[faithofb]

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

[Duzenn]

I don't think bitcoin can not be held for long.
Because bitcoin is still at a very low price, and the blockchain technology is developing.

[First77]

Gold and Silver. People will invest high profits (100 times more money) earned from Bitcoin into safest assets.

[Shenzou]

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 one that stands out more to me from all of these disadvantages is bitcoon Boeing replaced by another cryptpcurrency, while this may not happen immediately bit it may happen on the long run, becausw as we saw by last year bitcoin had some major scaliblity issues that came from a large amount of people using it, which lead to transactions taking a long time to get confirmed and monwr fees getting higher and higher by the time, and iam sure that if this issue does not get solved bitcoin may not be a good fit for being a worldwide accepted currency, and so another one will take over.

[alihassan99]

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

[ss890]

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

Whatever reason you have mentioned up here are not really new to the bitcoin specifically. I mean they are applicable to the fiat currencies to but still fiat works isn't it?

1: Exposure to Bitcoin-Specific Scams and Fraud.

We do have scams in real world too. People fake the gold, diamond and fiat notes too! So what is it different than this one?

2: Black Market Activity May Damage Reputation and Usefulness.

Well talk about the fiat and you will see huge money laundering cases, drug deals and criminal/terrorist activities with it!

3: Susceptible to High Price Volatility.

To be frank it is very nature of the bitcoin and other crypto currency which makes this industry run smoothly. Otherwise people wold have never used it to make profits they make daily!

4: No Chargebacks or Refunds.

Indeed, no chargebacks but hey come on thats the security protocol to save you from the stealing too!

5: Potential to Be Replaced by Superior Cryptocurrency.

Fiat is still fiat. Bitcoin will be still bitcoin no matter what happens. Its already up surged too much in terms of its dominance and market cap. Hardly think so!

6:Environmental Ills of Bitcoin Mining.

Billions of Trees are cut down each year to make your fiat currency and million more are cut down to make the colours used for printing. Whats the difference? Why bitcoin is bad in that?

7: Bitcoins Are Not Widely Accepted.

Its not widely used today, its broadly used after just 8-9 years of existence. Think about it after few years from now with advanced tech.

8: Wallets Can Be Lost.

Banks can be stolen and banks can go bankrupt!

9: Risk of Unknown Technical Flaws

We are still in infancy stage, what do you expect!

10: No Physical Form

Step forward to the Digitalisation of the World ! A good thing!

[vv181]

1: Exposure to Bitcoin-Specific Scams and Fraud.

A mature and educated community will simply solve the problem. The only problem is a laziness from the user.

1: Exposure to Bitcoin-Specific Scams and Fraud.
2: Black Market Activity May Damage Reputation and Usefulness.

Currently, the European Commission is preparing a plan to prevent financial crimes using cryptocurrency.

3: Susceptible to High Price Volatility.

I believe volatility will end in the future when many people already boringly well-understood Bitcoin as financial assets.

4: No Chargebacks or Refunds.

I belive it is an advatanges since Bitcoin transavction irreversible.

5: Potential to Be Replaced by Superior Cryptocurrency.

The potential will keep existing just as A FIAT that will be replaced by decentralized currency.

6:Environmental Ills of Bitcoin Mining.

It is indeed the hard truth, BItcoin is dirty. Luckily, all the miner's service provider already migrated to the safe and environmentalist power plan.

[mindrust]

None of those reasons you have pointed out are valid. Bitcoin lasted more than 10 years already and those didn't stop it. What makes you think that one of them will stop btc in the future?

1: Exposure to Bitcoin-Specific Scams and Fraud.

Like USD has exposure to USD-specific Scams and fraud.

2: Black Market Activity May Damage Reputation and Usefulness.

Likewise with USD.

3: Susceptible to High Price Volatility.

Volatility will calm down in time because it is being more distributed among people with every passing day.

4: No Chargebacks or Refunds.

While this might be a problem for the buyer, companies like ebay who does business with another businesses like paypal do have chargeback options and sellers got fucked many times because of those the buyers who took advantage of this.

There isn't really a solution to this no matter which route you take.

5: Potential to Be Replaced by Superior Cryptocurrency.

Bitcoin can upgrade itself to that superior tech before losing its userbase. It is a software in the end. It'll adapt very fast. Don't see that happening.

6:Environmental Ills of Bitcoin Mining.

That's nothing compared to what other heavy industries do to the environment.

7: Bitcoins Are Not Widely Accepted.

Maybe not yet but it is growing day by day.

8: Wallets Can Be Lost.

So can be your wife.

9: Risk of Unknown Technical Flaws

Life is a risk mate.

10: No Physical Form

Your bank account has a physical form?

[virendarnagpal]

None of those reasons you have pointed out are valid. Bitcoin lasted more than 10 years already and those didn't stop it. What makes you think that one of them will stop btc in the future?

1: Exposure to Bitcoin-Specific Scams and Fraud.

Like USD has exposure to USD-specific Scams and fraud.

2: Black Market Activity May Damage Reputation and Usefulness.

Likewise with USD.

3: Susceptible to High Price Volatility.

Volatility will calm down in time because it is being more distributed among people with every passing day.

4: No Chargebacks or Refunds.

While this might be a problem for the buyer, companies like ebay who does business with another businesses like paypal do have chargeback options and sellers got fucked many times because of those the buyers who took advantage of this.

There isn't really a solution to this no matter which route you take.

5: Potential to Be Replaced by Superior Cryptocurrency.

Bitcoin can upgrade itself to that superior tech before losing its userbase. It is a software in the end. It'll adapt very fast. Don't see that happening.

6:Environmental Ills of Bitcoin Mining.

That's nothing compared to what other heavy industries do to the environment.

7: Bitcoins Are Not Widely Accepted.

Maybe not yet but it is growing day by day.

8: Wallets Can Be Lost.

So can be your wife.

9: Risk of Unknown Technical Flaws

Life is a risk mate.

10: No Physical Form

Your bank account has a physical form?

Very nice explanation for each and every point raised by the op.  Reply to No 8: made me laugh (So can be your wife) 
But one point raised by the op is No. 5 replacement of bitcoin by some better crypto. Though I agree with your reply that bitcoin can upgrade it's software and compete for it's supremacy.  But If some other form other than crypto currency takes place then definitely it will be the end of bitcoin.  At present moment we can not imagine any other superior form of currency.  But it was the case when at the time of change of bartar trade to currency system no body could have imagined that there will be one time after some years that some digital currency will replace coins / paper currency but we are seeing it happening now.  Fiat currency is being replaced by crypto may be something else replace crypto in future 

[cryptorTUX]

For me the number one reason out of those that you have mentioned is because other cryptocurrency might take its place. Bitcoin is not perfect, neither is the majority of coins out there. But the fact is that as we are longer in crypto people see potential in other coins out there. Bitcoin is taking its place due to it being th first one out there,  but we can't deny the fact that even because it has strong brand whenever some random guy from the street had heard of it, he heard of others as well.

[LadyCoin]

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

No chargebacks and refunds, can not cancel a transaction or refuse a bitcoin transaction because of its one-way nature. This digital currency is based entirely on mathematical calculations and consensus, so it takes extra care of heart because a little mistake can be fatal transaction

[FrueGreads]

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

Well I will leave my opinion on those concerns. I guess that some are legit, but most of them should not really steal your sleep.

1: Exposure to Bitcoin-Specific Scams and Fraud.
Makes no sense. Bitcoin itself is not a scam, so you shouldn't judge ICO scams, or any other projects that use bitcoin and turn out to be scams. There are plenty scams with fiat as well, and you are not concerned that fiat will disappear. People need to start separating what is bitcoin and what are projects that use bitcoin as a currency.

