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Author Topic: What would you say is Bitcoin's biggest weakness as an industry?  (Read 653 times)
pinoyden
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September 28, 2018, 09:47:06 AM
 #61

The biggest weakness of bitcoin is its own instability. People tend to runaway from it when they see this happening.
I agree , but also its the risk- not knowing if you will lose everything with every step you take.

Instability and risk is normal for bitcoin   , so i think both of them is not really a weakness but rather you can use them as an advantage ot be able to make a a profit from this market  .

Imo i think bitcoin biggest mistake is none . yes you heard it right .  for me bitcoin dont have mistakes because it is already succesful. If ever we loose , then that is not the fault of bitcoin anymore but rather it is already our own mistake .
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September 28, 2018, 10:16:02 AM
 #62

The biggest weakness of bitcoin is its own instability. People tend to runaway from it when they see this happening.
I agree , but also its the risk- not knowing if you will lose everything with every step you take.

Instability and risk is normal for bitcoin   , so i think both of them is not really a weakness but rather you can use them as an advantage ot be able to make a a profit from this market  .

Imo i think bitcoin biggest mistake is none . yes you heard it right .  for me bitcoin dont have mistakes because it is already succesful. If ever we loose , then that is not the fault of bitcoin anymore but rather it is already our own mistake .

You speak correctly! It's the fault of consumers that crypto currencies behave this way. All that we consider to be shortcomings of the cryptocurrency is its merits, for which we love it. Let's see the positive points in that allows us to earn!
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September 28, 2018, 10:45:25 AM
 #63

Without regulation we can still use bitcoin on mainstream as it already happened. Just giving the authority and approval from the government is okay even without anything to say crypto as long as its not prohibited.



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September 28, 2018, 12:39:42 PM
 #64

Personally, I think rthe Bitcoin/Crypto market needs to be regulated for it to become mainstream or useable in everyday life situations. For instance buying a cup of coffee or even buying gas? What do you think? What're the top projects you've been keeping an eye on and how do you think this will change the future of Crypto?
Regulation and legal issue are the biggest barriers in most country. For example, in Indonesia using Bitcoin (or any currency other than Rupiah) for means of payment is not allowed. Before the central bank released the statement there are already some merchants accepting Bitcoin but since then they retracted Bitcoin payment option. Even the biggest Bitcoin exchange here (Indodax) is closing their local "Bitpay"-like service. Now Bitcoin is mostly seen as an asset. I'm still glad the government didn't ban Bitcoin completely.

The second one I think comes from Bitcoin technical limitation itself. Who would wait 10 minutes for buy a coffee? The current system simply isn't made for currency. But this one can theoretically be solved by off-chain/sidechain transaction like what Lightning Network is doing.

I agree that payments need to be processed quicker in order for everyday purchases to be made.. For example, PumaPay (https://t.me/pumapay_news) is an interesting project to watch out for. They're trying to integrate crypto payments into everyday life therefore make life easier for a lot of people! So I think everyday payments are on the way. This is just the beginning for crypto integration I think!! I believe there's a lot of room for improvement in coming years of course. 
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September 28, 2018, 12:47:13 PM
 #65

There is nothing wrong with the technology, but there are definitely a lack of commitment from merchants to market it properly. If you want customers to support your site or your shop, then you must market Bitcoin properly. I see too many merchants with staff that are not properly trained to support Bitcoin payments and not enough "specials" for people who use Bitcoin as a payment option.

Too many people are also sitting on their asses, waiting for other people to promote Bitcoin.  Angry

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September 28, 2018, 01:13:36 PM
 #66

As far as weakness are concerned, there is the fact that it needs more adoption in various areas. But there's also the facts that it's not backed by anything tangible (aka, no intrinsic value), and prices can be prone to manipulation it would seem. Greater security for exchanges also seems to be a must, considering all of the large-scale hacks we've been hearing about. A cool technology that can open up many different possibilities, but caution is also to be advised, particularly when investing.

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September 28, 2018, 01:24:49 PM
 #67

Personally, I think rthe Bitcoin/Crypto market needs to be regulated for it to become mainstream or useable in everyday life situations. For instance buying a cup of coffee or even buying gas? What do you think? What're the top projects you've been keeping an eye on and how do you think this will change the future of Crypto?

Weakness of trader and Big investors buying and selling their bitcoin and dumping its price. So the price of bitcoin is being weak and falling down its value and also it volume.
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September 28, 2018, 01:59:49 PM
 #68

By the way ... there is another thought ... about whether the entire power of the US Army affects the fact that the dollar is the most important fiat? I think that it has very little effect. Like the size of the national debt, like the banking system of America. Why? But let's take, for example, Switzerland. Their franc enters the TOP7 of the best and steepest currencies in the world. Now compare the size of Switzerland and America, the number of people, and the number of submarines with atomic bombs. Well, that is, I want to say that small Switzerland was able to raise the prestige of its money almost to the level of the United States. Without any rockets, bombs and aircraft carriers. Therefore, I believe that the most important thing is TRUST to an intangible asset. REPUTATION. Which has been conquered for centuries. Trust is the rule of the world. But the bitcoin still has everything ahead ...
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September 28, 2018, 02:16:07 PM
 #69

Personally, I think rthe Bitcoin/Crypto market needs to be regulated for it to become mainstream or useable in everyday life situations. For instance buying a cup of coffee or even buying gas? What do you think? What're the top projects you've been keeping an eye on and how do you think this will change the future of Crypto?
Everything through online right now. And almost every product are include in it. Bitcoin is profitable but we must pay attention to the wallet. Sometime our wallet can be lose without knowing at all.

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September 30, 2018, 05:09:14 AM
 #70

The rest of the countries in the world have banned Bitcoin and have never heard from Bitcoin. Online wallet security and lack of proper human knowledge - we really need to find ways to help them understand bitcoin. If Bitcoin is to gain formal acceptance for daily use, there must be some form of lobbying and PR.
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September 30, 2018, 01:45:19 PM
 #71

Regulation of course is necessary, otherwise there will be a complete anarchy and fraudsters will increasingly deceive people. Over time, there will be regulation when the market grows for this.
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September 30, 2018, 08:23:41 PM
 #72

at the moment it is manipulation. no TA is really working, so a reliable predictive results are not possible. and that scares people.
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October 04, 2018, 10:49:41 AM
 #73

If Bitcoin does not have intentional open stunts and some form of lobbying, people are fond of the fires of fear, and thus discourages its orthodox acceptance, can hold influence ... at least long. I believe that if the bitcoin price is very high then there will be a minimum limit to buy bitcoin, so this will make it very hard for people to have bitcoin and maybe they will switch to altcoin. Just for government and government approval is okay even if there is nothing to say as long as it is not banned.
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October 04, 2018, 12:31:24 PM
 #74

in my opinion, not yet legal, bitcoin is the only weakness of bitcoin. because bitcoin is not legal, it has no legal protection in the country or the world. Hopefully this weakness will be closed ...

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October 04, 2018, 01:54:44 PM
 #75

Bitcoin is the only digital currency that has stood the test of time. The only barrier remaining for bitcoin to cross is mass adoption and this is currently in progress and will definitely be achieved. Once this is ready then the sky is the limit. You will be able to spend your bitcoin for payments.
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October 04, 2018, 01:57:58 PM
 #76

For me, ,the weakness of Bitcoin is once someone got access to your private keys, then it's time to say goodbye to your funds. One more weakness is that the government is currently targeting cryptocurrencies (bitcoin is included), wherein they are saying that the anonymity of a person when making a transaction using bitcoin is a threat to a country because crimes can be easily made because of this.

Live for the moment.
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October 04, 2018, 02:02:25 PM
 #77

Personally, I think rthe Bitcoin/Crypto market needs to be regulated for it to become mainstream or useable in everyday life situations. For instance buying a cup of coffee or even buying gas? What do you think? What're the top projects you've been keeping an eye on and how do you think this will change the future of Crypto?
Get realestate investors in on bitcoin.Its kinda the same bitcoin and real-estate it changes hands but its here to stay
also they both use the N factor the more users the higher the price the more people the higher the price
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October 04, 2018, 02:29:40 PM
 #78

For me, ,the weakness of Bitcoin is once someone got access to your private keys, then it's time to say goodbye to your funds. One more weakness is that the government is currently targeting cryptocurrencies (bitcoin is included), wherein they are saying that the anonymity of a person when making a transaction using bitcoin is a threat to a country because crimes can be easily made because of this.

I can see your point. But surely you can see the burning potential of using cryptocurrencies? There are so many opportunities/ avenues using blockchain technology can go down. Utilizing this tool could be a breakthrough for many issues with the current payment system today! For example, check out what PumaPay Cardano and Request Network are trying to accomplish. See this for more clarification: https://www.youtube.com/watch?v=STmhHjQY_O0
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October 04, 2018, 02:48:04 PM
 #79

There's a lot of weakness of bitcoins. First, there is no central authority. Although no central authority is a plus, it could also become a negative. If you lose your Bitcoin for any reason, you have no recourse to get your bitcoin back. You are responsible for keeping safe the Private Keys and Passwords that protect your Bitcoin Wallet. If you forgot or lost these, you could become permanently locked out of your own Bitcoin Wallet.
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October 04, 2018, 03:23:12 PM
 #80

It's BTC.
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