What is the biggest problem in crypto currencies? - page 6.

franky1

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Quote from: Anders on August 04, 2014, 01:43:57 PM

And I would like to have the coins stored safely on the block chain without me having to do cold storage myself or having to trust a third party storing the coins for me.

you do realise that coins are on the blockchain right? they never leave the blockchain.. EVER, the only thing you need to keep safe is the private key (imagine it as the password that proves your identity to do transactions.) the privkey is not "holding" bitcoins. so just look after your private keys securely away from a computer that can be malwared, hacked or lost in a computer crash/ accidental hard drive format.

Honeybooboo

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Quote from: user528KD9 on August 03, 2014, 04:17:00 PM

What do you think is the biggest problem when you use crypto currencies for paying?

I think the biggest problem with spending it is getting merchants involved, which shouldn't be a problem if the benefits are clearly explained to them, but I think they're scared off by the volatility and the technology which can seem a bit daunting at first.

Bad Uncle

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I think the biggest problem is people's perception of it or that it's too difficult to use, which it isnt. I think this will slowly chnage over time, though.

1G5ns6teE2Zx8P8aTxpaZjLhWEAA5jS5AS

moko666

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BlasterKVs the king of xbox modding

i think regulation and control
bcoz no one can control it thats why they are afirad of crypto but its the future

counter

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Time is on our side, yes it is!

Quote from: user528KD9 on August 03, 2014, 04:17:00 PM

What do you think is the biggest problem when you use crypto currencies for paying? It doesn't matter if you are developer, client that looks for services, newbie or pro. Is there something what needs to be solved and what slows down crypto currencies expansion? Thanks for you opinions.

Ease of use and security are on the top of my list right now but I'm thinking greed should at least get an honorable mention.

Anders

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Quote from: user528KD9 on August 04, 2014, 01:57:28 PM

Quote from: Anders on August 04, 2014, 01:43:57 PM

I would like transaction times of below one second. That would be very powerful. And I would like to have the coins stored safely on the block chain without me having to do cold storage myself or having to trust a third party storing the coins for me. And I would like to have zero transaction fees for all transactions. The price/performance of information technology is improving exponentially and having to pay for transactions feels like the old fiat systems.

Hi Anders, thanks. What do you think will be revenue for such businesses (payment gates) that won't charge any fees for transactions? Is it profitable and if not, are such businesses able to survive if everything will be free? What do you think?

As far as I know Bitcoin started with zero transaction fees. The miners earned 25 bitcoins per block in the beginning and over time that amount is reduced. It would perhaps be better to have the miners earn a fixed amount that remains over time.

user528KD9

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Quote from: Anders on August 04, 2014, 01:43:57 PM

I would like transaction times of below one second. That would be very powerful. And I would like to have the coins stored safely on the block chain without me having to do cold storage myself or having to trust a third party storing the coins for me. And I would like to have zero transaction fees for all transactions. The price/performance of information technology is improving exponentially and having to pay for transactions feels like the old fiat systems.

Hi Anders, thanks. What do you think will be revenue for such businesses (payment gates) that won't charge any fees for transactions? Is it profitable and if not, are such businesses able to survive if everything will be free? What do you think?

Anders

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I would like transaction times of below one second. That would be very powerful. And I would like to have the coins stored safely on the block chain without me having to do cold storage myself or having to trust a third party storing the coins for me. And I would like to have zero transaction fees for all transactions. The price/performance of information technology is improving exponentially and having to pay for transactions feels like the old fiat systems.

user528KD9

newbie

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Quote from: FUR11 on August 04, 2014, 12:35:59 PM

Security! It's still too easy to actually scam people out of their money. There has to be simple way for people to protect their Bitcoin without having a degree in cryptography. People are gullible and easily manipulated, too.

Hi FUR11, yes, I think that security is real issue that need to be solved. People are easily manipulated and when they send their money, there is no chance to get it back, people should use btcrow.com or some another escrow service.

Some another opinions what should be done in bitcoin ecosystem?

FUR11

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FURring bitcoin up since 1762

Security! It's still too easy to actually scam people out of their money. There has to be simple way for people to protect their Bitcoin without having a degree in cryptography. People are gullible and easily manipulated, too.

franky1

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5. exchanges are now having $10k FIAT deposit limits. this means the days of rich investors throwing 10's to hundreds of thousands at an exchange are over. thank you AML policies.

user528KD9

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Quote from: franky1 on August 03, 2014, 05:08:31 PM

1. lack of support from payment processors to go out and do sales pitches to businesses:-
i have personally told bips, bitpay and coinbase of 5 merchants that wanted more info. and as of yet (upto 1 year in one case) the merchants have not had a single response from the gateways

2. software is still in beta phase and not ready for average joe (7billion population) daily spenders:-
a truly trusted service that actually adheres to consumer protection guidelines (liability insurance to protect customers holdings) to then be used as a offchain service for pre-confirmed funds, making it an instant use wallet to send funds as small as 1sat to merchants.

3. hardware/cold wallets are still in beta. yes trezor(hardware) and HD-01(coldstore) are still not 100% secure or easy to use for long term large storage.

4. bitcoin protocol is not ready to handle heavy volume, it is also not adhering to consumer requirements, but it is more twisted in favour to miners greed.
lets see 'death and taxes' appear with rebuttals to defend the miners honour, like always

in short, we are still in the innovator/early adoption stage.. we have a long way to go yet before being in the mass adoption: public stage

Thanks Franky1. Some another opinions?

franky1

legendary

Activity: 4424

Merit: 4794

1. lack of support from payment processors to go out and do sales pitches to businesses:-
i have personally told bips, bitpay and coinbase of 5 merchants that wanted more info. and as of yet (upto 1 year in one case) the merchants have not had a single response from the gateways

2. software is still in beta phase and not ready for average joe (7billion population) daily spenders:-
a truly trusted service that actually adheres to consumer protection guidelines (liability insurance to protect customers holdings) to then be used as a offchain service for pre-confirmed funds, making it an instant use wallet to send funds as small as 1sat to merchants.

3. hardware/cold wallets are still in beta. yes trezor(hardware) and HD-01(coldstore) are still not 100% secure or easy to use for long term large storage.

4. bitcoin protocol is not ready to handle heavy volume, it is also not adhering to consumer requirements, but it is more twisted in favour to miners greed.
lets see 'death and taxes' appear with rebuttals to defend the miners honour, like always

in short, we are still in the innovator/early adoption stage.. we have a long way to go yet before being in the mass adoption: public stage

user528KD9

newbie

Activity: 7

Merit: 0

What do you think is the biggest problem when you use crypto currencies for paying? It doesn't matter if you are developer, client that looks for services, newbie or pro. Is there something what needs to be solved and what slows down crypto currencies expansion? Thanks for you opinions.

Topic: What is the biggest problem in crypto currencies? - page 6. (Read 6835 times)