What problems face Bitcoin? | Bitcointalksearch.org

Bitstar_coin

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Quote from: bhadz on October 13, 2021, 07:56:20 PM

The actual fear of volatility and FOMO from people. This isn't an actual infrastructure but this scares a lot of people that it can correct at any time and their investment will actually go lessen the way they're expecting it a lot. Although on the other hand, it's not actually a problem but it's typical in such markets including bitcoin's market.

It is not a technical problem but still a problem that slow adoption process, to be honest, many people I have encountered have this problem of not understanding the whole crypto space and fear their investment will go down when the market is in the bear state, so some only target when the market is in bull run to invest and quickly cash out, such attitude will not help in the adoption process if people are not confident to endure the market in both bull and bear.

nullama

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Quote from: worldofcoins on October 19, 2021, 06:54:28 PM

Quote from: MNbag on October 13, 2021, 02:04:57 PM

What problems in Bitcoin's infrastructure prevent it from being adopted more easily?

I've expressed my views regarding this in a similar topic in past.

Don't worry I'll say it again in brief, News is the reason mostly that's preventing people to adopt bitcoin and gambling related rumors surrounding bitcoin.
rumors like bitcoin are only used for gambling and deep web related services which creates a false image of bitcoin in many people and prevents them from using it.

Yeah, I actually didn't pay too much attention to Bitcoin over the years because of how it was described in the news.

It was just recently that I sat down and actually read about Bitcoin for myself, from the original whitepaper, this forum, etc.

I felt so betrayed by the news.

worldofcoins

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Quote from: MNbag on October 13, 2021, 02:04:57 PM

What problems in Bitcoin's infrastructure prevent it from being adopted more easily?

I've expressed my views regarding this in a similar topic in past.

Don't worry I'll say it again in brief, News is the reason mostly that's preventing people to adopt bitcoin and gambling related rumors surrounding bitcoin.
rumors like bitcoin are only used for gambling and deep web related services which creates a false image of bitcoin in many people and prevents them from using it.

glendall

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I think the problem that really stands out from btc is
regulation
High volatility
The unstable nature of the price often results in a fairly high decline from the initial price and sometimes vice versa
Decentralized, where the government is difficult to regulate, and difficult to manipulate

GeorgeJohn

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Quote from: AakZaki on October 19, 2021, 01:22:15 PM

Quote from: GeorgeJohn on October 18, 2021, 05:38:32 PM

Their is no need to repeat what people rendered concerning this question, but what i actually denotes is the primary thing which you are meant to obtain that it's because of it's volatility, and another challenges found out there that might cause bitcoin infrastructure is due to congestion and network challenges to process its data, because if their is much congestion it will really affect, and is very obvious.

network congestion will be the main problem that will make the bitcoin network not adopted, but the problem of the jammed network can be overcome with the Lightning network, this is faster and will certainly solve the network congestion problem.
Lightning Network Bitcoin is a second layer payment protocol that operates on top of the Bitcoin blockchain network, which makes bitcoin transactions faster and more efficient.

On my own i have not detect any meaningful challenge that can hinder the transaction of all cryptocurrencies except congestion, because when its trafficking occur via transaction of any cryptocurrencies i know vividly that it affect it's network and also cause insufficient cyber control, so with that alone it will delay the rate of transaction, then i noted that for any cryptocurrency transactions to process properly or very speed up it's transaction processes, it doesn't need to be congested, that's from my perspective.

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Quote from: AakZaki on October 19, 2021, 01:22:15 PM

Quote from: GeorgeJohn on October 18, 2021, 05:38:32 PM

Their is no need to repeat what people rendered concerning this question, but what i actually denotes is the primary thing which you are meant to obtain that it's because of it's volatility, and another challenges found out there that might cause bitcoin infrastructure is due to congestion and network challenges to process its data, because if their is much congestion it will really affect, and is very obvious.

network congestion will be the main problem that will make the bitcoin network not adopted, but the problem of the jammed network can be overcome with the Lightning network, this is faster and will certainly solve the network congestion problem.
Lightning Network Bitcoin is a second layer payment protocol that operates on top of the Bitcoin blockchain network, which makes bitcoin transactions faster and more efficient.

