Why Bitcoin Is Not a Viable Currency Option.q

[GmAdvice]

Bitcoin has a long way to go before it can become
viable, efficient, independent, and widely accepted. It
has major technological hurdles, and its acceptance in
society is currently limited at best. In its present state,
the bitcoin system is controlled by a few major mining
companies (it is too costly for individuals), traded through
a few major platforms (finding other bitcoin users without
a meeting place is difficult), and held in wallets provided
by various companies (holding your own key and ledger

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[coolcoinz]

In its present state,
the bitcoin system is controlled by a few major mining
companies

No, it's not. What do you mean by mining companies? Bitmain? Mining pools? They do not control Bitcoin. It really deosn't matter who is confirming transactions as long as that entity does not have 51% of the network. Mining is not controlling.

(it is too costly for individuals)

How?

You can Buy Bitcoin with $1 and you can buy it with $1000. Unless you mean that mining is too costly, but why the hell would you want to mine your own coins? Do you also have your own cows and chickens? Do you refine the gasoline your car burns or help print fiat currency that you later spend?

traded through
a few major platforms (finding other bitcoin users without
a meeting place is difficult),

There's actually a lot of trading platforms. What difference does it make how many big players are out there? The world's supply of diamonds is also controlled by just a few individuals. Does it stop people from buying them?

and held in wallets provided
by various companies

If you don't like it, keep it in your core wallet.

[avikz]

I don't know why, but I am seeing an uprising of such posts in bitcointalk forum and most of them are created by newbies. Is it a spam attack by BCH or BSV community to demotivate people?

Bitcoin has a long way to go before it can become
viable, efficient, independent, and widely accepted. It
has major technological hurdles, and its acceptance in
society is currently limited at best.

The same goes for other cryptos as well. Cryptos are not generally being accepted in the society for daily transaction purposes, not because of it's technical hurdles but majorly due to regulatory hurdles! Another issue is with the price volatility. These things goes for other cryptos too and not just bitcoin!

In its present state,
the bitcoin system is controlled by a few major mining
companies (it is too costly for individuals)

Mining is costly! Buying is not! For mining, you require an expensive mining rig which is indeed costly. But, to acquire or buy bitcoin, you won't need a deep pocket!

[Ryker1]

Well, even the fiat currencies are controlled by a small number of groups. Things are always controlled by a certain group. Marketplaces are made for the founders and the early comers most of the time. But it doesn't mean that newcomers does not have an opportunity to take advantage of it. The Bitcoin is way too viable the same as the local currencies and solid assets. It is just that, --the mass does not need to accept it. But the people who want to accept it are welcome. Indeed, no need to always think about mining when you are having business with Bitcoin. There is a lot of options out there.

[odolvlobo]

I don't disagree strongly with anything of the examples you provided (though some are exaggerated), but "viable" is not the right word.

"Viable" means "capable of working, functioning, or developing adequately", and none of your examples showed that Bitcoin is not capable. They simple show that it "has a long way to go" (just as you wrote).

So, I suggest that more people will agree with you if you change the title to Why Bitcoin Is Not Ready As A Currency Option

[plast555]

BTC is not a viable currency for the various reasons following as many of them already told about the same,
There is no clear regulation in many of the countries which keep majority of the people away from it.

During the last bull run many people affected those who got in near the ATH levels so those people will find it hard believing again.

They cant just buy and keep for usage as the volatility is high so they may gain or lose their value in dollar terms.

For many of the people the technology is not simple understanding its working, wallets, keya etc still there are people who do not use mobile banking or net banking.

As of now BTC is just one of the investment asset ut continue to be as it for quite someone IMO

[livingfree]

Not viable? how many years does bitcoin has been existing? it's been a decade already and it's just getting stronger and stronger after these years.

And how much the market capitalization that it has? if it's not viable, nobody will use it as an investment or as payment.

[mirakal]

Bitcoin will stay and continue to be develop, when bitcoin is gone, so other currency will be gone too.
We have to remember that bitcoin holds majority of the market dominance, true that there's a better system than bitcoin, but it's obvious people are betting on bitcoin and its future, there will be improvement that will be made and eventually bitcoin will get a massive adoption in the future.

[davis196]

Bitcoin has a long way to go before it can become
viable, efficient, independent, and widely accepted. It
has major technological hurdles, and its acceptance in
society is currently limited at best. In its present state,
the bitcoin system is controlled by a few major mining
companies (it is too costly for individuals), traded through
a few major platforms (finding other bitcoin users without
a meeting place is difficult), and held in wallets provided
by various companies (holding your own key and ledger

Kinda ignorant opinion,with lots of BS.
What do you mean by efficient and independent?How do you define those 2 terms when it comes to BTC?
Bitcoin is secure,which is a priority over efficiency and nobody can have control over your BTC,if you have the private keys.
Miners and trading platforms don't reduce our freedom as bitcoin users.They might manipulate the prices,but they don't own the blockchain.

