Does bitcoin solve more problems than it creates?

[Mpamaegbu]

Certainly, I believe the OP would have a change of mind were s/he to make that OP in today's world. The simple fact is that the demerits penciled against Bitcoin are nothing to hold waters under a critical examination. Bitcoin remains a life saver for all, except the haters of progress. Bitcoin is all that is good!

[Swordsoffreedom]

~

I’m trying to answer you on my own thought. forgive me if I’m wrong.

1. it is worstly unstable. but many people are invested on BTC, there is huge uses of BTC in current world and liquidity is high so we can ignore your issues now.
2. difficulty to obtain and use, it is reducing day by day and already you can notice it too.
3. I think it’s your personal problem. you can't blame that BTC is unsecure.
4. it is a big problem. we can get rid of it if we are alert. not only for BTC, Fraudulent activity can be happened anywhere.
5. it is open for everyone, so if criminals use it to get paid. that is not Bitcoin's fault. you can use a knife to cut fruits, again you can use a knife to kill someone. so, it is not the fault of knife.
6. It's true but BTC is the best all of them.
7. I don’t know what you actually mean by saying it.
8. yeah, scammer is a big issue for us. we will be alert all the time, we need a permanent solution badly to avoid scammer. But not only BTC, people are also victims of scams by using faith money.

almost all the problems you've mentioned are solvable. that's why people are using BTC and believe on it.

[Schaeferness]

This comparison is useless, I can add many flaws and many advantages, but what determines the usefulness of digital currencies as an investment are factors related to the investor.
Do you have enough money, knowledge, technical expertise, price analysis and forecasts for fluctuations, if the answer is yes then the cryptocurrency is an excellent investment for you.
I can determine the appropriate investment with me by answering the questions above and asking more questions and inquiries.

[Beparanf]

Certainly, I believe the OP would have a change of mind were s/he to make that OP in today's world. The simple fact is that the demerits penciled against Bitcoin are nothing to hold waters under a critical examination. Bitcoin remains a life saver for all, except the haters of progress. Bitcoin is all that is good!

All good things have some flaws, not all are made perfect to have some room for improvements. Having bitcoin as decentralised system can be an advantage and disadvantage depending on how we wanted to use it. In terms as investment before it pumps too much it is indeed a great investment that makes many investors earn same with as way of payment method in different online transactions. Sometimes the problem is not really the product, its the user and the people who ban or put limitations on how it can be improved more.

[TheGreatPython]

In the case of scammers, you shouldn't have added that to the problems that bitcoin has brought lol. I have seen and heard a lot of scam stories and 90% of them were not making use of bitcoin or any cryptocurrency at all. So how is that a problem that was brought by bitcoin? There are no places that you won't find scammers, they are everywhere. Recently, some scammers were busted in Dubai, and the news never said that they were using cryptocurrency, rather they were even using banks.

So, does that mean we should say that banks brought the problem of having scammers in the society? No. So let's stop blaming cryptocurrency for scam, you should rather learn how to be careful and avoid them.

[BlackHatCoiner]

Lol, I love bitcoin, but OP isn't wrong. (And that hits me hard  )

I can't convince OP to use bitcoin, but this: I use bitcoin, because I f*ckin love the way it works.

[thesmallgod]

Lol, I love bitcoin, but OP isn't wrong. (And that hits me hard  )

I can't convince OP to use bitcoin, but this: I use bitcoin, because I f*ckin love the way it works.

Most of the point listed are aint bitcoin problem but rather the problem associated with the users. For instance, I do not always encourage new users who do not much about crypto to make use of centralized wallet such as coinbase and not the decentralized one. This is because they can easily recover back their password if they do not remember the password. Using decentralized wallet might be problematic if you are kind of person that don't know how to take care of files or reckless

[BlackHatCoiner]

Lol, I love bitcoin, but OP isn't wrong. (And that hits me hard  )

I can't convince OP to use bitcoin, but this: I use bitcoin, because I f*ckin love the way it works.

Most of the point listed are aint bitcoin problem but rather the problem associated with the users. For instance, I do not always encourage new users who do not much about crypto to make use of centralized wallet such as coinbase and not the decentralized one. This is because they can easily recover back their password if they do not remember the password. Using decentralized wallet might be problematic if you are kind of person that don't know how to take care of files or reckless

Yep. Hence, bitcoin is money for smart people.

I personally find no reason to use bitcoin on a centralized site. Use your bank or paypal. Bitcoin loses its point. Usually the guy that will use coinbase.com or blockchain.com as a wallet, is for investment and not for long term.


Again, you have to love the idea of cryptos, if you want to find them useful.

[spike420211]

Necroooooooooooooooooo
It seems someone decided to reanimate the topic of 2014.

Not surprised that this was done by a newby account, but how did he unearth this ancient topic? 

[kryptqnick]

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.

This is all very subjective. 1 is what makes Bitcoin attractive to traders, 2 seems unfair because it's not that hard to learn how to use Bitcoin. As for 3-4, robberies and mistakes while sending money using a card number is also very real. And quite a few points are essentially about one thing: scam. Oh, and regarding 5, it's not like criminals don't use fiat for financial operations.
The advantages are vague as well, since in many situations it's cheaper to pay with fiat than Bitcoin, and not everyone thinks 21 million limit us a good thing.

[Arkann]

Today I transferred Bitcoin from one wallet to another and made sure that for this period the amount of commission is much less than when transferring any coin on the Ethereum network. Based on this, the Bitcoin transaction price looks more attractive, although the transaction speed still wants to be better. If the scalability problem of Bitcoin can be solved by the broader, who will not have dark spots for Bitcoin that would cause problems.

[militiariko]

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.

To me, this list you have made looks like biases and not comparisons. Because bitcoin is never difficult to obtain; it is so easy to obtain bitcoin in the year 2020 that all you need is a debit card or a credit card; except you simply show no interest in bitcoin. And more importantly, bitcoin literaly made it more easy to send money to several countries easily.

There are frauds everywhere and the blockchain would not be an exception, this is why when you create a bitcoin wallet, or an exchange account, you are always told to protect yourself from third party data theft, hacks and also losing your private keys.

Bitcoin solves several problems in the blockchain today.

[Zionatin]

Every single "problem" you mentioned is wrong. 
Why are you here if you feel this way?

Problems with btc:
1. Have you ever looked at other countried currencies? Many of them have just gone down vs USD since they were created. Do you think the world runs on USD?
2. Opening an account on an exchange is very much like a bank account but faster and easier and less wating. Once it is done you never have todo it again.
3. This is your own fault if you get hacked. Blaming putting a wrong address is like blaming the car for going right when you wanted to go left.
4. This happens with fiat stock exchanges. Infact it is a lot easier to lie about how well a company is doing. Once the info is leaked that they are not the stock tumbled to near 0. That's much worse than any crypto I have seen crash.
5. So does every other payment option...
6. No not true. It's enabled me to earn online and easily receive and send currency. It is safe and I am in control not some bank.
7. Wtf is buyer protection? Your brain is your "buyer protection" I can't believe you think you going to get "buyer protection" with any investment you make. Do you not grasp the concept of risk vs reward?
8. That's nothing new where have you been living before 2009? That's like blaming the internet for scams.

feel free to add to this list ^^

There is nothing to add to your "list"

[Twentyonepaylots]

It would seem as though these "problems" aren't that big than you're making it out to be OP. First and foremost, for you to even have thought about buying bitcoins, you first have to have surface knowledge regarding bitcoins. That includes everything that you are downplaying about cryptocurrencies particularly bitcoin which everyone is already aware or had a workaround to begin with.

Necroooooooooooooooooo
It seems someone decided to reanimate the topic of 2014.

Not surprised that this was done by a newby account, but how did he unearth this ancient topic? 

Time and time again there will be people like him who have not done his/her own research before jumping to the bitcoin hype. For all I know we'll always have these types of newbie questions for as long as bitcoin is alive.

[Pom_bensin]

I think the cons are created from how types of people have bitcoi. if the person can be wise and can be safe in using bitcoin I think it will not happen hacks, wrong sending addresses or other things. this is just the fault of the person himself in guarding bitcoin

[fishbonez11]

Bitcoin doesn't create problem, its actually made to solve problem. Its just that, from the answer it creates problem which is to improve the whole system. Bitcoin is at its early stage so its expected to see problem. When Bitcoin is fully established, we can see how Bitcoin can make a revolution where it can be used in different application in different industries.

[virasog]

This comparison is useless, I can add many flaws and many advantages, but what determines the usefulness of digital currencies as an investment are factors related to the investor.
Do you have enough money, knowledge, technical expertise, price analysis and forecasts for fluctuations, if the answer is yes then the cryptocurrency is an excellent investment for you.
I can determine the appropriate investment with me by answering the questions above and asking more questions and inquiries.

I never understand any problem or drawback with bitcoin. If anyone is using bitcoins for criminal  purposes, then you cannot say that it is a drawback of bitcoin or cryptocurrencies. Bitcoin can give countries financial freedom provided they make them legal.

[bryant.coleman]

I never understand any problem or drawback with bitcoin. If anyone is using bitcoins for criminal  purposes, then you cannot say that it is a drawback of bitcoin or cryptocurrencies. Bitcoin can give countries financial freedom provided they make them legal.

Usage by criminals is not Bitcoin's fault. And the media always try to paint Bitcoin as the preferred currency of the criminals, although facts prove otherwise. A recent study by Elliptic found that around 1% of the Bitcoin transactions are associated with illicit activity, such as drugs trade or money laundering. And this proportion has been steadily declining, ever since 2013. 

[coolcoinz]

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 ^^

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

1. not really. A 5% volatility we're experiencing nowadays isn't a big thing. I feel like the volatility of fees can be more annoying than the volatility of bitcoin.
2. This problem doesn't exist for me and for anyone willing to take 10 min to learn how to do it. You can go to a nearby ATM and buy there. It's as easy as buying a foreign currency with cash/card.
3. I've been in the space since 2015 and never had a single satoshi hacked or lost. If you cannot copy/paste a string of letters and numbers maybe you shouldn't use electronic banking too?
4. That's why smart people don't hold coins on exchanges. Also, exchanges aren't the only source of coins. You can by p2p, there are f2f exchanges where you can bring cash to an office and get coins sent to your address, you can use an ATM.
5. Guns enable criminals to shoot you. Should we ban gun stores around the world? I couldn't care less that someone somewhere buys drugs with Bitcoin. People do it anonymously with cash every day.
6. Like PayPal? Sure, but those are custodial services. They own your money and if they fuck up you're stuck with support tickets.
7. Just like with cash purchases.
8. Scammers existed when people were paying with gold coins, they existed when they bartered, they will exist in 2050 with bitcoin or without it.

These aren't real cons...

[raidarksword]

We cannot force people on how to use bitcoin in a right or bad way, thats their choices in life. Though bitcoin's weaknesses were being abused by greedy people, we cannot deny that it has great positive uses to the right people who really believed the ideoloy and the true uses of it and that"s what makes the differences that really paved the new dawn of payment and financial system of the future.