The problem that I see are the countries that have banned bitcoin in their economies.
Another problem is the exeptisism of business owners to accept bitcoin.
Let's imagine how businesses, foundations and others work that accept bitcoin with just a confirmation, the send is accepted, so we can have a good start to accept crypto. There are also DeFi dApps that could save us a lot of work and money to start our business that accepts bitcoin.
Topic: Here is the biggest problem with cryptos (Read 615 times)
Solution
Okay, could you please explain in layman terms how it is going to work?
And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange?
1.You got to generate some sort of data that has value (prime numbers/a part of value of PI/hashes for all passwords ,permutations etc) ... it's just a example (close to mining)
So you suggest it should be a hard currency
That is, a currency that has value of its own, so-called intrinsic value (other than transactional utility), e.g. gold. Here, I don't question how truly valuable your solution would be. But let's assume that there is universal value in it, whatever it might be (think time as In Time). Then people will start hoarding it in pretty much the same way they are hoarding now Bitcoin. For your currency to actually work as a medium of exchange (which is your point), it should be depreciating over time, and it should be better than fiat at that (because we already have depreciating fiat)
Hording is not the problem ... people hord cash also ..some people even hord cats / garbage etc ... the problem is not hording ...why would you want it to depreciate for what reason ? ( To depreciate it you increase the numbers of coins that can be created over time ...like increase serial number size every 10 years)
1 gram of gold = 1 gram of gold
1 .coin file = 1 .coin file
The third party is really the biggest problem with cryptos but it applies to Fiat. Crypto usually has very little third party control. But in the case of fee, it creates a lot of difficulties. Many exchange sites charge high fees for transactions, while low-investment traders have a lot of problems with transactions. As the demand for crypto increases, it will be possible to eliminate it. That's why we need to take reliable sites and think positively.
Solution
Okay, could you please explain in layman terms how it is going to work?
And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange and start using your coin instead, in the right way (as you see it)?
Solution
Okay, could you please explain in layman terms how it is going to work?
And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange?
1.You got to generate some sort of data that has value (prime numbers/a part of value of PI/hashes for all passwords ,permutations etc) ... it's just a example (close to mining)
So you suggest it should be a hard currency
That is, a currency that has value of its own, so-called intrinsic value (other than transactional utility), e.g. gold. Here, I don't question how truly valuable your solution would be. But let's assume that there is universal value in it, whatever it might be (think time as In Time). Then people will start hoarding it in pretty much the same way they are hoarding now Bitcoin. For your currency to actually work as a medium of exchange (which is your point), it should be depreciating over time, and it should be better than fiat at that (because we already have depreciating fiat)
You think paypal and credit card processing is free?
Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves.
For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee.
Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves.
For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee.
the problem is ebay and paypal are more trusted to make payments because it has been a long time, while crypto is still a lot of people who doubt it.
maybe you me and everything in this forum understand but for ordinary people it's still too difficult to understand.
the problem is the same both systems still provide a fee for each transaction, maybe one day this problem can be resolved.
Solution
Okay, could you please explain in layman terms how it is going to work?
And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange?
1.You got to generate some sort of data that has value (prime numbers/a part of value of PI/hashes for all passwords ,permutations etc) ... it's just a example (close to mining)
2.A coin like that does not need a blockchain if we can find a way to create files that can not be modified ...
3.There is no need for blockchain confirmation on a coin like that do to fact you are sending files in exchange for services/products.
4.First person to create the coin / file is the true miner ...anyone that creates same coin after miner has zero value ( maybe you need a blockchain here to announce that you created a coin ...not sure)
The file is the coin.
Example:
1 file = 1 coin
2 files = 2 coins
3 files = 3 coins etc...
each file has a unique serial = timestamp
each file has some sort of unique data with value
Kind of like that i see it ... and if a coin can be made like that say good bye to gas fees / third party ...it solve does problems
Solution
Okay, could you please explain in layman terms how it is going to work?
