Does bitcoin need an addition of a safety feature? User friendly?

[shoreno]

What do you think guys of bitcoin platform do we really need a third party to add safety measures for the users and being a user friendly sysyem?

adding a third party can add a conflict on bitcoin for being decentralized . wallets and other service already puts a warning before you transact , thats enough already . platforms now are also user friendly compare to on thier early days   . thats necesary for all not just for btc , so that people will love to continue using it 

All I know is that I really don't know.

lol . you write alot of stuffs in the first page and you still dont know your talking about  ? seriously  ?  what we saw on btc now is perfect already in my opinion .

[adzino]

lol . you write alot of stuffs in the first page and you still dont know your talking about  ? seriously  ?  what we saw on btc now is perfect already in my opinion .

If you think bitcoin right now is currently perfect as a currency,  then I would describe you as ignorant.
Bitcoin isn't perfect. It has a lots of flaws for which we most people don't feel like using as a regular currency. Look at the main post and other peoples reply. They clearly some how states why bitcoin isn't a perfect currency. Bitcoin is still in its early stage and requires much for development before it can turn out be a perfect piece of gem.

[Lorence.xD]

Yes you are correct it does need some sort of management or a centralized authority only to help those people getting abused by investment scams and somehow put a stop to this investment scams once and for all. If we could manage to eliminate this then maybe people and governments could consider it and accept it as their local currency.

That in my opinion is the biggest problem of bitcoin, the assurance of the people using it are compromised because of the decentralized structure, if there is an enforcement of some kind then I think that it will be for the better. We also shouldn't let all this problem be a burden solely by people in power, do your part as an individual, if you see or detect that something is a scam report it, we all should shoulder the burden if we want a progressive bitcoin community.

[Slow death]

What do you think guys of bitcoin platform do we really need a third party to add safety measures for the users and being a user friendly sysyem? All I know is that I really don't know.

When someone in the real world is stolen a car, that person runs to the police so that the police find their car and arrest the thief. So how would it be different in the cryptocurrency market? It is not possible to have mass adoption without banks and governments also being involved in that market.

Imagine that a person asks his friend to lend him $ 10,000 to buy bitcoin (something not recommended) and that person tells the friend that bitcoin is very volatile and he may lose some of the money in the short term, but if he doesn't sell anything he he will not be losing anything and in 3 years he will have a profit of 3X and will be able to pay 15000 $ to the friend and the friend agrees with that. But after that person buys bitcoin in an exchange, the exchange closes the site with everyone's funds ... will it be that the person who borrowed $ 10,000 and bought bitcoin in that exchange scam should go without reporting the case to the police because he cannot have government interference? I think not!

I agree to regulate all bitcoin exchanges and wallets so that it is possible when someone has bitcoin and dies their relatives benefit from those bitcoins legally

[TIDOVEE]

Let's looking into it, What is it that make Bitcoin appear as scam, 1. Some of the experts that creates fake projects.
Secondly, some incompetent managers that just dissolves project without proper notice or at the point of distribution.
Thirdly, those who use Bitcoin as Ponzi scheme, they collect money from people in Claim to trade for them. Bitcoin managers has taken many great effect in curtailing all this, suck as the KYC registration, IEO exchange system..etc yet scam is still on... As you have said we need more effort to stop it.

[davis196]

OP,your forum thread is all over the place.Lots of text and I can't see a clear thesis or a clear question.
What do you want to say or ask?From what I read,I assume that you want the Blockchain developers to implement some "safety feature" that will chase scammers and protect the legit Bitcoin users.Is this what you want?The only safety feature I can think of is a mechanism to refund the coins stolen from victims of scams,but this will never happen,because it will break the blockchain and the core concept of Bitcoin.
Every person in the crypto world should be aware of the different types of scams,should always use escrow and always trade with trusted people,who have vouches/positive reviews.This is the only way to reduce the number of people,who were scammed.

[btc78]

What do you think guys of bitcoin platform do we really need a third party to add safety measures for the users and being a user friendly sysyem? All I know is that I really don't know.

We have prevented ourselves from dealing in banks because of third parties and now here we are needing them for our safeties?

Absolutely now,i am not into this because as far as i know?Bitcoin has the toughest security as a cryptocurrency and 3rd party is not our wanting here.

Yes you are correct it does need some sort of management or a centralized authority only to help those people getting abused by investment scams and somehow put a stop to this investment scams once and for all. If we could manage to eliminate this then maybe people and governments could consider it and accept it as their local currency.

The problem is how can this be implemented without them interfering the whole system?if we are going to be centralized then what is the sense of us being Decentralized for long time?

Sorry but i will never agree to this idea.

[jseverson]

Yes most likely when there is an involvement of third party,  bitcoin will become centralized bringing up the consumers to pay taxes just like what they do on our assets like properties basic goods and services. It will defeat its purpose on the creation of bitcoin to beat the interference of third party and the collecting tax in centralized system.

But why can't other users see this? We had already succeed in the decentralization system to get out on the collecting tax issue. But others had come to pursue for bitcoin to become legally accepted.

Where do you live? Even if your country doesn't have clear tax regulations on Bitcoin, chances are it still has an income tax law of sorts -- meaning you're legally obligated to pay taxes on any income you earn from any source (even Bitcoin). Taxation isn't really a centralization issue since governments can do it without interfering with Bitcoin's inner workings. You could even say it's incredibly easy for them at the moment, considering Bitcoin's public ledger and exchanges requiring KYC.

As for your initial question, some people believe government acceptance is necessary for global adoption. Gray areas in regulation is never good, because you always run the risk of being declared a law breaker tomorrow or the next day once legislation is actually crafted. It's more for easing people's minds that Bitcoin is here to stay (because most people would rather not break laws, regardless of Bitcoin's capability to enable them) rather than actual protection.

[gmjutt6]

Fact is that bitcoin transaction is most cheapest way to send. And many people are using. And I agreed to your point of view bitcoin deserve that. Because you know why the remaining countries which are not accepting the bitcoin as a legal currency. Because they think that the bitcoin is most easiest way to promote money laundering and the terrorism. Read in an article.

[jademaxsuy]

Where do you live? Even if your country doesn't have clear tax regulations on Bitcoin, chances are it still has an income tax law of sorts -- meaning you're legally obligated to pay taxes on any income you earn from any source (even Bitcoin). Taxation isn't really a centralization issue since governments can do it without interfering with Bitcoin's inner workings. You could even say it's incredibly easy for them at the moment, considering Bitcoin's public ledger and exchanges requiring KYC.

As for your initial question, some people believe government acceptance is necessary for global adoption. Gray areas in regulation is never good, because you always run the risk of being declared a law breaker tomorrow or the next day once legislation is actually crafted. It's more for easing people's minds that Bitcoin is here to stay (because most people would rather not break laws, regardless of Bitcoin's capability to enable them) rather than actual protection.

I am from asian country and had the republic form of government. The government here is also reactive where they will act accordingly if there are cases or complains filed. There is no really clear guidelines set for bitcoin users here so in short no taxes had been taken from bitcoin users.

However, the government here seems clever for they allow certain apps which enable for a bitcoin to buy and sell. The only problem is that the app will take almost 5 % of money being transacted and converted to fiat to cash out. 5% is literally high but bitcoin users do not have a choice but to accept the current procedures and transaction fees.

[20kevin20]

Let's looking into it, What is it that make Bitcoin appear as scam, 1. Some of the experts that creates fake projects.
Secondly, some incompetent managers that just dissolves project without proper notice or at the point of distribution.
Thirdly, those who use Bitcoin as Ponzi scheme, they collect money from people in Claim to trade for them. Bitcoin managers has taken many great effect in curtailing all this, suck as the KYC registration, IEO exchange system..etc yet scam is still on... As you have said we need more effort to stop it.

I do not have any idea where you got this information from, but there is no such thing as "Bitcoin Managers" or using Bitcoin as a Ponzi scheme.

We theoretically do not need to stop any of these scams in any way. We are looking towards being a censorship-free community, right? If so, then stopping scams can only be done through censorship. There's nobody managing Bitcoin. KYC can still be avoided, nobody forces you to get into IEOs and ICOs and the "they collect money from people in Claim to trade for them" actually exists under a legal form, called Mutual Funds.

[tbct_mt2]

I do not have any idea where you got this information from, but there is no such thing as "Bitcoin Managers" or using Bitcoin as a Ponzi scheme.

We theoretically do not need to stop any of these scams in any way. We are looking towards being a censorship-free community, right? If so, then stopping scams can only be done through censorship. There's nobody managing Bitcoin. KYC can still be avoided, nobody forces you to get into IEOs and ICOs and the "they collect money from people in Claim to trade for them" actually exists under a legal form, called Mutual Funds.

Such manager (bitcoin managers) destroys the core value of bitcoin, decentralization and being your own bank. Don't discuss about Ponzi scheme because the idea is wrong at the initial point. With or without such a bitcoin manager, Ponzi schemes will be run somehow. It is not a responsibility of bitcoin to deal with Ponzi scheme. Investors themselves have to be responsible for their investment decisions and what they believe in. Do their own due researches to get profits, avoid scams. It is their capital and their responsibility.

Bitcoin does not have any responsibility for any scam schemes in the crypto industry. It sucks to blame all scams to bitcoin.

[jademaxsuy]

 

Such manager (bitcoin managers) destroys the core value of bitcoin, decentralization and being your own bank. Don't discuss about Ponzi scheme because the idea is wrong at the initial point. With or without such a bitcoin manager, Ponzi schemes will be run somehow. It is not a responsibility of bitcoin to deal with Ponzi scheme. Investors themselves have to be responsible for their investment decisions and what they believe in. Do their own due researches to get profits, avoid scams. It is their capital and their responsibility.

Bitcoin does not have any responsibility for any scam schemes in the crypto industry. It sucks to blame all scams to bitcoin.

I totally agree that bitcoin is not design for scamming activity but it is tge users abuses this kind of system seeing its vulnerability having taking advantage on anonymity.

It was stated though from replies that bitcoin has been publicly transparent through bitcoin. Somehow when it wi be exchange to a different currency the traces will stop on that certain block chain to which scammer may be able to proceed and do another coin exchange from one block chain or platform to another. This mean that tracing would be hard just like as tracing scammers would be difficult. This is where the abuses being done. Even KYC could not possibly help in tracking the money or coin transfer.

[Latviand]

I don't think bitcoin needed to add a safety feature. It is the user that needs to be careful against hacks and scams since they are the most vulnerable part of bitcoin.

Bitcoin is not that prone to hackers, it is our account that is vulnerable to those scams. Sometimes, we can't blame ourselves because we are just an investor, but the reality that we are the one who's accountable with our safety makes us more aware about those scams. Maybe we just need to become more careful and improve our security once we perform transactions.

Hacks and scams are always there and you can't eliminate them from doing that kind of things.

The only thing that we can prevent being a victim of those crimes is that to improve our own security and become aware every time we enter a certain site. Especially doing some research about a certain platform will also do.

[ultrloa]

I don't think bitcoin needed to add a safety feature. It is the user that needs to be careful against hacks and scams since they are the most vulnerable part of bitcoin.

Bitcoin is not that prone to hackers, it is our account that is vulnerable to those scams. Sometimes, we can't blame ourselves because we are just an investor, but the reality that we are the one who's accountable with our safety makes us more aware about those scams. Maybe we just need to become more careful and improve our security once we perform transactions.

Hacks and scams are always there and you can't eliminate them from doing that kind of things.

The only thing that we can prevent being a victim of those crimes is that to improve our own security and become aware every time we enter a certain site. Especially doing some research about a certain platform will also do.

It same with fiat that if we lose we will get a hard time or shall we say its impossible to recover that's why we need to be more extra careful before dealing on anything since bitcoin doesn't have dispute feature like paypal or any guarantee of retrieval. But we should take the bright side of it since the current state of bitcoin made us safe from fraud clients if we are working so that they cannot request a return back of the funds transferred when we are done with the job for them(I'm talking based on personal experience).

[mezzaluna]

This is just my opinion and just feel free to post a reply.

Bitcoin is one of the biggest money accumulated globally from different currency. It has been tag as scam while others did not believe in it (due to its features instant big earnings) and others think of something else like a new innovation doing a decentralized transaction without third party just purely bitcoin platform that one can remain to be anonymous. The government did not approve this decentralization system for it was subject for abuses to which it really had basing from complains of users whom were being scam. Yet, the government also did not close the doors to bitcoin for negotiations and had seen its huge potential.

There are appeals of some promoting the system to the community like in those rich countries to where for now it remains floating. The system still not legally accepted and news were popping out regarding on bitcoin and altcoins restriction investments and the prohibitions for the community to invest as a result from the complains being filed from users getting scam. However, they still can invest if they really want to but not limited to bitcoin and other strong altcoin like Ethereum. The goverment really see the potential of cryptocurrency and seeing a lot of money they can probably take.

So, the problem I had seen here is not the bitcoin platform instead it is the acceptance for the safety consumptions of the community. The different perceptions also regarding bitcoin made it worst. Meaning that the community needed to be educated regarding with bitcoin and its risk.The risk I was talking about is the volatility of bitcoin market but we know that bitcoin is not different from stock market specifically in trading feature. And I think joining bitcoin has more advantage than stock market where it will allow one to earn instantly knowing also the high risk.

Now, my point is that bitcoin has been considered already and working well for now but violations could be imposed to the users abusing the system from other users who had been asking help from the government specifically the investment scams. Eliminating this risks needed a help from the government or could be a private institution created for the sole purpose of safety to all users. For this we can expect something good in return. However, I know that most of the users here do not like the intereference of the government or any third party but not to all since there are already some pushes this system to be legalized. Wether we like it or not I think we need regulations for the safety of the users coming from the government or any private institution that will help the users keeping away from the abuses. A little revisions also would be a great help by being a friendly user system letting the users to decide wether to remain anonymous or not depending on the users agreement in a certain transactions.

And then again this is only my opinion and you are free to react violently.

What do you think guys of bitcoin platform do we really need a third party to add safety measures for the users and being a user friendly sysyem? All I know is that I really don't know.

I think some governments are far from even recognizing Bitcoin as a possible currency in their own countries BUT it is already a currency in the Internet which is probably enough for the users. Safety features can also be done on the Applications available within the country but depending on governments which has little knowledge about the subject will be really dangerous. If the government pays attention to this matters, it will be surely be profitable since they can use their own resources to invest on it.

[FlightyPouch]

I don't think bitcoin needed to add a safety feature. It is the user that needs to be careful against hacks and scams since they are the most vulnerable part of bitcoin.

Bitcoin is not that prone to hackers, it is our account that is vulnerable to those scams. Sometimes, we can't blame ourselves because we are just an investor, but the reality that we are the one who's accountable with our safety makes us more aware about those scams. Maybe we just need to become more careful and improve our security once we perform transactions.

Hacks and scams are always there and you can't eliminate them from doing that kind of things.

The only thing that we can prevent being a victim of those crimes is that to improve our own security and become aware every time we enter a certain site. Especially doing some research about a certain platform will also do.

That's what I'm saying. Users, investors, the traders are the ones vulnerable to hacks and scams. From not having that much knowledge in securing his wallet or maybe from biting into words these scammers are saying. If they just know how it works they will be able to avoid being scammed or being hacked. These users are the ones responsible for the accounts he has, if he's scammed and hacked, we can't really blame these hackers and scammers from doing that, it is just that they are prone to be hacked and being scammed because he's not being careful.

[maydna]

I totally agree that bitcoin is not design for scamming activity but it is tge users abuses this kind of system seeing its vulnerability having taking advantage on anonymity.

The scammers create an investment program with the name of bitcoin to trick people, and many people join with them. After the scammers get so much money from people, they will run away without too long. That is why people out there will think that bitcoin is to be used for bad things, and that is because they don't learn more about what benefits of bitcoin to them.

I think some governments are far from even recognizing Bitcoin as a possible currency in their own countries BUT it is already a currency in the Internet which is probably enough for the users. Safety features can also be done on the Applications available within the country but depending on governments which has little knowledge about the subject will be really dangerous. If the government pays attention to this matters, it will be surely be profitable since they can use their own resources to invest on it.

The government will learn on it so they can know what is the risk if they use bitcoin. Many people who involve in the bitcoin world use bitcoin as a currency that is available to be the new payment system. But I don't know about the safety features that bitcoin will need because if bitcoin is used as the investment, people will need to know what is the risk so they can avoid the risk.

[tbterryboy]

In the case of choosing to be anonymous or not, I think that is already settled. If you want to be safe and not have any issues and also not be anonymous, then you can make use of centralized exchanges and their wallet.. Wallets like coinbase.. Coinbase is a secure platform and you’re not going to have problem with it and they have insurance. Also when you’re making any buying and selling, you’re already sure that you’re not going to be taking any risks. There is also Luno and Crypto.com and other really good platforms.

Being user-friendly and other user experience based things will get evaluated over the time as they are not progressive based things but could be considered like cosmetic works; so probably devs will not pay immediate attention to them right away. But, I am sure over the time, we must be having bitcoin wallet like an ATM card with simple simple interface to spend and to receive as well.

[pixie85]

And I think joining bitcoin has more advantage than stock market where it will allow one to earn instantly knowing also the high risk.

Tell that to people who bought Bitcoin in 2017

Bitcoin doesn'tr allow you to earn instantly. It's not something you buy and "earn money". If you bought Bitcoin in June at 10 thousand you'd be at -800 USD today. Istn't it a great earning strategy to buy bitcoin and have some more cash a month later?

You can buy Bitcoin as a long-term investment but don't treat it like a tool for earning money that will pay you dividends every month like a job would.