[Latviand]

There are issues being faced by not only bitcoin but most cryptos towards adaptation of countries, as a viable currency. One main reason why other countries do not recognize bitcoin as a currency to be used is that its price is unstable. Currencies are meant to promote equality in the world market and that requires stable market price. The market price of Bitcoin changes a lot from time to time, creating a risk for people because there is a chance to obtain loss, whenever the market price is falling.

Not viable? how many years does bitcoin has been existing? it's been a decade already and it's just getting stronger and stronger after these years.

And how much the market capitalization that it has? if it's not viable, nobody will use it as an investment or as payment.

It is indeed existing and being used to SOME countries. But there are still countries wherein it is not yet recognized as a currency which makes it not viable. There are still issues being studied in order to promote adaptation.Decentralization and anonymity with regards to transactions are just few. Maybe, further developments would make Bitcoin a viable currency. And that could also trigger wider adaptation of not only Bitcoin but also other cryptos.

[justdimin]

Well, everyone has already answered but I also want to point out that even tho the reasons OP provided could be wrong reasons for it, there is still reality that the worlds riches and whales will not allow us to get richer with bitcoin and make it a standard currency instead of an alternative that is today.

Definitely, it can grow bigger and maybe one day it will be a good second choice to many national currencies and even pass a lot of them to be probably in the top 20-25 of all currencies that you can spend in places but even with that there is no way that bitcoin could be standard because whales do control basically everything including media and peoples attentions so they will do the most damage to bitcoin they can if we reach to a point where we rival the top currencies.

[fiulpro]

Viable ?
How would it be a viable option when the volatile nature of the currency is so essential to people involved with it .
It is the only thing that actually makes it so different from the normal Fiat currency .
I do think a viable currency should be stable but at the same time it should be recognized by the government and supported by something solid.
I do think it is okay to pay using bitcoins in some places , if you are doing an international trade off it is ofcourse better to pay in bitcoins , you will save tons lot of money .. 
Depends on the situation , but in everyday... No-no

[kaya11]

Bitcoin has a long way to go before it can become
viable, efficient, independent, and widely accepted. It
has major technological hurdles, and its acceptance in
society is currently limited at best. In its present state,
the bitcoin system is controlled by a few major mining
companies (it is too costly for individuals), traded through
a few major platforms (finding other bitcoin users without
a meeting place is difficult), and held in wallets provided
by various companies (holding your own key and ledger

It has come a long way, and I think it serves most of it's purpose and will continue to. It is only a matter of time before acceptance is at mass, only we have the advantage here so be grateful that we are already know what it is, unless you don't actually have Bitcoins in your portfolio. If you have a hard time buying bitcoins and do not want to engage in big exchanges, this forum has trusted escrows and will surely serve you at their best.

[awik p]

Viable ?
How would it be a viable option when the volatile nature of the currency is so essential to people involved with it .
It is the only thing that actually makes it so different from the normal Fiat currency .
I do think a viable currency should be stable but at the same time it should be recognized by the government and supported by something solid.
I do think it is okay to pay using bitcoins in some places , if you are doing an international trade off it is ofcourse better to pay in bitcoins , you will save tons lot of money .. 
Depends on the situation , but in everyday... No-no

The volatility will only be reduced if more people come into the system. I completely agree it would not be a good fit for the daily usage because of the speed and transaction fees. Even if major adoption comes in to picture BTC can be used for Store of value as gold and for international transfers over traditional methods and other cryptos like stable coins or other faster and cheaper coins in terms of fees can be used for daily usage.

right, if there has been a mass adoption, then the volatile will be reduced, unlike now, but fluctuations will always be there. indeed many people claim that bitcoin is not suitable for payment, especially for small transactions, because the fee is relatively large

[AniviaBtc]

Viable ?
How would it be a viable option when the volatile nature of the currency is so essential to people involved with it .
It is the only thing that actually makes it so different from the normal Fiat currency .
I do think a viable currency should be stable but at the same time it should be recognized by the government and supported by something solid.
I do think it is okay to pay using bitcoins in some places , if you are doing an international trade off it is ofcourse better to pay in bitcoins , you will save tons lot of money .. 
Depends on the situation , but in everyday... No-no

The volatility will only be reduced if more people come into the system. I completely agree it would not be a good fit for the daily usage because of the speed and transaction fees. Even if major adoption comes in to picture BTC can be used for Store of value as gold and for international transfers over traditional methods and other cryptos like stable coins or other faster and cheaper coins in terms of fees can be used for daily usage.

