Here is the biggest problem with cryptos

[spy100]

Nah, I think you just don't understand how bitcoin work. Granny can give the address to Timmy before she sleeps.
If Granny were using a bank account, she would need to give her account information before going to be also, otherwise she would have to woke up in the middle of the night. lol

Your another of those that telling people that Bitcoin is Jesus and  the rest of us are morons ... you are blinded if you don't see the problem ... or you invested in btc

Well here is another problem for you :

Minimum Requirements

https://bitcoin.org/en/full-node#costs-and-warnings

Blockchain size:

https://www.statista.com/statistics/647523/worldwide-bitcoin-blockchain-size/


Each year to run a full node you need more space and more processing power ,do to fact more transactions are added to the blockchain etc ...


That means avg tech guy will not be able to afford to host a bitcoin node or to mine btc... even now it is expensive ...

So who will host the nodes and mine ? The big corporations and after govs ...

The bigger it will get the more power the govs will have ... do to fact they got computing power ...

Now it's just a matter of time ...

So here is the irony : Bitcoin from a decentralized coin will become centralized ...

The idiots that will have btc in their wallets when corporations and govs take over will have a bunch of worthless numbers .

Bitcoin is a Ponzi/Pyramid scheme.

This is the truth !


 

[HeRetiK]

I am talking about some old guy trying to sell his products...

granny is now too busy doing freelance contracting work in finance, no time for selling lemonade anymore.

I really hope your one of does suckers that will hold bitcoin when all the people will know the truth about btc ... i pray you buy more and put all your fortune in btc ...

I'm one of those suckers that evaluate incoming CVs to make sure the companies I work with hire competent web developers.

[bitmover]

Well here is another problem for you :

Minimum Requirements

https://bitcoin.org/en/full-node#costs-and-warnings

Blockchain size:

https://www.statista.com/statistics/647523/worldwide-bitcoin-blockchain-size/


Each year to run a full node you need more space and more processing power ,do to fact more transactions are added to the blockchain etc ...

Wait, does your Granpa which can't even paste his address in his website wants to run a full node with a poor hardware?

Why the hell would your 80year old Granpa want to run a full node?

You know you don't need to run a full node to receive and send payments, right?


You can read about them here. SPV (Simplified Payment Verification)
https://en.bitcoinwiki.org/wiki/Simplified_Payment_Verification

Simplified Payment Verification (SPV) – using Bitcoin without running a full network node. By default, upon receiving a new transaction a node must validate it: in particular, verify that none of the transaction's inputs have been previously spent. To carry out that check the node needs to access the blockchain. Any user who does not trust his network neighbors, should keep a full local copy of the blockchain, so that any input can be verified.

As noted in Nakamoto's whitepaper, it is possible to verify bitcoin payments without running a full network node. And this is called simplified payment verification or SPV. A user or user’s bitcoin spv wallet only needs a copy of the block headers of the longest chain, which are available by querying network nodes until it is apparent that the longest chain has been obtained. Then, wallet using spv client get the Merkle branch linking the transaction to its block. Linking the transaction to a place in the active chain demonstrates that a network node has accepted it, and blocks added after it further establish the confirmation.

[bittraffic]

Why do it feels like you don't understand how it works?
The community is even trying hard to minimize the transaction fees by encouraging users to use Segwit wallet but of course there will always be 3rd party just as you make transactions thru credit cards.

I am talking about some old guy trying to sell his products...

granny is now too busy doing freelance contracting work in finance, no time for selling lemonade anymore.

I really hope your one of does suckers that will hold bitcoin when all the people will know the truth about btc ... i pray you buy more and put all your fortune in btc ...

You have been in the community for a time but knows  a different truth about BTC, its amazing that its possible that you look at it differently.

[spy100]

I'm one of those suckers that evaluate incoming CVs to make sure the companies I work with hire competent web developers.

Well evaluate ... how is stopping you ...

When you reach  that point in life like i did you can afford to Say to as...holes: Go f...uk yourself and your job !

It takes a long time and a lot of experience in your area  to say that ...

