biggest criticism of Bitcoin

[d5000]

Tell me how the F Bitcoin suppose to survive on fees and too small block reward in few years with this scenario where only big transactions are viable on L1 ?

Merge mining with drivechains is an existing and interesting idea. They need a softfork though, afaik, and developers are still skeptic. This is acually an example that I do also advocate for some protocol changes (but neither tail emission nor big blocks).

Also your logic is flawed: If only big transactions are viable on L1, then the transaction fees must be much higher than now. TX fees as of now are about 5% to 10% of miner revenue. After 2 halvings more (i.e. when you argued in another thread that Bitcoin mining will collapse), tx fees even on the current level would be thus around 20-40% of miner revenue. In your "only big txes are possible" scenario, I guess we'll have fees at least 3x or 4x higher than now, so the fees would actually be similar to the block rewards after the ~2028 halving or even similar to now.

Pushing everyone out of L1 is a good idea in your mind ?

From your argumentation in this thread I guess you like the big block idea. For some time, I have also advocated for slightly bigger blocks (Segwit2x).

But I think L2s are indeed a better idea. Why should every full node have to validate, relay and store each coffee somebody has drunk ... or the activities of a weather app storing all temperatures of a lot of stations, like it was the case on BSV?

And ... fees would actually be much lower in a big block scenario. Look at the fees at BCH and BSV. Why is not everybody using these chains? LTC, which has a relatively small-block model (although a slightly higher capacity than BTC) is much more popular for transactions than the big-blocker forks.

Everything outside L1 is NOT Bitcoin, by using LN you are not using Bitcoin. You can as well use PayPal.
Or any other receipt network.

With this logic, if you use a Bitcoin service (e.g. an exchange) then you are not using Bitcoin either, because you're dealing with IOUs.

But Lightning is deeply rooted on L1, much more than other ideas like sidechains. For small amounts it works fine. The theoretical attacks that have been discovered (and yes, they are hard to fix, in the case of the Replacement cycle attack) are only viable if they could be used to steal big amounts.

[Gladitorcomeback]

Some users might argue with what I'm about to say, but the biggest weakness has to be the manner in which most users view it as a store of value... The vast majority of people ^{[especially in the past few years]} prefer to hodl it, as opposed to actually using it!

There are two reasons that I can think of for which I wouldn't blame the majority of people holding their bitcoins instead of using them. The first one is of course a lack of opportunities for them to use their Bitcoin. What does an average person do with money? They buy groceries, pay their bills, and do other similar things with the money they earn, and if such an ordinary person buys some Bitcoin, they wouldn't think of using it for all these things mainly because they don't have places for it.

I know that if someone tries, they might find a way to do all these things using Bitcoin, maybe by finding third-party services, etc., but that wouldn't be convenient.

The second reason is that it generates money. If you buy $100 worth of Bitcoin when it's priced at $20k, your $100 turns into $200 when it reaches $40k, and people can see that happening, so they are doing what others are doing, and who doesn't want to earn money?

[lixer]

If someone criticizing Bitcoin is slow and expensive, I don't think there's an answer because it's a fact.

There are many altcoins that faster and cheaper than Bitcoin, although they have many disadvantages that actually these are Bitcoin's advantages like decentralized, secure, and trustworthy.

We have side chains and layer 2 for Bitcoin, but it's not as safe as the on-chain.

In each things, there will always be critics and it does not mean that they are always a fact but they are only just an opinion. In terms of Bitcoin, I think it is subjective because if one uses a recommended fee or higher than it, they won't ever experience a slow-down and for them it is still not expensive. For the poor users, there are still solutions to it and you already said a couple of them. There are still altcoins that are decentralized and in fact more private than what we could enjoy with bitcoin. They are also secure and trust worthy but bitcoin still has its own charm and that is the reason on why it is still the leading cryptocurrency up to this very moment.

[mirakal]

Whenever I get to talk about bitcoin with my peers, they always ask me if that would be sustainable like other assets or investments. So as a bitcoin investor, I want to tell them that it’s legit and reliable, but I don’t think it’s highly sustainable compared to gold or even other physical properties. Bitcoin is still very unpredictable, and its future is undeniably uncertain. But if the demand and promotion continue and its global adoption will be achieved, not only bitcoin as an investment will be completely sustainable but most particularly, bitcoin as a currency as well will be now taking its spotlight.

[Parvati_j]

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

I will not go far but I guess Bitcoin will always be criticized as a get rich quick scheme because the government always supported that accusation. Now asking how to defend that, I would not actually go in details but always tell the people to do their own research. I think that's the best favor I can do for bitcoin, not easily believing on lies but learn to verify those criticisms through in-depth research first.