right, if there has been a mass adoption, then the volatile will be reduced, unlike now, but fluctuations will always be there. indeed many people claim that bitcoin is not suitable for payment, especially for small transactions, because the fee is relatively large

Most of the people already knows the truth about bitcoin, it's price isn't that stable and is hard to predict, so how come that it will be a viable currency? Fiat is more useful and practical than bitcoin, although bitcoin can really give you a huge amount of profit. But that doesn't mean that it is always a win win for the bitcoin users. When its price goes in a downward movement, everyone are holding until it becomes high again. But you're uncertain when it will grow its price again, prediction is needed and technical analysis is required for you to prevent losses during transaction. It is very hard to manipulate the market when you know that people are wise and they hold better than you.

[Sadlife]

Mining companies can only control bitcoin if could mine faster and has higher hashrate which only quantum computers could do. They could be millionaires by having a 51% network and enable them to double spend.
Trading platforms cannot manipulate bitcoin or its price cause they would loss customers.
Bitcoin is a viable investment, haven't you heard of success stories of the people who first bought it and when it was very cheap ?

[Assface16678]

Viable ?
How would it be a viable option when the volatile nature of the currency is so essential to people involved with it .
It is the only thing that actually makes it so different from the normal Fiat currency .
I do think a viable currency should be stable but at the same time it should be recognized by the government and supported by something solid.
I do think it is okay to pay using bitcoins in some places , if you are doing an international trade off it is ofcourse better to pay in bitcoins , you will save tons lot of money .. 
Depends on the situation , but in everyday... No-no

The volatility will only be reduced if more people come into the system. I completely agree it would not be a good fit for the daily usage because of the speed and transaction fees. Even if major adoption comes in to picture BTC can be used for Store of value as gold and for international transfers over traditional methods and other cryptos like stable coins or other faster and cheaper coins in terms of fees can be used for daily usage.

right, if there has been a mass adoption, then the volatile will be reduced, unlike now, but fluctuations will always be there. indeed many people claim that bitcoin is not suitable for payment, especially for small transactions, because the fee is relatively large

Most of the people already knows the truth about bitcoin, it's price isn't that stable and is hard to predict, so how come that it will be a viable currency? Fiat is more useful and practical than bitcoin, although bitcoin can really give you a huge amount of profit. But that doesn't mean that it is always a win win for the bitcoin users. When its price goes in a downward movement, everyone are holding until it becomes high again. But you're uncertain when it will grow its price again, prediction is needed and technical analysis is required for you to prevent losses during transaction. It is very hard to manipulate the market when you know that people are wise and they hold better than you.

The bitcoin today are the widely spread transaction many people use this to make more money by the use of investment and earnings because it is capable to make more earning with the use of market volatile but this is risky earning because it takes a lot of money and knowledge to make sure we are avoiding the loss of income. Some people spend a little bit of their time to make more knowledge by researching and finding some information about the related problem they are going to face. Some of the countries still do not accept completely the use of bitcoin because it takes a lot of process and papers to make it as legal totally, they want to make sure all of the process and transaction are safe to their users and people on the special to the community of the country.

[iamsheikhadil]

The only reason why I see it can't be a currency in the current time as it's very very volatile, imagine going to groceries to pay with bitcoins. You buy two cucumbers at 0.0005 btc let's say. In between the time you pick up the cucumbers and cashout, the price goes up and now you get 3 cucumbers instead of two in same price. Or the price goes down and you get only one cucumber instead of two lol. It will really bring confusions and in no way will work for the average Joe like me :/

[charlesmichel1]

I can't agree with you. Bitcoin is decentralized. And it is traded not only big exchanges and platforms. These ones are just popular among users. I suppose Bitcoin needs more time for being accepted. A decade isn't enough.

[Twentyonepaylots]

The only reason why I see it can't be a currency in the current time as it's very very volatile, imagine going to groceries to pay with bitcoins. You buy two cucumbers at 0.0005 btc let's say. In between the time you pick up the cucumbers and cashout, the price goes up and now you get 3 cucumbers instead of two in same price. Or the price goes down and you get only one cucumber instead of two lol. It will really bring confusions and in no way will work for the average Joe like me :/

I also consider to reasons the volatility of bitcoin that stops the world from making it a currency because volatility is uncontrolled by which decentralized networks are taking account into.  This is not about the use of cryptocurrency but the factor that dominates all the reason why we can't have it now, however there is so much time left for the bitcoins to be mined hence we are are going to fight for a long time to achieve what our dream society is. Just look at what is happening now to the prices of cryptocurrency because of what is happening in the world, wars, disease spreading, financial crisis etc. We can't just ignore those for this.