3 Concerns You Have For Bitcoin

[ajiz138]

Bitcoin adoption in bulk, I don't think will happen. Developed and developing countries are more interested in blockchain technology and build their own platforms than using Bitcoin technology. They made their own stable token and built a new network based on the blockchain. My concern for bitcoin is only about the legality problem that bitcoin has, because not all countries agree with bitcoin and bitcoin voting which has a high risk.

[Ridwan Fauzi]

Bitcoin cannot be understood easily by common people/all people on this world, because its complicated concept. Bitcoin will be used by someone who has a knowledge against technology or at least he uses a smartphone on his daily lives. But, for those who don't know at least to operate a smartphone then I bet they won't ever know what bitcoin is or even what the function of it.

Indeed, for those people who lives at developed country they will be easy to cought an understanding about bitcoin, for at least they will know what its function. But, for those who live at developing country where the technology aren't being used on their daily lives such as in my country who still many people who don't know at least to use a smartphone and even they just comfortable with their lives situation now, just believing fiat money is one tool which is lawfully used for transactions.

[drachman]

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. How will bitcoin react in the case of an economic crisis? We believe it could behave in a positive way but it could also go down and we will not know until it happens.

2. If bitcoin is made illegal all over the world how will the majority of holders react? Many say they will keep holding their bitcoin but I have my doubts

3. As the block reward goes down due to the halving can the miners really sustain themselves only with the fees?

[secretgirl]

in my opinion adopting bitcoin will take a long time maybe 10 years or 20 years. because most countries already have their own currencies and also some people are also not ready to make transactions using bitcoin. and in my opinion some countries are more interested in adopting a blockchain than bitcoin. and for inflation I think bitcoin can indeed be relied upon to prevent inflation. if we save our money in bitcoin it will definitely not be affected by inflation. but we also have to be prepared if bitcoin is impaired.

[Google+]

in my opinion adopting bitcoin will take a long time maybe 10 years or 20 years. because most countries already have their own currencies and also some people are also not ready to make transactions using bitcoin. and in my opinion some countries are more interested in adopting a blockchain than bitcoin. and for inflation I think bitcoin can indeed be relied upon to prevent inflation. if we save our money in bitcoin it will definitely not be affected by inflation. but we also have to be prepared if bitcoin is impaired.

I think very difficult to be able to guarantee that bitcoin can last for the next 20 years because currently the supply of bitcoin is very limited and it has begun to be very difficult to get bitcoin so I think bitcoin when it reaches the maximum supply will make bitcoin not used anymore because it must be of value the exchange has been very expensive and shipping costs are also very expensive because of the rising price of bitcoin and I don't think bitcoin will be affected by price inflation.

[Murat]

Firstly. It's true that Bitcoin is getting popular and familiar around the world, but it's also true that if it gets too much popular then the transaction time will require more and more so that it will get a real problem at that time, I think people will not get interested in paying and sending money by this platform, so the transaction time is the first concern for me, Secondly, Instability is the real problem in recent time and it can't be solved without taking a huge regulation set up so this one could be one of the main barriers of this platform and Finally, No government will allow very easily Bitcoin as a legal currency because this is nothing regulation so it can't be handled in a single hand, that's why it means a lot.

[CryptoBry]

What are 3 concerns you have for Bitcoin?

There are a lot of concerns expressed by many people concerning Bitcoin and as expected some can be very valid or they can just worthless or misplaced ones. I would try to express here some of the biggest concerns I have on our most favorite cryptocurrency.

1 - Bitcoin is getting laid-back in the search for more adoption, use and trade all over the world. We need to increase the marketcap of Bitcoin so that slowly manipulations can be neutralized by the market itself. However, since there is no funded organization really working and promoting Bitcoin, the partnerships that Bitcoin really need is coming like a trickle but we need an avalanche.

2 - Bitcoin has not yet fully answered the need for more scalability in the network so that micro-payments can be easily be utilized by Bitcoin holders. This is so far the biggest challenge that many merchants and Bitcoin users are demanding since I can remember. To compete in the expanding payment industry, Bitcoin has to shape up and be responsive, otherwise this big market potential can be lost for good. One must be using Bitcoin without any worry that it can take time to get confirmation in paying a cup of coffee or a can of Pepsi.

3 - Bitcoin's name is always besmirched in the media due to many scams, hacks and unfair criticisms by famous personalities. This is one are where we people could not do much except maybe answering these concerns on the social media. Many people still think of the "Bitcoin scams" when in fact they are referring to scams that accepts Bitcoin in the same that they are also accepting the dollar. Some famous personalities are making a regular habit of spreading false information and impression on Bitcoin.

I am not expecting that soon these concerns can be given direct and indirect solutions but I am sure that as time goes on or maybe years from now we can see the silver lining. As a firm believer in Bitcoin, I see these things as just birth pains or just a toothache in a growing organism that is called as Bitcoin.

[ice18]

Not only me but Im sure most governments are concerned about it no. 1 on my list its energy consumption use for bitcoin mining imagine btc energy consumption per year is almost equal of Switzerland thats approximately 58 TWh/year (https://www.bbc.com/news/technology-48853230), 2nd is the scalabity issues currently no clear solution for this at the moment, LN is here yeah pretty fast but Is it totally secured enough? and lastly the legality of bitcoin as a currency what if in the future bitcoin will declared by all government as illegal? What can we do about it?   

[Memminger]

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?

