3 Concerns You Have For Bitcoin

[southafricadude]

1: Getting more people and companies to accept bitcoin for payments, and also to want to make their payments in bitcoin - Thousands of people on this forum, and many other websites and communities, yet its hard to find people who accept bitcoin since they dont outright display 'we accept bitcoin'. If more people did this, then more people would be able to spend it too.
2: The amount of KYC there is for using exchanges - There is too much....I dont know who sees that information I am supplying, and I dont know how it is stored and secured, or what happens to that information in the future.
3: The small amount of good decentralized exchanges - We need more of these to start up and soon!

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[finaleshot2016]

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.

I think bitcoin wasn't really far away from the other assets because most of the used coin is bitcoin even though it has a congested blockchain is bitcoin. Bitcoin don't need to compete with the banking system, both business are doing their part on different platform.

Lightning Network really made a big part for the chain but it wasn't made for the whole chain, it's just other layer solutions, means not personally made for the chain.

[minersday]

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.

I don't think I will agree with you regarding the fact that you think Bitcoin can't handle being popular. I get the reasons why you think Bitcoin handle popularity but you need to understand that developers in the Bitcoin ecosystem are always searching for ways to make the Bitcoin network very effective. The main concern I think is the most one causing a specific problem in the Bitcoin space is the spread of FUDs by media and people who either do not know anything about Bitcoin or do not really research before making assumptions and claims. FUDs are the real virus in the Bitcoin system causing the avoidance of mass adoption of Bitcoin. FUDs put fear into newbies in the Bitcoin ecosystem and kinda discourages them from really understanding the true purpose of Bitcoin in the financial space.

[tbterryboy]

My main concern used to be about the adoption on Bitcoin, but after reading the Bitcoin white paper by Satoshi Nakamoto and I realized that the main reasons he created Bitcoin was just for cheap and fast transactions, though we have turned everything upside down and now see bitcoin as an investment because of the volatile nature of it.

I compared it as a payment method to other methods there is, and if you check you will see that there are people adopting the method. Just like PayPal, it's not everyone that makes use of PayPal, so that's the same thing with Bitcoin, I am not expecting everyone to be making use of it. You should make use of what works best for you.

[bitvalak]

My main concern used to be about the adoption on Bitcoin, but after reading the Bitcoin white paper by Satoshi Nakamoto and I realized that the main reasons he created Bitcoin was just for cheap and fast transactions, though we have turned everything upside down and now see bitcoin as an investment because of the volatile nature of it.

I compared it as a payment method to other methods there is, and if you check you will see that there are people adopting the method. Just like PayPal, it's not everyone that makes use of PayPal, so that's the same thing with Bitcoin, I am not expecting everyone to be making use of it. You should make use of what works best for you.

Bitcoin has made changes to the payment system to be cashless.
Even though we know that the governments prohibit the circulation of bitcoin but it must be recognized if they have plagiarized what bitcoin has done. And all cashless is now monitored by banks.

[perfect999]

Basically my concern for bitcoin is how will it adopt if the government will make it legal. I mean its quite good though but at some point it would be a really big change to the usual processes. However, I think it can be handled properly and the more it became known to many, the more its security might be compromise as well. Its really quite wierd but we'll just cross the bridge when we get there.

I don't want it too to be legalised by government that may cause taxes in every transaction and they will put restrictions too much but it can help to lessen scam and hacking attempts. This may cause adoption of it will be legalised too. We all don't know what may happen as it gets more popular.

On my opinion, if we don’t want to be selfish, I think that it is better to have a fully regulated and legalized cryptocurrency even if we have to pay tax that will be void of scam than to continue operating in a sphere where there is too much of hackers and scammers nowadays, this one kills faster than anything.

It is gradually that people will start becoming very scared of the cryptocurrency market and then think that it is a market for scammers and if you don’t see anyone participating in cryptocurrency again, it could kill the hype and the believe of people to use it as digital payment, and before you know it, people would start withdrawing their money until there is no money left in the market cap of altcoins again which might even affect bitcoin.

[vintages]

My main concern for Bitcoin is that if it ever become popular it will be centralised by the government especially when it is finally been accepted by the governments as part of the country currency.
Another concern is that after this adoption, many people will hodl it, monopolizing it, and it will become a thing for the rich only.

[Xxmodded]

My concerns focuses if bitcoin will be adopted

1. Scams and Hacks which is very inevitable on the internet. So if Bitcoin achieve mass adoption, scamming and hacking will be more rampant. Non-techy people will be at disadvantage
2. We don't have any idea about its future value. So people will always have to predict what would be it's value in the future
3. Environment. Right now, one concern here in bitcoin is the electricity it consumes. If the mass with adopt it, more electricity will be consumed and it would affect the environment really bad.

Scamming and hacking in bitcoin cases make many investor not safety for investing in bitcoin, company look not agree for accepting bitcoin as transaction payment because many hacking cases with bitcoin now, for the future if bitcoin keep safety and never have hacking cases we don't worry with bitcoin and altcoin become most popular currency payment.

[Oceat]

My main concern for Bitcoin is that if it ever become popular it will be centralised by the government especially when it is finally been accepted by the governments as part of the country currency.
Another concern is that after this adoption, many people will hodl it, monopolizing it, and it will become a thing for the rich only.

In what way do you think they can centralise Bitcoin? It is already in front of their eyes but they can't do a thing about it. All they could was to ban the usage of it but they can't stop it from being used worldwide. I think you've got the wrong information somewhere although it could be a little bit exaggerated on that part of "for rich only". Bitcoin will work in a two way while being traded. They can't make a profit without the small fish remember that.

[pixie85]

My main concern for Bitcoin is that if it ever become popular it will be centralised by the government especially when it is finally been accepted by the governments as part of the country currency.
Another concern is that after this adoption, many people will hodl it, monopolizing it, and it will become a thing for the rich only.

LOL is that really your main concern? If it really is you can stop worrying invest and focus on doing something else while your money grows.

Bitcoin will never be centralized. It's decentralized by nature, you can't make it centralized. You'd have to buy out all the miners and even then you'd only be able to centralize transactions not the coins people are holding and you wouldn't be able to change destination of the coins. You'd be the king of nothing.

The second concern is also funny. If you're afraid that people will hold it and be rich then buy now while it's cheap and hold it yourself. You're funny.

[diahsw]

in my opinion the most feared by people here is the free fall in the price of bitcoin, because it can make a lot of people frustrated, because their investment is destroyed, for other worries it's just a complement ... !!