Topic: 3 Concerns You Have For Bitcoin - page 3. (Read 691 times)

what I mean is, what if the number of people who uses bitcoin stopped increasing(the price is still the same. it's just the adoption of bitcoin stopped)
and no new people are adopting it. what then? will the success of bitcoin continue or will it fail?

Well Bitcoin is being used by some countries in their day to day transactions just that not too often. My greatest concern is about the mass adoption of bitcoin by the entire globe to be used as a digital currency for the purchases of items. Sometimes i feel this dream my never come to a reality. The volatility of bitcoin will always be a great hindrance to bitcoin being accepted as a currency which can be used in our day to day transactions.

I remember the crisis a few years ago where the blockchain had been clogged and the transaction fee had risen so high that it has become too expensive and not practical. The transaction would take hours and even days for it to be processed. I think the challenging part for the mass adoption of Bitcoin is its scalability. Can Bitcoin keep with the increase of transaction in its blockchain? Can it provide a cheap fee in processing a transaction or would it increase much more expensive in the future?

Not only me but Im sure most governments are concerned about it no. 1 on my list its energy consumption use for bitcoin mining imagine btc energy consumption per year is almost equal of Switzerland thats approximately 58 TWh/year (https://www.bbc.com/news/technology-48853230), 2nd is the scalabity issues currently no clear solution for this at the moment, LN is here yeah pretty fast but Is it totally secured enough? and lastly the legality of bitcoin as a currency what if in the future bitcoin will declared by all government as illegal? What can we do about it?   

There are a lot of concerns expressed by many people concerning Bitcoin and as expected some can be very valid or they can just worthless or misplaced ones. I would try to express here some of the biggest concerns I have on our most favorite cryptocurrency.

1 - Bitcoin is getting laid-back in the search for more adoption, use and trade all over the world. We need to increase the marketcap of Bitcoin so that slowly manipulations can be neutralized by the market itself. However, since there is no funded organization really working and promoting Bitcoin, the partnerships that Bitcoin really need is coming like a trickle but we need an avalanche.

2 - Bitcoin has not yet fully answered the need for more scalability in the network so that micro-payments can be easily be utilized by Bitcoin holders. This is so far the biggest challenge that many merchants and Bitcoin users are demanding since I can remember. To compete in the expanding payment industry, Bitcoin has to shape up and be responsive, otherwise this big market potential can be lost for good. One must be using Bitcoin without any worry that it can take time to get confirmation in paying a cup of coffee or a can of Pepsi.

3 - Bitcoin's name is always besmirched in the media due to many scams, hacks and unfair criticisms by famous personalities. This is one are where we people could not do much except maybe answering these concerns on the social media. Many people still think of the "Bitcoin scams" when in fact they are referring to scams that accepts Bitcoin in the same that they are also accepting the dollar. Some famous personalities are making a regular habit of spreading false information and impression on Bitcoin.

I am not expecting that soon these concerns can be given direct and indirect solutions but I am sure that as time goes on or maybe years from now we can see the silver lining. As a firm believer in Bitcoin, I see these things as just birth pains or just a toothache in a growing organism that is called as Bitcoin.

Firstly. It's true that Bitcoin is getting popular and familiar around the world, but it's also true that if it gets too much popular then the transaction time will require more and more so that it will get a real problem at that time, I think people will not get interested in paying and sending money by this platform, so the transaction time is the first concern for me, Secondly, Instability is the real problem in recent time and it can't be solved without taking a huge regulation set up so this one could be one of the main barriers of this platform and Finally, No government will allow very easily Bitcoin as a legal currency because this is nothing regulation so it can't be handled in a single hand, that's why it means a lot.

I think very difficult to be able to guarantee that bitcoin can last for the next 20 years because currently the supply of bitcoin is very limited and it has begun to be very difficult to get bitcoin so I think bitcoin when it reaches the maximum supply will make bitcoin not used anymore because it must be of value the exchange has been very expensive and shipping costs are also very expensive because of the rising price of bitcoin and I don't think bitcoin will be affected by price inflation.

in my opinion adopting bitcoin will take a long time maybe 10 years or 20 years. because most countries already have their own currencies and also some people are also not ready to make transactions using bitcoin. and in my opinion some countries are more interested in adopting a blockchain than bitcoin. and for inflation I think bitcoin can indeed be relied upon to prevent inflation. if we save our money in bitcoin it will definitely not be affected by inflation. but we also have to be prepared if bitcoin is impaired.

1. How will bitcoin react in the case of an economic crisis? We believe it could behave in a positive way but it could also go down and we will not know until it happens.

2. If bitcoin is made illegal all over the world how will the majority of holders react? Many say they will keep holding their bitcoin but I have my doubts

3. As the block reward goes down due to the halving can the miners really sustain themselves only with the fees?

Bitcoin cannot be understood easily by common people/all people on this world, because its complicated concept. Bitcoin will be used by someone who has a knowledge against technology or at least he uses a smartphone on his daily lives. But, for those who don't know at least to operate a smartphone then I bet they won't ever know what bitcoin is or even what the function of it.

