3 Concerns You Have For Bitcoin

[worldtraveller321]

what are 3 concerns you have for Bitcoin?

this can be for the aspect of daily use?
if mass adoption would happen?

would it solve inflation?

etc. like to hear your thought?

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[kryptqnick]

My #1 concern is that Bitcoin cannot handle being popular, and if it gets more popular, there'll be big problems with expensive and time-consuming transactions. This is basically a concern about micro-transactions (so a daily life thing, yeah) and no user-friendly solution to this problem. #2 is probably that Bitcoin will never become stable enough to be used in daily life without referring to fiat and then adjusting the price in BTC. #3 is that Bitcoin will get killed by a critical bug nobody will notice in time. There've been terrible bugs before, and while they were fixed in time, what makes us sure that this will always be the case in the future?
Seriously, though, while I care about #1 and think that it's the biggest challenge for Bitcoin, #2 and #3 don't seem that important or likely to me.

[hello_good_sir]

1. Mainstream adoption, I don't think we'd be seeing a lot of that in the recent years, it looks like government have chosen to make their own currencies and choose utilising blockchain technology over bitcoin technology.

2. Inability to handle microtransactions/fees(excluding lighting network), which is going to make a real life use case very difficult.

3. Incorrect interpretation from media, will likely lead to alot of people seeing it and just instantly not being interested.

[Reosta_]

I wonder the most that if Bitcoin can be useful on beating the inflation and the adaption can be increased all around the world or not. Especially, if the mass adaption can be applied, then it will be incredible for Bitcoin.

[Stoppie]

1. Manipulation and ownership of whales; they can destabilize the whole ecosystem (?). It would be a massive weatlh transfer with individual that will have ammased unbelievable wealth and thus power. Will central power allow this?
My counter: no owns more than 1% of the network, so its relatively harmless. You can't stop it (how is that working out for drugs)..

2. 2017 bubble pop by manipulator through unregulated Bitfinex: https://www.crowdfundinsider.com/2019/11/153702-research-by-professors-john-m-griffin-amin-shams-tether-used-to-manipulate-bitcoin-price-in-ongoing-ploy-via-bitfinex/
My counter: more regulation will take rotten apples out

3. Monetary problem with one unit of account between rich and poor countries. Like in Europe now with the euro. It's to expensive for the southern countries..

Please blast away my concerns  !

[hatshepsut93]

1. How will average people handle its complexity? Is it possible to make things simpler, or do we have to wait for people to become more tech-savvy?
2. After emission becomes significantly reduced, will transaction fees be enough to secure the network?
3. How will the population warm up to the idea of Bitcoin? It's been almost 11 years, most people are already aware of it, and still not much people use it.

[Kyraishi]

1. Mainstream adoption with bigger companies/governments, the fact that the biggest 2 economies in the world aren't interested in bitcoin (USA/China), is worrying, with one of them ignoring it completely, and one choosing to go with a government made, centralised crypto-currency which is extremely similar to their regular fiat currency.

2. Market manipulation via whales is quite the issue nowadays, and I'm a bit scared of countries trying to end BTC by owning a lot of the supply and trying to dump it.

3. Don't have a third

[pakhitheboss]

My primary concern with Bitcoin is the speed and ability to process multiple transactions. If Bitcoin wants to become a primary currency of the Internet it has to compete with the Banking system. At the moment it does not look good.

With Lightning Network there has been a significant improvement but, Bitcoin is still far behind.

[Pearls Before Swine]

My #1 concern is that Bitcoin cannot handle being popular, and if it gets more popular, there'll be big problems with expensive and time-consuming transactions. This is basically a concern about micro-transactions (so a daily life thing, yeah) and no user-friendly solution to this problem. #2 is probably that Bitcoin will never become stable enough to be used in daily life without referring to fiat and then adjusting the price in BTC. #3 is that Bitcoin will get killed by a critical bug nobody will notice in time.

Excellent list, and I have to say that if I thought about what my concerns are about bitcoin, my list would take inspiration from yours.

Your #1 concern is something that many bitcoiners ignore, along with the fact that most altcoins don't share the problem of long confirmation times and exorbitant fees during times of network congestion.  Basically the only reason I'm not fixated on that problem is that I never intend to use bitcoin for purchases.  It remains an investment for me and I'm not too concerned about sending it (usually). 

That also relates to bitcoin's volatility, which also makes it a really bad currency.  Again, that's one of the things I've come to expect and it's what makes it a good investment.  I would be more concerned if bitcoin's volatility dropped to that of a stable coin.  If that happened, do you think people would be so interested in it?  I think not.

Not sure about your #3 and whether it could happen.  Maybe the more technically inclined members of the forum could address that.

[Velkro]

what are 3 concerns you have for Bitcoin?

Political hell that will affect Bitcoin hard way.
Major, hard to hotfix bug breaking Bitcoin.
Hackers.
These are 3 major concerns i have personally. They all can happen and none of them also, we will see in future

[crzy]

what are 3 concerns you have for Bitcoin?

this can be for the aspect of daily use?
if mass adoption would happen?

would it solve inflation?

etc. like to hear your thought?

First concern, its value since its volatile its hard for a small hodler like me to trust the system but I still believe that if I have more patience, bitcoin will save me. So my main concern is its price.
Second concern, people are scamming people, they are too greedy and they are using the name of bitcoin. The second one is the reputation of bitcoin and I just hope that it will go high.
Third concern, the supply and system of bitcoin. If we continue to see more updates with bitcoin, we will surely see a big price and its supply can help that one out. The next halving will be big, we are hoping and waiting for a positive result on that.