Or simply with scability issue because this is something we had big problems in the past whenever the network pool is really on congestion on where fees are really on the roof.

Aside from that we are facing some regulation issues but well it isnt really that much a serious issue because this market could move out freely without the need of those government approval.

Thing here is that we doo able too see the high demand of bitcoin despite of these problems.

AakZaki

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Quote from: GeorgeJohn on October 18, 2021, 05:38:32 PM

Their is no need to repeat what people rendered concerning this question, but what i actually denotes is the primary thing which you are meant to obtain that it's because of it's volatility, and another challenges found out there that might cause bitcoin infrastructure is due to congestion and network challenges to process its data, because if their is much congestion it will really affect, and is very obvious.

network congestion will be the main problem that will make the bitcoin network not adopted, but the problem of the jammed network can be overcome with the Lightning network, this is faster and will certainly solve the network congestion problem.
Lightning Network Bitcoin is a second layer payment protocol that operates on top of the Bitcoin blockchain network, which makes bitcoin transactions faster and more efficient.

Imran232

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I don't know what could be the main problem, but what I am hearing from different press conferences is the statements from our so-called IT specialists, IT minister, finance minister, and government head bank. According to them, bitcoin has no authority to control anything. It is fully anonymous, so we can't trace its users either. And according to the finance minister, its price is volatile. So our people can lose huge amounts of money. Then, according to the bank, it has a money laundering problem. Some criminal buroe agencies are used for criminal purposes, so we are unable to trace any criminal activities. And according to some purlaments, energy waste is a problem. I hope so. I don't care about anything. But I think everything will be cut very short very soon. And it will be legal soon.

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Quote from: MNbag on October 13, 2021, 02:04:57 PM

What problems in Bitcoin's infrastructure prevent it from being adopted more easily?

1. Anonymity: People has trust issues based on the part of the world they come from. Anonymity from the inventor, Anonymity of the users too.
2. Technicality: Bitcoin is too technical even to the adopters, let alone people who has not even believed in the process. Technically in the decision making to technically in usage.
3. None Tangibility: If bitcoin can be printed on paper like 1BTC and be carried along, you will be mad at the rate of adoption.
4. Volatility: Now that bitcoin is $60k+, you will not hear the news, but if it dips to $43k, you will hear the news everywhere that bitcoin has crashed.
And lots more.

GeorgeJohn

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Quote from: MNbag on October 13, 2021, 02:04:57 PM

What problems in Bitcoin's infrastructure prevent it from being adopted more easily?

Their is no need to repeat what people rendered concerning this question, but what i actually denotes is the primary thing which you are meant to obtain that it's because of it's volatility, and another challenges found out there that might cause bitcoin infrastructure is due to congestion and network challenges to process its data, because if their is much congestion it will really affect, and is very obvious.

Kakmakr

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Well, infrastructure will point to physical Internet infrastructure and the availability to access the Internet. The connectivity issues in 3rd world countries are huge ....with rural areas that might not even have electricity. So even if you place the needed hardware, people will still not be able to make transactions due to the lack of Internet access.

The way to address this, will have to be wifi hotspots in areas where commerce takes place... for them to access their Lightning Network wallets in close proximity to where they want to use their bitcoins. Wink

Rishabh riyz

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if you see the micro transactions , anonymity in transactions and the highly fluctuating value are kinda the main hindrance for many countries to not be pro-crypto but preferring instead to take a wait-and-see approach .
the microtransactions makes BTC less friendly for those who would want to use for daily expenses the transaction fees would be greater than that of the amount to be paid itself and it also takes time for small transactions , the highly fluctuating value of BTC is a problem itself when using BTC as a mode of payment , it was the main cause why steam stopped accepting BTC as mode of payment in December 2017, well as an asset its very good for a digital currency to gain its value but as a currency its the main obstruction.
the anonymous nature of transaction is the primary reason why many government fear accepting BTC as they would have little to no information about where the funds of their citizens are actually going , they would not be able to put taxes on any trade , and the worst of all it could be used to fund criminal organizations without them even having a clue who funded them , well fiats are being used now for funding criminal activities but with BTC in the motion no-one could ever trace the money back.

OgNasty

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The most important issue in my opinion is the inability to scale on-chain. The limits put in place have stifled Bitcoin's developer community and largely forced those who remain to develop on a subpar chain as they risk being passed up by newer and shinier innovations. Projects that once thrived on Bitcoin's blockchain are now graveyards of what once was while all attention is on assimilating with the legacy system. I think Bitcoin's development away from forging a new path and towards legacy systems is going to end up being one of the biggest missed opportunities in the history of mankind.

hatshepsut93

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People have no reasons to look at Bitcoin, because they are generally satisfied with banks. Even if they have a problem with their current bank, they will just choose from a dozen of alternatives rather than consider crypto. And the problems that bitcoin enthusiasts often mention - like frozen bank accounts, long transactions times, all that stuff - it only affects a tiny portion of users, so really most people just don't see the benefits of using Bitcoin as a currency. This is why hodling/investing is the biggest use case of Bitcoin right now.

Alisha-k

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One of the major problems hindering Bitcoin from being adopted is the transaction fee, unlike fiat and other coins, the transaction fee paid to block chain is high, also, bitcoin uses several medium of confirmations, this can be so discouraging especially for person who would love to use the medium in their business points.....

QueenVera

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Quote from: MNbag on October 13, 2021, 02:04:57 PM

What problems in Bitcoin's infrastructure prevent it from being adopted more easily?

The only problem I can think of is, it is a threat to the exiting Fiat currency which is what is preventing it from been adopted although that thinking will be changing soon as countries has begin to pick interest in the currency. It was never going to be an easy attempt by Bitcoin to overthrown other currency (as that is the only means of the government controlling the people but steadily it has been doing that).

When the time is due, the government and regulatory bodies will realize they stand to benefit more from the blockchain technology and Bitcoin itself and instead of fighting it, they will embrace it.

V-t.Ester

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To my mind, one of the biggest problems that influences on BTC’s adoption is volatility and readiness of Bitcoin hodlers and traders to spend their BTC for everyday goods because of that volatility. They 100% knows how BTC suddenly jumps in thousands up and down as well. Moreover a lot of investors just HODL. They don’t want to spend their BTC because believe in its future growth “to the moon” and want to safe their coins up to that time.

NelfiNovita

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Quote from: BlackHatCoiner on October 13, 2021, 02:12:47 PM

1) Non-regulated form of money.
2) Highly volatile. A merchant will be discouraged to adopt a currency which is seen mostly speculatively.
3) Ignorance about the problems of the current financial system.
4) FUDs about the energy waste, criminal activity etc. (Which may also make them go against it)
5) It's difficult for them to understand the concept; it makes them give up on learning how it works.

I think all of this is true but the most influential is the currency system which is difficult to regulate by the government.
If the bitcoin financial system could be regulated by the government, the negative impact of bitcoin would disappear, for example embezzlement of money, buying and selling drugs and buying and selling illegal weapons.
At this time there is no government that can regulate the crypto currency system or bitcoin, therefore some governments can only ban Bitcoin in their country because bitcoin cannot be regulated.

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Quote from: BlackHatCoiner on October 13, 2021, 02:12:47 PM

1) Non-regulated form of money.
2) Highly volatile. A merchant will be discouraged to adopt a currency which is seen mostly speculatively.
3) Ignorance about the problems of the current financial system.
4) FUDs about the energy waste, criminal activity etc. (Which may also make them go against it)
5) It's difficult for them to understand the concept; it makes them give up on learning how it works.

1) We already have scriptural form of money. I don't think it's a big issue to add another layer for bitcoin. Some banks already adopt bitcoin or other altcoins, while some other businesses use paiement gates like Bipay.
2) It's just a matter of time until bitcoin reach a certain stability after solving the blockchain related obstacles. As time goes by, bitcoin will be less volatile, like all other form of value (gold,metal,etc).
3) This can be considered as a big problem for bitcoin in long term. If people won't be interested to change their attitude toward money ad monetary concepts in general, nothing can be done for short term.
4) FUD is also a matter of time as more companies adopt bitcoin in large scale.
5) I think this is the biggest issue but fortunetly we can handle it by spreading knowledge about Blockchain.

Sir Legend

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I think the biggest problem facing bitcoin is the fear of the state because bitcoin users will leave fiat, of course the state will be banned from bitcoin and this has happened in many countries because countries value bitcoin transactions continue to increase.

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