Underlying BTC problem

[Sqooshy]

Hello, this is a continuation of my BTC project. I am trying to figure out what the biggest problem is right now I believe it is volatility. I am open to other opinions and how they could be fixed.

[1714939511]

1714939511

[Bountyhonter]

Bitcoin's volatility is caused by the whales who have huge amount of bitcoin's who can manipulate the price by buying and selling huge amounts of bitcoin's. some people say bitcoin's volatility issue can't be solved but I don't believe so, I believe that if more people adopt and buys bitcoin it would gradually reduce the amounts that are in the hands of whales

[1Referee]

Volatility isn't Bitcoin or any other coin's problem, it's just a side effect of people's greed. The underlying problem of crypto in general is that the majority of the people don't (yet) understand the problem that crypto is meant to solve, which at the same time is the only thing that gives it value. If people even for a second realized what Bitcoin is, they wouldn't be selling it like empty headed baboons.

I hope that whatever the project is that you are working on, focuses on education of Bitcoin's fundamentals and technical aspects. It doesn't have to be difficult if you stick to the very basics. The easier it is for people to understand, the more likely it is that they will show genuine interest.

[Ladyga]

I believe that there can be many problems and it is impossible to isolate the specific problem of bitnoin, but I think that the problem is that the level of development of trade operations using Bitcoin leaves much to be desired. However, there are certain nuances here. Trade resources, operating on the principle of decentralization, due to the presence of precedents of scandalous bankruptcy of such sites, too slowly gaining popularity and momentum. Bitcoin trading, so far, is more widespread on the stock exchanges that operate on the principle of centralized management.

The fact that cryptocurrencies are at the initial stage of development can be explained by the fact that each problem that arises with individual trading platforms, not the best way affects the stability of the rate of virtual coins.

[Cryptoshops]

One of the biggest problems is the average internet/ phone user does not understand it, or how to use it. The software asociated with Cryptocoins reminds me of when Dos first came about, many people could not use or understand it. When Windows came out it changed the way people used and understood computers. If the software for Crypto does not become "user friendly" for the average user it will die a death and somethign else will take its place.

[loveinberlin]

I don't think that it is the biggest problem. To my mind, the main one is that market is not stable and most people don't believe in crypto and power of coins which make it volatile

[TheBunting]

I personally think that a massive underlying problem with Bitcoin and the Crypto market in general is adoption. I don’t think its at the stage yet where it is ready for mass adoption from your every day person who wants to use it to go pay for their shopping. It has come on leaps and bounds in rhe last year or two, don’t get me wrong. It still has a way to go.

Back at the turn of 2017-2018 was when Crpyto hit its lst peak and we definitely experienced some massive scalability with transactions, mainly with Bitcoin. I know there are many projects in place to tackle this and once these are in full affect it will help make Bitcoin and Crypto more adoptable.

[BitBustah]

Hello, this is a continuation of my BTC project. I am trying to figure out what the biggest problem is right now I believe it is volatility. I am open to other opinions and how they could be fixed.

Volatility will be solved once crypto becomes more mainstream.  This is the gift and curse of being an early adopter, you have to be able to handle these wild price swings.

The biggest problem for bitcoin is scalability but some would argue that it's not a problem because bitcoin should act as a store of value instead being used for micro transactions.  Bitcoin does have the lightning network but some would argue that the forks have more capability to scale.

[jerrison]

i am of the opinion that bitcoin has no problem whatsoever attached to its technological framework. it has no challenges with sending or receiving between wallets but it is normal that when a particular technology comes to existence, its offspring will always have a modified version of it to fix and attend to certain considerations that were overlooked in the beginning.

[KingScorpio]

Hello, this is a continuation of my BTC project. I am trying to figure out what the biggest problem is right now I believe it is volatility. I am open to other opinions and how they could be fixed.

the biggest problem is a mixture betweeen:

the delusion worldwide waking up in  communist world under a communist government (UN) and communist banking cartels,

and the realisation that the bitcoin clan/cult just tried to enslave the entire world to their corrupt index, (ripple and the bribe in with millions of usdollar into the focus of the industry basically shows that)

that is why they give up on taking coinmarketcap as serious and dont trust it a universality. they increasingly consider the entire attempt a joke, some even a ponzi scheme.

that is what I think

[gentlemand]

Volatility is the prime reason most people are here. Obviously many prefer volatility upwards. If there was none most would be gone. Hardly anyone is using it as a currency.

I'd say the biggest problem Bitcoin has is balancing decentralisation with functionality. In many cases the more functionality people demand, scaling and low fees, the greater the threat there is to maintaining decentralisation.

[TheBunting]

I do think the fact that it is more being bought and sold by people as an investment/money making strategy and not actually using it as an actual currency. Therefore with the very small Market Cap of the entire Crypto space, whales are managing to harshly manipulate the market to make themselves money.

Also, I think that there is a too much FUD from banks and big companies that will lose money if Crypto takes off and this is stopping more people buying into this space.

[figmentofmyass]

Volatility is the prime reason most people are here. Obviously many prefer volatility upwards. If there was none most would be gone. Hardly anyone is using it as a currency.

nearly 300k transactions per day---are you sure hardly anyone is using it as a currency?

