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

[martyp16]

Personally, the most disconcerting aspect of BTC is the number of "lost" coins. I think some of the estimates I've seen are that around three million coins have been lost with one million being from Satoshi's wallets alone. That's a tremendous number when you consider the total supply is only 21 million. So you have what.....17-18 million coins that can be used?

I'm not sure if this was something that Satoshi considered when they developed BTC. Why mine so many coins in the beginning only to turn around and do nothing with them? Now it's mainly reverted back to the folks with tons of money who can setup huge mining farms or buy BTC on the market.

Don't get me wrong, I love BTC and everything behind it. However, I'm not sure how it can replace fiat currencies.

[InKiTy38]

I fear the following will affect the development of bitcoin as the hackers use the ico programs to stain the bitcoin market and the market is not stable yet young that it caused me to be afraid.

[doctorlw1]

The biggest threat to bitcoin is simply the widespread adoption of another block chain.

[honey7]

Ban by govt i feel that scares everyone out. But m sure its touch as bitcoin is decentralised currency which is not under govt control

[groundcontrol67]

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

All of these reasons are enough to make anyone at least skeptical in joining cryptocurrency. It is interesting though how most of the reasons mentioned above happen even with fiat. I think the one flaw of cryptocurrency you mentioned on this list that stands out the most to me is that there is not a physical form to it and there probably will never be since the point of cryptocurrency is to be strictly digitalized.

[allycn]

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

When I first got into crypto, I also looked at the negatives, and my biggest fear was the possibility of losing my wallet (and not being able to recover it just by showing my ID), and one of my main concerns was that it was not widely accepted. Still, they were not enough to keep me from investing. It was a risk I was willing to take.

I think cryptocurrencies are here to stay for a long time, though I am not sure about Bitcoin specifically (not saying it is dying or anything like that, but, just being realistic, there is no guarantee it will always be #1 crypto so I am a strong believer in diversifying your portfolio).

[haracutama]

The main buyers of Bitcoins are the Chinese investors. This increase in price of Bitcoins has led to hoarding giving the idea that the prices are only going up. This has not been the only concern for Bitcoins as there have been a lot of theft because of its high prices.

[Aing]

~
4: No Chargebacks or Refunds.
~

It's because the is no intermediary here. That's why refunds doesn't exist. We are fully responsible for everything because we do it ourselves. No intermediary that can chargebacked you.

[pasti kaya]

what I fear is the government ban on bitcoins to engage in activities and those who violate will be subject to criminal charges. That is the most important thing I fear.

[Ronyx]

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 think the risk of bitcoin you mentioned has become a risk that has been understood by the user crypto. Crypto is indeed full of risks and from that you must be careful in riding crypto. I think, all the risks that are in bitcoin will not make bitcoin in leave.

[Stormyblue]

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

My fears are with the fact that there are a lot of fraud activities and scams with Bitcoin right now. The price of Bitcoin is much affected by its demand. The demand increase the most if there are many investors wanting to invest for long term. If the market cap increases the the price will will increase.
However the activities of frauds and scams greatly affect the market since it scares away a lot of investors.

[rickn]

My main fear about bitcoin and the crypto market is that the regulations, which are necessary, are so rigid and severe that they inhibit entrepreneurship and push investors away.

[Anies_Sandi]

I fear the following will affect the development of bitcoin as the hackers use the ico programs to stain the bitcoin market and the market is not stable yet young that it caused me to be afraid.

indeed many are worried about this, because this is very troubling the btc users, so should be something like this needs to be removed from the side of btc so as not to disturb btc users.

[madjpm]

Also Quantum computing maybe someday...

[Kotone]

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 actually think that bitcoin is something that we can all agree is a fickle mistress. One day it can give you the fruits of your labor and induce in you a euphoria you never dreamt of or the next day when you become something else as it becomes much worse and it gets you nervous and scared as the dips and the news regarding the criticism that it has garnered along with the banning makes you go for a panic selling. That I think is its downfall

[r32godzilla]

Well i don't see such reasons as a real threat to bitcoin existence.But what i fear about is the invention of Quantum computers which would be able to read private keys of a bitcoin wallet using its public key itself.

[elygil2022]

Think about it. If your list didn’t prevent bitcoin from reaching its record high of $20,000 after eight years, what makes you think that the same list would kill bitcoin?  

[Sigfred Hernadez]

In the long run, there shouldn't be inflation either, bitcoin is built to be non-inflationary. There's a strict upper-limit on how many can be made, and the rate of creation of bitcoins slows over time, until that limit is reached. In the short run however, there may be all sorts of wild price swings - or hyper-inflationary and hyper-deflationary swings, as you might imagine a new currency could have. These will likely correlate with trends in adoption, and trends in regulation.

[Narutofuc]

I am afraid that bitcoin won't bring any benefit to market place any more.

[HaywhyJ]

None of these your reasons gives me fear that bitcoin will not make it in the future because if it won't make it since all these while it would have died down or the exchange rate must have gone down beyond imagination.