Topic: Reason why bitcoin won't last long (which are you afraid of?) - page 4. (Read 1643 times)

Most of the downsides you mentioned above are also happen to fiat money as well. And I think the users, not Bitcoin, are to be blame for those problems. Black market, fraud, crime relating to Bitcoin, and even Bitcoin's high volatility are all manmade. Those drawbacks shouldn't be excuses for an investor not to invest in Bitcoin.

What comes to my mind is that when a great number of users using Bitcoin, the transactions take a very long time to be confirmed and the fee required to pay is extremely higher than normal. During the last year feverish trade, the fee was up to 57$ per transactions. Too high to afford!

I think we need to reconsider whether to add "no physical form" in the list. In my opinion, Bitcoin was born as a digital currency to improve paper notes' drawbacks. So the physical form is unnecessary.

I think the lack of legal grounds for these digital assets is also one reason for which your friend gets a cold feet. Legitimacy is really important factor that investors need to consider before they invest in anything.

Bitcoin is like a kind of bubble, you see it grows impermanent. Bitcoin processing machines are compared to the 500 fastest supercomputers combined. This means very high processing costs. While the amount of coins to exploit is less.

Let us remember that bitcoin is always getting out from problems and it is already existing for more than 10 years. Two and a half years ago I have seen here a past that were saying that bitcoin is a Deadman already this time for sure.

It means your friend knows what he is doing. Those reasons can't even shake my faith in Bitcoin. Because in the long run those reasons will address by the government is and community once the government accept that they need blockchain technology too.

The number of negative news about bitcoin, and the declining bitcoin price increasingly sharp day and the number of bitcoin investors who switch to other coins as an alternative is a condition that can affect the existence of bitcoin as cryptocurrency. If this continues and there will be another coin that is considered more profitable, then the possibility of bitcoin will be replaced and one day bitcoin will disappear from the crypto market. But hopefully this never happened, and I hope bitcoin will soon rise in price some time to come.

Deflation is a disincentive to the producers. This causes loss of jobs. This in turn causes loss of earning power, leading to lowering of demand, causing the economy to go in a deflationary spiral.
Bitcoin has no mechanism to escape this problem. It can only work if it is used in conjunction with an inflationary medium of exchange, not in lieu of it.
It has more in common with an asset than with a currency.

Reasons why Bitcoins won’t work:

Bitcoins have always been sought most by libertarians, gold bugs and drug dealers. The other biggies who have given approval of Bitcoins are Germany and Ben Bernanke (Ex-chairman of the Federal Reserve). The recent surge in prices (1 Bitcoin equals 40212.40 Indian Rupees: September 2016) gives us the impression it is a classic bubble waiting to burst.
The main buyers of Bitcoins are the Chinese investors. This increase in price of Bitcoins has led to hoarding giving the idea that the prices are only going up. This has not been the only concern for Bitcoins as there have been a lot of theft because of its high prices.
The biggest selling point for Bitcoins are that it has a fixed ceiling, meaning no upper level authority can inflate its prices by issuing more.

Exactly what you said made me feel confident in Bitcoin. Bitcoin could last forever with humans as the internet is still alive. Right now, many organizations and companies are looking to join the blockchain

Not just bitcoin, fiat currency sometimes used for scam and fraud.
Yes you are right, but bitcoin it's wrong when they blame the tools instead the one who use it.
This is why bitcoin popular for investment. I don't think this is considered as disadvantage from bitcoin.
Bitcoins need income too, not just user.
Yes everything is possibility, but maybe bitcoin technology it self will become better too.
Of course, bitcoin life still young compared to fiat currency, it's just matter time when they realize crypto currency better than fiat currency.
LOL every wallet can be lost, not just bitcoin even the real one.
Yeah irresponsible parties just make things worsen.
This is why it's called virtual currency.

Transactions take a long time to receive confirmation fees and higher costs and I am sure that if this issue is not resolved bitcoin may not be well suited to becoming an accepted currency. worldwide and so another currency will take over. Although I agree with your answer that bitcoin can upgrade its software and compete for it is supreme. Currently, we can not imagine any other high-end currency. The Fiat currency being replaced by a cipher might be another alternative to encryption in the future Grin.

I have 10 reasons also that bitcoin will last long.

1. Bitcoin has managed to overcome over problems and has strong team developers.
2. Business had been created from crypto mining to local exchange and to investment which is common to all bitcoin holders buying low amount of bitcoin and selling when market price is high.
3. Projects are created and that could help people with low capital to start with using the ICO concept. (Initial Coin Offering) This is opposite to Capitalism approach.
4. Government are already taking their part and that is to regulate cryptocurrency or bitcoin to avoid possible abuses like having a KYC(Know Your Client) on every local exchange.
5. Community are benefited from the project which is being implemented.
6. Bitcoin has been established already all over the world so no way that it will not be utilized.
7. Bitcoin uses block chain technology that will ensure transactions being done and completed that every one can check.
8. Bitcoin has still plenty of rooms to grow and that might help you getting a good and comfortable life by joining today and have a good life the next few years.
9. Bitcoin is one dominant crypto and there is no competition.
10. Most of the crypto are just alternative coin for bitcoin.

Note: i need some time to think of some good reason why we need to join bitcoin.

Well, I agreed. There's a lot of people who adopts bitcoin so much and i think that Bitcoin must not have limitations. The number one limitation of bitcoin is that issue: Seven transactions per second is not enough for worldwide adoption. I think that Bitcoin servers must fix this problem, because if this is still a problem of future bitcoin users in coming years, Bitcoin will easily dissolve. It will remain as what is happenning to it right now. Scalability problem is the main issue and this problem must be solved.

Of the list that you made, I tend to believe that there are only 3 concerns that trouble me a little. That is number 3, 8, and 9. The price volatility issue will really hinder the growth of Bitcoin as a currency. We cannot use a currency that is always rising and falling in significant terms. Wallets are not that absolutely safe also because we are talking of a digital one, ever accessible to expert hackers. Technical flaws are always a threat. And a fatal flaw will turn the whole Bitcoin community upside down.

I think these all could not be the possible reason that you have stated that could case damage to or threat to bitcoin in future. Though bitcoin is very sustainable and volatile and versatile and vunerable crypto currency and being sustainable bitcoin will lasts for many decades but still there are some reasons or we can say some activities that could cause threat to bitcoin in future , if these activities will not stopped then they could create problems in the future of bitcoin and the top most thing is it’s illega use.

I will go with 5th one, nothing lasts forever and Bitcoin is no exception (neither we!), sooner or later new cryptocurrency will dominate the market  and then another will come. Never ending cycle.

I think, we all believe that blokcheine is good. I would not go to go too far and speak that  cryptocurrency are bad. I would say that there are certain problems. I think that we need to find out as these questions are determined.

There is no trust in any work Betquin will end soon and all the circulation of the news now is all false and useless to wait and who sold is a winner and who waits is a loser