Topic: What are the main problems bitcoiners face? - page 3. (Read 6614 times)

i think bitcoin is very much stable crypto currency and i do not face any problem with bitcoin and i want to buy more bitcoin for the future because bitcoin technology will be more improve in the future and i am sure bitcoin future will be more rise .

Probably adoption. In some countries, government even ban Bitcoin for no reason at all and they tend to arrest people if they are found out using Bitcoin illegally. Well, in some other luckier countries, they can still keep their Bitcoin, but it is very hard to find someone who accept Bitcoin as a type of payment and there is no exchange around. Only in developed countries, people can freely and easily use Bitcoin daily without any difficulty

I accept that your first two options are correct but showing in income tax should be good as you can generate capital income, about adoption in India, it is true that adoption is not their in india but i can see that lot of them are knowing about bitcoin as their are so many exchanges running in india which are going very good and even on november fiat currency crisis bitcoin gained very much interest from users.

Everyday adoption & the strong competition with Apple Pay, PayPal etc

Correct me if I'm wrong on this, but you don't need to report your income unless you decide to withdraw cash to your bank account. As long as you trade bitcoins and your Bitcoin stash grows, you should be safe in this regard. Because Bitcoin is considered as a commodity in many countries, you often don't have to pay the capital gains tax, especially if you held your bitcoins for longer than a certain period of time. I heard about 1 year period after which capital gains are not taxed.

The main problems that bitcoiners face that
-they have to show their income to their income tax department
-they are in a dilemma of too many options that in which place will they be selling their bitcoins
-bitcoins is not being adopted at all in india .people would have not heard about it till now.

Same here, i also feel like how to explain bitcoin to someone who asks about it in a simple way because it is quite complicated for someone to understand who has never been in such business, and i also face the problem of time like you as i'm a student too and i'm also teaching kids in academy so i get really less time.

I do live also on an Asian country which i could really say that bitcoin adoption is really slow and also a small portion of current population is only aware on bitcoin existence thats why i do really like for people to have knowledge about this coin since its really helpful for people not only on its benefits but also to its earning capabilties that it gives.

People have nearly no knowledge about btc. In my country 99% people do not even know , what bitcoin is !!! But now a days, bitcoin is being introduced locally and people are showing interest too. Underlying block chain tech is a awesome invention. Soon, btc will be adopted in wide range. But it will take time for Asian countries. Although btc is too popular in India, already

With the advent of commercial mining casual miners had no part in the mining process and this is the problem we are going to face in the future.Right now the transactions are really getting delayed and corporate style mining is going on in many parts of the world.

the stakeholders should really take this matter seriously, people would just leving to use bitcoin as currency as a payment processor if the transaction take time longer , even if we compare to another online payment processor bitcoin are the fastest among them , it's still causing a bad impression for those people who just know bitcoin.

the main problems I face :
1. how to explain what bitcoin really is in a simple way people can understand it easily.
2. there are some stuff I do not know exactly about bitcoin.
3. I am not sure if I spend bitcoin, who are helped.
4. do not have much time to earn bitcoin because I am a college student.

Yes, the transaction is so competitive, who pay higher fee can complete the transaction faster. We need to wait atleast 10 minute for normal transaction. But I still loves bitcoin anyway. It is the best cryptocurrency.

Right now the main problem i face is that the transaction takes too much time and it is really annoying , i do know what the real issue is but it has being an issue for a long time and i hope the developers will settle the issue as soon as possible.

For me, the top 10 problem is:

1. The price goes up and down too fast! It was at ~$700 when I first heard of bitcoin, once down to $200 (that's when I had lost confidence in bitcoin and started selling my old account) and now at $700+ again...

2. Negative exposure to the public. e.g. my computer have been hacked earlier this year for some BTC1.2 ransom or all data is lost... At least this incident made my family thinks that bitcoin is a really bad thing... (We haven't paid a satoshi to the hacker and recovered our data though)

3. Low adoption rate. In my city I have never see a shop accepting bitcoin, and I have only seen a shop with bitcoin symbol (bitcoin exchange shop?) outside when I travel to the next city...

4. Very expensive transaction fees. It was BTC0.0001 but now a higher fee should be paid or the tx will not be confirmed within few hours... For BTC0.0005 (~$0.4 now) can buy me a pack of candy but I'll now have to 'burn' it away as fees... Especially for my faucet payouts, this high fee already taken away a huge percentage of my earnings

5. Hard to memorize bitcoin addresses. If Peter told me he had BTC address 1ooo15cT8HTdBir1nKUnw4EDPsa2tkszK and Mary have address 1ooo2rqenMxrgXgz4JkcWs4cdhRBYdhQL, I would have remembered only the first 5 digits of them (because they looked like 10001 and 10002)... The rest of the digits looks like random so I cannot send BTC to them unless I can copy-paste them... (The address book in wallet can solve this, but what if I send from exchange?) (These 2 addresses are all owned my mine and they are vanity addresses so the first few digits are recognizable, other addresses have all 34 digits (or 33, BTC addresses with <32 digits are rare) almost random and even harder to memorize )

6. Very large blockchain. I have considered downloading the full bitcoin client but the blockchain size of even 10GB have scared me away from doing that back in 2014... Now the blockchin size is approaching 100GB and would have take up half of my C drive (in fact I have only 80GB of free space now and still decreasing!).

7. Long block time. Even I have paid enough fee so my transaction is going to be confirmed in the very next block, it still take an average of 5 minutes for 1 confirmation... For sites requiring few confirmations the time needed is even longer... I have once waited more than an hour before a network block is mined so my tx cannot be confirmed in that hour!

8. Mining difficulty is too high. For a practical computer, earning from faucets is much more faster than mining bitcoins (or even CPU-friendly altcoins). This makes the distribution of new bitcoins concentrated to those who invested for ASICs, which pollutes the environment while using electricity for mining...

9. Satoshi's 1 million 'premined' bitcoins. Although they are not in market yet, once they do, it will crash the price of bitcoin by a lot. Also if satoshi decided to sell his coins, others will think that he have lost confidence in BTC and hence dumping them too. By this Bitcoin will worth nothing but just a part of the history.

10. Crashing of private keys. Although this will not happen in the near future, this will happen a day. After this once can spend BTC belong to others, which will make the system insecure.

It's our fault if we got scammed or our wallet was hacked. Adoption can take time and we should just collect bitcoin now while we can because in the future it will spike. But i agree with the confirmation takes a lomg time to finish. It is really a hassle if we really need that money right away.

Lots of scammers and hackers, slow adoption on many people and online businesses. Sometimes the confirmation to a wallet is slow and it takes a day or two before it fully confirmed.

Scammers certainly love that, but I still think the main cause why scammers are loving Bitcoin so much is mainly thanks to the ease of online payments made with it. You don't need to open a bank account and reveal your identity, therefore, it has more to do with Bitcoin anonymity, not so much with the irreversibility of payments as such. Once you get money transferred to your bank account, you can withdraw it immediately, but you can't withdraw your identity from the bank records.

They are not a problem IMO, and in the first place it's not an investment, there's no way it is and only people who are desperate enough of making quick money falls victim on that and it's not a big problem but an isolated cases.

Most common problems are:

-Many investments sites like ponzis and hyip are showing up these days and still many people invest at that sites and few days after they get scammed.
-The difficulty of converting it to fiat.