Topic: What is the biggest problem in crypto currencies? (Read 6832 times)

- Security
- Goverment trying to invade crypto currencies
- Scammers

The transaction times are already only a few seconds if a TX has an appropriate fee attached. It will not confirm in seconds, but it will be safe to assume that it will confirm within a few blocks.

Coins that you have in cold storage are stored in the blockchain. Cold storage is a form of additional security, if you want to keep your bitcoin safe then you need to use it. There is zero way around this.

The TX fees are very low as of now. At most it will cost ~$0.05 to send a TX, but often you can send a TX for free. With that being said the TX fees are what gives the miners incentives to mine over time, as eventually the block subsidy will go to zero.

biggest problem is impending governmen regulation

second biggest problem is SCAMS

Scalability.

If Bitcoin really goes moon and gets as many transactions rate as the big credit cards or paypal, then I think we will see peoblems.

Of course that won't happens overnight and we'll have some time to think about how to solve it

1) A decentralized P2P electronic ledger can't be regulated.  Bitcoin is the solution to government regulation.
2) It takes longer for credit card transactions and checks to clear than it does for a BTC transaction to be confirmed.
3) It's still early in the transition to sound, honest, stateless money.  Give it time.

Three things:

1) Government regulation.
2) Long transaction confirmation time.
3) Price volatility.

I think the biggest problem is the pump and dump alt coins. There are literally hundreds of them, made by the authors to make a quick dime, but end up having no value.

The trade-off between confirmation time and blockchain size is a serious problem in my opinion.

The Bitcoin transaction confirmations are slow and that's the obvious choice. However, the one that isn't so obvious is the fact that no one has sent me all of the Bitcoins yet.

Oh damn it, you wrote "backed up"
Yes, that's a shame.
Also governments need to back up their wallets

That's not a problem but a feature which makes it magnitudes better than the current fiat system.
If you don't get that, you should read bitcoin from start again.

You could better ask yourself the question why all government backed currencies have failed in the history of mankind. *all of them 100%*

LOL. I agree that our current setup is likely the best, but it is not perfect.

Well, I guess were fucked then. I'll just have to keep spending them like I always have. Without issue.

The general psychology of humans and their lack of acceptance of anything new.  There are WAY too many things that the only way we can have change is to wait for the last generation to die out so that the problem either lessens or disappears...

Think: Gay marriage, racism (that one might take a while), allowing women to vote, murderous religions, and general xenophobia.  All of these things require generations to die off before us as a species being able to move on in the right direction.  I fear bitcoin may have a similar uptake, where all of our children will use it exclusively and there will still be old people ranting at a store when they no longer accept credit cards.

It is the difficulty of basic use, the ease at which you can lose all your funds, and the bells and whistles it takes to purchase a crypto-equity.  Especially one of the major ones like BTSX or NXT that isn't BTC.

Biggest problem is that its not backed up by any govt organisation, so it can become dirt in anytime[theory]

You can use some clients to assign a label to frequent addresses that you send BTC to.

I would be interested to know how you could mathematically get from an address to some kind of custom name. I think this would likely replace a few few number of transactions involving sending BTC to an incorrect address to many more scammers receiving transactions that are meant for someone else. This happened when coinbase first started allowing (I think it was) account tags when you could send money to coinbase.com/QuestionAuthority the funds would go directly into your coinbase account; someone (that was not SeansOutpost) set up the tag SeansOutpost before they could get to it to try to get people to "donate" money to them.

Maybe that can be a future upgrade to the client. Plain language addresses automatically generated for and associated with blockchain addresses. Instead of 1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v the client would show TurtleSoupWithCheeseSauce. You would know instantly that you never sent btc to TurtleSoupWithCheeseSauce.

I would agree that it is a best practice to copy and past an address from the source (I really don't see any other way of doing it). My argument is that someone would have an address already stored in their clipboard for some reason, then sometime later would want to buy something from overstock, go to checkout and get an address to send BTC to, they would press control-c (or in my case apple-c) to copy the address, but for whatever reason it doesn't copy to their clipboard (maybe due to a glitch, or they didn't hold it down loan enough, or some other reason), they then switch tabs to their blockchain.info wallet, paste what is in their clipboard (and check to make sure the address looks correct) then send the proper amount. Since the person *just* (thought) he copied the address he would likely give it somewhat of a lower standard of care. Additionally since the two addresses are not right next to each-other it is more difficult to compare them against each-other.

Yes, your two addresses are different. At first glance they are the same address, but after thinking for a minute, I knew that you were trying to prove a point so upon close examination of the two addresses while they are right next to each-other I see they are in fact different (I don't think a TX that attempted to send BTC to the 2nd address would actually be accepted by the network, but that is besides the point; and congrats on getting blockchain spam to an address of yours). As mentioned above many uses of bitcoin involve users not being able to look at the address they should be sending to and the address they are actually sending to on a side-by-side basis, but instead would need to look back and forth between screens on their computer. This is especially true with more and more people only having a phone, tablet or other mobile device and really not being able to look at the two addresses next to eachother.

That is true. It was slow both times I've had a cashier give me too much change.