What does bitcoin need to improve? - page 30.

tamarindbleu

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Quote from: dupee419 on February 14, 2018, 12:29:10 PM

I can clearly see that there are other cryptocurrencies that are beginning to dethrone bitcoin, showing off there quick and secured transactions, though bitcoin continues to be the king. What does bitcoin need to improve state your opinions.

In my opinion, I think bitcoin needs more security since I can feel the lack of security here. Also, it needs some more people or anything that will help with the speed of the transactions and processes that's happening here.

felixesteban

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The transfer speed are currently very low and it is not possible to compete with Visa or MasterCard in this sense. For instance, number of transactions per second is around 1,667 on average for Visa. This is only 7 for bitcoin. With lightning network technology, this figure is claimed to reach 1 million. If this happens, it will make a huge difference. The other disadvantage for bitcoin, transfer fees is not cheap enough. This price was very insignificant and attracting people before. This has to happen again.

billbear

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In my opinion, nothing is needed, just do your job, and stay on the leading position. But it's worth creating new services. Maybe even some bonuses like encouragement.

emezh10

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Quote from: BillCoin on February 14, 2018, 12:39:57 PM

Bitcoin continues to control the cryptocurrency market becuase it has been the first cryptocurrency, it has the largest amount of supports and it has been proved to have a stable system for the longest time.
Most of the altcoins came out at 2016+, even if they managed to gain a lot of value, they still won't be able to pass bitcoin because they don't have the support bitcoin has.
I believe that bitcoin has a lot to improve, beginning with handling transactions, are currency it is limited to about 3-4 transactions a second, and more then that will just cause the whole system to be flooded in users, but those problems apply to all the kind of cryptocurrencies, you just don't see it at other currencies because only bitcoin was managed to get so much traffic.

Even if Bitcoin is termed to be old and a well developed currency for today there will always be a room for improvement and development. As you say Bitcoin needs to withstand it's own system for it to improve and have a better development on its price and value on the market. People will believe in Bitcoin becasue it is the future currency all it needs to do is prove its worth on the market for people to choose Bitcoin on transactions and Investment.

TN0904950

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Quote from: acord00 on June 10, 2018, 09:57:28 AM

Yes, it is true that bitcoin needs to improve. Bitcoin needs to be renewed with renewable technology innovations. First, bitcoin needs to increase its transaction speed. It is very important to keep bitcoin remains the society's choice for transactions. Now, bitcoin takes 10 minutes transaction time. That's a long enough time in a long time that bitcoin only able to do 6-7 transactions. Now, altcoin is present that offers transaction speed in just a few seconds. This certainly threatens the existence of bitcoin. Bitcoin has a small block size, about 1 MB. This includes a very small size so bitcoin should increase the block size if bitcoin still wants to be the community's choice. Other altcoins are also available that offer a large block size so this becomes a warning for bitcoin. The last, bitcoin needs to increase traffic transactions to remain stable when hard fork occurs. That's my bit of advice for bitcoin.

I think Privacy is another issue, but the upgrade also goes in to take care of it as well. Besides I do not see much need for improvement, it's not like we need to make Bitcoin great again
I hope you are joking because there is much we can fix right now. First of all we can improve the speed and cost at which we transact because they are not up to par and with LN coming that will change easily.

Emilyp

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With the potentials blockchain technology has shown, scalability has been a major problem of bitcoin which should be taken care of if we want to see a bitcoin dominated financial system. We shouldn't be having to wait for minutes for transactions to be confirmed while in the centralised world it takes a few seconds for banks to confirm a transaction.

dutchkay

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faster confirmations needs to be fixed and that is the issue that discourages some people most of the times. Another is transactions feed. There are times it becomes so huge that you will be paying 25usd as transaction fees for a 50usd transfer which is 25%. Cryptocurrency were designed to kill off middle men charges not incure it themselves.

jchav010101

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Bitcoin is one of the safest and more reliable online currencies.It may just be the conversion process that needs to be fixed meaning bitcoin can be directly used for transactions because not all countries can directly use bitcoin but bitcoin must be converted to local money.We cannot do anything in bitcoin as this is happening we cannot please every country to unbanned bitcoin because in their country bitcoin used it at the black market and bought illegal things.

kl8847

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Quote from: miti251194 on June 10, 2018, 11:13:08 PM

Bitcoin needs to improve the time for completing the confirmation so the transaction doesn't need to wait for a long time. Bitcoin needs to reduce the transfer fee as transaction fee is quite expensive.

