Topic: Top 5 Concerns About Bitcoin ? - page 2. (Read 19261 times)

the top concerns/worries/risks that bitcoin posses is that
1. Volatility - price is not fixed
2. You forget your key... u lose all your bitcoin. no help to restore... Its GONE
3.Online scammers and hackers are prying the crypto world waiting to jump at a victim to wipe out their currency
4. Gotta be the fact that it is banned in most major countries in the work making it hard to carry out a trade
5. Lastly, Bitcoin, especially in its early days, was well known for its use on the Web, in money-laundering activities, or to purchase illegal items

Bitcoin will be exist for long time and keep it on higher price with many investor always like for investing their money in bitcoin because always have speculative price of bitcoin, where some time in lower and some time in higher.

Security is important in cryptocurrency, there are many incidents of wallet or in account exchange about hacking, and this is an important concern, you have to secure your account well like 2fa and keep bitcoin in decentralized wallet, it's much better..

So a negative thread huh, but heres my answer.

1. Possibility of getting hacked. Like all of us on internet world worried about.
2. Illegalization of the closed minded government.
3. Misinformation or spreading fake news about it.

Ive listed three since thats the most i worried about.

My concern is about regulation. each country does not have regulations that protect crypto users. and all major countries doubt the use of crypto as the official currency, so that until now the regulation is still unclear. Currently, crypto users are increasing so that regulations are needed to protect all parties involved in using crypto.

CONCERNS RELATED TO BITCOIN

1. The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. When the unit first came into existence it was worth a few US cents.

2. The virtual currency movement also faces legitimacy issues because of the way it allows for anonymous transactions. Detractors say Bitcoin’s use on the underground Silk Road website, where users could buy drugs and guns with it, is proof that it is a bad thing.

3. The lack of properly laid out, uniform regulations about Bitcoins (and other virtual currency) increases the uncertainty regarding their future. Many government authorities are concerned about the use of Bitcoins for speculative trading, money laundering, and crime (like buying and selling of drugs and other illegal items).

4. Even if they do agree to go to the exchange and buy with the help of Trading Software Cryptocurrency, they find the entire process of getting KYC'd and then wiring the money, etc. too cumbersome (do note, most of my clients that I surveyed are in the developing world)

5. Acceptability Issue – There aren’t a lot of places where Bitcoins are accepted as payment. This is likely to change, but for now, the average person will mostly buy Bitcoins as an investment.

6. Unlike conventional currencies, with Bitcoin if you lose it you lost it, there is no mechanism to recover stolen or lost Bitcoins. The best way to store your Bitcoins is on disk that is disconnected from the internet.

7. Regulatory Issues – Some governments, including Russia and China, have heavily restricted how Bitcoins can be used.

volatility is just fine, im here for it actually.otherwise i would trade somewhere else.about its technology, yes its getting older but there is always a way to figure out something to make it better.

My concern is the total adoption of cryptocurrency in our country. Bitcoin and other cryptocurrency related thing has a bad reputation here in our area because of the scams using this crypto thing. Most of the people here doesn't really know that cryptocurrency can be beneficial. They thought that it will just cause our life a hell if we just mentioned about it.

The most concerns of many of us in bitcoin and cryptocurrency is the anonymous nature of bitcoin and it possibility of getting short down by a powerful force, and also to get adoption from the general public. This and many more are the many worries of users in the cryptocurrency industry and the biggest of them all is hack we are all afraid that the network may get hack some days and all our bitcoin getting stollen.

Possible hacker's attacks scare me. They can steal Bitcoins: we all know that it happened many times. Although crypto is the safest currency, it is not as secure as we all want to see it.

its already happening . bitcoin is already legal on almost 110+ countries based on the recent crypto statistics  . the said number is still growing  and sooner or later its expected that the whole world will now going to be involved in bitcoin , crypto and blockchain activities . the price was also expected to pump hard because of the massive demand that cryptos will be getting  .




thats true  . security is one of the main concern of crypto users but dont worry because there are now hardware wallets and cold storgae that is said to bring   solid securtity for your cryptos  .  other top online wallets do also have a solid security   .  most importantly , the users handling is the one that matter . if he is careless , theres no one to blame but himself and not the security of a  crypto  .

5 main concerns that have to be taken into consideration:
1. Is my data secure? With the numerous hacks that occur, data security is a major concern even though there is blockchain.
2. Cold wallets on the exchanges traded on have to be more streamlined.
3. What is with taxes on cryptos? Well conversion into fiat always comes under the purview of the legislation, but with changing times, comes changes in reforms
4. The misnomer of the dark web penetrating through the usage of cryptos? It had been happening through fiat any which ways. A real world for hardcore developers and digital enthusiasts should not be looked down upon
5. It should not be regulated as it runs on the blockchain and screws over with the whole concept of decentralization.

I think the top concern of about bitcoin is legalization. All of us are asking amd hoping for the legalization of bitcoin because when it will happen the use of bitcoin will be bigger scope and more merchant we going to accept bitcoin. And the other one is security. All of us are afraid of losting are bitcoin so I hope there will be an wallet or application that really secured our bitcoin.

Agreed on this one because this is the saddest thing we account owners don’t wanna experienced and the second is being scammed,as hunters this is a nightmare everytime we work for the project and ending with no payment at all

Ok, here are mine:
1) Instability
2) Misinformation
3) Not being supported by family and friends (BTC has a shady reputation, sadly)
4) Security

Number 5th would be the lack of trustworthy exchange platforms but Coindeal solved this problem for me

Bitcoin usage increases each year according to statistics. It's usage or patronage is slow in growth because of the governments. People are willing to do whatever the governments put forward. Once Bitcoin and all other cryptocurrencies get authorized by the governments, the usage and patronage of cryptocurrencies will rise exponentially.

There is a constant battle between hackers and developers in the crypto world. And the tide is not always on the side of the developers, or the good guys. Sometimes, as data will corroborate, the hackers or the bad guys prove to be more efficient with their knowledge and skills and be able to steal millions and millions worth of crypto. This is one of the largest concerns. Not to mention that a lot of developers are also the same bad guys we dread of.

The ever-fluctuating price is also another concern. Imagine what we can buy with BTC in December of 2017 and how much it changed in a few months time.

That's true and I don't think that it is clever to use it as a currency for payment because of its volatility nature that the price fluctuates without any notice. Regulations on countries are some kind of minor issues because the majority of the countries are accepting Bitcoin and only a few countries are doing the opposite.

LOL, I think people nowadays love "problems" more than the state of being happy if you know what I mean.

Well it's truth, not caring about money in the current society can lead to disastrous consequences, you end up being vulnerable to the will of others. If those others are benevolent and want to help you, sure that is cool and great but what if they are the exact opposite and want to hurt you for saying the truth for example?. I have a lot of tales i will probably talk about when the right day comes.

Now what about benevolent people defending you from the others?. That is precisely what Bitcoin is passing through and it certainly can make a huge difference when it comes to the actual future. Why? Because it will have time to mature and the whole human kind will benefit from that, directly or indirectly - anywhere in the world.

Hackers are like us who care about money so what's valuable attracts us. Everything is not absolute, so hackers look for vulnerabilities every day and steal them from other users.