2: Black Market Activity May Damage Reputation and Usefulness.
Same as above for reputation and black market activity. As for reputation and usefulness, bitcoin has a great team behind it, and it's practical cases can't be denied. I won't mention them because there is plenty information about it already. I think you should see bitcoin as insurance for a world crisis, because it has value and is decentralized.

3: Susceptible to High Price Volatility.
True, but that can't last forever. If adoption occurs that will stop because the liquidity will be huge, so less volatility.

4: No Chargebacks or Refunds.
Don't really see a problem with this one.

5: Potential to Be Replaced by Superior Cryptocurrency.
Technology keeps evolving so that can happen to everything. But even land mail wasn't completely replaced by email, so you can't really tell what will last and what it will disappear.

6:Environmental Ills of Bitcoin Mining.
Environment is a global concern and not just a bitcoin problem. If you think about, gold and fiat are more harmful to the environment than bitcoin, so this is actually a point in favor for BTC.

7: Bitcoins Are Not Widely Accepted.
True, but BTC is just in it's early days. It needs to solve a lot of issues first. See BTC as a beta product, and evaluate it's potential as a full product. I would say it's a really good investment.

8: Wallets Can Be Lost.
A lot of valuable things can be lost. This is not a bitcoin problem. Even money on banks is not 100% safe, so you can't really go that way.

9: Risk of Unknown Technical Flaws
The same as above. There are no 100% bullet proof products.

10: No Physical Form
Actually there is at least one project that created a bill version for bitcoin. They are normal bills with values from 0.005 to 0.01 BTC or something like that. They have a chip that is made by samsung if I'm not mistaken, and they are just that. Bills that have bitcoin in it. Not sure we really need that, but it can be done.

[shoujiuhaituo7]

In the world monetary system, bitcoin has overcome the dollar hegemony of the international monetary system to some extent. Legal regulation in the long run, when the currency, credit guarantee, such as external conditions are ripe, decentralization, network security technology such as inner problem resolved, BTC may hold world currency, will continue.

[avikz]

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

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

Yes, that is one point OP is missing and it is a very significant point. Scams and frauds will always be there even if we don't move to crypto currency. So these kind of cases doesn't really matter for a currency to prosper. But if government bans it, then it will have a significant impact on the crypto community of that country. A major percentage of the people will move out of the market just because their government banned it. However, it can't be forcefully stopped. We all know that guns and drugs are banned in many countries, but are those not available in the market? Little hard but still available. Similar way, crypto currency can't be stopped by passing a regulation. The risk factor will increase after the government ban, but achieving a complet ban is just not possible!

[lucy94]

if governments ban it as a whole, do not see any other reasons!

[timerland]

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

All very interesting points.

However, 3, 4, 7, and 10 can all actually be viewed as advantages for bitcoin.

The fact that bitcoin is decentralized, and is irreversible, is huge. Also, nobody can confiscate your bitcoins like the US government did with gold back in the early 20th century, because of the fact that there is no physical form, yet your funds can be stored trustlessly on an address.

Of course, I'm not saying that bitcoin doesn't have disadvantages, but I believe that it's got so much to offer in advantages compared to disadvantages when compared to the traditional fiat currencies. Just for one, bitcoin is a long term store of value, fiat is obviously not.

[wafer_enak]

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

I add
1. There is no tax, it will not be profitable for the government
2. More and more countries are taking Bitcoin

[dothebeats]

Those reasons weren't enough to scare even the people invested knee-deep in this cryptocurrency, which we know has more tendency to lose big time rather than those who just got in and only their feet are wet. These reasons/hindrances we know have been surpassed by bitcoin and it only keeps on giving. No matter how down the market can be, it always has the tendency to bounce back higher, as we've witnessed a lot of times in the past. This, I think is what people see as the main reason why they're not scared of the potential downsides bitcoin might offer: the rewards are just too great to not take the risks involved.

[magneto]

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.