All 5 points are truthful and have some merit, all can be countered to an extent at the same time. Realistically it's not saying too much because all things have their positives an their negatives.
1. So does fiat.
2. Granted it does, but all investments carry some risk, regulation will come in time.
3. This will fade with time as things become more simple and understanding continues to grow.
4. They can also be very fast, faster than more traditional payment methods.
5. They do, but within reason the establishment cannot destroy bitcoin. If there is enough will for bitcoin to succeed then it will. Other than being strong armed by banks and such, governments have little reason to want crypto's to fail.
Topic: The 5 big problems with Bitcoin / blockchain everyone should be aware of - page 2. (Read 215 times)
February 19, 2018, 01:51:22 PM
February 19, 2018, 01:34:34 PM
3. Its complexity means end users find it hard to appreciate the benefits
No complex thing is user friendly at start. This is because the interface is made to be just friendly enough for the ones making the system and the ones having the patience to learn it. Over time the interface becomes more and more friendly.
I expect that soon the average user will have some amounts on some online wallets for every day use via LN and the software/interface to use that will be extremely simple. And the services to fill those wallets will have to become more simple than today.
4) Litecoin and ether can be used if faster speed is important
5) The Establishment want total control
5) The Establishment want total control
4. That's why lightning network is built on top of Bitcoin. It will allow fast payments for average user.
5. They've lost the start because they are old school and obtuse. They want the earnings without the risk, so for now they play the "Bitcoin will fail" FUD game and fill their vaults. It's not about control. It's about money.
February 19, 2018, 01:22:36 PM
1) Almost everything we do has an environmental cost
2) Even buying company stocks that are regulated carries a risk
3) Do not invest in something in which you have no understanding
4) Litecoin and ether can be used if faster speed is important
5) The Establishment want total control
2) Even buying company stocks that are regulated carries a risk
3) Do not invest in something in which you have no understanding
4) Litecoin and ether can be used if faster speed is important
5) The Establishment want total control
February 19, 2018, 01:13:36 PM
1. Yes blockchain requires energy to run but so does the internet and pretty much everything we use / do. And if people tell you blockchain is worse then just ask them to consider how much energy is required to print and distribute paper money. Think trees, chemicals, physical transport, gasoline, guns etc etc.
2. Regulation is just the big topic at the moment and while China has taken a stance against cryptocurrencies it is still actively supporting blockchain! All other countries are either for self regulation and think he state should not get involved or even try to lure blockchain technology into their country or state with tax breaks and beneficial regulation.
3. This is true for every new technology and just remember the internet fifteen years ago. Not very user friendly and everyone thought it would be difficult to get everyone to adapt it. Same for computers: in the sixties they used punch cards and had neither keyboards nor monitors let alone a graphical user interface. So we can be sure that more user friendly access to blockchain technology will emerge for sure!
4. Yes that is true and but it is already faster than a lot of fiat technology for money transfers (Ripple / XRP is being used by moneygram and Santander for international money transfer because it is faster than their existing technology) speed is also something that will improve with technology maturing, through infrastructure as well as new protocols.
5. Absolutely and that just emphasizes how important this technology really is!
What are your thoughts?
2. Regulation is just the big topic at the moment and while China has taken a stance against cryptocurrencies it is still actively supporting blockchain! All other countries are either for self regulation and think he state should not get involved or even try to lure blockchain technology into their country or state with tax breaks and beneficial regulation.
3. This is true for every new technology and just remember the internet fifteen years ago. Not very user friendly and everyone thought it would be difficult to get everyone to adapt it. Same for computers: in the sixties they used punch cards and had neither keyboards nor monitors let alone a graphical user interface. So we can be sure that more user friendly access to blockchain technology will emerge for sure!
4. Yes that is true and but it is already faster than a lot of fiat technology for money transfers (Ripple / XRP is being used by moneygram and Santander for international money transfer because it is faster than their existing technology) speed is also something that will improve with technology maturing, through infrastructure as well as new protocols.
5. Absolutely and that just emphasizes how important this technology really is!
What are your thoughts?
