Topic: Does bitcoin solve more problems than it creates? (Read 2454 times)

solve the problem to be the biggest for bitcoin. now we think if bitcoin only causes problems why is there bitcoin until now? isn't bitcoin a source of profit. So if talking for bitcoin as the source of the problem I think that's not good

Bitcoin is not problematic but rather a comparative advantage for people who are open minded for investment and financial breakthrough. I’m not ignorant about the activities of scammers online using Cryptocurrency as means of defrauding and extorting.

Bitcoin as a digitized currency is decentralized and these means it’s not controlled by the centralized Authority. Bitcoin shouldn’t be seen as a problem. I don’t know if there is any means of detecting bitcoin scammers.

- Much better, to have more profits in the long run


- If you have funds and it's legal to your country, obtaining Bitcoin is not a problem. About it's difficulty to use, the word "study" do exist.


- Even your money in bank accounts could be hack, and sending it to a wrong address is the same as sending it to a wrong bank number, in short, it's your fault and responsibility, not on Bitcoin.


- Same in Fiat.


- All of the currencies and even cryptocurrencies are being used by criminals, that's why it called money.


- Blockhain is much safer for me and can't be manipulated by the Government unlike Banks.


- Again, it's your responsibility. No one is forcing you to buy Bitcoin if you don't want. Just chill and watch us getting profits from it.


- Banks are also a scam, and it's not Bitcoin who is a scam, it is the company that you were saying. Scammers existed first in Fiat.

We can't compel individuals on the best way to utilize bitcoin in a privilege or terrible manner, that is their decisions throughout everyday life. In spite of the fact that bitcoin's shortcomings were being manhandled by insatiable individuals, we can't reject that it has incredible positive uses to the opportune individuals who truly accepted the philosophy and its genuine employments and that"s what makes the distinctions that truly cleared the new first light of installment and monetary arrangement of things to come.

Bitcoin is a digital currency with lots of digital flexibility and can be used for lots of online trade and investment so with these I can boldly say bitcoin solve more problems than it creates. Since the creation of bitcoin there have always been controversy but the importance of bitcoin cannot be underestimated.

Many have found sources of living good life and making great investment and trade using bitcoin technology. I’m not ignorant of the devices of scammers capitalizing on bitcoin as a means of scamming people online because of its digital flexibility. That’s always why it’s advice to keep all your recovery details secret and in save location.

For YOU. It seems that the cons outweighs the pros, but in reality it doesn't. Have you ever been used bitcoin for transactions? Because it is nonsense if you didn't ever experience doing so. All of those cons that you'd listed are already existing. Bitcoin will not resolve the hacking on exchanges LOL. I had nothing to complain on using bitcoin, probably if you don't know much you'll to more.

Yes, bitcoin solve more problems in some countries that made it legalized. Here are some of the problems bitcoin solve in some countries of the world:
1• unemployment: Bitcoin has help some countries to reduce unemployment in the country which many citizens are enjoying today by engaging their self in bitcoin investment.
2• Bank delay: Bitcoin also solved the problems of transaction delay in the country which many people in the country are seriously facing over some years now, which is not giving them joy because of the delay they are experiencing from the bank system in the country. Since bitcoin came, every international transaction and local transaction became easy for all businesse men and women in the country.
3• profit making: Bitcoin help some users to know how to make a good profit from their Investment, not to experience any lost from their businesse in the country. It solved the problems of lack of profit making in the country which many traders have been facing in the market.

And this is the reason why Bitcoin user base has remained stagnant for the last 2-3 years. jcoin200 raised some very valid points. Volatile exchange rates, difficulty in obtaining BTC, wallet hacks.etc are some of the reasons why ordinary investors refuse to consider Bitcoin. Up to a certain point, solutions are available for all these concerns. But Bitcoin's failure is in taking these solutions to the common people, making them aware about it. And saying "If you don't like bitcoin, don't use it", is not really a solution.

That's right. If you think BTC is not for you then walk away. Simple as that.

On the other hand, I must say that most of the cons as initially listed aren't in fact cons at all. For most of them there are ways to control who for instance has your private key (this should be yours and your alone) you can also not send your funds to the wrong address 
Most of these are things that are very simple to solve.

There's nothing wrong with BTC but the people using it. Amen.

We cannot force people on how to use bitcoin in a right or bad way, thats their choices in life. Though bitcoin's weaknesses were being abused by greedy people, we cannot deny that it has great positive uses to the right people who really believed the ideoloy and the true uses of it and that"s what makes the differences that really paved the new dawn of payment and financial system of the future.

1. not really. A 5% volatility we're experiencing nowadays isn't a big thing. I feel like the volatility of fees can be more annoying than the volatility of bitcoin.
2. This problem doesn't exist for me and for anyone willing to take 10 min to learn how to do it. You can go to a nearby ATM and buy there. It's as easy as buying a foreign currency with cash/card.
3. I've been in the space since 2015 and never had a single satoshi hacked or lost. If you cannot copy/paste a string of letters and numbers maybe you shouldn't use electronic banking too?
4. That's why smart people don't hold coins on exchanges. Also, exchanges aren't the only source of coins. You can by p2p, there are f2f exchanges where you can bring cash to an office and get coins sent to your address, you can use an ATM.
5. Guns enable criminals to shoot you. Should we ban gun stores around the world? I couldn't care less that someone somewhere buys drugs with Bitcoin. People do it anonymously with cash every day.
6. Like PayPal? Sure, but those are custodial services. They own your money and if they fuck up you're stuck with support tickets.
7. Just like with cash purchases.
8. Scammers existed when people were paying with gold coins, they existed when they bartered, they will exist in 2050 with bitcoin or without it.

These aren't real cons...

Usage by criminals is not Bitcoin's fault. And the media always try to paint Bitcoin as the preferred currency of the criminals, although facts prove otherwise. A recent study by Elliptic found that around 1% of the Bitcoin transactions are associated with illicit activity, such as drugs trade or money laundering. And this proportion has been steadily declining, ever since 2013. 

I never understand any problem or drawback with bitcoin. If anyone is using bitcoins for criminal  purposes, then you cannot say that it is a drawback of bitcoin or cryptocurrencies. Bitcoin can give countries financial freedom provided they make them legal.

Bitcoin doesn't create problem, its actually made to solve problem. Its just that, from the answer it creates problem which is to improve the whole system. Bitcoin is at its early stage so its expected to see problem. When Bitcoin is fully established, we can see how Bitcoin can make a revolution where it can be used in different application in different industries.

I think the cons are created from how types of people have bitcoi. if the person can be wise and can be safe in using bitcoin I think it will not happen hacks, wrong sending addresses or other things. this is just the fault of the person himself in guarding bitcoin

It would seem as though these "problems" aren't that big than you're making it out to be OP. First and foremost, for you to even have thought about buying bitcoins, you first have to have surface knowledge regarding bitcoins. That includes everything that you are downplaying about cryptocurrencies particularly bitcoin which everyone is already aware or had a workaround to begin with. Time and time again there will be people like him who have not done his/her own research before jumping to the bitcoin hype. For all I know we'll always have these types of newbie questions for as long as bitcoin is alive.

Every single "problem" you mentioned is wrong. 
Why are you here if you feel this way?

Problems with btc:
1. Have you ever looked at other countried currencies? Many of them have just gone down vs USD since they were created. Do you think the world runs on USD?
2. Opening an account on an exchange is very much like a bank account but faster and easier and less wating. Once it is done you never have todo it again.
3. This is your own fault if you get hacked. Blaming putting a wrong address is like blaming the car for going right when you wanted to go left.
4. This happens with fiat stock exchanges. Infact it is a lot easier to lie about how well a company is doing. Once the info is leaked that they are not the stock tumbled to near 0. That's much worse than any crypto I have seen crash.
5. So does every other payment option...
6. No not true. It's enabled me to earn online and easily receive and send currency. It is safe and I am in control not some bank.
7. Wtf is buyer protection? Your brain is your "buyer protection" I can't believe you think you going to get "buyer protection" with any investment you make. Do you not grasp the concept of risk vs reward?
8. That's nothing new where have you been living before 2009? That's like blaming the internet for scams.

feel free to add to this list ^^

There is nothing to add to your "list"

To me, this list you have made looks like biases and not comparisons. Because bitcoin is never difficult to obtain; it is so easy to obtain bitcoin in the year 2020 that all you need is a debit card or a credit card; except you simply show no interest in bitcoin. And more importantly, bitcoin literaly made it more easy to send money to several countries easily.

There are frauds everywhere and the blockchain would not be an exception, this is why when you create a bitcoin wallet, or an exchange account, you are always told to protect yourself from third party data theft, hacks and also losing your private keys.

Bitcoin solves several problems in the blockchain today.

Today I transferred Bitcoin from one wallet to another and made sure that for this period the amount of commission is much less than when transferring any coin on the Ethereum network. Based on this, the Bitcoin transaction price looks more attractive, although the transaction speed still wants to be better. If the scalability problem of Bitcoin can be solved by the broader, who will not have dark spots for Bitcoin that would cause problems.

This is all very subjective. 1 is what makes Bitcoin attractive to traders, 2 seems unfair because it's not that hard to learn how to use Bitcoin. As for 3-4, robberies and mistakes while sending money using a card number is also very real. And quite a few points are essentially about one thing: scam. Oh, and regarding 5, it's not like criminals don't use fiat for financial operations.
The advantages are vague as well, since in many situations it's cheaper to pay with fiat than Bitcoin, and not everyone thinks 21 million limit us a good thing.