Informal survey: What are Bitcoin's biggest challenges? - page 2.

galbros

legendary

Activity: 1022

Merit: 1000

Quote from: bridgesro on July 25, 2014, 07:20:03 PM

Like the title says, I'm conducting an informal survey of Bitcoin's biggest challenges. Specifically, I'd like to hear what you all think are the biggest challenges in three categories:

Technically - As in the Bitcoin client, the operation of the system, mining, security, etc.
Culturally - As in mainstream acceptance, user and merchant adoption, Bitcoin's image (or image problem), etc.
Practicality - As in the practical uses and difficulties in Bitcoin (a good example would be people who worry over wait times for confirmations).

There's no need to limit your answers to one per category; feel free to pose as many as you like for each category or post answers to just one or two of them. Your answers can be as detailed or straightforward as you please.

Thanks, and I look forward to reading your responses!

Technically - the ever increasing size of the blockchain; risk of opportunistic behavior by someone like Ghash.io - not saying Ghash is bad just that they could engage (or were close to being able to engage) in exploitive behavior; possibly not enough coins

Culturally - regulation and how new users are such easy scam targets; confusion over too many alt coins

I think we are past bitcoin's image problem.

Malin Keshar

hero member

Activity: 616

Merit: 500

Some challenges:

-decentralization
-The risk of bitcoin collapsing after each halving
-Bitcoin need internet
-Conversion fiat-bitcoin

Chef Ramsay

legendary

Activity: 1568

Merit: 1001

Quote from: Ibitcoinloan on July 25, 2014, 08:43:42 PM

It has no problems, it's ermerging as the first legitimate global currency unit.

It's value is tied only to the trust factor of it's growing user base.

US Congress report states, bitcoin similar to a currency based on a gold standard.

Big tech players understand it's value growth.

Heavy new laws may limit it's acceptance in some regions, however only 10% acceptance level means a $50k usd value.

Exchanges will be regulated in some regions, others it will be unregulated.

Soon you will have a large network of legal btc changers and they will simply follow money transmitter laws already in place in most areas.

My opinion.

Can you sign it? Big time Homie telling it how it is. I just differ on your hypothesis on it being similar to a gold backed standard cause it'll wipe it out as that. PMs will be a laugh. Yeah I holdem.

tinof

full member

Activity: 343

Merit: 100

Regulation is the biggest road block.

TRex95

newbie

Activity: 44

Merit: 0

Quote from: michaelwang33 on July 25, 2014, 09:49:54 PM

Quote from: AliceWonder on July 25, 2014, 08:52:44 PM

Biggest challenge is people do not understand why they need it, and many do not understand technology enough to use it securely.

As long as viruses remain a common problem on end user PCs, local clients are dangerous for them.
As long as web wallets operate without enforcement of basic security protocols, web wallets are dangerous too.

Both issues need to be solved.

I think that people do not understand how much bitcoin can save both merchants and consumers over the long run verses other payment methods.

This is why domains like bitcoin.org are so important because the website really try's to educate people about bitcoin and to get them started using bitcoin instead of profiting off of selling the domain.

michaelwang33

hero member

Activity: 574

Merit: 500

Quote from: AliceWonder on July 25, 2014, 08:52:44 PM

Biggest challenge is people do not understand why they need it, and many do not understand technology enough to use it securely.

As long as viruses remain a common problem on end user PCs, local clients are dangerous for them.
As long as web wallets operate without enforcement of basic security protocols, web wallets are dangerous too.

Both issues need to be solved.

I think that people do not understand how much bitcoin can save both merchants and consumers over the long run verses other payment methods.

AliceWonder

full member

Activity: 168

Merit: 100

Biggest challenge is people do not understand why they need it, and many do not understand technology enough to use it securely.

As long as viruses remain a common problem on end user PCs, local clients are dangerous for them.
As long as web wallets operate without enforcement of basic security protocols, web wallets are dangerous too.

Both issues need to be solved.

Ibitcoinloan

newbie

Activity: 23

Merit: 0

It has no problems, it's ermerging as the first legitimate global currency unit.

It's value is tied only to the trust factor of it's growing user base.

US Congress report states, bitcoin similar to a currency based on a gold standard.

Big tech players understand it's value growth.

Heavy new laws may limit it's acceptance in some regions, however only 10% acceptance level means a $50k usd value.

Exchanges will be regulated in some regions, others it will be unregulated.

Soon you will have a large network of legal btc changers and they will simply follow money transmitter laws already in place in most areas.

My opinion.

bridgesro

member

Activity: 84

Merit: 10

Quote from: beetcoin on July 25, 2014, 07:31:39 PM

you might need to clarify the question a bit more, because there are two different goals with bitcoin. one is to make the price go higher, and the other is to get as many people to adopt it.

Either goal is fine if that goal is what you think has the biggest challenge.

For instance, if you think the primary goal of Bitcoin is a high coin value, perhaps you think its biggest challenge lies with security breaches at the exchanges that cause the price to crash. If you think the primary goal is user adoption, perhaps you think its biggest challenge is getting more big name companies to accept it as a currency.

Whatever you think its goals and challenges are is fine for an answer. Wink

beetcoin

sr. member

Activity: 434

Merit: 250

you might need to clarify the question a bit more, because there are two different goals with bitcoin. one is to make the price go higher, and the other is to get as many people to adopt it.

bridgesro

member

Activity: 84

Merit: 10

Like the title says, I'm conducting an informal survey of Bitcoin's biggest challenges. Specifically, I'd like to hear what you all think are the biggest challenges in three categories:

Technically - As in the Bitcoin client, the operation of the system, mining, security, etc.
Culturally - As in mainstream acceptance, user and merchant adoption, Bitcoin's image (or image problem), etc.
Practicality - As in the practical uses and difficulties in Bitcoin (a good example would be people who worry over wait times for confirmations).

There's no need to limit your answers to one per category; feel free to pose as many as you like for each category or post answers to just one or two of them. Your answers can be as detailed or straightforward as you please.

Thanks, and I look forward to reading your responses!

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