Bitcoin issues | Bitcointalksearch.org

Mickeyb

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Move On !!!!!!

Quote from: makcik on November 20, 2015, 11:30:21 AM

I have been using bitcoins for a few months now. And I guess there are some things which I think have caused me some difficulties. I only have two difficulties as follows.
(1) Price Changing Suddenly-- It really hurts and creates problems when rates go down and value of bitcoins decreases though being same in number of coins.
(2) 90% Shops don't accept bitcoins in my area and thats a huge problem for me as my btc usually stays lied in wallet.

We are well aware of both of these problems and trust me, as time passes by and as we will continue growing, both of these problems will slowly be disappearing. We just need to have patience and keep working hard as a community!

makcik

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I have been using bitcoins for a few months now. And I guess there are some things which I think have caused me some difficulties. I only have two difficulties as follows.
(1) Price Changing Suddenly-- It really hurts and creates problems when rates go down and value of bitcoins decreases though being same in number of coins.
(2) 90% Shops don't accept bitcoins in my area and thats a huge problem for me as my btc usually stays lied in wallet.

CryptoBjorn

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Quote from: ABCbits on November 16, 2015, 02:41:05 AM

There are few major problem, even for bitcoiner :
1. Bitcoin volatility
2. No stores accept it
3. Difficult to use (for first time)
4. Confirmation time

Personally, i think the most difficult problem is no stores accept bitcoin.

Yes I think it is too I like to buy some grocerys but I can't do it with bitcoiin so yeah that is one of my problem of bitcoin.

maokoto

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✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

For me the hardest thing have been:

Buying Bitcoin with fiat, and selling them back to fiat. I have done that through coinbase, but it has required providing personal data (scanning documents etc) and making international transfers with certain codes in order to link my account to that of coinbase. I highly doubt that a regular (not bitcoin enthusiast) person would do that, and think that hinders adoption.

Obtaining/earning Bitcoin. Faucets are not worth the time. Signature campaigns are ok, but do not provide that much. Banners on site also provide some, but not to earn a living or event a decent amount to pay bills. I know I can buy them, but then ... whats the point? I can also pay for my bills directly with fiat. More Bitcoin earning opportunities would be better.

Mickeyb

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Move On !!!!!!

Quote from: Hellacopter on November 19, 2015, 09:43:19 AM

I think the volatility of Bitcoin's price is the main issue of Bitcoin
However i think the price will be fixed soon after reaching some point

But can we really name this as a Bitcoin problem, this volatility? I mean it's not that we have caused this or Bitcoin's bad design has caused this, or someone else is responsible for this.

This is just a problem that every new product, stock or company goes through when they are new, when they are small and when they are growing and this will as time passes just dissappear.

Amph

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Quote from: Hellacopter on November 19, 2015, 09:43:19 AM

I think the volatility of Bitcoin's price is the main issue of Bitcoin
However i think the price will be fixed soon after reaching some point

it's also not a bitcoin fault, but people fault if the price is so stable, so who blame this should simply start to propagate the interest among his friend on bitcoin, instead of whining about the unstable price

only big adoption can fix this, and this isn't something programmable in the code...

nejibens

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Quote from: Hellacopter on November 19, 2015, 09:43:19 AM

I think the volatility of Bitcoin's price is the main issue of Bitcoin
However i think the price will be fixed soon after reaching some point

The price volatility can be the main issue of Bitcoin but i agree that the price will be stable soon

Hellacopter

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I think the volatility of Bitcoin's price is the main issue of Bitcoin
However i think the price will be fixed soon after reaching some point

Kprawn

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Quote from: thejaytiesto on November 18, 2015, 02:54:53 PM

Quote from: Kprawn on November 18, 2015, 10:08:07 AM

I think for me it's the buying and selling on exchanges. The requirements to trade and register and the verification process is just too much. I can buy a car with less hassles in my

country. These guys rape the pseudo anonymity with all their KYC/AML regulations and requirements. If you go the localbitcoin route, the risk increase and you have to rely on a

total stranger to buy and sell your Bitcoin. It would have been a lot easier, if someone offered Bitcoin vending machines with very low limits and no verification requirements. How

do you launder money or fund terrorism with a daily $20 limit on a Bitcoin vending machine?

