Basically my concern for bitcoin is how will it adopt if the government will make it legal. I mean its quite good though but at some point it would be a really big change to the usual processes. However, I think it can be handled properly and the more it became known to many, the more its security might be compromise as well. Its really quite wierd but we'll just cross the bridge when we get there.
I don't want it too to be legalised by government that may cause taxes in every transaction and they will put restrictions too much but it can help to lessen scam and hacking attempts. This may cause adoption of it will be legalised too. We all don't know what may happen as it gets more popular. 
Topic: 3 Concerns You Have For Bitcoin - page 2. (Read 691 times)
Basically my concern for bitcoin is how will it adopt if the government will make it legal. I mean its quite good though but at some point it would be a really big change to the usual processes. However, I think it can be handled properly and the more it became known to many, the more its security might be compromise as well. Its really quite wierd but we'll just cross the bridge when we get there.
I wonder the most that if Bitcoin can be useful on beating the inflation and the adaption can be increased all around the world or not. Especially, if the mass adaption can be applied, then it will be incredible for Bitcoin.
Inflation will be eliminated thru bitcoinGovernments acceptance and uses of it will be a big help for their economy
The price it can certainly achieve once the supply all used due to mass adoption.
* Having a governmental firm for Bitcoins which will tackle all the problems regarding this
* Having a series of updated softwares being installed
* Lightning network being updated with the bugs being solved .
*bitcoin's ATM's being installed and improved in a good way and people paying right
*Less fee for lightning network to normal wallet .
Etc..
* Having a series of updated softwares being installed
* Lightning network being updated with the bugs being solved .
*bitcoin's ATM's being installed and improved in a good way and people paying right
*Less fee for lightning network to normal wallet .
Etc..
I'm afraid maybe bitcoin won't be adopted en masse. because most countries already have national currencies. they are afraid that adopting bitcoin could disrupt the sovereignty of the national currency. and I think most countries are more interested in blockchain technology than bitcoin. we have heard a lot about companies and countries that adopt blockchain. but we rarely hear the adoption of bitcoin. I am also worried that one day my country is banning trading and investing in bitcoin. at this time my country legalized bitcoin as a trading community but not as a means of payment.
Why afraid? We are actually adopting the crypto these past few years, we can check in Coinmarketcap that the market value has risen and that there are countries who are initiating to legalize and making laws and regulation over crypto. You can check as well that there were some countries who put up Bitcoin ATM which is. a good move to everyone.
bitcoin transactions in crypto are the transactions that are considered to be very good and easy to use. in terms of security it is very reliable and has very good accuracy.
until now I have not seen that bitcon will fall because altcoin I actually see altcoin still depends on the movement and development of bitcoin, not the other way around.
so there is no need to be afraid.
It's not because Bitcoin has always lead altcoins in the past that it can not be overtaken in the future. There is always a possibility that an altcoin with a unique feature (eg. smart contract, or anonymous txs) gains more adoption because of it's real life use than Bitcoin and overtakes it. Or this may even happen when a state-backed crypto is released and receives forced adoption because of the government. until now I have not seen that bitcon will fall because altcoin I actually see altcoin still depends on the movement and development of bitcoin, not the other way around.
so there is no need to be afraid.
Same goes for security, there is a (probably very small) chance that a bug is discovered in the bitcoin client which causes the whole network to fail. Or maybe the chinese government decides to buy tons of ASICs and 51% attack the network. These situations are not probable but they definitely are possible.
Nothing is invincible, not even Bitcoin
what are 3 concerns you have for Bitcoin?
this can be for the aspect of daily use?
if mass adoption would happen?
would it solve inflation?
etc. like to hear your thought?
Possible that bitcoin as a part of the financial landscape could surely affect inflation depends on the country. Also, fiat money is already implemented worldwide and surely it will not going to disappear at the moment bitcoin become implemented I'm not really sure if the bitcoin could replace the fiat money or how the bitcoin will be implemented in a country it has so many conflicts that preventing bitcoin to become a legal currency. I think it will surely affect inflation but we don't know how it will going to affect it. this can be for the aspect of daily use?
if mass adoption would happen?
would it solve inflation?
etc. like to hear your thought?
I'm afraid maybe bitcoin won't be adopted en masse. because most countries already have national currencies. they are afraid that adopting bitcoin could disrupt the sovereignty of the national currency. and I think most countries are more interested in blockchain technology than bitcoin. we have heard a lot about companies and countries that adopt blockchain. but we rarely hear the adoption of bitcoin. I am also worried that one day my country is banning trading and investing in bitcoin. at this time my country legalized bitcoin as a trading community but not as a means of payment.
The three things that concern me about Bitcoin are the following:
1. The problem of scalability, it is necessary to evaluate the effectiveness of exchanges for millions of daily transactions, especially in the case that a practical and massive use is achieved.
2. Security from the point of view of hash control by Chinese mining, although it is very unlikely, there is a small possibility that somehow the security will be altered.