Your responses is as though you read my mind. Generally, enough good project and inventions gets criticized because, everything has advantages and disadvantages. And for Bitcoin the disadvantages may not be much yet, government still fight Bitcoin to make sure they drag it to the ground. They have been looking to forward to pose Bitcoin as a threat but they are only jealous because they cannot control or manipulate Bitcoin to give them a desired results. And most news and videos we Watch online are materials made by critics who only seek to make the adsorption of Bitcoin reduce.

[Hamza2424]

I would say if you are so rich and holding so many Bitcoins security will be the biggest criticism as self-custody is good but, those who are not very skilled and experienced may find it difficult to manage the security of the funds, at the same time if you are a person who wants to use Bitcoin as a payment mod on your small scale business buddy be careful with the market volatility and manipulation as it can cost the heavy loss in your business if you are not managing it well. Its slow but transparent and much more decentralized so you dont have to worry.

For the rest, you are all ok.

[Psalms23]

I think one of the biggest criticisms of Bitcoin is its scalability issue. Bitcoin's blockchain can only handle a limited number of transactions per second, which can lead to high fees and slower transaction times during peak usage.

This scalability problem makes it less practical for everyday transactions compared to traditional payment systems like Visa or newer blockchain technologies with higher throughput.

[Z-tight]

So as a bitcoin investor, I want to tell them that it’s legit and reliable, but I don’t think it’s highly sustainable compared to gold or even other physical properties. Bitcoin is still very unpredictable, and its future is undeniably uncertain. But if the demand and promotion continue and its global adoption will be achieved, not only bitcoin as an investment will be completely sustainable but most particularly, bitcoin as a currency as well will be now taking its spotlight.

I don't agree with you, BTC is surely sustainable, yeah it is volatile, but even its volatility has been gradually reducing over the years. BTC is different from the many cryptocurrencies in the market, because it has utility, it is useful and that is what gives it its value. BTC does not have to be as old as gold and other traditional assets before you understand that it is sustainable, it is, and there is no reason to prove otherwise or doubt its future.

[HajiBagi]

If someone criticizing Bitcoin is slow and expensive, I don't think there's an answer because it's a fact.

There are many altcoins that faster and cheaper than Bitcoin, although they have many disadvantages that actually these are Bitcoin's advantages like decentralized, secure, and trustworthy.

We have side chains and layer 2 for Bitcoin, but it's not as safe as the on-chain.

I agree with you, criticism of Bitcoin that is slow and expensive is not something that will anyone thinks is not true, that’s a fact because we all know that Bitcoin is slow and expensive, many other altcoins are very faster than Bitcoin but they are very risky than bitcoin because some are very dangerous that you can later regret investing in the coin, since I know bitcoin I have never heard about someone criticism bitcoin that it is a shit coin that after investing in it he or she didn’t get anything from it or nothing good comes out from it, bitcoin is a very safe investment that you can trust because you can never have any problem with it unless the price is down and you decide to sell your bitcoin without having any profit.

No one can criticize Bitcoin that it is a scam or coin that it is a waste of time because even from the nature of Bitcoin you will know that Bitcoin is different from other cryptocurrencies, bitcoin is very safe unless you as an investor don’t know how to hold your bitcoin or doing some kind of stuff that can lead you to get scam by the scammers, so the only criticism that someone can criticize is that bitcoin is an unpredictable investment that we don't know when the price will rise or fall.

[Zigabel]

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

My response to any form of criticism that concerns Bitcoin will have to do with the persons point of view and on what basis they are drawing their criticism.id it's such that I have good knowledge about, just maybe I would educate them so they get a better understanding about Bitcoin otherwise I wouldn't be involved in any u fruitful and unnecessary criticism as it may be just a mare argument between a group of person who may have lacked enough exposure on the Bitcoin space and may possibly not want to improve on how much they know but just wanting to prove their biasness.

There are so many things with Bitcoin of which to a great extent they have got answers or are still been worked up on to fixing those aspects that looks unclear a d needs answer and this flexibility is one thing that keeps Bitcoin standing out from other digital assets.

[Tmoonz]

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

One of the criticisms that usually got my attention is about people ever referring or considering  Bitcoin in terms of other coins performance and existence whereas Bitcoin is the King of all other coins such that it's performance determine the performance of other coins, Bitcoin has a solid foundation and can never be compared with other coins I whichever way one could think of, Bitcoin is among the best if not the best when it comes to the world largest digital asset class. However, many are so short sighted to truly see the potentials that Bitcoin holds hence mixed being a beneficiary of it why others takes advantage of thier ignorant.