Indeed, for those people who lives at developed country they will be easy to cought an understanding about bitcoin, for at least they will know what its function. But, for those who live at developing country where the technology aren't being used on their daily lives such as in my country who still many people who don't know at least to use a smartphone and even they just comfortable with their lives situation now, just believing fiat money is one tool which is lawfully used for transactions.

Bitcoin adoption in bulk, I don't think will happen. Developed and developing countries are more interested in blockchain technology and build their own platforms than using Bitcoin technology. They made their own stable token and built a new network based on the blockchain. My concern for bitcoin is only about the legality problem that bitcoin has, because not all countries agree with bitcoin and bitcoin voting which has a high risk.

1. Bitcoin actually isn't anonymous. It's pseudo-anonymous. Hence, easily trackable with the right tools and with the right people. https://www.tweaktown.com/news/68208/bitcoin-helps-track-down-massive-pedophile-ring/index.html

2. Bitcoin, as in the protocol, is secure. It's the exchanges that have been hacked that are not secure. There's a huge difference there.

Hacking, because it is prone to occur even large exchanges were affected
Government bans, that's what makes me afraid because people will move to fiat again if the ban is legalized
There is bad news, there is bad news, which makes prices go down badly, especially if there is an issue that does not involve bitcoin.

But I believe bitcoin going forward without worries.

Right now, my main concern is the stoppage to use it on their evil perspective. There are some groups who only use the name of bitcoin for their own evil intention. Yesterday in our country, there was some group that doing Multi-million Ponzi Scheme and the victims mostly are ignorant people about how cryptocurrency works. Thankfully they are caught yesterday but their mastermind got away with those millions of pesos he got from people. if only we can stop this kind of fraud, I'm sure there would be a huge amount of people already adopting the used of bitcoin now, without fearing that they might lose their funds.

My concern for bitcoin is 1. Bitcoin will be rejected by countries for alternative transaction. because its privacy (anonym) and decentralization nature. 2. bitcoin will suddenly fall when it reaches the highest price due to mass sales by miners. 3. Bitcoin is no longer attractive to the public because the price is too high. so that between the purchase amount and the fee is not balanced (greater fee)
Bitcoin can be hacked / broken, as we know. technology is updated every day. it is not impossible if one day bitcoin will be solved.

3 concerns I have for Bitcoin :

1. Bitcoin is very hard to track because of the confidential nature and transactions of Bitcoin anonymously, Bitcoin is one of the hardest-tracked circulation. Thus many utilize Bitcoin exchanges for illegal buying and selling.
2. Bitcoin is not secure, it is often hacked by hackers when the price of Bitcoin rises, I am very worried if our assets are lost in exchange.
3. Not environmentally friendly, In Bitcoin mining, we will use certain devices, where a mathematical solution involves a number of algorithms and software.
All of these computation certainly consumes electricity, and the electricity used does little.

I don't have doubt that Bitcoin will become popular to every nation, I know that it will become the favority crypto and will always be the King of all time, mass adoption is there, as well as adapting the blockchain in every companies.

But, my concern is that when each government will make it legal, or even accept it, so that the doubt, fear for most people will be vanished and the adoption can really be seen all over the world.

What do you mean adoption will stop? Do you mean Bitcoin's death (no value at all?)
That's still far from happening, you might be able to pull out your investments before Bitcoin will totally lost its value.


I assume you're talking about whales? Trust me, they don't have the full control over the market. What they can do is to put a massive buy out or sell out just to steer the price in the direction they want, but they cannot take control to hit a specific figure.


Crimes exist long before the creation of Bitcoin and it involves money/fiat currency. A lot of money!
Does that put fiat currency into a bad light?
No, I don't think Bitcoin will be in a bad light here since It wasn't created for criminal purposes in the first place.

1 the adoption of bitcoin stopped. although it is almost impossible to happen and I'm really not sure what would happen if the adoption of bitcoin stopped.
that is what concerns me not knowing if bitcoin would continue its success or will fall to its failure and will be forgotten if the adoption stopped. please answer if
you have at least a gist of what would happen if the adoption of bitcoin stopped?

2 Certain people having control over the price of bitcoin. we all know which certain people they are.

3 Criminal taking advantage of it's "Anonymity". although it has been proven that bitcoin transactions are traceable it still puts a bad image to bitcoin that
it is being used for illegal activities.

(example of authorities using bitcoin transactions to track down paedophiles all over the world link: MANILABULLETIN)

My concerns for bitcoin
1. Whales manipulation makes the market difficult to guess even though it has done the analysis correctly, it is still a big possibility
    there will be an impromptu dump. This can make panic sell to some investors.
2. Mass adoption is too long, blockchain and bitcoin technology has been running for about 10 years but there are still many countries
    that have not yet adopted bitcoin.
3. Volatile bitcoin prices are increasingly difficult to implement as an alternative choice for payment. Because most people are still
    comfortable with fiat as a means of payment because its value is stable.