Topic: What do you think Bitcoins biggest vulnerability is? - page 2. (Read 534 times)
When you don't have proper acceptance toward the mass people then you can't flourish yourself properly, it's just not a barrier it's a major issue that is playing negatively within this platform. still now, a lot of countries are keeping away from this Bitcoin and cryptocurrency, there is no positive news in recent time for the purpose legal establishment and it's the main challenge to be stable for a long time, I think this factor would play as fear role among the general people who have more or less interest regarding this platform. also volatility is the main concern of this platform and there are no remedies of this issue, in recent time, there is some big fish company is creating its own cryptocurrency, so in this way, Bitcoin could be accepted gradually, I believe that without acceptance, you can't do a lot.
From my point of view, Bitcoin is very vulnerable in terms of regulation. Because there is nothing to regulate Bitcoin, many people who want to use it to control BTC. And Who is that? Ie people who have large capital to manipulate the price of BTC and control the market. And those who claim to be the creators of Bitcoin are only for personal gain.
I think a lot of people have perfectly stated it in the past post in this thread. It's not Bitcoin itself that has the problem but all of the external factors attacking it that leads to FUD and agony in the market. What I'm talking about is the fake news being spread, the government and its uncertainty for the future of the industry, and again the misleading information being spread making most of the people into the industry go down in shambles. Without really the negative things being spread for Bitcoin and the industry I think we have gone far by now in terms of mass adoption and acceptance by the general population. But this vulnerability I'm talking about doesn't have any solution at all as this couldn't be avoided and the best way to battle it really is to hope that the trust will outweigh the negative things surrounding the industry.
Still, I see a big problem, which depends on bitcoin itself. It is practically impossible to further significantly scale bitcoin. The lack of good bandwidth will limit the possibility of further liquidity of Bitcoin, it will not be used so massively even in comparison with altcoins or stable coins. Even now, the stable USDT coin has exceeded the trading volume of bitcoin in trading volume. 
A number of Bitcoin Cs exchange exchanges have weak supervision, conflicts of interest, and lack of consumer protection. many virtual currency platforms do not have the policies and procedures needed to guarantee the fairness, integrity and security of exchange markets.
How is that different from what we see in the legacy market? Do you think every single brokerage firm plays by the rules? They pop up everywhere without a license and go bust just as easily as it happens with crypto exchanges.We can choose between exchanges in crypto, which means that if you do your research, you won't be transferring any fiat to HitBTC or OKEx, but use Coinbase or Bitstamp instead.
You can't and shouldn't expect to be helped everywhere by consumers protection. If you mess up somehow, then it's your fault entirely. Even if they offer consumers protection , the main job everywhere is to not pay you out.
Three things, being open to internet, government, and it's volatility. Open to internet is a pros, but can also be a con for the reason that it can be open to hates (which is inevitable) and can misinformed people. Second is the government where they put restrictions and regulations because they see bitcoin as a threat. Lastly, it's volatility which is its primary characteristic that invites traders, but sometimes it also holds potential traders due to the fact that they can lose much money overnight.
The biggest vulnerability of Bitcoin lies not in Bitcoin itself, but in people who use it and who invest in it. Most of them don't understand(and don't have time to learn) how Bitcoin works, and so they are fast to believe in the "quantum computing threat" bullshit and such. I mean, firstly, quantum computing, if it ever happens, will be a threat to the whole world, not only to Bitcoin.
"The quantum computer could also break all the encryption keys on all the nukes in the world", as aantonop said in one lecture, so the possibility of breaking Bitcoin would be the last of our concerns.
Secondly, Bitcoin protocol can be upgraded to resist quantum computing attacks.
Yet, people read about the "quantum computing threat", and start selling like crazy.
"The quantum computer could also break all the encryption keys on all the nukes in the world", as aantonop said in one lecture, so the possibility of breaking Bitcoin would be the last of our concerns.
Secondly, Bitcoin protocol can be upgraded to resist quantum computing attacks.
Yet, people read about the "quantum computing threat", and start selling like crazy.
Though Governments are restrictive on Bitcoin usage. The use of cryptocurrency is difficult to fight going forward. Traditional mediums of exchange and financial institutions ought to revolutionalize and improve on core conveniences and efficiencies provided by Bitcoin both as a medium and investment option.