And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange and start using your coin instead, in the right way (as you see it)?
if you are still unhappy about it, which seems to be the case, you can come up with your own solution and we will see how it fares and what it ends with
Solution :
The biggest problem is that crypto is too focused on being used as an investment, whereas as a currency it should be
used as payment. So cryptocurrency will feel more useful and if crypto has been widely used to buy goods and services
this will make crypto more needed by people. If it is like that, it is not impossible that crypto will become a global currency.
used as payment. So cryptocurrency will feel more useful and if crypto has been widely used to buy goods and services
this will make crypto more needed by people. If it is like that, it is not impossible that crypto will become a global currency.
If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world.
You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts.
What do you even mean by this?
You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts.
Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem !
What do you even mean by this?
Well good luck explaining to avg Joe how to sell his cows with bitcoin.
If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.Same old excuse ... "if he learns paypal he should learn btc" ... what's new ... most people are not like us tech experts
I mean that the cryptoworld turned it in a investment instead of a currency ... this is way btc is not evolving and will never evolve ... and the masses will never adopt it .
Now btc is a ponzi/pyramid scheme ... has 0 value in the "real world" ...
People are using it both as investment and as a currency to purchase goods and services. You are acting as if everyone on this world are just using it as investment.
Lol, bitcoin has 0 value in world? I would love to know your definition of "value". I guess you are one of those guys who don't know that even the value of money (fiat currency) is abstract.
Beside us in the tech world and shady people how is using crypto ? Show me regular Joes that use crypto ... go to gumtree / olx / craiglist / oodle / facebook marketplace and see how is using crypto to sell their products / services ....
Sure i sell my products/services with btc / eth but here is the problem ... i have to dump crypto after i get it from clients ...so i can get FIAT as food and bills in the real world is payed with FIAT
Gas fees --> 0.1-2%
Exchange/trader Fees between 6-10%
Bank transfer fees 1-2%
And next year income tax on crypto could be 20%-30%
If client payes with btc i have to dump it really fast as it is very volatile.
And if cryto gets taxed i got to raise my prices 50% to cover does taxes not cool telling costumers that you had to raise you prices ... they will think you are trying to rip them off.
Crypto needs to go mainstream as currency instead of investment...and needs to solve real world problems like in the whitepaper.
Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem!
You can't change the laws of physics
And you can't change the laws of economics, either. You can't force people to use something if they don't see how it benefits them personally. Even the so-called common good comes about through personal gains. The same story with cryptocurrencies. It is not us morons that turned Bitcoin and other cryptos into financial instruments (read, vehicles for speculation). It is in their nature to be or become what they are or have turned into. Simply put, it is a natural course of events, so stop blaming us. However, if you are still unhappy about it, which seems to be the case, you can come up with your own solution, and we will see how it fares and what it ends with
There is nothing we can do about that third party inclusion either in person, fees. Palpay charge some fees. Some fees in certain things or transactions we do that we think are free are charged in data usage. It cost something whichsoever way we look at it from.
We should deal with those third parties because they are the one that process our transactions immediately.
Those fees really matters to all of us but if third parties don't exist, the government will not have any benefits from the use cryptocurrency.
Governments do not agree with those transactions that do not contribute to the progress in the economy so those charges are only normal. The only thing where charges, fees and third party will become serious is if it undergo excessive increase in its price. But most of us are still rooting for a free charges for a much better quality of cryptocurrency transactions.
If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world.
You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts.
What do you even mean by this?
You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts.
Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem !
What do you even mean by this?
Well good luck explaining to avg Joe how to sell his cows with bitcoin.
If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.Same old excuse ... "if he learns paypal he should learn btc" ... what's new ... most people are not like us tech experts
I mean that the cryptoworld turned it in a investment instead of a currency ... this is way btc is not evolving and will never evolve ... and the masses will never adopt it .
Now btc is a ponzi/pyramid scheme ... has 0 value in the "real world" ...
People are using it both as investment and as a currency to purchase goods and services. You are acting as if everyone on this world are just using it as investment.
Lol, bitcoin has 0 value in world? I would love to know your definition of "value". I guess you are one of those guys who don't know that even the value of money (fiat currency) is abstract.
I'm sure you were the first to think of it!
But seriously - it's not "you" who turned btc/eth/etc into a fin tools a "we". It is now impossible to get out of this using the same btc/eth and you need a normal new (convenient, without over volatility, adequate, easy) crypto
But seriously - it's not "you" who turned btc/eth/etc into a fin tools a "we". It is now impossible to get out of this using the same btc/eth and you need a normal new (convenient, without over volatility, adequate, easy) crypto
Good luck trying to sell digital goods while a accepting a payment method that is non-reversible. 
