What is big problem in using of bitcoin - page 36.

novemberwoah

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Quote from: DomesticTrader on July 06, 2016, 02:47:43 AM

Quote from: tsoPANos on August 24, 2015, 05:09:06 AM

Quote from: OmegaStarScream on August 24, 2015, 04:10:22 AM

Quote from: guddu raj on August 24, 2015, 04:01:32 AM

what problem do you have in bitcoin.

Nothing much , IMO We just need bigger blocks to go mainstream and with going mainstream the price will increase logically ... also more anonymity won't hurt (Hopefully developpement of Darkwallet will finish) .

Nothing Much! Bitcoin has big scalability issues. Even Gavin Andersen, the guy who proposed ininially 20mb blocks saying they will be fine,
admited;

Quote from: Gavin Andersen at http://gavinandresen.ninja/it-must-be-done-but-is-not-a-panacea

Scheduling an increase to the maximum block size now is a s
hort-term, “kick the can down the road” fix. It is ugly, but necessary.

Bitcoin isn't backed by any kind of big corporation, and this is why it has slow development, along with the consensus-first policy.
However, bitcoin needs an industry-grade developer team to catch up with consumer needs.
Many proposals aim to improve scalability, like Lightning Network, but they are way too far from implementation stages. So a block increase is required and as there are infinite ways to increase the limit, there are infinite many different opinions, making consensus almost infeasible.

So don't tell me bitcoin doesn't have it's issues. If you think it doesn't, you can freely buy some "incredibly cheap coins" at 220$ per coin right now.

The biggest problem in using of bitcoin is the security because the bitcoin cant be traced the security is also bad because you can suddenly
lose some of your coins just for nothing because others are stealing them,.

Yes maybe it is a risk if you use crypto that should use the Internet. Everything can be hacked and we must be careful. Maybe if bitcoin will add security was very good and can ensure the safety of our bitcoin.

owm123

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Quote from: DomesticTrader on July 06, 2016, 02:47:43 AM

The biggest problem in using of bitcoin is the security because the bitcoin cant be traced the security is also bad because you can suddenly
lose some of your coins just for nothing because others are stealing them,.

Bitcoin's is tracable. Its not easy to trace lost/stollen bitcoin if someone actively new how to cover his/hers bitcoin trail.

JeffBrad12

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Quote from: beerlover on July 06, 2016, 02:39:15 AM

Quote from: ?? on ??

Well I don't got any big problem in using bitcoin. I just don't like sometimes the speed of transaction confirmation but it is still good. Well its not that big of a problem but it is sometimes irritating when the btc is urgently needed.

The issue here we are facing is that bitcoin is only a virtual currency that cannot be used for offline transactions as there are no physical bitcoins available. If there were physical bitcoins, then we need not wait for any confirmation but here miners also who mine bitcoins need to get rewarded for their work.

that's become a problem for a lot of people too rarely to find the offline store can accept bitcoin. it's why there is a lot of people is not interested in using bitcoin. miners maybe are must have a rewarded for their work because the miners giving a big contributing for bitcoin. with the difficulty to mining bitcoin is always going up, in my opinions, the miners must have a different achievement for them.

Legasean

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Quote from: Thekool1s on August 24, 2015, 06:04:59 AM

Quote from: guddu raj on August 24, 2015, 04:01:32 AM

what problem do you have in bitcoin.

Fluctuation is the main killer for bitcoin going mainstream. A daily swing of Thousand dollars would cause business to start and collapse daily Tongue

thats why business use bitpay etc. All we need is small fluctuations when bitcoin goes mainstream. The only way bitcoin can take over is fiat dies or if fiat is around businesses would be hesitant to store profits in bitcoin.

The biggest problem of the bitcoin is off course the many amount of users he has because there are so many people who are interested
into the bitcoin the price is doing allot of strange things,

DomesticTrader

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Quote from: tsoPANos on August 24, 2015, 05:09:06 AM

Quote from: OmegaStarScream on August 24, 2015, 04:10:22 AM

Quote from: guddu raj on August 24, 2015, 04:01:32 AM

what problem do you have in bitcoin.

Nothing much , IMO We just need bigger blocks to go mainstream and with going mainstream the price will increase logically ... also more anonymity won't hurt (Hopefully developpement of Darkwallet will finish) .

