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Author Topic: Reason why bitcoin won't last long (which are you afraid of?)  (Read 551 times)
CCF_news
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July 28, 2018, 11:58:22 PM
 #141

I think your friend was afraid to invest in bitcoin because of 5 points "The potential can be replaced by an improved crypto currency.". Personally, I'm not afraid of anything from the above.
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July 29, 2018, 12:06:37 AM
 #142

Most on the list can be prevented except, probably getting hacked. But still, I am not worried. Why? Because I invested only what I can afford to lose. And I already got my ROI earlier this year.  Cheesy

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July 29, 2018, 12:10:17 AM
 #143

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

Nice list, but only two in the lists are inherent problem that may be associated with bitcoin, those are items '5' and '9'. every other problem such as high volatility,  scams, etc.. ares not native to bitcoin but to every investment class that is new.
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July 29, 2018, 12:23:54 AM
 #144

because bitcoin has no real value so that many people who do not believe in bitcoin value and make the value of bitcoin over time decreased continuously so for those who save it in case of decreasing bitcoin value continuously make big losses
bigblackdeck45
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July 29, 2018, 12:28:58 AM
 #145

Bitcoin being volatile is one of the main reason why many people still won't invest in. They are scared that their money will be wasted. Also bitcoin being not yet widely accepted. Let's face it every cryptocurrency is at the mercy of the people supporting it. If the community behind bitcoin will not grow then that would be bad for bitcoin.
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July 29, 2018, 12:29:14 AM
 #146

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


Some of these things would be hard to correct, but a lot of it can be solved with second-layer infrastructure built on top of the blockchain. I am sure insurance and refunds can be built on top of the Lightning Network. The environmental cost of mining is a concern of mine, so I would like to see more renewable energy used to mine bitcoin.
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July 29, 2018, 12:32:53 AM
 #147

I believe that this list is incomplete. But these are all possible reasons. And any point of course is possible, but unlikely. You have to be optimistic.
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August 10, 2018, 10:18:40 AM
 #148

I think you supposed to add ban by government to your list as i always fear if government will ban bitcoin in future..
Exactly, this is one of the major problem of bitcoin, the acceptance of government. I will opposed to the topic that bitcoin wont last long,.so we all know that bitcoin had been used by a lot of people in a long period of time,how come it wont last long?

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August 10, 2018, 11:00:06 AM
 #149

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


among this i am most afraid in the number 1 scenario.
and we cannot deny the fact that this is one of the biggest reason why cryptocurrency today is not being widely accepted yet.
people who have tried to enter into it were met by this fraudster.
and as a result this created a bad image for cryptocurrency nowadays.

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August 10, 2018, 11:15:25 AM
 #150

prohibition by the states bitcoin. Unfortunately, this problem can not be solved in any way, if bitcoin threatens the world financial economy, it will simply be banned
Cody Blare
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August 10, 2018, 11:24:31 AM
 #151

 All blockchains are eternal systems. As long as in a point in time, there is one or more people to keep up the system, bitcoin will exist and this applies to other correctly put together crypto’s. If there ever was a solution to be able to reincarnate a thousand years from now and be able to access your coins, this is likely the current best solution to secure that.
 That is the theory at least. There is no sell by date on your coins.
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August 10, 2018, 11:33:58 AM
 #152

 I believe Bitcoin will survive in the long term unless a vastly better technology replaces it.
 I see absolutely zero threat to Bitcoin from a government or bank controlled “cryptocurrency”. The government already has a digital currency that it controls called the dollar. The thing Bitcoin provides that people see as so beneficial is it’s lack of centralized control. The centralized control aspect of currencies IS the part that people who use Bitcoin are trying to escape from. Believe it or not there are quite a few Bitcoin enthusiasts, including prominent ones in the public, who would like to see governments ban the use of Bitcoin because they believe this will help to strengthen Bitcoin as an alternative.
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August 10, 2018, 11:37:47 AM
 #153

Believe it or not, Bitcoin is the future currency, and it has definitely come to stay
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August 10, 2018, 12:06:41 PM
 #154

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


This are not the disadvantages but they are the advantages of which Bitcoin has become so famous.

1)If you tell about scam and fraud then even it happens in fiat world,
2)fiat/precious metals are also used in black market.
3)Even in equity market the price is fluctuating high
4)No charge-backs or refunds is the main quality that can prevent scam like what in paypal is happening it.
5)It can happen but even then bitcoin will be king as other superior coin will be controlled by developer
6)This point can be disadvantage
7)About widely acceptance then after some years it will become the main stream payment system for online business.
8)Loosing wallet is the fault of users negligence.
9)Till now their is no technical flaws and it will be cleared even if in future it happens.
10)That is the main benefit of not in physical form so that it cannot be duplicated like it happens in fiat currency.

So i think you will be getting your answers to your query's. Which can help you and your friend to know much about bitcoin and its technology.

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August 10, 2018, 12:17:47 PM
 #155

Minuses can be found anywhere, not just in bitcoin. Everywhere there are positive and negative sides. And on account of the fact that bitcoin will not last long, so he has already stretched a very long time and still hold onto the market for a very long time Wink Smiley
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