Topic: What is big problem in using of bitcoin - page 46. (Read 38699 times)
Too much hassle to buy BTC with $$..
Like others. I actually have little to no problem with Bitcoin. It is already easy to use and easy to access. The only problem would be those big merchants not accepting Bitcoin. For example, Amazon.com and GearBest. And more recently, I wanted to purchase some 0.05 product from JD.com and they dont accept Bitcoin. :/.
The major problem is it is utterly useless for 99.99999% of retail transactions. "Accepted Nowhere" wouldn't be 100% true but for all intents and purposes it is an accurate statement.
Begs the question - what is it useful for and why are people paying $330 per BTC? Seems like a bit of a Tulip-mania where most users are just chasing returns rather than use the coins for conducting commerce.
Begs the question - what is it useful for and why are people paying $330 per BTC? Seems like a bit of a Tulip-mania where most users are just chasing returns rather than use the coins for conducting commerce.
almost nothing.
but there is one thing that really bothered me that the price is not stable. for students like me who look for bitcoin as a side job is very annoying
but there is one thing that really bothered me that the price is not stable. for students like me who look for bitcoin as a side job is very annoying
My biggest problem is that it is an online currency and therefore has no "value". It can, however be used in online payments and shopping. This is what makes BTC stay alive.
Many things actually keep bitcoin alive. And supply and demand give bitcoin it's value. Also bitcoin is capped at 21 million coins, which would make this resource scarce, since we have over 7 billion people living on this planet. Not everyone can afford a whole bitcoin. And bitcoin in more than just a currency. Blockchain is a public ledger where you can store all types of data and it will be there as long as we have the nodes up. Most of all bitcoin has a really strong community behind it. A lot of people want it to succeed and are willing to give up a lot of time to make that happen.
My biggest problem is that it is an online currency and therefore has no "value". It can, however be used in online payments and shopping. This is what makes BTC stay alive.
Acceptance is my biggest issue as of right now, slow transactions are also a pain in the a**, but there’s no way around that for the moment(besides adding a bigger fee).
I think that bitcoin lacks acceptance, compared to paypal or apple pay bitcoin is small.
what problem do you have in bitcoin.
So far no big problem.
Price fluctuation and acceptance were mentioned here already. I'd add the low speed of transactions sometimes ... but in general - no problem, it's nice and easy to use. 
The unique problem that I've 'with btc' is : too much power, in only few hands.
Not too many Web sites are accepting Bitcoins as payment Forex market also accepting Bitcoins slowly 
Forex market also accepting Bitcoins slowly 
Slow transaction times of course. Why haven't they designed it faster... I will never understand it i guess. Most of the altcoins are x100 times faster than the original bitcoin.
Those alt coins would be x100 times less secure than Bitcoin. If an altcoin has 1 minute blocktime, it would need 10 blocks to reach the security of one Bitcoin block. It would also lead to a higher stale rate. Anyway, Bitcoin transactions can be accepted once it is seen by everyone on the network for daily transactions. It would be hard to double spend if the merchant uses some precautions.Yes, this is what people essentially are not understanding. I will take an example of NXT. You need 10 confirmations by pretty much all exchanges for your NXT to be credited, which takes 10 minutes since 1 confirmation = 1 minute in NXT. Poloniex works in this way. On the other side, they credit you BTCs after only 1 confirmation. Why? Because these 10 confirmations correspond to 1 BTC confirmation. So in the end, you get the same confirmation time.
People don't understand that at least until now, with the existing technology, faster confirmation times = more centralization(less security). That's why with the coins which offer you faster confirmation times, you need more confirmations to be sure that the transaction is safe.
I never saw it that way but you are correct. I personally don't care about to long confirmation times. If it is seen by the network it is just OK
Slow transaction times of course. Why haven't they designed it faster... I will never understand it i guess. Most of the altcoins are x100 times faster than the original bitcoin.
Those alt coins would be x100 times less secure than Bitcoin. If an altcoin has 1 minute blocktime, it would need 10 blocks to reach the security of one Bitcoin block. It would also lead to a higher stale rate. Anyway, Bitcoin transactions can be accepted once it is seen by everyone on the network for daily transactions. It would be hard to double spend if the merchant uses some precautions.Yes, this is what people essentially are not understanding. I will take an example of NXT. You need 10 confirmations by pretty much all exchanges for your NXT to be credited, which takes 10 minutes since 1 confirmation = 1 minute in NXT. Poloniex works in this way. On the other side, they credit you BTCs after only 1 confirmation. Why? Because these 10 confirmations correspond to 1 BTC confirmation. So in the end, you get the same confirmation time.
People don't understand that at least until now, with the existing technology, faster confirmation times = more centralization(less security). That's why with the coins which offer you faster confirmation times, you need more confirmations to be sure that the transaction is safe.
Slow transaction times of course. Why haven't they designed it faster... I will never understand it i guess. Most of the altcoins are x100 times faster than the original bitcoin.
Those alt coins would be x100 times less secure than Bitcoin. If an altcoin has 1 minute blocktime, it would need 10 blocks to reach the security of one Bitcoin block. It would also lead to a higher stale rate. Anyway, Bitcoin transactions can be accepted once it is seen by everyone on the network for daily transactions. It would be hard to double spend if the merchant uses some precautions.
To a person that is up to date with current events i guess there are not much problems, but to those who are not; they have a certain chance to get their transaction
stuck/not confirming while there are stress tests , which can be anoying at best. Not to mention that bitcoin related services get slow or unusable at those times..
stuck/not confirming while there are stress tests , which can be anoying at best. Not to mention that bitcoin related services get slow or unusable at those times..
Slow transaction times of course. Why haven't they designed it faster... I will never understand it i guess. Most of the altcoins are x100 times faster than the original bitcoin.
the only thing that bothers me about bitcoin nowadays is the fact that a group of people can easily do what they called stress test which is in fact a spam attack, and this causes the transactions to get stuck and confirmation times become very long.
My problem with bitcoin is that i can't use bitcoin to buy some item what i want and not many shopping place accept bitcoin as a payment
Yeah, I'm a little bothered by my limited choices online when buying with Bitcoin...some places I bought from even stopped accepting BTC for payment after a while! It can be frustrating.
the bad news is that bitcoin has almost the same TX volume of paypal, yet it is not widely used as a paypal, this make you wonder why, it's all about security and protecting customers, bitcoin is not so good at it...
Acceptance rate and regulatory issues is one of the main problem surrounding Bitcoin. Whereas most transaction can be accepted by the merchant once it is propagated throughout the network, some larger transaction can only be accepted by the merchant if there is one confirmation. In the event that there is a network stress test, the confirmation time could take much longer. This IMO, hindered the adoption of Bitcoin.
The nature of Bitcoin is pseudonymous. This would allow anyone to have a Bitcoin address and own them without any identity verification and it can be harder to track if proper procedure is done. Regulators have a hard time regulating them as this gives rise to tax invasion and money laundering. This needs to be solved before government can accept them as a currency.
The nature of Bitcoin is pseudonymous. This would allow anyone to have a Bitcoin address and own them without any identity verification and it can be harder to track if proper procedure is done. Regulators have a hard time regulating them as this gives rise to tax invasion and money laundering. This needs to be solved before government can accept them as a currency.
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