I agree with you about using a centralized third party,but nobody is forcing you to use such third parties.
Most of the people use third party services because they are convenient.
The only thing you need for selling stuff online and accepting crypto payments is an escrow.
Most of the online escrows aren't that trusted and established and that's a problem.Maybe after a while,those escrow services will prove that they are legit.An escrow service fee is usually around 1-2%,which isn't that much,compared to the fees that fiat payment processors like Paypal are charging.
I agree with you about using a centralized third party,but nobody is forcing you to use such third parties.
Most of the people use third party services because they are convenient.
The only thing you need for selling stuff online and accepting crypto payments is an escrow.
Most of the online escrows aren't that trusted and established and that's a problem.Maybe after a while,those escrow services will prove that they are legit.An escrow service fee is usually around 1-2%,which isn't that much,compared to the fees that fiat payment processors like Paypal are charging.
The pump and dump also happen on other markets like penny stocks. The fiat currency can even be manipulated, what do you think will happen if China dumps their USD?
China is not possible to throw away the USD at this time because the OBOR project run by China aims to suck dollars into China. China also understands that foreign exchange reserves in the form of dollars are the most effective instruments for maintaining national economic stability. Although there is the current discourse of dedolarization with the aim of reducing China's dependence on the dollar. But now China is trying to diversify its foreign exchange reserves from the dollar to other forms and China is trying to increase its gold foreign exchange reserves. In the end, China will still use the dollar because the American market is still needed by Chinese products.
The problem started long ago mate ever since when the government was unable to find a better solution to inflation and if crypto currency was not financial instrument why does it posed good result despite the damage done by the pandemic
This i really got to answer to protect naive people : All you people out there that think crypto is Baby Jesus ...google keyword: pump and dump
The pump and dump also happen on other markets like penny stocks. The fiat currency can even be manipulated, what do you think will happen if China dumps their USD?
I don't think people look at BTC as baby jesus.
Bitcoin have the capacity to be look up to as baby jesus cause it was created as an alternative to save people from inflation which it does when theres total lockdown. @spy100 why you mad dude? Everyone understands that this is an (ongoing) experimental project, devs still tweak here and there, some create their own coin, some fork the chain, etc. If you don't like BTC, there are hundreds of altcoins that you can pick.
No one force you to use BTC, and you are free to use coins that best suit your purpose.
No one force you to use BTC, and you are free to use coins that best suit your purpose.
I like it but btc needs to be adopted by the masses not just by tech experts ...
Also every transaction needs a transaction fee of course,there is no free this time and just say thank you. It's like a car without gas it won't go. There's a lot of choices to be use if you want to pay only small amout unlike bitcoin which have a higher transaction fee.
Honestly I just sent money from my exchange to a game that allowed you to buy some game stuff like skins and so forth, the game company was accepting bitcoin which is awesome but at the same time they were using coinbase as well. None of this matters because the problem was with my exchange.
So, what did I do? When I wanted to withdraw a certain amount, I withdrew about 10 bucks to pay the game, it was 9.9 and that is it right?
Well, it took another 6!!! dollars or so, it was 0.0005 bitcoin just for WITDHRAWAL, dude I payed about 0.001 for the whole game thing, you are asking half of that for just sending? And the coinbase thing had 1 hour countdown, you had to send withing 1 hour and have 1 confirmation, do you know how long it took? 40 minutes! I almost missed if they were 20 minutes more late. We need to get this under control, bitcoin is becoming worst thing ever for sending/receiving money.
So, what did I do? When I wanted to withdraw a certain amount, I withdrew about 10 bucks to pay the game, it was 9.9 and that is it right?
Well, it took another 6!!! dollars or so, it was 0.0005 bitcoin just for WITDHRAWAL, dude I payed about 0.001 for the whole game thing, you are asking half of that for just sending? And the coinbase thing had 1 hour countdown, you had to send withing 1 hour and have 1 confirmation, do you know how long it took? 40 minutes! I almost missed if they were 20 minutes more late. We need to get this under control, bitcoin is becoming worst thing ever for sending/receiving money.
You understand also
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