3. A potential fall of Bitcoin because another Altcoin had a very strong impact on the ecosystem and attracted the attention of millions of people, displacing Bitcoin and relegating it to a low position.
bitcoin transactions in crypto are the transactions that are considered to be very good and easy to use. in terms of security it is very reliable and has very good accuracy.1. The problem of scalability, it is necessary to evaluate the effectiveness of exchanges for millions of daily transactions, especially in the case that a practical and massive use is achieved.
2. Security from the point of view of hash control by Chinese mining, although it is very unlikely, there is a small possibility that somehow the security will be altered.
3. A potential fall of Bitcoin because another Altcoin had a very strong impact on the ecosystem and attracted the attention of millions of people, displacing Bitcoin and relegating it to a low position.
until now I have not seen that bitcon will fall because altcoin I actually see altcoin still depends on the movement and development of bitcoin, not the other way around.
so there is no need to be afraid.
The three things that concern me about Bitcoin are the following:
1. The problem of scalability, it is necessary to evaluate the effectiveness of exchanges for millions of daily transactions, especially in the case that a practical and massive use is achieved.
2. Security from the point of view of hash control by Chinese mining, although it is very unlikely, there is a small possibility that somehow the security will be altered.
3. A potential fall of Bitcoin because another Altcoin had a very strong impact on the ecosystem and attracted the attention of millions of people, displacing Bitcoin and relegating it to a low position.
1. The problem of scalability, it is necessary to evaluate the effectiveness of exchanges for millions of daily transactions, especially in the case that a practical and massive use is achieved.
2. Security from the point of view of hash control by Chinese mining, although it is very unlikely, there is a small possibility that somehow the security will be altered.
3. A potential fall of Bitcoin because another Altcoin had a very strong impact on the ecosystem and attracted the attention of millions of people, displacing Bitcoin and relegating it to a low position.
what are 3 concerns you have for Bitcoin?
this can be for the aspect of daily use?
if mass adoption would happen?
would it solve inflation?
etc. like to hear your thought?
this can be for the aspect of daily use?
if mass adoption would happen?
would it solve inflation?
etc. like to hear your thought?
To tell the truth I have striven to understand your question completely and what you want to hear but I am not sure that I could. Anyway I will endeavor to answer your question.
By far a lot of people claim loudly that using bitcoin provides some benefit. For sure there are some benefits such as
User Anonymity
No Third-party Interruptions
Purchases Are Not Taxed
Very Low Transaction Fees
Mobile Payments
No Risk of Inflation; Individuals Can Preserve Coins
International Payments Made Easy for Small Business Ventures
and much more
So, the final word is for you whether to use bitcoin or not.
In terms of the technology, yes it could be a disastrous for bitcoin when the number of users and buyersof btc arise. It may cause a huge clog in the network since there are many transactions needed to be performed.
Yup. We have seen that happen in 2017 where transaction fees peaked over $50 which is not normal at all. It was the first time I actually got annoyed by Bitcoin and realized how important a healthy scaling roadmap is.Would we be subjected to the same hype, the fees probably won't be as high as $50 per transaction due to SegWit, but certainly in the $10-$20 range, which is still not acceptable.
However, it will be also profitable for people specially those who had 1 btc and above on their wallet.
Miners are the lucky ones in the aforementioned scenario, users not so much. The miners couldn't care less how high the fees shoot up because it's money flowing right into their pockets. 
My #1 concern is that Bitcoin cannot handle being popular, and if it gets more popular, there'll be big problems with expensive and time-consuming transactions. This is basically a concern about micro-transactions (so a daily life thing, yeah) and no user-friendly solution to this problem. #2 is probably that Bitcoin will never become stable enough to be used in daily life without referring to fiat and then adjusting the price in BTC. #3 is that Bitcoin will get killed by a critical bug nobody will notice in time. There've been terrible bugs before, and while they were fixed in time, what makes us sure that this will always be the case in the future?
Seriously, though, while I care about #1 and think that it's the biggest challenge for Bitcoin, #2 and #3 don't seem that important or likely to me.
In terms of the technology, yes it could be a disastrous for bitcoin when the number of users and buyersof btc arise. It may cause a huge clog in the network since there are many transactions needed to be performed. However, it will be also profitable for people specially those who had 1 btc and above on their wallet. They might be lucky if ever the price of bitcoin goes up as well. Seriously, though, while I care about #1 and think that it's the biggest challenge for Bitcoin, #2 and #3 don't seem that important or likely to me.
How can you sure that there would be a problem from that? Because the exchange are the responsible from trading or the process of exchange from bitcoin to altcoins. We know that there are a lot of exchange site here in the internet so we do know that bitcoin doesn't delay too long even there are a huge coin from performing exchange.
My #1 concern is that Bitcoin cannot handle being popular, and if it gets more popular, there'll be big problems with expensive and time-consuming transactions. This is basically a concern about micro-transactions (so a daily life thing, yeah) and no user-friendly solution to this problem. #2 is probably that Bitcoin will never become stable enough to be used in daily life without referring to fiat and then adjusting the price in BTC. #3 is that Bitcoin will get killed by a critical bug nobody will notice in time. There've been terrible bugs before, and while they were fixed in time, what makes us sure that this will always be the case in the future?