Nothing Much! Bitcoin has big scalability issues. Even Gavin Andersen, the guy who proposed ininially 20mb blocks saying they will be fine,
admited;

Quote from: Gavin Andersen at http://gavinandresen.ninja/it-must-be-done-but-is-not-a-panacea

Scheduling an increase to the maximum block size now is a s
hort-term, “kick the can down the road” fix. It is ugly, but necessary.

Bitcoin isn't backed by any kind of big corporation, and this is why it has slow development, along with the consensus-first policy.
However, bitcoin needs an industry-grade developer team to catch up with consumer needs.
Many proposals aim to improve scalability, like Lightning Network, but they are way too far from implementation stages. So a block increase is required and as there are infinite ways to increase the limit, there are infinite many different opinions, making consensus almost infeasible.

So don't tell me bitcoin doesn't have it's issues. If you think it doesn't, you can freely buy some "incredibly cheap coins" at 220$ per coin right now.

The biggest problem in using of bitcoin is the security because the bitcoin cant be traced the security is also bad because you can suddenly
lose some of your coins just for nothing because others are stealing them,.

beerlover

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Quote from: ?? on ??

Well I don't got any big problem in using bitcoin. I just don't like sometimes the speed of transaction confirmation but it is still good. Well its not that big of a problem but it is sometimes irritating when the btc is urgently needed.

The issue here we are facing is that bitcoin is only a virtual currency that cannot be used for offline transactions as there are no physical bitcoins available. If there were physical bitcoins, then we need not wait for any confirmation but here miners also who mine bitcoins need to get rewarded for their work.

barbara44

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Quote from: PokerFace3 on July 04, 2016, 07:37:58 AM

Quote from: Sharma on July 04, 2016, 05:46:12 AM

The main problem I have encountered with the bitcoin blockchain is how damn slow transactions can get when the blocks are lagging behind and the miners are unable to find any valid blocks.

It can be very frustrating to wait for an hour before your deposit arrives at some site.

I agree the main problem is the delay in transactions. The average time it takes for a bitcoin transaction to be verified is now 43 minutes, and some
transactions remain unverified forever. This is due to how transactions are processed in the blockchain. This has become the problem for every bitcoiners.

I do not think 43 minutes is the average time if you are ready to pay higher fees. Still, people are complaining about delays always. Delay in transaction is a one big problem in using bitcoin for me too. As we know time is very important aspect of our life. Many people or businessmen might not find it handy and opt out of bitcoin. As the bitcoin community is increasing delay problem may be more serious.

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Quote from: Sharma on July 05, 2016, 01:06:07 AM

Quote from: DOGE12321 on June 24, 2016, 09:27:29 PM

Quote from: guddu raj on August 24, 2015, 04:01:32 AM

what problem do you have in bitcoin.

For me there are two quite big issues with Bitcoin:

First of all, is the increased transaction confirmation time.

Secondly, the fact that Bitcoin isn't widely used in the world.

Only time will tell if these issues will go away.

Low level of confidence, awaiting 6 confirmations and bla bla bla. I have friends who had experienced more than 24 hour delay in the transaction. This is one big problem to be hurdled.

Yes, consider you are in grocery shop standing in a queue of people at a bill counter and waiting for the confirmations. Thats way too long for a real time processing. This can be a big problem in the future.

Xester

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For me its just the bitcoin transaction confirmation is the only problem in bitcoin as far as i discover now

umaOuma

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Quote from: ?? on ??

Well I don't got any big problem in using bitcoin. I just don't like sometimes the speed of transaction confirmation but it is still good. Well its not that big of a problem but it is sometimes irritating when the btc is urgently needed.

Yeah its really irritating at the time of emergencies when you desperately need bitcoin, but rest of time I think its well and good and there is no other major problem involved in bitcoin.

davis196

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Quote from: guddu raj on August 24, 2015, 04:01:32 AM

what problem do you have in bitcoin.

Sometimes transaction confirmations are too slow.

This is the main problem for me and maybe for all the people who use bitcoin.

I wish there was a way to fix this... Sad

escrowboy

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Quote from: terman45x on July 05, 2016, 04:47:51 AM

The biggest problem for me at a moment is I cannot spend it widely, the usage of bitcoin is limited, I really want that I should be able to spend my coins physically to buy anything.