I think the risk on LocalBitcoins is less actually, but yeah it sucks anyway. I think the only way to solve this is that we paid in Bitcoin, thats how you get true anonymity, and then you use said Bitcoins to buy goods and services directly with Bitcoin. You will never have a pleasant Bitcoin experience if fiat is involved in the dynamics of moving money.

Getting your salary or commission in Bitcoin from a employer, would make it worst actually. {central point of failure} The employer then become the target, for whomever wants to

get to the information. When you handle your own affairs, you at least have some control over the privacy of your transactions. Most employers have weak security and they can

very easily extract information from the employers database or network. Roll Eyes

AndySt

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Main issue of bitcoin is highly volatile of course therefore the vast majority of users are speculators. The second problem is a complexity of understanding the technical procedure for the novice.

owm123

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To use bitcoin anonymously. Bitcoin is not anonymous (http://www.bitcoinisnotanonymous.com/), and using it fully anonymously is not straight forward.

thejaytiesto

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Quote from: Kprawn on November 18, 2015, 10:08:07 AM

I think for me it's the buying and selling on exchanges. The requirements to trade and register and the verification process is just too much. I can buy a car with less hassles in my

country. These guys rape the pseudo anonymity with all their KYC/AML regulations and requirements. If you go the localbitcoin route, the risk increase and you have to rely on a

total stranger to buy and sell your Bitcoin. It would have been a lot easier, if someone offered Bitcoin vending machines with very low limits and no verification requirements. How

do you launder money or fund terrorism with a daily $20 limit on a Bitcoin vending machine?

I think the risk on LocalBitcoins is less actually, but yeah it sucks anyway. I think the only way to solve this is that we paid in Bitcoin, thats how you get true anonymity, and then you use said Bitcoins to buy goods and services directly with Bitcoin. You will never have a pleasant Bitcoin experience if fiat is involved in the dynamics of moving money.

NewInCryptoCurrency

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Well the problem is when I buy btc it is high when the next day it goes down.

It is kinda rollercoaster. But doesn't matter. I hold them I hope over one year goes really high.

Kprawn

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I think for me it's the buying and selling on exchanges. The requirements to trade and register and the verification process is just too much. I can buy a car with less hassles in my

country. These guys rape the pseudo anonymity with all their KYC/AML regulations and requirements. If you go the localbitcoin route, the risk increase and you have to rely on a

total stranger to buy and sell your Bitcoin. It would have been a lot easier, if someone offered Bitcoin vending machines with very low limits and no verification requirements. How

do you launder money or fund terrorism with a daily $20 limit on a Bitcoin vending machine?

ranochigo

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Crypto Swap Exchange

Quote from: franky1 on November 16, 2015, 04:58:30 PM

Quote from: ivanst776 on November 16, 2015, 01:58:11 AM

It is already a post about this but ok, the issue with bitcoin is the price itself, not to much places to spent etc.

price is not a problem..
after all, you can buy 1,000 'bits' for $0.32~ bits:(0.00000100)

Holding it is a problem. Price fluctuates wildly at times and could potentially cause the value to depreciate. It isn't a problem about the denominations.

Even though some companies allow users to hold Bitcoins in fiat, it isn't a long term solution as trust is placed in the provider.

TTMNewsMJ

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The bitcoin issue is only about it's price.
There's a time that it is in higher and lower.

twister

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Quote from: randy8777 on November 17, 2015, 12:11:59 PM

Quote from: Rude Boy on November 17, 2015, 11:34:01 AM

For me, I cannot buy/sell without my full proof on exchanges in my country(india). They need KYC. Because i don't satisfy/trust with localbitcoins. Undecided

nowadays exchanges require you to verify yourself in order to start trading. that's why a lot people like btc-e. you can buy and sell and withdraw as many coins as you want without verification.

