Topic: Drawbacks of Cryptocurrency from becoming MainStream (Read 152 times)

The first one isnt a big of a problem there are QR codes and most of the sites allow your adress to be copy pasted.
The second one is problem that trully requires somekind of fix in the other hand its not so common becouse of the above mentioned copy paste and qr code scan this shoudnt be a problem that a lil bit more attention woudnt fix.
In my opinion biggest crypto drawbacks atm are scalability , mass adoption as most of bigger business does not want to let in oponent like it. Others scare that it may colapse any second and does not want to commit taking losses it may bring with it. And there is still the scam coins and ICO's that still find people who are unlucky to believe it will be legit projects this one is biggest drawback in my opinion.

So are we going to use decentralized cryptocurrency with centralized address shortening service which can't be proven to don't replace addresses/hacked behind the scene?

- The long address is not a problem. I rarely type addresses. I just copied and pasted. And, that's more reliable.
- I think the inability to correct the mistakes is a problem when you are not focusing on what you are doing.
- IMO, drawbacks of cryptocurrency from becoming mainstream is that the main percentage of its usage is on exchanges. We can't deny the fact that it also make cryptocurrency mainstream but that's it. Nothing more. We can say that cryptocurrency is accomplishing no purpose in that way. That's just my opinion.

Here you are. Just paste in your link and get a shortened version:

https://bitly.com/

https://goo.gl/

I do believe the long address is difficult (for moms and pops) for people whom are not knowledgeable in technology. I know for a fact that aloth of peoplke around me if they were to get into crypto-currency they would loose a part or all their budget on trivial reasons.


Not talking about pulling your money regardless, but certain conditions have to be met. With a number of feature to be added to reduce the chances of mistaken transactions.
As mentioned before, limited quantity transfer to be received until certain conditions are met to verify that the use of this wallet is for actual use (human verification). Not exposing the users identity but to ensure the address has not just been initialized and left or produced by bot.

thanks;

Link shortening service?

Not a third party, but the wallet itself, something similar to checksum which shows that is valid by have a check on the transaction history.

Check address 321

Owner address                                  |    321 Address
Transaction History                            |    Transaction History
Check Function sent 0.001                  |    Received 0.001 from xxxx (check function)
to address 321                                  |    Sending 0.001 to xxxx
Received from 321 Check                     |
function complete                               |

The long address isn't a problem - use QR codes, or a link shortening service.

1. I can't think of many good reasons for memorizing an address. Anyway, sometimes transferring an address between devices can be cumbersome, but usually it is not a problem and there are ways other than writing it down. Some sort of address registration service might be helpful, but if it were really necessary, it would have already been created.

2. The problem with being able to get your money back when you make a mistake is that you can also get your money back when you don't. It enables the kind of serious fraud that banks and credit card companies have to deal with. If you need a third-party to validate transactions, then you have eliminated the main advantage of a cryptocurrency.

It seems like what you are asking for is a banking system and debit cards. That has all the features you want and it already exists.

Hey;

The negatives/drawbacks of Crypto-currency that prevent it from becoming mainstream in my opinion:

• 1-Long address

The 30 so character address that are difficult to be memorized and can be difficult to write down from phone to pc. And has a high chance of being written down incorrectly.

• 2-Cancel Incorrect Transfers

If you incorrectly transfer coins to a wrong address, that is it you cannot retrieve it back.
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For the first issue: I believe maybe grouping or paid secondary address would work.
     Grouping:
     a word or two to cover the 20 characters and keep the 10 characters.
     Rain-Wantan-05ba15fd82f

     Secondary Address:
     You would pay a fee to associate your 30 so character wallet address to a preferred address.
     e.g. my-ether-wallet-addres-123,  crypto-gaint-6000-wallet etc.

For Second Issue:
     a-Limit quantity to be transferred (receiving and sending) until the address goes through  human verification process to verify not a bot.
     b-Transfer occurs only after the
     c-A subcategory in the transfer part stating the type of transfer (similar to banks)
        ex. Personal Transfer (Transfer to one of the owners wallets will only occur if the address is in an address book)
             Donation (
             Purchase (Used for sales, only completed once an invoice is received)
             Other (Parameters to be Set)
             etc.
    d-An automated check function: where a small amount is transferred to the placed address and sent back to the orginator. In which the transfer check will appear in the history. If the wrong           address is placed no harm is done as the amount is sent back.
    e-Address Type: Fee to be spent to assign update the address from personal to charity, retail, in which these address would be available in a address book.
    
        
Please state your opinion of drawbacks and solution to any mentioned.



Thanks;