3 Concerns You Have For Bitcoin - page 4.

crzy

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Quote from: worldtraveller321 on November 06, 2019, 01:01:34 PM

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?

First concern, its value since its volatile its hard for a small hodler like me to trust the system but I still believe that if I have more patience, bitcoin will save me. So my main concern is its price.
Second concern, people are scamming people, they are too greedy and they are using the name of bitcoin. The second one is the reputation of bitcoin and I just hope that it will go high.
Third concern, the supply and system of bitcoin. If we continue to see more updates with bitcoin, we will surely see a big price and its supply can help that one out. The next halving will be big, we are hoping and waiting for a positive result on that.

Velkro

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Quote from: worldtraveller321 on November 06, 2019, 01:01:34 PM

what are 3 concerns you have for Bitcoin?

Political hell that will affect Bitcoin hard way.
Major, hard to hotfix bug breaking Bitcoin.
Hackers.
These are 3 major concerns i have personally. They all can happen and none of them also, we will see in future

Pearls Before Swine

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Quote from: kryptqnick on November 06, 2019, 03:14:10 PM

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.

Excellent list, and I have to say that if I thought about what my concerns are about bitcoin, my list would take inspiration from yours.

Your #1 concern is something that many bitcoiners ignore, along with the fact that most altcoins don't share the problem of long confirmation times and exorbitant fees during times of network congestion. Basically the only reason I'm not fixated on that problem is that I never intend to use bitcoin for purchases. It remains an investment for me and I'm not too concerned about sending it (usually).

That also relates to bitcoin's volatility, which also makes it a really bad currency. Again, that's one of the things I've come to expect and it's what makes it a good investment. I would be more concerned if bitcoin's volatility dropped to that of a stable coin. If that happened, do you think people would be so interested in it? I think not.

Not sure about your #3 and whether it could happen. Maybe the more technically inclined members of the forum could address that.

pakhitheboss

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My primary concern with Bitcoin is the speed and ability to process multiple transactions. If Bitcoin wants to become a primary currency of the Internet it has to compete with the Banking system. At the moment it does not look good.

With Lightning Network there has been a significant improvement but, Bitcoin is still far behind.

Kyraishi

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1. Mainstream adoption with bigger companies/governments, the fact that the biggest 2 economies in the world aren't interested in bitcoin (USA/China), is worrying, with one of them ignoring it completely, and one choosing to go with a government made, centralised crypto-currency which is extremely similar to their regular fiat currency.

2. Market manipulation via whales is quite the issue nowadays, and I'm a bit scared of countries trying to end BTC by owning a lot of the supply and trying to dump it.

3. Don't have a third Sad

hatshepsut93

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1. How will average people handle its complexity? Is it possible to make things simpler, or do we have to wait for people to become more tech-savvy?
2. After emission becomes significantly reduced, will transaction fees be enough to secure the network?
3. How will the population warm up to the idea of Bitcoin? It's been almost 11 years, most people are already aware of it, and still not much people use it.

Stoppie

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1. Manipulation and ownership of whales; they can destabilize the whole ecosystem (?). It would be a massive weatlh transfer with individual that will have ammased unbelievable wealth and thus power. Will central power allow this?
My counter: no owns more than 1% of the network, so its relatively harmless. You can't stop it (how is that working out for drugs)..

2. 2017 bubble pop by manipulator through unregulated Bitfinex: https://www.crowdfundinsider.com/2019/11/153702-research-by-professors-john-m-griffin-amin-shams-tether-used-to-manipulate-bitcoin-price-in-ongoing-ploy-via-bitfinex/
My counter: more regulation will take rotten apples out

3. Monetary problem with one unit of account between rich and poor countries. Like in Europe now with the euro. It's to expensive for the southern countries..

Please blast away my concerns Cheesy

!

Reosta_

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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.

hello_good_sir

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1. Mainstream adoption, I don't think we'd be seeing a lot of that in the recent years, it looks like government have chosen to make their own currencies and choose utilising blockchain technology over bitcoin technology.

2. Inability to handle microtransactions/fees(excluding lighting network), which is going to make a real life use case very difficult.

3. Incorrect interpretation from media, will likely lead to alot of people seeing it and just instantly not being interested.

kryptqnick

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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.

worldtraveller321

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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?

Topic: 3 Concerns You Have For Bitcoin - page 4. (Read 691 times)