Bitcoin's design is severely flawed | Bitcointalksearch.org

NiceSoft12

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Quote from: Kakmakr on December 28, 2017, 01:18:09 AM

Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

The flaw in Bitcoin is the people who are blind to the real reason WHY it is not flawed. If merchants refuse to implement SegWit, is Bitcoin flawed? If miners jump from BTC mining to BCash to create congestion and to push up the fees, would you say that it is Bitcoin's flaw?

When Legacy Bitcoin is spammed with worthless transactions to create congestion, is Bitcoin flawed?

The real flaw is GREED.

If bitcoin doesn't take into account "GREED" which is inevitable, than yes it means Bitcoin is flawed.

Straux

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It's these long and expensive transactions that Bitcoin has, that are making different altcoins more and more attractive for users. An example is Ripple, where instead of 7 transactions per second that Bitcoin offers, it is capable of 1500 transactions per second. This also means cheaper transactions. Soon we will see that Bitcoin will eventually become less popular, mainly a store of value, with these altcoins taking over for everyday use. They still offer the features that Bitcoin was first famous for, but offer solutions to many of the problems Bitcoin is facing in the status quo.

hilda483

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Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

Slowly Bitcoin will become just a way to store value. Using it daily will be hard due to the high fees the network has. But, what's the new coin that's gonna be used for day by day activities? What's the new Bitcoin?

BrewMaster

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Quote from: NiceSoft12 on December 30, 2017, 09:14:55 AM

I believe it's only inevitable that an alternate crypto currency overtakes Bitcoin one day. It's sad but it's inevitable. Bitcoin started the revolution, but at the end of the day it still depends on the functions.

we all know that, in fact anybody who is familiar with the blockchain technology knows that this technology will be replaced by something better someday in the future.

BUT the other thing that we also know is that the replacement is not going to be here for many many years.
most people only want to hear the first part so that they can use it to pump some shitcoin that is even more flawed than bitcoin. so i had to mention this.

audaciousbeing

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Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

I wish I could have a different opinion to this at this time but as much as I want to defend, I just just ran out of points to the defence of bitcoin and the earlier we admit that there is a fundamental flaw the better. I have seen people try to blame those who flood the network with wasteful transactions but the issue here is that there is an error that gave them the opportunity to do that and that is fundamental. Not only that, is the issue that surrounds the fork that we see everyday the possibility of that is because something was exploited which why there is a room for that, that is also a flaw.

But what we see today is people blaming the miners or the exchangers, developers, at some point would even blame newbies coming into bitcoin with their funds as if they cause the entire problem facing crypto currency.

NiceSoft12

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I believe it's only inevitable that an alternate crypto currency overtakes Bitcoin one day. It's sad but it's inevitable. Bitcoin started the revolution, but at the end of the day it still depends on the functions.

Rinaze

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Quote from: ?? on ??

I guess OP haven't heard about SegWit and LN yet Tongue

. Also, comparing centralized payment system with decentralized currency is like comparing apple with orange.
Bitcoin TX fee will be reduced a lot once everyone use SegWit and LN.

LN won't happen for another several month at least. Meanwhile BTC is limped and leaving a lot of new users frustrated by the high transaction time and fees.

entropy0

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Que sera sera

btc definitely needs some upgrade to keep up with other cryptos

player514

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Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

I assume you're claiming that it's not good for transactions under 10k because of the fee. That honestly doesn't make too much sense to me. Think of services like venmo which charge 25 cents per transaction if you're trying to get stuff out of your bank. With Bitcoin, you can set the fee that you want. It just changes how quickly you get what you want if you're relying on the confirmations. A lot of bitcoin is customizable and offers a lot of flexibility to the user if you're using the right services to hold your coins.

24core

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An Impressive Purely Anonymous Currency.

You are comparing two different things. Bitcoin is a currency for people that care a little more about their privacy. Credit Cards are the worst thing anybody can use when you are trying to protect your privacy and financial transactions.

13abyknight

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It's not the design of Bitcoin but the people who are making it look like it is flawed. Rival hard forked coins are allegedly spamming transactions making the network look congested causing a drastic increase in transaction fees, which in turn has pushed users to switch over to their coin. Once Lightning Network is in place, everything will be back to smooth functioning let's hope, and smaller transactions will be the same as before, with cheaper fees.

Invester

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Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

In terms of transaction fees, Bitcoin has a really expensive one. That is the reason why Bitcoin cannot simply be used to buy our ordinary needs such as a can of soda or a piece of hamburger. There is really no point spending Bitcoin to buy such things. It might even end up that the transaction fees are much higher and more expensive than the thing you are buying. That is too odd and ugly. That is why it is advisable that Bitcoin be used in huge amounts.

heringasem

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Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

I agree with those terms over the fees, you are right.

But Amex and Visa really need to stop their monopoly, and i really believe on the power that the lightning network has, it is just matter of patience.

Kakmakr

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Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

The flaw in Bitcoin is the people who are blind to the real reason WHY it is not flawed. If merchants refuse to implement SegWit, is Bitcoin flawed? If miners jump from BTC mining to BCash to create congestion and to push up the fees, would you say that it is Bitcoin's flaw?

When Legacy Bitcoin is spammed with worthless transactions to create congestion, is Bitcoin flawed?

The real flaw is GREED.

jseverson

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It has nothing to do with design. Bitcoin is designed with low fees in mind. The fees should be low should the network be operating at normal capacity. It's a limitation headlined by Bitcoin's scaling problem. It can only handle a certain number of transactions and the fees shoot up once that is exceeded.

I do agree it can't challenge Visa etc. at the moment, but the community will try to change that for sure. Bitcoin isn't even a decade old and it's only starting to get the mainstream's attention. It will get better.

Rinaze

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Bitcoin is practically handicapped at the moment with all the blockchain congested and no short term contingency plan in place until LN (at least another half a year) comes out. Even then I am not sure if that's enough to combat the 3rd and 4th gen currency coins..

BrewMaster

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there are flaws in bitcoin, as there is in any other new invention or new technologies. there is no denying that. but it is not at all severe. that is how the design works and there are some downsides to decentralization such as failing to come to an agreement for scaling bitcoin.

Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

this is just your opinion. all of these are centralized and that is enough incentive for wanting to use bitcoin.

and don't worry about fees, it will be fixed in a couple of months or bitcoin will simply be replaced by something that can remain decentralized and fix the fees.

bitperson

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Quote from: NiceSoft12 on December 28, 2017, 12:35:19 AM

It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

You're comparing apples with oranges. Visa etc. aren't currencies. It's even conceivable that financial service providers such as those will start to support bitcoin transactions at some point in future.

NiceSoft12

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Activity: 433

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It's perhaps one of the worst currencies in the world for everyday transactions. It's only good for transactions greater than $10,000, for now. As time goes on it will only be good for TX greater than $100,000. Any small TX would be useless to make with bitcoin.

Visa, Amex, Mastercard, will continue to dominate. Bitcoin really has no place in the financial world in this aspect....

Topic: Bitcoin's design is severely flawed (Read 235 times)