Does bitcoin solve more problems than it creates?

[jcoin200]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. there are already plenty of ways to send money online a lot easier, it doesnt really do anything new
7. absolutely no buyer protection
8. scam companies/scammers
feel free to add to this list ^^

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

[1714984014]

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[RodeoX]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. absolutely no buyer protection

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

1. no problem. That is called a free market. You want a mommy to smooth everything out like the dollar?
2. fixable by business. If there is a demand it will be met.
3. You could pay for secure storage. Like you do with your fiat.
4. Like it happened to me twice this year using a debit card? Target breach, Home Depot breach.
5. And non-criminals
6. You could pay for it. Like you do now with your fiat. There is no such thing as free protection.

[jcoin200]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. absolutely no buyer protection

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

1. no problem. That is called a free market. You want a mommy to smooth everything out like the dollar?
2. fixable by business. If there is a demand it will be met.
3. You could pay for secure storage. Like you do with your fiat.
4. Like it happened to me twice this year using a debit card? Target breach, Home Depot breach.
5. And non-criminals
6. You could pay for it. Like you do now with your fiat. There is no such thing as free protection.

1. and this is one of the main reasons its completely unusable as a "currency"
2. there is no demand, again the difficulty to obtain makes it unusable by 99% of people
3. I dont pay the bank anything, cash at home is more than secure as well
4. get a new card for free or use cash
5. yes, but certainly the black market is the most obvious utilization for btc.  thats the only real new feature it brings to the table, a way for criminals to work online and avoid things like paypal
6. I dont pay the bank or my credit card for protection. In fact I make money with rewards

[findftp]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. there are already plenty of ways to send money online a lot easier, it doesnt really do anything new
7. absolutely no buyer protection
8. scam companies/scammers
feel free to add to this list ^^

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

Always the same questions over and over and over and over and over again.
This forum is bulging from all the answers too.
If you don't like bitcoin, don't use it.

[Come-In-Behind]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. absolutely no buyer protection

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

1. no problem. That is called a free market. You want a mommy to smooth everything out like the dollar?
2. fixable by business. If there is a demand it will be met.
3. You could pay for secure storage. Like you do with your fiat.
4. Like it happened to me twice this year using a debit card? Target breach, Home Depot breach.
5. And non-criminals
6. You could pay for it. Like you do now with your fiat. There is no such thing as free protection.

4. Don't forget JP Morgan Breach that affected tens of millions of accounts.

[RodeoX]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. absolutely no buyer protection

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

1. no problem. That is called a free market. You want a mommy to smooth everything out like the dollar?
2. fixable by business. If there is a demand it will be met.
3. You could pay for secure storage. Like you do with your fiat.
4. Like it happened to me twice this year using a debit card? Target breach, Home Depot breach.
5. And non-criminals
6. You could pay for it. Like you do now with your fiat. There is no such thing as free protection.

4. Don't forget JP Morgan Breach that affected tens of millions of accounts.

I'm still waiting for that letter.
The bottom line for me is that I do use it as a currency and have for years now. You need to be ignorant of bitcoin to buy these assumptions. And I don't really care what people who can't understand bitcoin are going to do. Na, you keep your shitty bank paper coupons.  I'm doing quite well using BTC as my money.
It reminds me of the internet in 1991. The same arguments were made to me about how stupid the internet was. Yet it did work out, and take over the planet.

[R2D221]

2. there is no demand, again the difficulty to obtain makes it unusable by 99% of people

Well, every new technology faces the chicken and egg problem. This is already known.

3. I dont pay the bank anything, cash at home is more than secure as well
4. get a new card for free or use cash
6. I dont pay the bank or my credit card for protection. In fact I make money with rewards

Only some types of accounts are free (the most basic ones), and even then, they're not entirely free. The fact that they receive your money means they can spend it on something else while claiming they still have it (this is fractional reserve).

About #4, if your cash gets stolen, it's lost for good. If your card gets stolen, you get a new card, but an insurance company has to pay for it. There's no reason why there can't be a Bitcoin insurance company (although it would work a little different from what we're used to).

5. yes, but certainly the black market is the most obvious utilization for btc.  thats the only real new feature it brings to the table, a way for criminals to work online and avoid things like paypal

Black market has been working with cash for as long as there has been cash. If I were you, I would stop using cash because it's being used by drug dealers and other kind of criminals.

[Elwar]

Bank can't freeze my bitcoins.