These bright sides are my concern. After going through it, I was taken back to memory lane on the hurdles passed through when computer was introduced to the society and the biase that accompanied it plus the negative of not being able to suit into the society. And today, computer did not only fit in but has been advanced in so many ways with different versions of hardware etc, helping humanity to make life easier, to say a few.
It brings into bear that these days from 2009 that saw the introduction of bitcoin to these days where we now have numerous altcoins are just the early days of digital currency. Digital is the era we are.
February 19, 2018, 12:58:12 PM
Forbes published an article on five big areas of challenge regarding the bitcoin / blockchain technology:
https://www.forbes.com/sites/bernardmarr/2018/02/19/the-5-big-problems-with-blockchain-everyone-should-be-aware-of/
Here a summary of those five points plus a discussion on their validity.
1. Bitcoin / Blockchain has an environmental cost
2. Lack of regulation creates a risky environment
3. Its complexity means end users find it hard to appreciate the benefits
4. Bitcoin / Blockchains can be slow and cumbersome
5. The “Establishment” has a vested interest in Bitcoin/ blockchain failing
These are points to be aware of because very likely you will be faced with all of those at some point in conversation about this amazing technology. And while it is true that blockchain is not the solution for everything - nothing is - the five points mentioned here are pretty much obsolete already or just currently being addressed.
1. Yes blockchain requires energy to run but so does the internet and pretty much everything we use / do. And if people tell you blockchain is worse then just ask them to consider how much energy is required to print and distribute paper money. Think trees, chemicals, physical transport, gasoline, guns etc etc.
2. Regulation is just the big topic at the moment and while China has taken a stance against cryptocurrencies it is still actively supporting blockchain! All other countries are either for self regulation and think he state should not get involved or even try to lure blockchain technology into their country or state with tax breaks and beneficial regulation.
3. This is true for every new technology and just remember the internet fifteen years ago. Not very user friendly and everyone thought it would be difficult to get everyone to adapt it. Same for computers: in the sixties they used punch cards and had neither keyboards nor monitors let alone a graphical user interface. So we can be sure that more user friendly access to blockchain technology will emerge for sure!
4. Yes that is true and but it is already faster than a lot of fiat technology for money transfers (Ripple / XRP is being used by moneygram and Santander for international money transfer because it is faster than their existing technology) speed is also something that will improve with technology maturing, through infrastructure as well as new protocols.
5. Absolutely and that just emphasizes how important this technology really is!
What are your thoughts?
https://www.forbes.com/sites/bernardmarr/2018/02/19/the-5-big-problems-with-blockchain-everyone-should-be-aware-of/
Here a summary of those five points plus a discussion on their validity.
1. Bitcoin / Blockchain has an environmental cost
2. Lack of regulation creates a risky environment
3. Its complexity means end users find it hard to appreciate the benefits
4. Bitcoin / Blockchains can be slow and cumbersome
5. The “Establishment” has a vested interest in Bitcoin/ blockchain failing
These are points to be aware of because very likely you will be faced with all of those at some point in conversation about this amazing technology. And while it is true that blockchain is not the solution for everything - nothing is - the five points mentioned here are pretty much obsolete already or just currently being addressed.
1. Yes blockchain requires energy to run but so does the internet and pretty much everything we use / do. And if people tell you blockchain is worse then just ask them to consider how much energy is required to print and distribute paper money. Think trees, chemicals, physical transport, gasoline, guns etc etc.
2. Regulation is just the big topic at the moment and while China has taken a stance against cryptocurrencies it is still actively supporting blockchain! All other countries are either for self regulation and think he state should not get involved or even try to lure blockchain technology into their country or state with tax breaks and beneficial regulation.
3. This is true for every new technology and just remember the internet fifteen years ago. Not very user friendly and everyone thought it would be difficult to get everyone to adapt it. Same for computers: in the sixties they used punch cards and had neither keyboards nor monitors let alone a graphical user interface. So we can be sure that more user friendly access to blockchain technology will emerge for sure!
4. Yes that is true and but it is already faster than a lot of fiat technology for money transfers (Ripple / XRP is being used by moneygram and Santander for international money transfer because it is faster than their existing technology) speed is also something that will improve with technology maturing, through infrastructure as well as new protocols.
5. Absolutely and that just emphasizes how important this technology really is!
What are your thoughts?
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