I'd say the biggest problem Bitcoin has is balancing decentralisation with functionality. In many cases the more functionality people demand, scaling and low fees, the greater the threat there is to maintaining decentralisation.

as technology improves and latency/bandwidth become provably less of a threat from increased block size, i don't think it'll be that big of an issue. this will eventually happen, just not on the timeline gavin andresen and mike hearn thought.

the question for me is, how difficult will it be to smoothly pull off a hard fork?

[gentlemand]

Volatility is the prime reason most people are here. Obviously many prefer volatility upwards. If there was none most would be gone. Hardly anyone is using it as a currency.

nearly 300k transactions per day---are you sure hardly anyone is using it as a currency?

I'd say the biggest problem Bitcoin has is balancing decentralisation with functionality. In many cases the more functionality people demand, scaling and low fees, the greater the threat there is to maintaining decentralisation.

as technology improves and latency/bandwidth become provably less of a threat from increased block size, i don't think it'll be that big of an issue. this will eventually happen, just not on the timeline gavin andresen and mike hearn thought.

the question for me is, how difficult will it be to smoothly pull off a hard fork?

You betcha. I'll guess that's primarily money going to and from exchanges. We hardly hear a peep about actual expenditure these days and that's going to be become even rarer when people don't want to spend at all.

I don't think a hard fork will ever happen apart from the ones that deal with pure catastrophes. It's too late now. There are too many vultures circling too keen to throw a spanner in the works. One of the services the Bcashes has done us is to demonstrate what an utter shitshow it is when things are opened up to splintering.

[figmentofmyass]

You betcha. I'll guess that's primarily money going to and from exchanges.

based on what evidence? that explanation was a lot more compelling during the bubble, when retail investors were constantly being on-boarded and altcoins were all the rage. it's not so convincing during the extreme volume lulls and altcoin death spirals we saw this year. serious arbitragers should be looking at the liquid sidechain by now as well.

We hardly hear a peep about actual expenditure these days and that's going to be become even rarer when people don't want to spend at all.

what were you expecting to hear?

I don't think a hard fork will ever happen apart from the ones that deal with pure catastrophes. It's too late now. There are too many vultures circling too keen to throw a spanner in the works. One of the services the Bcashes has done us is to demonstrate what an utter shitshow it is when things are opened up to splintering.

yeah, so the real issue isn't the trade off between decentralization and functionality. it's that it might be impossible to hard fork to accomplish increased functionality.

[thecodebear]

Volatility isn't Bitcoin or any other coin's problem, it's just a side effect of people's greed. The underlying problem of crypto in general is that the majority of the people don't (yet) understand the problem that crypto is meant to solve, which at the same time is the only thing that gives it value. If people even for a second realized what Bitcoin is, they wouldn't be selling it like empty headed baboons.

I hope that whatever the project is that you are working on, focuses on education of Bitcoin's fundamentals and technical aspects. It doesn't have to be difficult if you stick to the very basics. The easier it is for people to understand, the more likely it is that they will show genuine interest.

this times a million



Volatility has nothing to do with Bitcoin, volatility has to do with the bitcoin market. It's volatile because it is an emerging asset class which people don't understand yet so vast numbers of people come in and out of the market like a huge tide in cycles.

[cluit]

Hello, this is a continuation of my BTC project. I am trying to figure out what the biggest problem is right now I believe it is volatility. I am open to other opinions and how they could be fixed.

Volatility is definitely one of the biggest problems bitcoin is facing if not the biggest problem. However it is a general broad term for what type of problem we have and not the cause for it. There are smaller things we can go deeper and see about it. For example volatility is a problem but what causes volatility? We can go deeper and say that volume (or lack of volume) is cause for the volatility we have.

Since volatility is caused by lack of volume it means that the problem is not volatility but the lack of volume which causes it. Volume is low because the interest for bitcoin and buying/selling it became less popular. Which means we can say that popularity of bitcoin dropped significantly.

It means volume is not the problem but popularity dropping is the reason. Popularity dropped because there was no action in bitcoin that showed any promise. Which means under all of this the trouble with bitcoin is the lack of anything that gives us any hope for the future.

[Febo]

Hello, this is a continuation of my BTC project. I am trying to figure out what the biggest problem is right now I believe it is volatility. I am open to other opinions and how they could be fixed.

Merchants fix this that they immediately exchange BTC into fiat they usually use. Most payment applications have such option. So there is zero risk.

[Bitcoinwaist]

Hello, this is a continuation of my BTC project. I am trying to figure out what the biggest problem is right now I believe it is volatility. I am open to other opinions and how they could be fixed.

how about this fix.  a wallet that has a built in hedge. it automatically goes short against your balance so you are flat neither long nor short. your dollar equivalent stays the same.

ps. I spend bitcoin everyday at nitogensports.eu betting sports. and have for the last 3 years. for a while last year, bitcoin was the preferred method to fund and disburse payments with many of the larger fiat gambling sites. many still use it. but when btc sh*t the bed it fell out of favor. dnm's still do quite a bit of business in bitcoin still.

[gentlemand]

how about this fix.  a wallet that has a built in hedge. it automatically goes short against your balance so you are flat neither long nor short. your dollar equivalent stays the same.

Sounds like a recipe for utter disaster.

The Mycelium wallet does have a service named Coinapult locks in it that allowed you to convert to USD in wallet and then switch back seamlessly. I'm not sure whether it's still going and there've been some complaints about it.

Converting back and forth between USD also creates a tax liability in a few countries. As can shorting too.