Questions I have about Bitcoin - page 3.

coupable

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Quote from: zippitypippity on May 26, 2020, 12:30:23 PM

Is bitcoin really viable as a peer-to-peer electronic cash?

Not for small transactions. And it was clear since first price right after 2010. We can't send 10.000 bitcoins to order a Pizza like old days.

As suggested above, it's time to rise awarness about problems in bitcoin and how to deal with it. Using lightening network is a good option but it's not yet friendly use for everybody even for well experienced users. Personally, i faced a lot of troubles while trying to use Blue-Wallet which is considered one of the great wallets using LN .

Utoy101

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Quote from: zippitypippity on May 26, 2020, 12:30:23 PM

Is bitcoin really viable as a peer-to-peer electronic cash?

These are concerns I have for the long-term viability and intrinsic value of bitcoin.

All your concerns are on point and in as much as i hate to say, the current state of bitcoin and the entire cryptocurrencies is far from what was promised and proposed by satoshi Nakamoto. Bitcoin was to provide a decentralized financial system where transactions can be reversed but what cz planned on doing shows that people who are good with programing and codings will always have there way around bitcoin networks. For bitcoin to hit mainstream, the entire current operating model has to shift to a more palatable concepts that was promised

odolvlobo

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Quote from: zippitypippity on May 26, 2020, 12:30:23 PM

Is bitcoin really viable as a peer-to-peer electronic cash?

Due to high transaction costs and slow transaction speeds, how can we ever use bitcoin to purchase, for example, a Sprite and a bag of potato chips at a gas station? If I want to send a micropayment, for example, of 1000 sats on-chain I can pretty much forget about it because miners can’t afford to and as a result the transaction hangs out in the memepool indefinitely. I had a lot of hope for lightning network, but I am now starting to have doubts about its long-term success. What happens when someone using lightning wants to settling a microtransaction on the bitcoin blockchain?

Can you use coins and paper notes to pay for an online order? No. Does that mean that coins and paper notes are not viable forms of cash? No. The fact that Bitcoin is not the best option for certain kinds of transactions does not mean that it is not viable.

The proper question is, "are there any kinds of transactions in which Bitcoin is a viable option?" The answer to that is probably yes.

Quote from: zippitypippity on May 26, 2020, 12:30:23 PM

Isn't bitcoin mining dangerously centralized? What if in the future there is a terrorist attack by government or other criminal orgs that involve bombing or burning large bitcoin mining facilities?

There are so many bitcoin mining facilities that I don't think that is a real danger. There are many more bitcoin mining facilities than there are Federal Reserve offices.

Quote from: zippitypippity on May 26, 2020, 12:30:23 PM

Satoshi writes in the bitcoin white paper that we propose a solution to the double spending problem, but has this really been achieved? Double spends are still possible with a 51% attack, so what solution to double spending has been achieved? Can't large mining pools conspire to attack bitcoin?

Keep in mind that every monetary system is vulnerable to some kind of attack. There is never any perfect solution.

avikz

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Quote from: zippitypippity on May 26, 2020, 12:30:23 PM

Is bitcoin really viable as a peer-to-peer electronic cash?

Due to high transaction costs and slow transaction speeds, how can we ever use bitcoin to purchase, for example, a Sprite and a bag of potato chips at a gas station? If I want to send a micropayment, for example, of 1000 sats on-chain I can pretty much forget about it because miners can’t afford to and as a result the transaction hangs out in the memepool indefinitely. I had a lot of hope for lightning network, but I am now starting to have doubts about its long-term success. What happens when someone using lightning wants to settling a microtransaction on the bitcoin blockchain?

This is a really valid question. At current transaction rate, it really worries me about the future of bitcoin as a successful currency. It is simply not feasible to use bitcoin for micro payments. If you want to buy a Sprite and a bag of potato chips at a gas station, you would definitely want to use fiat or card payment. Because that is cheap and convenient. Same with me!

There are two options available for us to use bitcoin for micropayments. Either we use pre paid cards like Polispay or we can use LN. If you want to know how LN works, you can read the below article,

https://cointelegraph.com/lightning-network-101/what-is-lightning-network-and-how-it-works

Lightening network is definitely a good solution but it needs to be more user friendly before it can become popular. But it is also gaining momentum slowly among the regular crypto users. So it's just a matter of time before it becomes an obvious choice.

zippitypippity

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Is bitcoin really viable as a peer-to-peer electronic cash?

Due to high transaction costs and slow transaction speeds, how can we ever use bitcoin to purchase, for example, a Sprite and a bag of potato chips at a gas station? If I want to send a micropayment, for example, of 1000 sats on-chain I can pretty much forget about it because miners can’t afford to and as a result the transaction hangs out in the memepool indefinitely. I had a lot of hope for lightning network, but I am now starting to have doubts about its long-term success. What happens when someone using lightning wants to settling a microtransaction on the bitcoin blockchain?

How secure is bitcoin really?

Remember when cz binance wanted to people to thank him for not ordering a re-org to recover lost funds? Isn't bitcoin mining dangerously centralized? What if in the future there is a terrorist attack by government or other criminal orgs that involve bombing or burning large bitcoin mining facilities?

Satoshi writes in the bitcoin white paper that we propose a solution to the double spending problem, but has this really been achieved? Double spends are still possible with a 51% attack, so what solution to double spending has been achieved? Can't large mining pools conspire to attack bitcoin?

These are concerns I have for the long-term viability and intrinsic value of bitcoin.

Topic: Questions I have about Bitcoin - page 3. (Read 877 times)