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Author Topic: What would you improve about Bitcoin if you had the chance ?  (Read 227 times)
MSahidan
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February 18, 2022, 04:00:58 PM
 #21

I will increase my knowledge about something related to bitcoin. So that nothing happened the first time I got to know cryptocurrency. When I first got to know and dive into the world of bitcoin, I first attended several airdrops. And there I got some tokens which if sold now I might get pretty good money. I was stupid at that time, I didn't keep the wallet's private key because of my ignorance. Yes, in the end, my assets were the result of participating in several airdrops, I had to give up because they were no longer accessible.
hyudien
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February 18, 2022, 04:07:48 PM
 #22

If it can be recovered, then all the people we have told stories about losing wallets and private keys will be very happy and become rich billionaires without worrying and stressing when there is a way or alternative to get it back again. But your wallet means someone is holding it. All-access is in your control. Storage of private keys, seed phrases and everything related to access to the wallet is the holder, not me and no one else.

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joeperry
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February 18, 2022, 05:49:36 PM
 #23

I am against too on that concept if anyone can recover lost wallets then many people will just claim about losing wallets and might even lead to scamming or something. If you really are concerned about your private key maybe you can should memorize a 14 word phrase in that way you would be able to access your wallets anywhere even if you deleted your wallet itself you can still recover it and you are the only one who can recover it.

Answering your question in the title about what I would like to improve? I would like to improve the transaction system where there is a public chain and probably private chain where all transactions where private or all of those transactions are mixed with other transactions or a private transactions for more better privacy for Bitcoin.

teosanru
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February 18, 2022, 06:03:07 PM
 #24

In as much as my private key gives me full control of my funds and it grants me access to sign a transaction if it gets misplaced then I'm doom for life. What if there was an improvement on this maybe a way of recovering back ones private key if it gets misplaced even if it would take a proof of work alogrithm or even a more tudious process but having a chance to get back lost wallets in cases of carelessness or maybe hazardous damage since it's not advisable to store private keys online nor would it possible for everyone to memorize this combined alpha-numeric values of SHA256 alogrithm
Everyone wants such a thing in Bitcoin but the problem is security itself, if one's wallet keys can be recovered this means it is somehow stored somewhere from where this thing can never be safe, instead of that the current method is better, everyone just writes up their keys and safely stores somewhere with themselves, this way you are not even having a universal place where everyone stores bitcoin and also having an extra place to look up for in case you lose your bitcoin private key. In such a manner at least no one can have an idea where you have stored your key as only you know this and ideally it should always be offline so that creepy bots don't find their way to such data.
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February 18, 2022, 07:28:55 PM
 #25

In as much as my private key gives me full control of my funds and it grants me access to sign a transaction if it gets misplaced then I'm doom for life. What if there was an improvement on this maybe a way of recovering back ones private key if it gets misplaced even if it would take a proof of work alogrithm or even a more tudious process but having a chance to get back lost wallets in cases of carelessness or maybe hazardous damage since it's not advisable to store private keys online nor would it possible for everyone to memorize this combined alpha-numeric values of SHA256 alogrithm

The best and safest method to retrieve your keys back in the future is to back them up as soon as you open a new wallet, writing down your seed/private keys is not difficult, since you know that you will be responsible for your own security, it should be your first priority before locking bitcoin on its public key hash.

If I have the opportunity to develop bitcoin, I will ensure that transaction blocks are kept to a maximum of kilobytes (if possible) so that other nodes do not suffer from a lack of space to store all data. This will encourage everyone to become a Node.
I will also make sure the speed is increased so that the memory pool can accommodate more transactions and miners will make more money in revenue, more people will want to mine and that will improve the security of the network.

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