[Shasha80]

My concerns for bitcoin
1. Whales manipulation makes the market difficult to guess even though it has done the analysis correctly, it is still a big possibility
    there will be an impromptu dump. This can make panic sell to some investors.
2. Mass adoption is too long, blockchain and bitcoin technology has been running for about 10 years but there are still many countries
    that have not yet adopted bitcoin.
3. Volatile bitcoin prices are increasingly difficult to implement as an alternative choice for payment. Because most people are still
    comfortable with fiat as a means of payment because its value is stable.

[acroman08]

what are 3 concerns you have for Bitcoin?

this can be for the aspect of daily use?
if mass adoption would happen?

would it solve inflation?

etc. like to hear your thought?

1 the adoption of bitcoin stopped. although it is almost impossible to happen and I'm really not sure what would happen if the adoption of bitcoin stopped.
that is what concerns me not knowing if bitcoin would continue its success or will fall to its failure and will be forgotten if the adoption stopped. please answer if
you have at least a gist of what would happen if the adoption of bitcoin stopped?

2 Certain people having control over the price of bitcoin. we all know which certain people they are.

3 Criminal taking advantage of it's "Anonymity". although it has been proven that bitcoin transactions are traceable it still puts a bad image to bitcoin that
it is being used for illegal activities.

(example of authorities using bitcoin transactions to track down paedophiles all over the world link: MANILABULLETIN)

[Oasisman]

what are 3 concerns you have for Bitcoin?

this can be for the aspect of daily use?
if mass adoption would happen?

would it solve inflation?

etc. like to hear your thought?

1 the adoption of bitcoin stopped. although it is almost impossible to happen and I'm really not sure what would happen if the adoption of bitcoin stopped.
that is what concerns me not knowing if bitcoin would continue its success or will fall to its failure and will be forgotten if the adoption stopped. please answer if
you have at least a gist of what would happen if the adoption of bitcoin stopped?

What do you mean adoption will stop? Do you mean Bitcoin's death (no value at all?)
That's still far from happening, you might be able to pull out your investments before Bitcoin will totally lost its value.

2 Certain people having control over the price of bitcoin. we all know which certain people they are.

I assume you're talking about whales? Trust me, they don't have the full control over the market. What they can do is to put a massive buy out or sell out just to steer the price in the direction they want, but they cannot take control to hit a specific figure.

3 Criminal taking advantage of it's "Anonymity". although it has been proven that bitcoin transactions are traceable it still puts a bad image to bitcoin that
it is being used for illegal activities.

(example of authorities using bitcoin transactions to track down paedophiles all over the world link: MANILABULLETIN)

Crimes exist long before the creation of Bitcoin and it involves money/fiat currency. A lot of money!
Does that put fiat currency into a bad light?
No, I don't think Bitcoin will be in a bad light here since It wasn't created for criminal purposes in the first place.

[Edraket31]

I don't have doubt that Bitcoin will become popular to every nation, I know that it will become the favority crypto and will always be the King of all time, mass adoption is there, as well as adapting the blockchain in every companies.

But, my concern is that when each government will make it legal, or even accept it, so that the doubt, fear for most people will be vanished and the adoption can really be seen all over the world.

[rmhuntley]

3 concerns I have for Bitcoin :

1. Bitcoin is very hard to track because of the confidential nature and transactions of Bitcoin anonymously, Bitcoin is one of the hardest-tracked circulation. Thus many utilize Bitcoin exchanges for illegal buying and selling.
2. Bitcoin is not secure, it is often hacked by hackers when the price of Bitcoin rises, I am very worried if our assets are lost in exchange.
3. Not environmentally friendly, In Bitcoin mining, we will use certain devices, where a mathematical solution involves a number of algorithms and software.
All of these computation certainly consumes electricity, and the electricity used does little.

[crossabdd]

My concern for bitcoin is 1. Bitcoin will be rejected by countries for alternative transaction. because its privacy (anonym) and decentralization nature. 2. bitcoin will suddenly fall when it reaches the highest price due to mass sales by miners. 3. Bitcoin is no longer attractive to the public because the price is too high. so that between the purchase amount and the fee is not balanced (greater fee)
Bitcoin can be hacked / broken, as we know. technology is updated every day. it is not impossible if one day bitcoin will be solved.

[yazher]

Right now, my main concern is the stoppage to use it on their evil perspective. There are some groups who only use the name of bitcoin for their own evil intention. Yesterday in our country, there was some group that doing Multi-million Ponzi Scheme and the victims mostly are ignorant people about how cryptocurrency works. Thankfully they are caught yesterday but their mastermind got away with those millions of pesos he got from people. if only we can stop this kind of fraud, I'm sure there would be a huge amount of people already adopting the used of bitcoin now, without fearing that they might lose their funds.

[kolonel_x]

Hacking, because it is prone to occur even large exchanges were affected
Government bans, that's what makes me afraid because people will move to fiat again if the ban is legalized
There is bad news, there is bad news, which makes prices go down badly, especially if there is an issue that does not involve bitcoin.

But I believe bitcoin going forward without worries.

[mk4]

1. Bitcoin is very hard to track because of the confidential nature and transactions of Bitcoin anonymously, Bitcoin is one of the hardest-tracked circulation. Thus many utilize Bitcoin exchanges for illegal buying and selling.
2. Bitcoin is not secure, it is often hacked by hackers when the price of Bitcoin rises, I am very worried if our assets are lost in exchange.

1. Bitcoin actually isn't anonymous. It's pseudo-anonymous. Hence, easily trackable with the right tools and with the right people. https://www.tweaktown.com/news/68208/bitcoin-helps-track-down-massive-pedophile-ring/index.html

2. Bitcoin, as in the protocol, is secure. It's the exchanges that have been hacked that are not secure. There's a huge difference there.