Topic: Can the following problems be solved? (Read 170 times)

All I have to say regarding this is:

- Bitcoin is very close to the possibility of money laundering and terrorism financing: According too me amount of dirty money in the international banks or the system of international banking is much more than in the bitcoin market. The banks cannot trace back the transactions as deeply the ssystem of bitcoin technology can. And as far as criminal activities using bitcoin is concerned, when there are no regulations on a currency and the whole system is decentralized who is there to control it!!? So there is no mechanism built to control the terrorism financing.

- Bitcoin has no "best practice" and international standards to ensure the security and efficiency of the organization: that is right because there are no regulations and a control mechanism devised to control the bitcoin, there are more chances of scams and frauds. But the point is governments of most of the countries are not really ready to accept bitcoin and nobody is there to make regulations or set standards for the same.

- Bitcoin has no central entity as the subject of arrangement, no party is responsible: it is the very nature if the butoin. It is one of the very important traits of the bitcoin and it makes the whole system decentralized. And as far as fixing responsibilities is concerned, this is not possible in the case of the botcoin. the onl supporting system and the only backing of this system is its public ledger, i.e., BLOCKCHAIN.

- Bitcoin price is determined by the market depending on supply and demand: This is the common law of economics and not a problem associated with the bitcoin.

- In Bitcoin there is no consumer protection: That is why they say the consumer here has to be vigilant. It is only because of lack off government interference in the system. Only individuals cannot take a step in this direction. There has to be some organized mechanism to handle a consumer protection cell. And that can only be made possible by the interference of some organized bodies.

Yes and some of those aren't even problems but are features rather.

-Bitcoin not having a central organization is a feature
-S & D are natural laws of economics certainly not a problem
-The fact you can't reverse transactions is a secure feature

Unless the government will take action in accepting and regularizing bitcoin i dont think this problem will ever be solved. But basically this facts presented are what's making bitcoin as a signature as it is. This maybe a disadvangeous for many investors but there are also many investors who are happy and enjoying the benefits it can give them as the way as it is. If and so bitcoin will be legalized adjustments on how to regularize it will definitely change this and it wont be as original as it is. There will be implications on that case also which might be disadvantageous for one the price will increase, the anynomity will be disclosed and transactions will need more time and hassles for verificafions..the only good thing it can actually give to its investors is the security and protection against scammers and money launderers.

Recently in Russia is practically legalized cryptocurrencies.So our country will now be open to new investments in mining.After all, our electricity is one of the cheapest in the world.

- Bitcoin is not based on "underlying" for the transaction, the risk is high. - This is not true

- Bitcoin is very close to the possibility of money laundering and terrorism financing. - No doubt this is true, but even for money laundering to happen, you first need a transaction from bank account into the exchange and that can be tracked by government.

- Bitcoin has no "best practice" and international standards to ensure the security and efficiency of the organization. - Haven't you seen already how efficient the transactions are? The answer is self explanatory

- Bitcoin has no central entity as the subject of arrangement, no party is responsible. - Yes, the anonymity is what makes it unique

- Bitcoin price is determined by the market depending on supply and demand - Yes. Is not that true for every stock out there?

- In Bitcoin there is no consumer protection. - The user has to be cautious with the security of his wallet. So this market is definitely not for idiots.

All currencies are prone to all these noylt just bitcoin. Money laundering has been all over the world, all currencies are victims of this. Terrorism as well has been scattered all over the world. With regards to security, consumer protection and no party responsible, yes. Indeed we are not protected simply because of its anonimity and nontraceable feature, so long as we hold our private keys then we are secured, not falling victims to phishing sites.

most of the following aren't even problems to be solved!

elaborate, this is too vague.

bitcoin is a tool, and tools are not close to anything. people use them for different purposes but that doesn't defined them. for example if i use a fork to scratch my ass that doesn't make forks as butt-scratchers, a fork is still a kitchenware!
also as alyssa85 said the amount of usage for anything illegal is negligible when you compare it with how much fiat like US dollar is used for terrorism.

again bitcoin is a currency you are expecting things out of it that are not even related to a currency!

that is the definition of a decentralized system. there is nobody in charge. there are a set of consensus rules that the whole network agrees upon and they all follow it and that makes it trustless and secure.

name any object that comes to your mind from a loaf of bread to an aircraft carrier, price of all of them is determine based on supply and demand.

repetition of the same thing as above.

This has been proved to be false. Bitcoin is the worst thing you can use for money laundering because the blockchain tracks everything, and the ledger is PUBLIC (which means law enforcement don't even have to get a warrant to examine it the way they would have to do with your private bank statement).

The amount of money laundering done with crypto is low - cash is still best if you are a crook.

You have listed several problems that you think bitcoin has. I will focus on answering the second from the top problem as it has a big impact to me. The problem on bitcoins that it could be possibly be used in financing terrorism and money laundering has already been solved by the governments. The countries who accepted cryptocurrency have placed a strict regulation on bitcoin to track down money launderers and financing to terrorism. Using bitcoin in money laundering and on terrorism is no longer a good choice since using the blockchain technology combined with the KYC and AML regulations the sender can easily be tracked and identified even after long years.

1. As if the US dollar isn't being laundered and isn't being used for terrorism.
2. Which is good. That way, you have true ownership of your funds.
3. And the problem is?


Bitcoin is NOT a business.

First, bitcoin is a business and I believe almost all of the businesses have their own risk but I suggest that you need to know and understand first what kind of campaign you are joining.
Second, people would really know if the money is legal or illegal, you must always be a vigilant for everything you do. Think first before you do something.
Third, you yourself can actually secure your own business or your account all you need to do is to make sure that you know the rules and regulations.
Bitcoin is a business so don't expect that it is always goes up.

Can the following problems be solved?

- Bitcoin is not based on "underlying" for the transaction, the risk is high.
- Bitcoin is very close to the possibility of money laundering and terrorism financing.
- Bitcoin has no "best practice" and international standards to ensure the security and efficiency of the organization.
- Bitcoin has no central entity as the subject of arrangement, no party is responsible.
- Bitcoin price is determined by the market depending on supply and demand
- In Bitcoin there is no consumer protection.