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Topic: Bitcoin's Weak Points - page 3. (Read 475 times)

legendary
Activity: 2310
Merit: 1035
Not your Keys, Not your Bitcoins
October 21, 2019, 02:03:49 AM
#4
The weakest point of btc which is causing hindrance in its growth is the scalability issue. For btc to become a currency of the world, scalability needs to tackeled. The other point is that it is hard to understand.  You cant bring everyone to the the cryptos because of that. This limit its use. Also, it isn't really convenient for everyday retail transactions. It is slow and cumbersome in such cases.

For the scalability and the speed of transactions problem we have the lightning network. Businesses just need to run a LN or use someone else's and they're good to go. Transactions are instant as far as I know using LN. I agree with you that blockchain technology is hard to understand for the average joe and most of them don't want to put the effort to do it, so I think the solution would be to create user friendly interfaces and ecosystems where the user can use BTC and other cryptocurrencies just like he would be using money - eg. select a name, enter the amount to send and tap on "send" button & vice-versa. QR codes would be useful as well. As a matter of fact I've just given myself an idea. lol
sr. member
Activity: 1638
Merit: 261
October 21, 2019, 02:02:03 AM
#3


We are always talking here the many benefits, advantages and power of Bitcoin, but we know that for every coin there are always two sides. Bitcoin, am sure, also have its own many weak points that may or may not need some good attention or focus.

Please share here some weak points of Bitcoin that you know and feel...let's discuss them one by one and see how solutions can be applied into them.

There are many limitations about bitcoin as well just like any other product and the but the surprising thing about bitcoin's weakness is those weakness acts as it's strength as well and I would say it's the anonymity which makes bitcoin popular as no one can track you but thia has been taken for  granted as bitcoin is used as most secure extortion method for kidnappings,  terrorism funding and money laundering. Just like anonymity we have volatility issue as well which may be a negative aspect but it does help traders to earn more.
sr. member
Activity: 744
Merit: 266
October 21, 2019, 01:56:40 AM
#2
The weakest point of btc which is causing hindrance in its growth is the scalability issue. For btc to become a currency of the world, scalability needs to tackeled. The other point is that it is hard to understand.  You cant bring everyone to the the cryptos because of that. This limit its use. Also, it isn't really convenient for everyday retail transactions. It is slow and cumbersome in such cases.
jr. member
Activity: 126
Merit: 8
October 21, 2019, 01:52:00 AM
#1


We are always talking here the many benefits, advantages and power of Bitcoin, but we know that for every coin there are always two sides. Bitcoin, am sure, also have its own many weak points that may or may not need some good attention or focus.

Please share here some weak points of Bitcoin that you know and feel...let's discuss them one by one and see how solutions can be applied into them.
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