Seriously, though, while I care about #1 and think that it's the biggest challenge for Bitcoin, #2 and #3 don't seem that important or likely to me.
In terms of the technology, yes it could be a disastrous for bitcoin when the number of users and buyersof btc arise. It may cause a huge clog in the network since there are many transactions needed to be performed. However, it will be also profitable for people specially those who had 1 btc and above on their wallet. They might be lucky if ever the price of bitcoin goes up as well. Seriously, though, while I care about #1 and think that it's the biggest challenge for Bitcoin, #2 and #3 don't seem that important or likely to me.
The thing I'm concerned about is 1. Loss of community trust in bitcoin, 2. Political issues that will bring down the value of bitcoin or restrictions in many countries about cryptocurrency trading, 3. hackers.
The reality that it's hard for bitcoin to be use in daily transactions. Imagine buying things at a certain price or value of bitcoin but tomorrow after coming back to the same store, the price changes. It's because of the volatility of bitcoin that makes it so hard to be use everyday. I see this as one of the reason why bitcoin can't get mass adoption. If ever it achieve mass adoption, bitcoin will more likely to be use as a store value. Most would probably just hold their bitcoins and convert it to fiat when they want to spend money.
Three (3) concerns I am having as of now for bitcoin is:
1. Bitcoin's network hash rate crash
2. Bitcoin might be under 51% attack
3. Bitcoin's becoming obsolete because of a new technology
1. Bitcoin's network hash rate crash
- Although highly unlikely given that China has lifted its ban on cryptocurrency-related activites such as mining, their own government-backed cryptocurrency might trigger a shift in public's interest to Bitcoin.
2. Bitcoin might be under 51% attack
- Since Bitcoin's nodes from China comprises of greater than 50%, although not likely to happen today, a 51% attack is possible if all of the nodes there are either under control by one person/organization, or they'd have an agreement to do such attack. Block validity is based on how much of the nodes agree that a block is valid, and such attack could be used to double spend by altering the next block to a previous block before a purchase.
3. Bitcoin's becoming obsolete because of a new technology
- Even though this would ultimately end the fate of Bitcoin, as all things undergo development and change is the only thing permanent in generations, there would come a time that a new altcoin, or a new framework much better than Bitcoin in terms of efficiency, security, and speed. It might be hard for investors to accept but moving on is part of everything. Even this is a concern, it's not totally bad to progress, but for Bitcoin enthusiasts, this might be a concern.
what are 3 concerns you have for Bitcoin?
this can be for the aspect of daily use?
if mass adoption would happen?
would it solve inflation?
etc. like to hear your thought?
this can be for the aspect of daily use?
if mass adoption would happen?
would it solve inflation?
etc. like to hear your thought?
I am very worried if the price of bitcoin drops dramatically not as we want it might be very difficult for us to trade with bitcoin, because now I don't think bitcoin can be used as a daily necessity but this will happen in the future, it might be good for adoption Bulk bitcoin will happen because now we know that many people have seen bitcoin to adopt it slowly.
These are my main concerns at the moment :
1. People will lose hope - We saw a huge increase in adoption in 2017 and also a large spike in the price. A lot of people bought bitcoins at that price and they might think of selling to cut their losses.
2. Some competitor might come up with a much better technology and people will dump bitcoins to buy that token or technology.
3. Governments might go out on a all out war against Crypto currencies and start banning it. It will not end Bitcoin, because it will still be used on black markets and the DarkWeb, but it will be valued a lot less.
1. People will lose hope - We saw a huge increase in adoption in 2017 and also a large spike in the price. A lot of people bought bitcoins at that price and they might think of selling to cut their losses.
2. Some competitor might come up with a much better technology and people will dump bitcoins to buy that token or technology.
3. Governments might go out on a all out war against Crypto currencies and start banning it. It will not end Bitcoin, because it will still be used on black markets and the DarkWeb, but it will be valued a lot less.
1. The process of adoption is not going fast in many countries because many people still don't know or hear about bitcoin.
2. The way to earn more bitcoin will not easy as before since bitcoin price now is reaching the high price.
3. We still need more merchants who can accept bitcoin or altcoin for the payment.
But all in all, I am sure the mass adoption will happen in the future, and we should wait for a while. If bitcoin prices can increase higher, many people will shock, and at that time, they will realize that bitcoin can be their solution to have a new source of income. I don't know about inflation because I am not studied that before.
2. The way to earn more bitcoin will not easy as before since bitcoin price now is reaching the high price.
3. We still need more merchants who can accept bitcoin or altcoin for the payment.
But all in all, I am sure the mass adoption will happen in the future, and we should wait for a while. If bitcoin prices can increase higher, many people will shock, and at that time, they will realize that bitcoin can be their solution to have a new source of income. I don't know about inflation because I am not studied that before.
Jump to: