Topic: What are the main problems bitcoiners face? - page 8. (Read 6614 times)

My main problems with bitcoin at the moment are the increasingly long times for confirmations. In the past with the recommended fees it would usually be included within one or two blocks. Now it often takes more than 5 blocks.

Depending on how you want to use bitcoin, those 5 blocks may be way too long.

Adoption is picking up as far as I can see around me. More and more people are getting interested and started buying small parts of bitcoin to be sure they are not completely left out if it takes off.

As of now, These are the problems that that I encountered as a bitcoin user

1). There are a very limited merchants/businesses who accepts bitcoin that's why you need to use a third party site like purse.io (online shopping)

2). Traffic transactions, We all know that miners usually picks up a transaction with a high miners fee so if you pay low your transaction might get confirmed after a few hours or so (Normally it takes less than an hour)

3). Too many people trying to scam you .  I know that everything that has a money involved, there will always be a scam but in cryptocurrencies it is two time annoying and disturbing .

4). Freelancing jobs that pays well often includes computer -related services ex. programming, graphic design etc. In sites that pays in paypal even the easy jobs pays well .

I don't know about others but in my country bitcoin is not something that is even discovered so few people know about it,and my biggest problem is the lack of trust in bitcoin by the internet community so u can't find much paces to spend it , i mean there are few but not as much as to consider it equivalent to real money

People are not informed about pros and cons of bitcoins
Legislation on most countries is prohibitive to use it
Is difficult to be learned by elderly people
Needs internet everywhere
People trust this which can hold and see

The few problems I face when it comes to using Bitcoins:

1) No Brick and Mortar store in majority of my country accepts Bitcoins. I've found a couple of restaurants that do, but they're in another state and very far aware. Would be nice to be there once and try to spend some of my Bitcoins to have lunch or dinner with family.

2) No easy means to spend my Bitcoins. Bitcoin debit cards are not shipped to my country due to Government restrictions on usage of cards by authorized Banks within the country only. So it's tough or near impossible to spend my Bitcoins at other stores. High fees for withdrawals and transactions on these debit cards. Debit card in my country have just a small yearly fee and no other transaction or ATM fees.

3) Tough to lure strangers into Bitcoin cause of the disadvantages of points 1 and 2.

4) I feel Bitcoin is used more as a commodity by exchanging and holding for a long term. I feel it needs to be transacted a lot more so gain more circulation.

5) Very tough for the old and poor to use Bitcoins. Mostly due to the technology gap for the old and availability of technology for the poor. Also, the poor can't risk the volatile price of Bitcoin. This is where they'd take a step back even if remittances would in a way be benefited due to low fees.

6) Loss of value when an exchange gets hacked. There's no top of the line security or investments on security made by all exchanges. Even popular exchanges are prone to being hacked. Probably appoint white hat hackers and give them bounty's for finding vulnerabilities and threats on the system and platform.

7) Unconfirmed transactions and usually slow confirmations when there's urgency to make a payment due to clogged blocks.

8 ) Risk of centralized mining power by Chinese miners.

If Satoshi granted me one wish it would be a way for small businesses to run an ATM network. Right now the laws are to onerous or expensive, and there is not enough certainty to invest the capitol needed. But if we could just go the the corner store and buy a bitcoin it would transform adoption.

The infrastructure is super weak, at least for now. People aren't going to give a shit about bitcoin until they can buy their Starbucks with it.

My list of current bitcoin problems is following,

# 1. Low Adaption by Merchants – There are almost no offline merchants in my city or even in state and country. I don’t have any idea, how to spend my bitcoins on offline level.

# 2. Scams, Scams, Scams – Almost 40% of my gmail inbox are filled with spam offers/websites regarding bitcoin. Yes scam sites offering bitcoin are actually destroying goodwill of bitcoin.

# 3. Bitcoin Address – Yes, call me crazy but still bitcoin address is almost impossible to remember (I know, it’s for security but still). How if we can have feature on blockchain.info like unique url for blockchain holder profile with custom alias like blockchain.info/dudeperfect and one can simply send bitcoins using that personalized link?

I agree with this. I often have to send very small payments with fees that are sometimes the same amount as the transaction, I have tried to use services like Xapo where there are no fees but it involves trusting a third party with my bitcoins.

Having to pay a 20% fee every time i send small amount of bitcoin?  we need to sort this out, or the average user is bever going to use bitcoin.  i think it has to do with block size, as it costs more to get included in a block.

This is a good initiave by you, Bitcoin Is yet not easy to understand and newbies are confused by the huge amount of information. Secondly the issue is of long time waiting for a payment to happen at times. The fluctuations that the currency causes, is a boon and curse for some. There's a always a sword on all the users head what if it is banned or suddenly the mining stops. The ever uncertain future, that keeps people away. People often don't end up understanding it's true use and they loose interest.

In a world where people are fully aware of what Facebook and friends are doing to their privacy, and indeed their users actively aid in shredding it, I think that's more of a don't care than a don't know.

I think the most important problem is " Why do I need to use Bitcoin, over other payment options " Most people in the first world countries are

swamped with payment options and we need to compete with these options. They want SPEED and CONVENIENCE and SECURITY .... Does

Bitcoin tick these boxes, or are we simply another option? Do they understand the benefits of a decentralized network, over the centralized

options out there?

In my opinion, there are to many Bitcoin SCAM sites, Revshare and HYIP, with false promises for high return.
Also, in my country, very few people accept Bitcoin offline, no so many users in my local area, no legal regulations etc.
I also don't like to much exchange fees connected with Bitcoin.

scams, sites that are unprofessional, software fault, in general because the user is dumb, etc

my main problem is number 1. Because when i want to buy something, it will be perfect if i can use bitcoin to pay, but not much shop or place in my country that accept bitcoin.

block size which has lead to fee wars


yeah, this is the second biggest issue for me and it has forced me and I think majority of users to only think of bitcoin as an investment not a currency.


scams happen everywhere.
in bitcoin since there are too many newbies the scammers have a better time at finding victims who are too gullible to fall for a 40% profit daily scheme!


I don't agree with this two because mostly Coinbase is a third party and it should not be even in the list when you are talking about bitcoin.


there is no need. as I said earlier it is only because newbies are gullible and fall for scams, while all of them have been a clear scam and a simple google search would have clarified that for them.

people are ignorant, dumb and lazy.
they are to lazy to check bitcoin for themselves if you tell them, that they should do it.
they are to dumb to understand it and prefer to hear some promising make believe from a scammer to take their money.
they are to ignorant if you tell them honestly about bitcoin and don not forget to tell them that there are risks and also learning involved.

Some problems that i face everyday :
1. Bitcoin adoption in my country or popular online shop (our big problem)
2. 1MB block size which makes mass adoption impossible and leads to increasing tx fee overtime
3. Seeing people want to use centralized service or bitcoin bank

I will also list the problems I have been facing as in order of importance to me

1. The irreversible nature of Bitcoin in the case of scam transactions and one cannot even do anything about it and no one to even report to for necessary follow-up. This I have fallen victim and I know quite a number of people would have as well.

2. Another germane is the issue of acceptance in buying basic needs especially in this part of the world where I have to go through the hurdles of exchanger in other to get to FIAT after that get basic things I need...