It's called the Layer Cake

https://www.youtube.com/watch?v=FSborxD6avQ

[el kaka22]

First of all, we are talking about much cheaper money sending, plus it is also faster if you take into consideration the fact that when you get paid with paypal it goes to your account but never really to your hand to spend, that takes time to be confirmed, in bitcoin that is fast as well.

Secondly the cheap part is so much different that if you want to sell something big, with fiat you are not going to be doing that for that cheap, it is 2% most of the time, and that is a huge chunk of your profit, with bitcoin it could be 2% if you charge something small, but it could also be 0.001% if you are receiving something big, or you could just use an altcoin and make it very cheap. So, there is some stuff that it solves. However bitcoin wasn't created so you can sell stuff with it, that wasn't the purpose.

[The Sceptical Chymist]

You think paypal and credit card processing is free?

Lol, that's the first thing I thought of.  But the thing with bitcoin is that even if there's a small fee for the merchant to pay for a processing service, there's also the transaction fee that the sender has to pay--and sometimes that fee can be low for a reasonable confirmation time and sometimes not. 

In any case, I'm not surprised in the least that more merchants haven't offered crypto as a payment method.  I don't care what the hardcore bitcoiners think, there's just no advantage to using crypto to buy everyday goods & services.  Fiat generally works just fine, and people are familiar and comfortable with it.  If you're looking to conceal your identity in a financial transaction, then crypto comes in handy.  Other than that, there are a lot of problems with crypto that prevent it from being used widely.

[hatshepsut93]

I can tell from your post that you never wrote any code in your life, because if you did, you'd know that this "problem" of yours is trivial and has been solved since the early days of Bitcoin. Today merchants can use tools like BTCPayserver to take care of receiving payments without any pains of hosting their own full node or dealing with third parties, but even in the past it was easy to hook into an SPV wallet and handle incoming transactions.

[crwth]

From the discussion posted before me, if you have only concerned about fees, then you would just use the least expensive of any of the mentioned payment processes. You cannot escape it entirely the charges because of the need for different methods and energy consumption of computers and mining rigs, etc.

I hope you wouldn't be so cynical about this because there are a lot of friendly things that custodial wallets that are easy to use, and transactions are free if you are sending it to another account in the same corporation. There is always a way.

[spy100]

https://www.youtube.com/watch?v=8BIUSNMcV1g

Wake up people and think  else you will lose your money....

5 Simple rules :
(1) Question authority. No idea is true just because someone says so, including me.

(2) Think for yourself. Question yourself. Don't believe anything just because you want to. Believing something doesn't make it so.

(3) Test ideas by the evidence gained from observation and experiment. If a favorite idea fails a well-designed test, it's wrong. Get over it.

(4) Follow the evidence wherever it leads. If you have no evidence, reserve judgment.

And perhaps the most important rule of all...

(5) Remember: you could be wrong. Even the best scientists have been wrong about some things. Newton, Einstein, and every other great scientist in history -- they all made mistakes. Of course they did. They were human.

[adzino]

If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world.
You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts.

Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments .  That's the problem !

What do you even mean by this?

Well good luck explaining to avg Joe how to sell his cows with bitcoin.

If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.

[spy100]

If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world.
You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts.

Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments .  That's the problem !

What do you even mean by this?

Well good luck explaining to avg Joe how to sell his cows with bitcoin.

If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.

Same old excuse ... "if he learns paypal he should learn btc" ... what's new ... most people are not like us tech experts


I mean that the cryptoworld turned it in a investment instead of a currency ... this is way btc is not evolving and will never evolve ... and the masses will never adopt it .

Now btc is a ponzi/pyramid scheme ... has 0 value in the "real world" ...

[panganib999]

You think paypal and credit card processing is free?
Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves.

For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee.

That was totally true. Cryptocurrency transactions are not the only ones with top up or having the processing fee because even digital wallets and online shops do also have processing fee for you to be able to clear out or for your transaction be able to be completed.

Cashless payments we have like PayPal and credit cards do always have processing fees because nothing is really free most specially it is a term of processing your transactions.