What do you think Bitcoins biggest vulnerability is?
In my opinion, I think bitcoin's vulnerability is its decentralized nature and the volatility of its price. If we are going to look at its history, bitcoin has been illegalized by plenty of country before making its progress go short and at the same time, its volatility made many investors leave its side whenever there's a huge fall. 
A number of Bitcoin Cs exchange exchanges have weak supervision, conflicts of interest, and lack of consumer protection. many virtual currency platforms do not have the policies and procedures needed to guarantee the fairness, integrity and security of exchange markets.
What do you think Bitcoins biggest vulnerability is?
Government would be bitcoins biggest enemy. Regulation prevents people from getting involved in crypto, thus preventing cryptocurrency's growth and adoptation. Some countries are skeptical and strict when it comes to their people getting involved to it due to scam and issue that crypto is used in illegal activities.
One of the biggest advantages of Bitcoin is that it is not controlled by any authorities, and this allows its users to remain anonymous, although their transactions are visible to everyone. The anonymity of the owners is a significant reason for the growth of Bitcoin in the last couple of years. However, it is also a vulnerability as this anonymity can also contribute to fraud and other crimes. If governments around the world introduce standards that make cryptocurrency difficult to trade, its price will drop.
What do you think Bitcoins biggest vulnerability is?
Bitcoin do not have any specific vulnerabilities you can directly point and say this is it. Some financial organizations and some government authorities have tried to bring Bitcoin down but haven't had any success doing that. This shows that Bitcoin has no specific thing that can be used or described as bitcoin's vulnerability.... If it did like bitcoin would been dead long time ago...
Future fork attempts, we've already seen how forks like Bitcoin Cash and Bitcoin Gold (to a lesser extent) have almost split the communities in different groups, and those forks where run by just a single company or a person behind it.
Now imagine if the government started forking BTC for their own use, things would be extremely hectic and our community would likely get torn apart, and forms of BTC that where less decentralized, and more controllable could be created and become popular.
Now imagine if the government started forking BTC for their own use, things would be extremely hectic and our community would likely get torn apart, and forms of BTC that where less decentralized, and more controllable could be created and become popular.
What do you think Bitcoins biggest vulnerability is?
Government would be bitcoins biggest enemy. Regulation prevents people from getting involved in crypto, thus preventing cryptocurrency's growth and adoptation. Some countries are skeptical and strict when it comes to their people getting involved to it due to scam and issue that crypto is used in illegal activities.
Government and regulators will always remain as enemies to bitcoin or any other crypto currency due to the fact that they cannot control it and it's decentralized but off-late we have come across situations like kidnappers, hackers demanding payment through bitcoins and claims that bitcoin is used as funding for terror activities and security services cannot track their activities is turning out to be a worst nightmare. But there are crypto friendly countries like Malta, Estonia as well who have seen the bright side of crypto world.
Governments and regulation are not enemies of Bitcoin, stop thinking like a child. Positive regulations and legal framework are the only way for Bitcoin to get further developed, adopted and incorporated into financial and economic system. And that doesn't mean the end of decentralization.
For me the biggest vulnerability of Bitcoin are its users that often with reckless and unmature behaviour make damage in the market.
At some point, we can think of the government will help bitcoin community as they regulate it. There are positive and negative things about it. The positive thing is, government might be the solution to decreased the crypto market's problem to scammers, if we have the help of the government that will regulate every project everything will be filtered.
Technically, I don't think there is any vulnerability or at least I didn't here of any.
But if we are going to talk about weakness then my main concern is the user himself not Bitcoin as a technology.
10 years passed and people still find it hard to use it and still make silly mistakes like losing their private keys or not knowing what an unconfirmed transaction means.
Moreover, people are not ready yet to become their own banks.
But if we are going to talk about weakness then my main concern is the user himself not Bitcoin as a technology.
10 years passed and people still find it hard to use it and still make silly mistakes like losing their private keys or not knowing what an unconfirmed transaction means.
Moreover, people are not ready yet to become their own banks.
What do you think Bitcoins biggest vulnerability is?