I agree. That is the other reason too why people don't want to use bitcoin. I'm still hoping that bitcoin will soon be adopt my more merchants as the time pass by and we achieve a great development in technology.

terman45x

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The biggest problem for me at a moment is I cannot spend it widely, the usage of bitcoin is limited, I really want that I should be able to spend my coins physically to buy anything.

Cresciuanto

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Quote from: PokerFace3 on July 05, 2016, 03:46:43 AM

Quote from: Cyaren on July 04, 2016, 05:45:01 AM

I think the biggest problem of using it is miner commision,at least for me.Of course you cant step through it without paying it
but well that's the life.Security is fine if you know how to do it.Big problem is also BTC usage to illegal activities (money laundering,drugs etc.)

We all know that the popularity of Bitcoin is growing daily, daily new member comes to bitcoin community..., I think it all depend on how we use our Bitcoins, if we decided to use as a illegal payment source then its bad, but if we use and teach others to use as a good way then its good.... And for the security reason Bitcoin wallets are more safe than others,,,

yes you are absolutly right. there is no doubt about this. the wallet should be more safe i think. every thing should be more proper about bitcoin. because the popularity of the bitcoin is increasing day by day. therefore the bitcoin forum must improve their service.

PokerFace3

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Quote from: Cyaren on July 04, 2016, 05:45:01 AM

I think the biggest problem of using it is miner commision,at least for me.Of course you cant step through it without paying it
but well that's the life.Security is fine if you know how to do it.Big problem is also BTC usage to illegal activities (money laundering,drugs etc.)

We all know that the popularity of Bitcoin is growing daily, daily new member comes to bitcoin community..., I think it all depend on how we use our Bitcoins, if we decided to use as a illegal payment source then its bad, but if we use and teach others to use as a good way then its good.... And for the security reason Bitcoin wallets are more safe than others,,,

shinratensei_

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Quote from: escrowboy on June 29, 2016, 08:59:54 AM

Quote from: ?? on ??

Confirmation time if the merchant doesn't accept zero confirmation.
So, i also can say block size is also big problem when i use bitcoin.

I think confirmation time can be shorten if you use a higher priority fee, well it will require you to spend higher in fee but the result of that will give you a shorter confirmation time. So I think it still your decision what you're going to use, if you use lower fee but longer time or higher fee but shorter time to confirm.

Well, a lot of people it's put a reliable fee for their transaction but until several hours they not get any confirmation .
and finally, they needed to wait for next block for they transaction. this problem is making bitcoin very complicated.

elobizph

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Quote from: Sharma on July 05, 2016, 01:06:07 AM

Quote from: DOGE12321 on June 24, 2016, 09:27:29 PM

Quote from: guddu raj on August 24, 2015, 04:01:32 AM

what problem do you have in bitcoin.

For me there are two quite big issues with Bitcoin:

First of all, is the increased transaction confirmation time.

Secondly, the fact that Bitcoin isn't widely used in the world.

Only time will tell if these issues will go away.

Low level of confidence, awaiting 6 confirmations and bla bla bla. I have friends who had experienced more than 24 hour delay in the transaction. This is one big problem to be hurdled.

I think delay on confirming the transaction is given for online. Bitcoin needs to validate the transaction if it is legit or not and i think you'll need to consider what transaction do you submit? i think if transfer of money is just take 2-5mins only.

Sharma

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Quote from: DOGE12321 on June 24, 2016, 09:27:29 PM

Quote from: guddu raj on August 24, 2015, 04:01:32 AM

what problem do you have in bitcoin.

For me there are two quite big issues with Bitcoin:

First of all, is the increased transaction confirmation time.

Secondly, the fact that Bitcoin isn't widely used in the world.

Only time will tell if these issues will go away.

Low level of confidence, awaiting 6 confirmations and bla bla bla. I have friends who had experienced more than 24 hour delay in the transaction. This is one big problem to be hurdled.

Cyaren

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Quote from: hope4u on July 04, 2016, 04:42:21 PM

i have no problem in using bitcoin. i can easily use it any where. i feel no problem.

The only problem I see in using bitcoins is that once you sent it, it cannot be retrieved already. So we must be very careful with our transactions and review everything before pressing the send button. Oh, and another thing is the duration of most transactions before it is credited to your account.

hope4u

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i have no problem in using bitcoin. i can easily use it any where. i feel no problem.

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