Safety Concerns with Bitcoin?

[worldtraveller321]

What are some of your safety concerns with Bitcoin?

in general what are your main concerns you have so far when it comes to either using BTC as investment or as a possible currency to buy and sell goods and services?

Why would this be a concern?

What type of things you like to be addressed?

Any changes?

How can people make this situation better?

[Haunebu]

Bitcoin mining machines are the primary cause of concern in my opinion since they are not very energy efficient which poses a huge problem to the environment around us.

This is why all the current mining machines need to be shut down and a fresh batch of 100% energy efficient machines need to be released to address this issue.

[Beerwizzard]

That's one of the main problems of Bitcoin that affects its usability and adoption. The point is that we are used to all those 3rd party services that hold our money, no matter what we can do with our cards but of someone steal is and withdraw our money we would definetely get a chargeback. That's an important feature for many users. Prople just don't want to read tons of books about cyber security in order just to store their savings.
The best way out of this issue is establishing more legit services that guarantee the payback in case they get hacked.

[dothebeats]

The only thing that I don't like with bitcoin (or bitcoin wallet clients, I think is more appropriate) is that it doesn't tell the user whether the address that I've pasted on the 'send' tab is something that can really receive bitcoin or not. I know there are ways to discern whether the address is a bitcoin address or not, but it's not being implemented on most wallet clients just yet. I've been seeing multiple users, especially beginners who are quite confused on how things work for bitcoin and so I think it's nice if the devs can come up with a way to display 'incompatible address' if one user pasted a wrong address on the wallet client.

[bitbunnny]

That's one of the main problems of Bitcoin that affects its usability and adoption. The point is that we are used to all those 3rd party services that hold our money, no matter what we can do with our cards but of someone steal is and withdraw our money we would definetely get a chargeback. That's an important feature for many users. Prople just don't want to read tons of books about cyber security in order just to store their savings.
The best way out of this issue is establishing more legit services that guarantee the payback in case they get hacked.

I have to agree with that. Bitcoin users are not enough protected in case of hackers attacks or similar and usually they have to bear all the losses alone. Exchanges are other crypto related services still think this is not their responsibility, which is wrong approach and they don't care enough about their users. This needs to be changed in similar way like bank account or credit card users are protected.

[Ailmand]

That's one of the main problems of Bitcoin that affects its usability and adoption. The point is that we are used to all those 3rd party services that hold our money, no matter what we can do with our cards but of someone steal is and withdraw our money we would definetely get a chargeback. That's an important feature for many users. Prople just don't want to read tons of books about cyber security in order just to store their savings.
The best way out of this issue is establishing more legit services that guarantee the payback in case they get hacked.

Bitcoin doesn't also guarantee payback, the blockchain it self is not yet that secured. No system is secured, fiat, plastic money, cryptocurrency, any currency is not secured there are always flaws. Maybe what concerns me in crypto is security and also the number of people scamming other people and people getting scammed. Maybe mass awareness is really needed for us to be able to avoid this kind of stuff. If people are aware of what they are doing, scam or fraud might be lessen.

[CryptoBry]

Bitcoin mining machines are the primary cause of concern in my opinion since they are not very energy efficient which poses a huge problem to the environment around us. This is why all the current mining machines need to be shut down and a fresh batch of 100% energy efficient machines need to be released to address this issue.

This is one of the most visible concerns I also have with Bitcoin. We are living at an era where environmental degradation is affecting all of us and I hate to see that Bitcoin mining is also contributing to this malady all because it is eating too much power in doing its thing. I know that we already have greener and renewable energy alternatives but it would still be wiser if there can be a better and greener alternative that Bitcoin will be using. I am hoping that there are now people or organizations addressing this problem by coming up with mining machines that can run in lesser power requirements. Aside from the environment, there are now also many places which are critical to mining all because of the electricity consumption.

[Adriano2010]

I also think at what will happen when all bitcoin will be mined, but maybe miners will mine for transaction fees, but i also think what will happen when difficulty will grow and how much will cost electricity to mine, i think will be need some new miners more effective.

[Beerwizzard]

Bitcoin doesn't also guarantee payback, the blockchain it self is not yet that secured. No system is secured, fiat, plastic money, cryptocurrency, any currency is not secured there are always flaws. Maybe what concerns me in crypto is security and also the number of people scamming other people and people getting scammed. Maybe mass awareness is really needed for us to be able to avoid this kind of stuff. If people are aware of what they are doing, scam or fraud might be lessen.

The only fact of existance of a currency should not prove that you would be able to make chargebacks. The only thing that matters is the law in your country and the one who holds your money. So if someone would steal my card and lose all my money then I am sure that bank would make a chargeback because everything regarding cybersecurity is paid by the bank. In case of being involved into a crypto scam there is a 99.9% chance that you won't get any kind of repayment. So just as I said people are not ready to lose this feature.

[aryadiningrat123]

My concern about bitcoin is the high cost of bitcoin gas which is very high and many bitcoin users are very disappointed because the fees for bitcoin transactions are very high, maybe it is also complained by those who invest because they use bitcoin for investment every time they send their bitcoin using a bitcoin fee tax, maybe this is a complaint from bitcoin users around the world

[Genemind]

As for me, anything that goes with money or any currency isn't really well secured. There would always be unexpected lapses and most of the time, it also depends on how we handle our earnings. We should be mindful of it. Bitcoin itself wasn't made perfectly but we should know how to deal with its risks.