I remember the crisis a few years ago where the blockchain had been clogged and the transaction fee had risen so high that it has become too expensive and not practical. The transaction would take hours and even days for it to be processed. I think the challenging part for the mass adoption of Bitcoin is its scalability. Can Bitcoin keep with the increase of transaction in its blockchain? Can it provide a cheap fee in processing a transaction or would it increase much more expensive in the future?

[joinfree]

Well Bitcoin is being used by some countries in their day to day transactions just that not too often. My greatest concern is about the mass adoption of bitcoin by the entire globe to be used as a digital currency for the purchases of items. Sometimes i feel this dream my never come to a reality. The volatility of bitcoin will always be a great hindrance to bitcoin being accepted as a currency which can be used in our day to day transactions.

[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?

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.

what I mean is, what if the number of people who uses bitcoin stopped increasing(the price is still the same. it's just the adoption of bitcoin stopped)
and no new people are adopting it. what then? will the success of bitcoin continue or will it fail?

[maydna]

1. The process of adoption is not going fast in many countries because many people still don't know or hear about bitcoin.
2. The way to earn more bitcoin will not easy as before since bitcoin price now is reaching the high price.
3. We still need more merchants who can accept bitcoin or altcoin for the payment.

But all in all, I am sure the mass adoption will happen in the future, and we should wait for a while. If bitcoin prices can increase higher, many people will shock, and at that time, they will realize that bitcoin can be their solution to have a new source of income. I don't know about inflation because I am not studied that before.

[Kakmakr]

These are my main concerns at the moment :

1. People will lose hope - We saw a huge increase in adoption in 2017 and also a large spike in the price. A lot of people bought bitcoins at that price and they might think of selling to cut their losses.  

2. Some competitor might come up with a much better technology and people will dump bitcoins to buy that token or technology.

3. Governments might go out on a all out war against Crypto currencies and start banning it. It will not end Bitcoin, because it will still be used on black markets and the DarkWeb, but it will be valued a lot less.  

[bounceback]

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?

I am very worried if the price of bitcoin drops dramatically not as we want it might be very difficult for us to trade with bitcoin, because now I don't think bitcoin can be used as a daily necessity but this will happen in the future, it might be good for adoption Bulk bitcoin will happen because now we know that many people have seen bitcoin to adopt it slowly.

[blckhawk]

Three (3) concerns I am having as of now for bitcoin is:

1. Bitcoin's network hash rate crash

• Although highly unlikely given that China has lifted its ban on cryptocurrency-related activites such as mining, their own government-backed cryptocurrency might trigger a shift in public's interest to Bitcoin.

2. Bitcoin might be under 51% attack

• Since Bitcoin's nodes from China comprises of greater than 50%, although not likely to happen today, a 51% attack is possible if all of the nodes there are either under control by one person/organization, or they'd have an agreement to do such attack. Block validity is based on how much of the nodes agree that a block is valid, and such attack could be used to double spend by altering the next block to a previous block before a purchase.

3. Bitcoin's becoming obsolete because of a new technology

• Even though this would ultimately end the fate of Bitcoin, as all things undergo development and change is the only thing permanent in generations, there would come a time that a new altcoin, or a new framework much better than Bitcoin in terms of efficiency, security, and speed. It might be hard for investors to accept but moving on is part of everything. Even this is a concern, it's not totally bad to progress, but for Bitcoin enthusiasts, this might be a concern.

[Eclipse26]

The reality that it's hard for bitcoin to be use in daily transactions. Imagine buying things at a certain price or value of bitcoin but tomorrow after coming back to the same store, the price changes. It's because of the volatility of bitcoin that makes it so hard to be use everyday. I see this as one of the reason why bitcoin can't get mass adoption. If ever it achieve mass adoption, bitcoin will more likely to be use as a store value. Most would probably just hold their bitcoins and convert it to fiat when they want to spend money.

[Ludmilla_rose1995]

The thing I'm concerned about is 1. Loss of community trust in bitcoin, 2. Political issues that will bring down the value of bitcoin or restrictions in many countries about cryptocurrency trading, 3. hackers.

[bettercrypto]

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.

In terms of the technology, yes it could be a disastrous for bitcoin when the number of users and buyersof btc arise. It may cause a huge clog in the network since there are many transactions needed to be performed. However, it will be also profitable for people specially those who had 1 btc and above on their wallet. They might be lucky if ever the price of bitcoin goes up as well.

[GideonGono]

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.

In terms of the technology, yes it could be a disastrous for bitcoin when the number of users and buyersof btc arise. It may cause a huge clog in the network since there are many transactions needed to be performed. However, it will be also profitable for people specially those who had 1 btc and above on their wallet. They might be lucky if ever the price of bitcoin goes up as well.

How can you sure that there would be a problem from that? Because the exchange are the responsible from trading or the process of exchange from bitcoin to altcoins.  We know that there are a lot of exchange site here in the internet so we do know that bitcoin doesn't delay too long even there are a huge coin from performing exchange.

[BitHodler]

In terms of the technology, yes it could be a disastrous for bitcoin when the number of users and buyersof btc arise. It may cause a huge clog in the network since there are many transactions needed to be performed.

Yup. We have seen that happen in 2017 where transaction fees peaked over $50 which is not normal at all. It was the first time I actually got annoyed by Bitcoin and realized how important a healthy scaling roadmap is.

Would we be subjected to the same hype, the fees probably won't be as high as $50 per transaction due to SegWit, but certainly in the $10-$20 range, which is still not acceptable.

However, it will be also profitable for people specially those who had 1 btc and above on their wallet.

Miners are the lucky ones in the aforementioned scenario, users not so much. The miners couldn't care less how high the fees shoot up because it's money flowing right into their pockets.