Topic: biggest criticism of Bitcoin - page 2. (Read 736 times)

And one of the main issue of it is talking about its scability on which on the moment that the network would really be having that clogged situation then fees are really that becoming insane on which it is really that
way more than on what ETH could have. Remembering those recent network spam or clogged on which it did really make the fees soar up high up to $200 as far as i remember on which this one would really be
hindering out if we do speak about global adoption or talking about integrating it as a main option when it coems to payment and other similar transactions on which it doesnt really fit out into that aspect.
Somehow despite of its cons or its disadvantage compared with some new coins in the market, but still community support would really be something the main reason on why its still sitting on the top.

If we do speak about potential when it comes to investment aspect then there would really be no doubt with that and pretty sure this is the main consideration on why
it is really that mainly been supported by investors until up to this moment.

One of the criticisms that usually got my attention is about people ever referring or considering  Bitcoin in terms of other coins performance and existence whereas Bitcoin is the King of all other coins such that it's performance determine the performance of other coins, Bitcoin has a solid foundation and can never be compared with other coins I whichever way one could think of, Bitcoin is among the best if not the best when it comes to the world largest digital asset class. However, many are so short sighted to truly see the potentials that Bitcoin holds hence mixed being a beneficiary of it why others takes advantage of thier ignorant.

My response to any form of criticism that concerns Bitcoin will have to do with the persons point of view and on what basis they are drawing their criticism.id it's such that I have good knowledge about, just maybe I would educate them so they get a better understanding about Bitcoin otherwise I wouldn't be involved in any u fruitful and unnecessary criticism as it may be just a mare argument between a group of person who may have lacked enough exposure on the Bitcoin space and may possibly not want to improve on how much they know but just wanting to prove their biasness.

There are so many things with Bitcoin of which to a great extent they have got answers or are still been worked up on to fixing those aspects that looks unclear a d needs answer and this flexibility is one thing that keeps Bitcoin standing out from other digital assets.

I agree with you, criticism of Bitcoin that is slow and expensive is not something that will anyone thinks is not true, that’s a fact because we all know that Bitcoin is slow and expensive, many other altcoins are very faster than Bitcoin but they are very risky than bitcoin because some are very dangerous that you can later regret investing in the coin, since I know bitcoin I have never heard about someone criticism bitcoin that it is a shit coin that after investing in it he or she didn’t get anything from it or nothing good comes out from it, bitcoin is a very safe investment that you can trust because you can never have any problem with it unless the price is down and you decide to sell your bitcoin without having any profit.

No one can criticize Bitcoin that it is a scam or coin that it is a waste of time because even from the nature of Bitcoin you will know that Bitcoin is different from other cryptocurrencies, bitcoin is very safe unless you as an investor don’t know how to hold your bitcoin or doing some kind of stuff that can lead you to get scam by the scammers, so the only criticism that someone can criticize is that bitcoin is an unpredictable investment that we don't know when the price will rise or fall.

I don't agree with you, BTC is surely sustainable, yeah it is volatile, but even its volatility has been gradually reducing over the years. BTC is different from the many cryptocurrencies in the market, because it has utility, it is useful and that is what gives it its value. BTC does not have to be as old as gold and other traditional assets before you understand that it is sustainable, it is, and there is no reason to prove otherwise or doubt its future.

I think one of the biggest criticisms of Bitcoin is its scalability issue. Bitcoin's blockchain can only handle a limited number of transactions per second, which can lead to high fees and slower transaction times during peak usage.

This scalability problem makes it less practical for everyday transactions compared to traditional payment systems like Visa or newer blockchain technologies with higher throughput.

I would say if you are so rich and holding so many Bitcoins security will be the biggest criticism as self-custody is good but, those who are not very skilled and experienced may find it difficult to manage the security of the funds, at the same time if you are a person who wants to use Bitcoin as a payment mod on your small scale business buddy be careful with the market volatility and manipulation as it can cost the heavy loss in your business if you are not managing it well. Its slow but transparent and much more decentralized so you dont have to worry.

For the rest, you are all ok.

Your responses is as though you read my mind. Generally, enough good project and inventions gets criticized because, everything has advantages and disadvantages. And for Bitcoin the disadvantages may not be much yet, government still fight Bitcoin to make sure they drag it to the ground. They have been looking to forward to pose Bitcoin as a threat but they are only jealous because they cannot control or manipulate Bitcoin to give them a desired results. And most news and videos we Watch online are materials made by critics who only seek to make the adsorption of Bitcoin reduce.

Whenever I get to talk about bitcoin with my peers, they always ask me if that would be sustainable like other assets or investments. So as a bitcoin investor, I want to tell them that it’s legit and reliable, but I don’t think it’s highly sustainable compared to gold or even other physical properties. Bitcoin is still very unpredictable, and its future is undeniably uncertain. But if the demand and promotion continue and its global adoption will be achieved, not only bitcoin as an investment will be completely sustainable but most particularly, bitcoin as a currency as well will be now taking its spotlight.

In each things, there will always be critics and it does not mean that they are always a fact but they are only just an opinion. In terms of Bitcoin, I think it is subjective because if one uses a recommended fee or higher than it, they won't ever experience a slow-down and for them it is still not expensive. For the poor users, there are still solutions to it and you already said a couple of them. There are still altcoins that are decentralized and in fact more private than what we could enjoy with bitcoin. They are also secure and trust worthy but bitcoin still has its own charm and that is the reason on why it is still the leading cryptocurrency up to this very moment.

There are two reasons that I can think of for which I wouldn't blame the majority of people holding their bitcoins instead of using them. The first one is of course a lack of opportunities for them to use their Bitcoin. What does an average person do with money? They buy groceries, pay their bills, and do other similar things with the money they earn, and if such an ordinary person buys some Bitcoin, they wouldn't think of using it for all these things mainly because they don't have places for it.

I know that if someone tries, they might find a way to do all these things using Bitcoin, maybe by finding third-party services, etc., but that wouldn't be convenient.

The second reason is that it generates money. If you buy $100 worth of Bitcoin when it's priced at $20k, your $100 turns into $200 when it reaches $40k, and people can see that happening, so they are doing what others are doing, and who doesn't want to earn money?

Merge mining with drivechains is an existing and interesting idea. They need a softfork though, afaik, and developers are still skeptic. This is acually an example that I do also advocate for some protocol changes (but neither tail emission nor big blocks).

Also your logic is flawed: If only big transactions are viable on L1, then the transaction fees must be much higher than now. TX fees as of now are about 5% to 10% of miner revenue. After 2 halvings more (i.e. when you argued in another thread that Bitcoin mining will collapse), tx fees even on the current level would be thus around 20-40% of miner revenue. In your "only big txes are possible" scenario, I guess we'll have fees at least 3x or 4x higher than now, so the fees would actually be similar to the block rewards after the ~2028 halving or even similar to now.

From your argumentation in this thread I guess you like the big block idea. For some time, I have also advocated for slightly bigger blocks (Segwit2x).

But I think L2s are indeed a better idea. Why should every full node have to validate, relay and store each coffee somebody has drunk ... or the activities of a weather app storing all temperatures of a lot of stations, like it was the case on BSV?

And ... fees would actually be much lower in a big block scenario. Look at the fees at BCH and BSV. Why is not everybody using these chains? LTC, which has a relatively small-block model (although a slightly higher capacity than BTC) is much more popular for transactions than the big-blocker forks.

With this logic, if you use a Bitcoin service (e.g. an exchange) then you are not using Bitcoin either, because you're dealing with IOUs.

But Lightning is deeply rooted on L1, much more than other ideas like sidechains. For small amounts it works fine. The theoretical attacks that have been discovered (and yes, they are hard to fix, in the case of the Replacement cycle attack) are only viable if they could be used to steal big amounts.

The thing is that energy consumption isn't what people should worry about because mining bitcoin does cover a lot of energy and yet total combined isn't as much as people think it is so that is not the real worry, we should consider that energy is something that could be made for them as well because they could use solar or wind too.

I think the biggest issue for users is the fee and timing, you send some bitcoin and the transaction costs so much and it happens sometimes as late as half an hour later, that is our biggest issue. I get that people could be looking into something different at times, but we shouldn't really be worried about it. We need to consider the fact that we should find a solution to that if we know what we are doing.

The biggest criticism of bitcoin is coming from those who have less knowledge about it moreover we experienced some spams doesn't mean bitcoin is not well protected.

However something you don't have knowledge of always seems difficult but bitcoin is one of the forum that will experience rapid growth in the near by future
The experts in the house can relate.

The biggest criticism that i have always come across is when people always say every year that bitcoin is a scam, that won't exist any more. People who don't also believe bitcoin,  in the bear market when the price of bitcoin falls very low they always say it is the end of bitcoin and it will never come up again.  So many criticising of bitcoin but still bitcoin is still doing well and more people are adopting. If bitcoin was an innovation that depends on people criticism would have destroyed it.

If the network offered privacy in the protocol level, then i am sure that the U.S government would have started its attack directly on the BTC network, right now they are attacking BTC privacy solutions, like mixers and CoinJoin, imagine what they would have done if there was privacy in the BTC protocol, they would try everything they can to destroy it.

I think it is better we achieve privacy with other tools than directly on the network.

It means you convince them by showing you're making money through Bitcoin? that's bad idea to counter their criticism, they will see you as a rich person and they will become fake since they're want to get close with you. Money is everything now, that's why a lot people like to follow the rich in order to get their money.

I've seen many people are saying Bitcoin is scam, but I never get mad with that, usually I reckon their opinion and also say Bitcoin is scam. So, it will make them not know that I'm Bitcoin holder, my privacy will be fine.

If scaling up block size is simple and does not cause side effects to other things, it would have been done already. Other blockchains can have bigger block size, for example Bitcoin Cash, but demand on that blockchain is low.

Security of that blockchain is lower than Bitcoin blockchain too.
https://howmanyconfs.com/

It's really hard to attack Bitcoin network but it's more easily to do this with altcoin networks.
How many Bitcoin confirmations is enough?

You can continue the discussion on Bitcoin side chain in a thread created for this purpose.

Sidechain Observer - Bitcoin L2 Projects & current state of development

I guess it's Bitcoin's scalability that's the biggest problem. It simply can't handle a large number of transactions. And whenever the network is clogged, it would immediately result into exorbitant fees and very slow confirmation of transactions unless you're willing to pay ridiculously high fees.

If this is brought forward as a criticism, I probably end up citing L2 networks and sidechains and whatnot. And although I'm definitely far from being sufficiently knowledgeable on these topics, I could easily mention the likes of Lightning Network, Liquid Network, Rootstock, Stacks, among others. But the truth is that these aren't Bitcoin. They're separate networks. In which case, they're actually not solutions to the problem. An off-chain solution to an on-chain problem might not be that convincing of an answer.

For me, the most important to respond to this in conversion is to always acknowledge it, acknowledge the issue or concern, and not invalidate it.
Next is don't focus on the issue or negativity, showcase or highlight also the positive highlights of Bitcoin, like mentioning some positive things about Bitcoin.