Only 3 of your cons did not involve fiat currency. The main problems with Bitcoin are trying to live on two currencies. I live on the dollar and the euro and it makes things difficult. It would be so much better if everyone just used bitcoins.

[jcoin200]

I don't have any problems with Bitcoin. If you do, don't use it. Problem solved.

However, Bitcoin certainly does have a few useful properties unlike any other asset on the planet. This is why I will continue to use it.

Yes it use mildly useful, but I'm trying to see if there is any real, logical reason that it would be used by a large amount of people.  After dealing with it for over a year, it seems like its more of just a niche internet tool, that doesn't actually have the usefulness that people (especially on here) want you to think it does.

[mmsen]

I like the fact that the bank cannot restrict my use of my own resources.

Question - why are so many bitcoin users concerned with the 'criminals' using bitcoins?

[commandrix]

What I like about Bitcoin:

1) It's not hard to earn some by doing work for other Bitcoin users or taking a few risks on the exchanges if I stay sharp.
2) I can just store them on my own computer rather than using a third party like a bank, and it makes them easier to spend them without having to go through a banker first. I think this has been mentioned, but JP Morgan has been hacked. So have Target and Home Depot servers that store credit card numbers.
3) Most of the problems that the OP mentioned also happens with fiat currencies. There are nations whose fiat currencies suffer through such terrible inflation that Zimbabwe has a $100 trillion dollar bill and, with another nation (I can't think which one right now), it's common to pay workers at lunchtime so they can buy things before prices go up again.

[Aemon]

1. no problem. That is called a free market. You want a mommy to smooth everything out like the dollar?
2. fixable by business. If there is a demand it will be met.
3. You could pay for secure storage. Like you do with your fiat.
4. Like it happened to me twice this year using a debit card? Target breach, Home Depot breach.
5. And non-criminals
6. You could pay for it. Like you do now with your fiat. There is no such thing as free protection.

I'd like to provide some counter arguments to these points.

1.  A lot of people will see the flux as scary, and thus not trust it
2.  Nothing here, just a good point by you.
3.  I don't pay to keep my fiat safe?  As a matter of fact they pay me to keep it safe...(Savings)
4.  Did you actually lose anything in those breaches?  I know I didn't, I did have the hassle of having to get new cards though.
5.  No point here
6.  No point here

[shawshankinmate37927]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. there are already plenty of ways to send money online a lot easier, it doesnt really do anything new
7. absolutely no buyer protection
8. scam companies/scammers
feel free to add to this list ^^

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

Bitcoin's problems will be solved with time.  Fiat's problems will become worse with time.

[Elwar]

After dealing with it for over a year, it seems like its more of just a niche internet tool, that doesn't actually have the usefulness that people (especially on here) want you to think it does.

I live and work in Germany, I get paid in dollars.

I convert my dollars to bitcoins. I sell my bitcoins on localbitcoins for euros.

I do not have to the high conversion fees. I do not have to pay the high wire transfer rates.

Because I sell on localbitcoins I actually make about 10% on the conversion.

No problem here.

[susan234]

Problems with btc:
1. wild, unstable exchange rate
2. difficulty to obtain and use (for most people)
3. getting coins hacked or lost by sending to wrong address
4. fraud/theft at exchanges (if it happened at Gox it could happen anywhere)
5. it enables criminals to get paid online
6. there are already plenty of ways to send money online a lot easier, it doesnt really do anything new
7. absolutely no buyer protection
8. scam companies/scammers
feel free to add to this list ^^

good things:
1. cheap way to send money
2. only 21 mil ever in circulation

So why should more people start using btc?  It seems the cons outweigh the pros.

2. difficulty to obtain and use (for most people)
i think this is the biggest problem ,If there are a lot of people use the bitcoin, then the other  7 problems will not be the problem.

[Meuh6879]

So why should more people start using btc?  It seems the cons outweigh the pros.

people are dumb.
they pay banks because they "think" that it's normal ... but bank generate virtual money everytime people "buy" or "receive" money.

banks will pay customers for this !
banks will pay credit card to customers !





so, bitcoin !

[Elwar]

this

[allthingsluxury]

Bitcoin creates no problems. People create problems.

[ytr8]

Few people hold the majority of bitcoin, most people do not have the bitcoin, this is the most serious problem!

[R2D221]

Few people hold the majority of bitcoin, most people do not have the bitcoin, this is the most serious problem!

Few people hold the majority of dollar. This will happen with any currency (since that's how capitalism works, unfortunately).