What's Bitcoin's biggest problem

[desertfox470]

I think that bitcoins biggest problem's are the following:
1. People just don't understand btc. The average person doesn't understand the whole concept of what bitcoins actually are.
2. No charge backs while this is one of the biggest advantages it is also a downfall for those who fall victim to scammers.
3. The price is always changing therefore people may be weary of actually investing in btc when they can potentially loose money.

[bitcrystal]

my problem on bitcoin was to build a decentralized exchange by it... To exchange differently coins was not safe enough and website how mtgox can not trust... . Multisignature transaction rpc commands was a good thing but its was very difficult to create raw transactions by the commands... To build a solution of the problem i build a coin with a high level easy decentralized exchange api....
A developer the have the same problem please look here

https://bitcointalk.org/index.php?topic=966861.0


and a guide to create easily a transaction please look here


http://bitcrystal.de/bitcrystal_conf_update/multisig_guide.pdf

[ajareselde]

I'm a student doing some research on Bitcoin... learning slowly! And I'm trying to draw some conclusions. I'm just wondering what the Bitcoin community thinks is Bitcoin's biggest problem. What single thing would make Bitcoin more mainstream? Is it a reputational issue? Is the tech still too complex for the "average" person? Or is it simply that there is no compelling reason for the majority of consumers to get involved? Thoughts appreciated! Thanks

Bitcoin is not yet known to average person, and those who heard of it and know it, they mosty got familiar with it through some bad news about it (like bitcoin thefts,mt.gox .etc..)
So bitcoins main problem is that prople dont know about it, and i would say the ireversibility of transactions from thefts and scams.
Fix those two, and you will have merchant adoption on a whole another level , and many new users that will use bitcoin to store value.

cheers

[MakingMoneyHoney]

Bitcoin's biggest problem is that people still trust the current financial, currency and banking system.

I think that bitcoins biggest problem's are the following:
1. People just don't understand btc. The average person doesn't understand the whole concept of what bitcoins actually are.
2. No charge backs while this is one of the biggest advantages it is also a downfall for those who fall victim to scammers.
3. The price is always changing therefore people may be weary of actually investing in btc when they can potentially loose money.

If Bitcoin were somewhat mainstream tomorrow, there will still be a large group of people who want charge backs, because they want protection, and I agree with picolo that people trust the current system to hold their hands and protect them.

They will argue that there are too many scam sites, exchanges can't be trusted with cryptocurrency (whether they've been hacked or inside jobs they're not very trustworthy as a whole right now), computers and online wallets are too easy to be hacked, and there are plenty phishing sites and emails.

While many of those can be said about fiat also, fiat is insured and chargebacks make people feel safe.

[bitllionaire]

now,maybe transactions time, but the really biggest is the people, and how to extend it to them

[PenguinFire]

I think bitcoin's biggest problem, more so down the road, is single people or small groups of people having crazy amounts of coin in their personal control.

[AgentofCoin]

Marketing is the current biggest problem.
Scalability is very close behind.

[Beliathon]

Bitcoin's biggest problem is that people still trust the current financial, currency and banking system.

Yes, similar to how reason's biggest problem is that people still choose to believe things without compelling evidence. Both problems are temporary side-effects of the infant state of our species.

It's the classic "you can lead a horse to water, but you can't make it drink" problem.

[desertfox470]

Marketing is the current biggest problem.
Scalability is very close behind.

While the marketing does need to grow it cannot grow to fast or else people will quickly loose intrest. You can buy lots of things with btc's now. Including anything on amazon with an amazon gift card. You can buy anything on newegg, and also coffee at local places.

51%, problem related to taxes, and adoption

also minor problems like the size of blockchain and other little technical things, i don't remember now

i don't think there is problem  about the difficulty to use bitcoin, just the average joe aren't accustomed to it yet

I agree about the problems with taxes also. Many people are uncertain about what the government will do with bitcoins, and many people do not want to risk getting in trouble with the IRS when it can be easily avoided at this time.

[gentlemand]

1. People just don't understand btc. The average person doesn't understand the whole concept of what bitcoins actually are.

And people just don't understand regular money either. Shockingly few have ever actually bothered to spend a few minutes reading about the nature of the whole thing.

I wonder whether BTC will reach a stage where knowing anything about it is as unnecessary as fiat, or whether it'll inspire people to look deeper.

[1Referee]

I think bitcoin's biggest problem, more so down the road, is single people or small groups of people having crazy amounts of coin in their personal control.

What's the difference with our current world economy where the rich hold nearly all the wealth. There is no difference.

This is not likely going to change. At some point Bitcoin will be in the hands of rich corporations, banks, etc if it happens to go mainstream.

In a nutshell : Not a problem at all.

[ajareselde]

I think bitcoin's biggest problem, more so down the road, is single people or small groups of people having crazy amounts of coin in their personal control.

What's the difference with our current world economy where the rich hold nearly all the wealth. There is no difference.

This is not likely going to change. At some point Bitcoin will be in the hands of rich corporations, banks, etc if it happens to go mainstream.

In a nutshell : Not a problem at all.

This is actually a good thing, and more noticable to other holders as the max. coin limit of 21 million cant be passed.
Because if you have alot of fiat, lets say USD, someone holding alot of it should make your money more valuable, but only by a tiny fraction, but in btc, it will definetly be more noticable since there will only be 21 million, and it will be (actually allready is) mostly the case in early stages (about first 10 years of bitcoin), where the spread of coins didnt happen yet.
So i wouldnt take this as a problem, but rather as a good thing, especially at start.

cheers