This is my main concern, the buying/selling process has gotten difficult and I don't blame exchanges, for them to provide a service which involves lot of money coming in and going out it is required of them to ask for KYC documents from their users. But some people are not comfortable giving their IDs to these sites as they fear that website or hackers might abuse their documents. I usually buy bitcoins from a local dealer I met on LBC but there are times when he's not available or he doesn't have coins to sell and that's when it gets difficult. So far, LBC has not asked me for the KYC but I am sensing they might soon.

n2004al

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Quote from: avw1982 on November 18, 2015, 03:24:10 AM

Quote from: randy8777 on November 16, 2015, 05:21:45 AM

transaction times are too slow if you ask me. if you buy stuff online, then it's not really a problem. but as soon as you buy stuff from a physical store, things start to get slow. if that will change in the near future, then everything is fine for me.

For me also same problem. I am able buy in online but I could not able buy in all the online shopping stores. near by stores also not accepting Bitcoin because many of the people not aware of it. I need this Bitcoin stuff should reach over to all basic people globally. then we ll get solution I think.

No one thing (including bitcoin) cannot reach the people all over the world if have problems or other kind of defects. Or, at least, cannot be verified a fast spread of it. If something is not good or better, perfect, have no adoption a all or slow adoption from the people. No one have reasons to adopt it. So your idea to have spread of bitcoin in all the world and then find solution of its defects don't work and is not real or verifiable. First must find the solutions of the problems and then it is bitcoin which make publicity to itself and spread itself.

avw1982

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Quote from: randy8777 on November 16, 2015, 05:21:45 AM

transaction times are too slow if you ask me. if you buy stuff online, then it's not really a problem. but as soon as you buy stuff from a physical store, things start to get slow. if that will change in the near future, then everything is fine for me.

For me also same problem. I am able buy in online but I could not able buy in all the online shopping stores. near by stores also not accepting Bitcoin because many of the people not aware of it. I need this Bitcoin stuff should reach over to all basic people globally. then we ll get solution I think.

ranochigo

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Crypto Swap Exchange

Quote from: kyrios_ on November 17, 2015, 08:47:30 AM

Quote from: ?? on ??

Quote from: Blue_Tiger73 on November 16, 2015, 04:34:15 AM

My biggest problem with Bitcoin is definitely the transaction times. Most of my transactions are processed in around 10 minutes. The only problem is that some of the transactions take around 3 or 4 hours which is too long to wait for.

You mean is confirmation times, because transaction time is very fast. Cheesy

Yeah confirmation times in bitcoin its so long more than 10 minutes for 1 confirmation, although I raise the fee it still took a long time to get confirmation. Tongue

Confirmation times isn't problem if they accept 0 confirmation.
Also, now we use OP_CHECKLOCKTIMEVERIFY/BIP65 so double-spend or Transaction Malleability Attack won't happen anymore.

Even you put high fees, sometimes a block need an hour to get confirmation, so you're being unlucky in this case.

Whats the drawback of accepting 0 confirmations?

With 0 confirmations, the attacker can create another transactions which competes with the legitimate transaction and the attacker can recieve his own coin back. This can be also possible if a mining pool with a significant portion of hashpower mines the double spend transaction. Only one of the transactions can confirm. However, there isn't any significant downsides when accepting 0 conf transactions. Afterall, credit cards can still be chargedback after several weeks or months and counterfeit notes can also be accepted. The probability of double spend can be decreased to a negligible amount if:
1) The shop's POS system connects to different geographical nodes and ensure that the transactions are seen.
2) The transaction has a good fee/kb.
3) There is no competing transaction.
4) inputs to transaction are confirmed.

Of course, coins can still be reversed if the attacker have 51%+ of the mining power.

Topic: Bitcoin issues (Read 2613 times)