From the discussion posted before me, if you have only concerned about fees, then you would just use the least expensive of any of the mentioned payment processes. You cannot escape it entirely the charges because of the need for different methods and energy consumption of computers and mining rigs, etc.

I hope you wouldn't be so cynical about this because there are a lot of friendly things that custodial wallets that are easy to use, and transactions are free if you are sending it to another account in the same corporation. There is always a way.

This is exactly agreeable. If the only problem and concern is about the amount of fee being entitled to be paid off, better seek for a wallet or mode of payment that have the cheaper price to be able to process your transaction with lower fees. There are ways on how you can spend low fee transactions and do not have to be hysterical on complaining about the processing fee you have been amounted to complete the transaction. There is always a way of seeking which is a lot more better than continuously complaining.

[Heart18]

Fees, Charges or whatever we may call it is not a problem at all. Just think of it like a vehicle, it won't run without a gasoline/diesel, right? So, we must accept it that way and won't take every fees as a burden. After all, it has a lot of help for us especially in this Pandemic where we just need to stay home.

[samcrypto]

You think paypal and credit card processing is free?
Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves.

For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee.

Exactly, we think that the established businesses are free of charge which we didn't know they collected it secretly on many ways. Fees is not the biggest problem of cryptos since its normal to collect fees and that''s how business works. It might be free of charge to you, but the company you are using is paying the fees on your end.

If you care much about the fees then try to look for alternatives where you can transact at minimal fees or no fees at all, in my case we have a local wallet where we can send money with no fees at all.

[Lorence.xD]

Fees, Charges or whatever we may call it is not a problem at all. Just think of it like a vehicle, it won't run without a gasoline/diesel, right? So, we must accept it that way and won't take every fees as a burden. After all, it has a lot of help for us especially in this Pandemic where we just need to stay home.

Exactly, this analogy is on point. Think of those fees as a payment for supporting your services, I do not see the problem with that. If your site gets a decent traffic then that would mean that you wouldn't mind paying those services supporting you, if you are selfish enough then you might as well create all the supporting services so you can hog all the profits, just because they are using crypto as a financial instrument guarantees you to be whining about how greedy you are.

[mu_enrico]

@spy100 why you mad dude? Everyone understands that this is an (ongoing) experimental project, devs still tweak here and there, some create their own coin, some fork the chain, etc. If you don't like BTC, there are hundreds of altcoins that you can pick.

No one force you to use BTC, and you are free to use coins that best suit your purpose.

[slapper]

Paypal and credit cards do charge you a small amount of money. There is no type of payment that is free for you to use. New innovations are being created in order to make transaction easier and cheaper. Crypto is still young but we can never deny the benefits that I can bring to us at the moment and even in the future. Cryptocurrencies can be developed over time and become stronger and stronger. Soon, I believe it cost a less money than using traditional payment methods

We are selling our information and identities to the government and companies at a cheap price. Internet users know that crypto users are even aware of this with a more concerning level. If I have an opportunity to become anonymous and secured, I won't hesitate to buy it with an affordable price

[shoreno]

not only its costy and takes alot of time to process those , they are also making things more complicated  .

 they think that copying the qr code to be able to recieve payments are too basic so they dont care with that much and they think merchants already knew that stuff's   .  they only want to earn and make thier own business , i dont consider that as a problem but there are other real probems that btc and btc users faced that this  .

[AniviaBtc]

Biggest problem?

That's not the biggest problem that everyone can think of. The biggest problem to me is the banning of bitcoin by each country. If a crypto friendly starts to ban bitcoin, do you think that's not the biggest problem?

To me, that is.

This is what I want to see in this thread. That third party thing is not that serious enough, it is a problem but not as worse like this.

Government who are against on cryptocurrency must be lessen because it really interrupt those transactions towards cryptos.
If banning of cryptocurrency is not your priority and focus on what you are arguing with, then that third party will become useless. It is much better to use third party than not being allowed to operate cryptocurrency transactions.

Which will you choose?

A society that bans cryptocurrency or using a third party that collects extra fees in your transactions. We are lucky that cryptocurrency is legal in our country and we don't even complain about it that much.