Good idea. This thing will proves to all that he really deserves to be in the first place. remittances play an important role for the user, it is worth improving it."

Muspion

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If bitcoin price is expensive then shipping cost is also more expensive and not only that usually transcation is also very solid so long to be confirmed. It seems that bitcoin should improvise its shipping costs

Andrew S

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It is necessary to improve the security of bitcoin, so that people have more guarantees of the safety of the currency in their wallet.

Ethan Argu

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Things on my opinion is mode of payment, easy to access in any business, you can invest in real business like restaurant,hotels and even convenient store. Easy to accces on amusement park and even food, i have bitcoin will be legal 100% to all nation and all aspect in any field. Bitcoin will be the easiest material in every transaction.

youngsoft

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Bitcoin is one of the anchored online monetary standards and more trustable now a days so we can make a change in bitcoin like putting bitcoin ATM's on all urban areas it is exceptionally useful to pull back their bitcoin rapidly immediately this will supportive to enhance bitcoin client's everywhere throughout the world.

thereactor334

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Quote from: dupee419 on February 14, 2018, 12:29:10 PM

I can clearly see that there are other cryptocurrencies that are beginning to dethrone bitcoin, showing off there quick and secured transactions, though bitcoin continues to be the king. What does bitcoin need to improve state your opinions.

Yes I definitely agree. Consider other coins like LEDU coin . I believe that LEDU Coin will dominate in the cryptoworld in the near future

Yoyo chan

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Bitcoin needs to innovate drastically to stay up to date with the current market otherwise it risks the challenge of getting dethroned from the number one position. Because if Bitcoin wants to be the first digital currency, then it should accommodate or simply increase its block size per transaction. I don't have any questions about its security because I know blockchain is nearly impossible to get hacked.

leoleobeck

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Right now bitcoin is facing two major problems i.e High transaction fee and long confirmation time, these two major issues need to be resolve to make bitcoin more attractive and convenient for use. That means a lot of money spent only for the fees. The confirmation time for transactions should be higher because it takes some time to receive 6 confirmations.

blue_id69

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Yes Bitcoin continues to control the cryptocurrency market because it has become the first cryptocurrency, it has the greatest amount of support and has been proven to have a stable system for a long time. Most Altcoins come out in 2017 even if they manage to get a lot of value, they still can not get past Bitcoin because they do not have Bitcoin support is the energy requirement used to mine Bitcoin, it will always be a sticking point for many people and something to attack Bitcoin. If ways can be found for mining as fixed in terms of advantages and functions but to reduce energy consumption then it will be a big improvement.which bitcoin needs to be upgraded in my opinion better in wallet security, transactions, and have a guaranteed profit on development so can depress the negative side in people's view if they want to invest in bitcoin no doubt.

jeluhtajem

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every one of all the miners of investment in bitcoin really hope bitcoin can be more successful than the present because now bitcoin greatly decreased drastically than ever this is very fond of investors who want to mine.

jakoylantern

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For me, there's nothing to improve into bitcoin because bitcoin’s capability and ability are superb. I think the stuff that maybe enhances is the way how people feel about bitcoin and the bitcoins legality or acceptance to many people or establishment. We all know that bitcoin is the first successful cryptocurrency so if many other cryptos out there that innovating bitcoin its okay because bitcoin is still the king and the much-trusted crypto by many crypto users. The other things are just bitcoin’s community is becoming week, many people or new member don’t honestly know that true nature of bitcoin’s price value or rate. Like I said we just need to improve our communication to many people that bitcoin is a great technology and don’t be afraid to explore it.

fosco333

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It is clearly for me that bitcoin need to improve its transactions speed. i read that bitcoin only capable doing 4 transactions per second.
if the transactions speed of bitcoin can reach up to 10, then i am sure the transaction fee will be reduced.

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