[milewilda]

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

One of the criticisms that usually got my attention is about people ever referring or considering  Bitcoin in terms of other coins performance and existence whereas Bitcoin is the King of all other coins such that it's performance determine the performance of other coins, Bitcoin has a solid foundation and can never be compared with other coins I whichever way one could think of, Bitcoin is among the best if not the best when it comes to the world largest digital asset class. However, many are so short sighted to truly see the potentials that Bitcoin holds hence mixed being a beneficiary of it why others takes advantage of thier ignorant.

And one of the main issue of it is talking about its scability on which on the moment that the network would really be having that clogged situation then fees are really that becoming insane on which it is really that
way more than on what ETH could have. Remembering those recent network spam or clogged on which it did really make the fees soar up high up to $200 as far as i remember on which this one would really be
hindering out if we do speak about global adoption or talking about integrating it as a main option when it coems to payment and other similar transactions on which it doesnt really fit out into that aspect.
Somehow despite of its cons or its disadvantage compared with some new coins in the market, but still community support would really be something the main reason on why its still sitting on the top.

If we do speak about potential when it comes to investment aspect then there would really be no doubt with that and pretty sure this is the main consideration on why
it is really that mainly been supported by investors until up to this moment.

[dezoel]

The biggest criticism of bitcoin is coming from those who have less knowledge about it moreover we experienced some spams doesn't mean bitcoin is not well protected.

However something you don't have knowledge of always seems difficult but bitcoin is one of the forum that will experience rapid growth in the near by future
The experts in the house can relate.

The only people who criticize Bitcoin indeed are those who don't know about Bitcoin, and the biggest criticism is that Bitcoin is a scam, it's just so high when you invest in it. If you do, it will eat up all your money and it will suddenly drop and you may face irreparable losses. And other people who are not in favor of online investment and doing business are also against Bitcoin and criticize it, they also think that Bitcoin cannot be as profitable as a physical business can.

The only reason for all this is that people who don't know much about Bitcoin or don't have that much knowledge about trading say things like that because what we don't know about or so we either keep quiet about this thing or we start criticizing it.

[mirakal]

So as a bitcoin investor, I want to tell them that it’s legit and reliable, but I don’t think it’s highly sustainable compared to gold or even other physical properties. Bitcoin is still very unpredictable, and its future is undeniably uncertain. But if the demand and promotion continue and its global adoption will be achieved, not only bitcoin as an investment will be completely sustainable but most particularly, bitcoin as a currency as well will be now taking its spotlight.

I don't agree with you, BTC is surely sustainable, yeah it is volatile, but even its volatility has been gradually reducing over the years. BTC is different from the many cryptocurrencies in the market, because it has utility, it is useful and that is what gives it its value. BTC does not have to be as old as gold and other traditional assets before you understand that it is sustainable, it is, and there is no reason to prove otherwise or doubt its future.

Is there any assurance that bitcoin will still exist 10 years from now? I don't think so, therefore, we can be assured about its sustainability unlike gold and other physical investments and this is one reason why it is called a high-risk investment aside from its volatility. It is not giving doubts to the community but we can't deny the fact that the future of bitcoin is uncertain. It was not like discouraging people but this gave them the real picture of bitcoin.

There is always a saying " invest the amount that we can afford to lose" It means that there is still uncertainty about the future but we trust because we believe that it will stay long. At least, it that span we are able to make (good) profit.

[Darker45]

So as a bitcoin investor, I want to tell them that it’s legit and reliable, but I don’t think it’s highly sustainable compared to gold or even other physical properties. Bitcoin is still very unpredictable, and its future is undeniably uncertain. But if the demand and promotion continue and its global adoption will be achieved, not only bitcoin as an investment will be completely sustainable but most particularly, bitcoin as a currency as well will be now taking its spotlight.

I don't agree with you, BTC is surely sustainable, yeah it is volatile, but even its volatility has been gradually reducing over the years. BTC is different from the many cryptocurrencies in the market, because it has utility, it is useful and that is what gives it its value. BTC does not have to be as old as gold and other traditional assets before you understand that it is sustainable, it is, and there is no reason to prove otherwise or doubt its future.

Is there any assurance that bitcoin will still exist 10 years from now? I don't think so, therefore, we can be assured about its sustainability unlike gold and other physical investments and this is one reason why it is called a high-risk investment aside from its volatility. It is not giving doubts to the community but we can't deny the fact that the future of bitcoin is uncertain. It was not like discouraging people but this gave them the real picture of bitcoin.

There is always a saying " invest the amount that we can afford to lose" It means that there is still uncertainty about the future but we trust because we believe that it will stay long. At least, it that span we are able to make (good) profit.

In all fairness, yeah, there isn't any assurance that Bitcoin would still be here a decade from now. But there are more than enough reasons to believe that it would still be here. For one, who can stop Bitcoin? Can any powerful entity shut down Bitcoin?

Gold has been trusted since time immemorial. But if you buy gold today, are you assured that it would still be there 10 years from now? There are also reasons to believe that gold would still be here a decade from now. There were many years in the past, however, when owning gold was made illegal. Everybody has to surrender their gold or face huge fines or imprisonment.

[Notalony]

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

I will not go far but I guess Bitcoin will always be criticized as a get rich quick scheme because the government always supported that accusation. Now asking how to defend that, I would not actually go in details but always tell the people to do their own research. I think that's the best favor I can do for bitcoin, not easily believing on lies but learn to verify those criticisms through in-depth research first.

Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.

[uswa56]

Bitcoin is not a quick and get rich quick scheme, for any one to have benefits from Bitcoin as an investment it will take alot of time with patients and consistence investing, another criticism is that most people always said that Bitcoin will crash some day buti usually let them know that Bitcoin is not a scammed project just like most of other coins, while they will be having negative feeling about Bitcoin others will be taken advantage of Bitcoin, but there is no reason for arguments perhaps Bitcoin is not for everybody and it is not by force for anyone to be convinced about Bitcoin potentials.

You are right, of course investing in Bitcoin is not a way to get rich easily, of course it takes a long process to be able to make a profit on Bitcoin investment and those who think that investing in Bitcoin will make them easily rich, of course there is something wrong with them. understand investing in Bitcoin and it could be that they only see the results that other people have gotten from investing in Bitcoin and they don't see the process they have gone through in investing in Bitcoin until they have made themselves rich.

In this case, of course we don't need to debate whether Bitcoin is good or not and this will really depend on someone who understands Bitcoin and maybe for some people it is not suitable as you said because they don't try to learn it well.

[Iranus]

~snip

Is there any assurance that bitcoin will still exist 10 years from now? I don't think so, therefore, we can be assured about its sustainability unlike gold and other physical investments and this is one reason why it is called a high-risk investment aside from its volatility. It is not giving doubts to the community but we can't deny the fact that the future of bitcoin is uncertain. It was not like discouraging people but this gave them the real picture of bitcoin.

There is always a saying " invest the amount that we can afford to lose" It means that there is still uncertainty about the future but we trust because we believe that it will stay long. At least, it that span we are able to make (good) profit.

The future is something no one can predict, so we cannot confirm anything, but if we compare bitcoin with gold, it is not wrong to say that gold is more sustainable, the future of gold is still much safer than bitcoin.

Bitcoin is gradually becoming popular and governments are increasingly recognizing its existence. The Bitcoin ETF is the beginning of bitcoin's legitimacy and global recognition, but that is not enough to claim that it is as sustainable or more sustainable than gold. Use cases and utilities cannot guarantee the sustainability of bitcoin, we need more factors to evaluate the sustainability of bitcoin.

Even though we are bitcoin investors, we should be realistic and not worship it blindly.

[CageMabok]

I think one of the biggest criticisms of Bitcoin is its scalability issue. Bitcoin's blockchain can only handle a limited number of transactions per second, which can lead to high fees and slower transaction times during peak usage.

This scalability problem makes it less practical for everyday transactions compared to traditional payment systems like Visa or newer blockchain technologies with higher throughput.

And I think it can also be considered a normal thing on the Bitcoin network when there are many transactions at one time or at peak usage. Apart from that, when Bitcoin transactions feel less practical for daily use, it can actually save Bitcoin a little from experiencing price drops more easily. Because when there are many people who always make transactions for the release of Bitcoin, even in small amounts, the transactions can be very large, there will definitely be an influence on the price of Bitcoin itself.

[Apocollapse]

Use cases and utilities cannot guarantee the sustainability of bitcoin, we need more factors to evaluate the sustainability of bitcoin.

Bitcoin is the only one coin that is safe against centralization, can be send to anywhere, and secure, do you think it's not enough?

There are no assets that completely decentralized, borderless and secure except Bitcoin.

Fiat = Borderless, not decentralized and not secure.
Gold = Less decentralized and secure, not borderless.

Even though we are bitcoin investors, we should be realistic and not worship it blindly.

That's true, that's why I never say Bitcoin will change someone life, Bitcoin will make you rich etc.