In my opinion, it's the consensus algorithm, it can't really be changed, too late I think. It works of course, but not as efficiently as some of the latest consensus algorithms used for projects today.I still don't think a true Bitcoin 2.0 has emerged yet, but I believe that one will someday.
What do you think Bitcoins biggest vulnerability is?
Bitcoin do not have any specific vulnerabilities you can directly point and say this is it. Some financial organizations and some government authorities have tried to bring Bitcoin down but haven't had any success doing that. This shows that Bitcoin has no specific thing that can be used or described as bitcoin's vulnerability.... If it did like bitcoin would been dead long time ago...
As for technical, i guess soft-fork/backward-compatibility approach which increase development complexity and potentially add vulnerability.
That's a fair point, but it seems like a necessary trade-off. Hard forks coordinated by miners and developers break consensus and economically coerce users into forking. Working within the consensus rules to achieve backward compatibility was one of the legacies Satoshi imparted, and I think the model he left us is quite elegant:
The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime. Because of that, I wanted to design it to support every possible transaction type I could think of. The problem was, each thing required special support code and data fields whether it was used or not, and only covered one special case at a time. It would have been an explosion of special cases. The solution was script, which generalizes the problem so transacting parties can describe their transaction as a predicate that the node network evaluates. The nodes only need to understand the transaction to the extent of evaluating whether the sender's conditions are met.
The script is actually a predicate. It's just an equation that evaluates to true or false. Predicate is a long and unfamiliar word so I called it script.
The receiver of a payment does a template match on the script. Currently, receivers only accept two templates: direct payment and bitcoin address. Future versions can add templates for more transaction types and nodes running that version or higher will be able to receive them. All versions of nodes in the network can verify and process any new transactions into blocks, even though they may not know how to read them.
The script is actually a predicate. It's just an equation that evaluates to true or false. Predicate is a long and unfamiliar word so I called it script.
The receiver of a payment does a template match on the script. Currently, receivers only accept two templates: direct payment and bitcoin address. Future versions can add templates for more transaction types and nodes running that version or higher will be able to receive them. All versions of nodes in the network can verify and process any new transactions into blocks, even though they may not know how to read them.
I think a lot of people have perfectly stated it in the past post in this thread. It's not Bitcoin itself that has the problem but all of the external factors attacking it that leads to FUD and agony in the market. What I'm talking about is the fake news being spread, the government and its uncertainty for the future of the industry, and again the misleading information being spread making most of the people into the industry go down in shambles. Without really the negative things being spread for Bitcoin and the industry I think we have gone far by now in terms of mass adoption and acceptance by the general population. But this vulnerability I'm talking about doesn't have any solution at all as this couldn't be avoided and the best way to battle it really is to hope that the trust will outweigh the negative things surrounding the industry.
What do you think Bitcoins biggest vulnerability is?
Government would be bitcoins biggest enemy. Regulation prevents people from getting involved in crypto, thus preventing cryptocurrency's growth and adoptation. Some countries are skeptical and strict when it comes to their people getting involved to it due to scam and issue that crypto is used in illegal activities.
Government and regulators will always remain as enemies to bitcoin or any other crypto currency due to the fact that they cannot control it and it's decentralized but off-late we have come across situations like kidnappers, hackers demanding payment through bitcoins and claims that bitcoin is used as funding for terror activities and security services cannot track their activities is turning out to be a worst nightmare. But there are crypto friendly countries like Malta, Estonia as well who have seen the bright side of crypto world.
Governments and regulation are not enemies of Bitcoin, stop thinking like a child. Positive regulations and legal framework are the only way for Bitcoin to get further developed, adopted and incorporated into financial and economic system. And that doesn't mean the end of decentralization.
For me the biggest vulnerability of Bitcoin are its users that often with reckless and unmature behaviour make damage in the market.
What do you think Bitcoins biggest vulnerability is?
I think its biggest vulnerability is how hackers are having a field of day and easily stole millions of bitcoin in big exchanges and from individuals the recent hacks had absolutely send a wrong signal to potential investors both cooperate and individual who are afraid of possibly becoming a victim, hackers sophistication is absolutely sending fears into cryptosphere consequently posing a bigger risk to investment. Jump to: