Topic: What is big problem in using of bitcoin - page 48. (Read 38684 times)

As of now, the problem I see is the instability of the price. Too many drops, and too many spikes in the price. Not saying a spike isn't bad, but a lot of the time these spikes will have a downfall of some sort like it has done these past few days.

ppl have never heard about it because very little effort has ever been made to explain it to the public, and explain the fundamental reasons why such a thing would help them gain better control over their money needs, what ever happened to the bitcoin foundation?  i never donated to it, sounds like i got that call right lol

like most of us man, in the dark, just because we aren't IT geeks

why do we need bigger blocks?

i think my biggest problem in bitcoin is "i dont know what will really happen to it, its just all speculations. but i hope it will really go to the moon." i hope so.. well im here now so i believe insha allah it will...

i had no problem in "using bitcoin" so far.
but problem with bitcoin, i think i can say the price volatility and lack of mass adoption is the biggest problems.

use an SPV wallet like Electrum, problem solved!

Interestingly Bitcoin insurance provides for reimbursement of the stolen funds?

Yes, very good point.
Most people have never heard of Bitcoin or wants to hear.
It's hard to explain to people what is bitcoin and they are quite skeptical about it.
Also, in my country there are not many places where they can spend a bitcoin, and we have only one bitcoin ATM in whole country.
While this does not change, I do not think there will be a lot of bitcoin users in my country, and also many merchants that accept Bitcoin.

National currencies are considered as currency or have more value because nations considered it as its currencies. It does not make other currencies valueless.


I explained it above.


Its not at all "mysterious".


True. But what's the problem in that? He should be anonymous to save himself.


Everybody who has read the code knows it can be trusted. In fact, there is no "Bitcoins" in "Bitcoin".


Such as?


That's why, it is decentralized and people are able to store their money without trusting a third party. It is not a mandatory for a currency.


It is same for every currency. It is not only applicable to Bitcoin.

There’s been a lot of discussion in the past couple of weeks about Bitcoin, the online virtual currency whose value has been extraordinarily volatile of late. A currency that’s electronic but as untraceable as cash surely has its uses for some people, but there’s one aspect of it that hasn’t been fully considered yet: its uniqueness may not last.

National currencies have one great advantage over currencies like Bitcoin: they usually don’t face much competition. It’s true that countries with weak currencies sometimes use dollars, euros, or even cigarettes as alternative or parallel mediums of exchange. Broadly speaking, however, a national currency is a useful focal point; the government requires that everyone accept it in transactions, and so everyone can agree to use it. That’s what makes it valuable.

Bitcoin is not so well-defined as a currency in comparison to a dollar or yuan, and thus its uniqueness is much less clear. The currency based on a mysterious algorithm whose originator is anonymous. No one really knows whether the algorithm can be trusted to generate Bitcoins as promised, or who would be accountable for errors or frauds; there is no definitive monetary authority.

Were any problems to occur, a new electronic currency, perhaps one vouchsafed in a more transparent way, might arise. If the people who found Bitcoin useful for its anonymity, virtuality, and globality were to switch to this new currency, the value of Bitcoins would tumble. The reason is simple: Bitcoin’s exchange rates with other currencies depend on supply and demand; if no one wants Bitcoins, they’re worthless. And Bitcoin need not run into trouble for a new currency to appear. The new currency’s originators just need to invent an architecture that people prefer.

Of course, people won’t switch away from a popular currency for the sake of small improvements. But Bitcoin is just the first virtual currency to make it big – and you can bet it won’t be the last.

 http://bigthink.com/econ201/bitcoins-big-problem

No problem. Everything that can be bought in internet from merchants which accept bitcoin it is easy to do and have no problems to realised. A little problem is the time of confirmation but it is manageable.

i agree with that. for trading, large fluctuations i guess thats ok, but for investment may be very complicated

Problems in using it? None to be honest. But this might be the reason because as we all here, that I am pretty interested in new technologies and learn fast how to use things. But it took me a while to grasp how it all works out I have to mention.

^^ This! Security is still the main problem and the biggest challenge for the mainstream adoption in my opinion. People just suck in online security, that is proven numerous times. We need to progress a lot in this field if we want the average Joe to put his hands on bitcoins. I mean, Bitcoin is not bank that they will reimburse you if you get hacked. Here, when you screw over you have screwed and lost your coins.

The main problem of Bitcoin is its vulnerability .. by that i mean it is too easy for a skilled hacker to take out coins from people who are new to it or even average users too and when looking from the other side it is also vulnerable as the rates literally fuctuates about 40% every month ..this is something that is beneficial for the people who are into trading but for the rest of the people who use it for other purposes rather than trading might have to face the worst circumstances.

Sometimes I do not like to Bitcoin, I have to wait to confirm a transaction.
But that does not happen often, just when many transactions are unconfirmed.
There are also many positive sides!

One problem is the lack of retailers that accept it, also speed is an issue although a couple of mins to wait until your transaction is recognised is not too bad but still lacks behind the mainstream payments such as credit cards and so on. 

The biggest problem is we still don't have many merchants accepting it Other than that, it's going pretty good.

me also same problem.
so i am also use andriod wallet to store bitcoin.
but i not enjoy because my wallet is lost how i can change new wallet.

yup you all are right while installing any new wallet to desktop we face scyncronizing problem..like if we insatall bitcoin-qt wallet that it needs a 32gb scyncronization..and that's the main reason I kept my bitcoin wallet on my android .