The Problems of Bitcoin (yes there are some)

[ico-services]

Biggest Bitcoin problems in my opinion:

- Too complicated for masses
- No 100% reliable back-up protection if private keys are lost or stolen
- No charge-back option (this is both pro and con)
- Not enough big merchants

https://honestproscons.com/the-problems-of-bitcoin/

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[Charles-Tim]

- Too complicated for masses

The world is going more literate, and the more people will know more about bitcoin. But, with bitcoin having a marketcap of over $500 billion, then who are the masses that are using bitcoin, don't you know they are the masses that are using bitcoin? But, although, yet little fraction out of total people on Earth are using bitcoin, which means more people will still make use of bitcoin in the future which will drive its price to all-time-high.

- No 100% reliable back-up protection if private keys are lost or stolen

Seed phrase can also be the backup, it will be easy for backup than private key. The privacy is for us to be our own bank, then the responsibilities are ours.

- No charge-back option (this is both pro and con)

Explain yourself better.

- Not enough big merchants

We do not have this as an issue, time will tell. Also do not see bitcoin only as money, it is also an asset.

[odolvlobo]

[FatFork]

Biggest Bitcoin problems in my opinion:

In my opinion, to have a full bitcoin economy, one should have easy ways to convert fiat currencies to bitcoin so they can easily buy it at the current market price.

As for the 'problems' you mention:

- Too complicated for masses

The same was true for email in the very beginning.

- No 100% reliable back-up protection if private keys are lost or stolen

Custodial services are available, but I personally do not recommend them.

- No charge-back option (this is both pro and con)

This is a strength, not a downside.

- Not enough big merchants

I agree with this.

[coolcoinz]

- No charge-back option (this is both pro and con)

Explain yourself better.

He would like to be able to buy an item online, wait for it to get to him and then say he changed his mind and get his bitcoins back with one click. Or, he'd like to use the chargeback scam, known from paypal, with a small difference that this time the transaction wouldn't have his name on it, only an anonymous bitcoin address.
Consumers love chargeback because they give them an edge over merchants. You won't find merchants complaining about the lack of this option.

[ranochigo]

1. Bitcoin isn't too complicated for the masses if you don't have to understand the technical workings of the blockchain. All you have to do is to understand how to send Bitcoins and how the fees should work. Loads of wallet has simplified this for you by introducing floating fees.
2. There is. Export your seeds or the wallet file for Bitcoin Core.
3. Use a reliable escrow. If you were to lock the file in a 2-of-3 multisig, you can get a trusted third party to act as the mediator in case something goes wrong.
4. That's a problem with the adoption which is not a big problem.

If you were to compare it with fiat, I would argue that it has far lesser underlying issues if you can spend some time to understand it.

[serjent05]

Hey @ OP, you forgot to say the obvious, the high transaction fee is the immediate problem of Bitcoin that discourages small-time users to use it.  Almost all your stated problems had already been tackled and had given solution.

1.  To use Bitcoin, one does not need to know the whole Bitcoin program.  It is easier than creating an account and playing online.  (at least you don't have to worry about the build you are going to apply to your character. you just need to install the wallet and learn the basic transactions)

2. Already answered by the earlier replies, back up seeds can be back up by multiple times and means.  That will at least reassure you if your original back up is lost, in terms of being stolen, that is our own responsibility to keep it safe and away from those  "prying eyes".

3.  Answer given by earlier replies

4.  Adoption comes in as time goes by.  At least its merchant is way more than it was before, so we just need a little patience in here, Bitcoin adoption is getting there (mass adoption/adopted by bigger merchants)

[Olivia Wolff]

Biggest Bitcoin problems in my opinion:

- Too complicated for masses
- No 100% reliable back-up protection if private keys are lost or stolen
- No charge-back option (this is both pro and con)
- Not enough big merchants

https://temporaryerror.com/the-problems-of-bitcoin/

I agree with you. But I'm sure that these problems will be solved soon, except for one. The biggest problem is that a lot of people simply don't know about cryptocurrency or they don't understand how it works. And there's also a type who refuses to invest their money in any crypto-exchange because they're afraid of losing money. To be honest, I don't think this problem will be solved in the coming years because old school people are used to living the way they live now and don't want to learn any new things.

What are your ideas on how to solve this problem?

[finn.cole]

Biggest Bitcoin problems in my opinion:

- Too complicated for masses
- No 100% reliable back-up protection if private keys are lost or stolen
- No charge-back option (this is both pro and con)
- Not enough big merchants

https://temporaryerror.com/the-problems-of-bitcoin/

I agree with you. But I'm sure that these problems will be solved soon, except for one. The biggest problem is that a lot of people simply don't know about cryptocurrency or they don't understand how it works. And there's also a type who refuses to invest their money in any crypto-exchange because they're afraid of losing money. To be honest, I don't think this problem will be solved in the coming years because old school people are used to living the way they live now and don't want to learn any new things.

What are your ideas on how to solve this problem?

Talk more about cryptocurrency
Explain its meaning
Explain how it works
Show the pros and cons
Explain that crypto is our future and why it's so important to invest in it right now

[oktana]

Bitcoin isn't too complicated. I've seen a similar statement somewhere in this forum. Bitcoin is easily. You do not have to be a programmer to know how to use it. With a receiving wallet address, you can simply send money.

[Nikole Fischer]

Biggest Bitcoin problems in my opinion:

- Too complicated for masses
- No 100% reliable back-up protection if private keys are lost or stolen
- No charge-back option (this is both pro and con)
- Not enough big merchants

https://temporaryerror.com/the-problems-of-bitcoin/

I agree with you. But I'm sure that these problems will be solved soon, except for one. The biggest problem is that a lot of people simply don't know about cryptocurrency or they don't understand how it works. And there's also a type who refuses to invest their money in any crypto-exchange because they're afraid of losing money. To be honest, I don't think this problem will be solved in the coming years because old school people are used to living the way they live now and don't want to learn any new things.

What are your ideas on how to solve this problem?

Talk more about cryptocurrency
Explain its meaning
Explain how it works
Show the pros and cons
Explain that crypto is our future and why it's so important to invest in it right now

My uncle is 57 years old. He works in a small company. For some time he didn't want to hear about bitcoin at all. Whenever we saw each other, we had arguments about the fact that cryptocurrency is another way of spying on people, that people, who invest in bitcoin, are fools, and that they'll regret when all their money is burned out. Then I told him to read about this technology more and not the news public and some weird bloggers. I advised him to read some good books and documentaries about this system. And the next time we saw him, he completely changed his mind.

Now he tells me about his successes, how he started making good money. I'm very happy for him. Every time he thanks me for the fact that I clearly explained to him why it's worth investing in crypto. So this circuit really works!

[Sadlife]

Biggest Bitcoin problems in my opinion:

- Too complicated for masses
- No 100% reliable back-up protection if private keys are lost or stolen
- No charge-back option (this is both pro and con)
- Not enough big merchants

https://temporaryerror.com/the-problems-of-bitcoin/

Even computers where once a difficult for the masses but in time a lot of people started to adopt it because of its innovative features.

Exchanges and Custodial wallets not offers refund or insurance if something goes wrong in your Bitcoin's while stored in their websites.

Bitcoin as of now, is a store of value not suitable for micro transactions or to be used in services. Its an asset for now like gold that will increase in value over time due to supply shock. In that time when everybody in using it, every merchants will want to have it.