Topic: What problems face Bitcoin? - page 2. (Read 374 times)

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for me probably how it can be used to any crimes and of course how people become untraceable when it comes making transactions online.. Probably that's the common problem with decentralised wherein reason there are some countries that still don't want to adopt bitcoin..try to watch silk road movie because for sure you can get some leason why its happening to bitcoin..

I think the major problems that bitcoin is facing that is making it not to gain much adoption from people, the first would be that it is highly volatile. A lot of people are afraid of the volatile nature of bitcoin and they are always avoiding it because they fear that the money they will be putting in bitcoin might lose value at the time they might be in the need for it, so they just say away. Then another problem I would mention is FUDs such as when people say that it is being used by criminals and terrorists, lol.

FUDs like this usually discourage a lot of people, nobody would want to be making use of a currency that is believed to be used by criminals, but then they are forgetting that criminals also make use of Fiat and majority of criminal activities are carried out by fiat.

The point is still in high doubt regarding all the characteristics of Bitcoin. We think... it's worth it, but there are still many people out there who have different opinions on their opinions or their assessment of what they value. Bitcoin is indeed on the threshold of consideration, but its role will not sink, many positive things can still be generated from Bitcoin for its presence and popularity, it's just that overall haven't really admitted it yet.
The storyline and all the impacts that will result have not yet fully occurred, let's see how the whole government responds to this in terms of the future and whether it can advance the country or not.

lightning is a different network using units of account that are not bitcoin/sats. they are a thing called millisats. the transaction format of a milisat payment does not even function if you took that raw data and broadcast it to bitcoin as is.
lightning is not bitcoin. but can bridge to bitcoin by preconvertion on the lightning network to make it work in a separate function called close session. which is a different thing than the in-LN payment system

so bitcoin if you only talk about bitcoin does have a problem. the solution is not lightning as thats like saying the solution to bitcoin is a crapcoin. or pretending that bitcoin does not have a problem because a crap coin is bitcoins solution.

its like saying the solution to gold. is bank notes. yet everyone knows a bank note representing small amounts of gold stored in a vault is not actually gold, its paper
..
hiding bitcoins problems by telling people to offramp to another network and another unit of measure. is not solving bitcoins problems. its just promoting to use another network and avoid using bitcoin.

anyone suggesting or promoting to solve bitcoins issues by getting people to move over to another network. is not really helping bitcoin.
..
remember what happened to gold. citizens had gold. then got told to hand them into bank vaults and be given paper receipts(gold backed bank notes(iou)). over time people trusted the paper receipts and didnt value real gold.
now people have gold in their home in the form of device hardware, tooth fillings, but now they dont value it as a currency or an asset. they would rather throw their device in the trash when it breaks rather than recover the gold. instead they are blindly trusting the other unit of measure(bank note).

LN is in the same process. they want the deposits but they want high bitcoin fees to avoid withdrawals. they instead want people to withdraw out of LN via altcoins like litecoin, which offers cheap fees. so that the channel counterpart(hub/bank) can take the bitcoin and the user gets the altcoin.

LN is not a solution.. its a replacement. much like nickel and brass coins was a replacement for gold when people dont want bank notes

Lightning on a mobile wallet works great though.

In my opinion that really solves that problem. That's actually how people in El Salvador use Bitcoin every day.

Lightning is not perfect, but it works great for small amounts. You can always keep a small amount in the mobile lightning wallet, and the rest properly secured in cold storage.

I think only and one problem exists in Bitcoin which has been preventing easy adoption. That is the centralized organization unable to control Bitcoin due to the decentralized technology of Bitcoin. As a supporting centralized organization shows much more reason like using money laundering, crime, and consuming energy. But I think it's just centralized organizations like the government that want to control Bitcoin but they still didn't find any way how to do it. Whoever talking about regulations, does it possible a decentralized asset regulates 100%? I don't think so, if I choose centralized storing methods, then they could regulate it. Otherwise, it's not an easy task at all and that's why the government varies rarely allowing Bitcoin adoption.

volatility is caused by so many exchanges with such little coin on the order lines

when orderlines are 0.001, and the price change per order is like more then 1 penny in reality. a currency does not need much to shift +/- a dollar in milliseconds

most public exchanges are bot driven. where most orders are not 'placed to fill'. but 'placed to wall' where by if the price does move near them the bots cancel and re order in a different position.

this is not about actually doing buys/sells but to try to follow/sheep other exchanges.
this means that a user with enough actual coin can easily shift the price and cause other exchanges to shift without actually having his coin on those other exchanges.

when people learn that the bitcoin price is not based on all ~18mill coins.. nor even the presumed ~2mill coins sat in exchange wallets. but based on simply the current price of a 0.001 coin orderline being bought.
then people will realise its not the coins fault. but the exchange orderbook fault that allows such volatility without any 'circuit breaker' style of exchange tools

As far as Bitcoin's infrastructure is concerned, there is really not much problem. I guess the main problem is that the network is prone to congestion, and when that happens the fees will rise to terrible heights.

As regards volatility, public perception, lack of regulation, and so on and so forth; these are not problems in the infrastructure of Bitcoin. These are external problems. These are not Bitcoin's problems at all. However, it is unfortunate that they also contribute significantly to Bitcoin's slow adoption pace.

In my opinion, the main problem that prevents the adoption of Bitcoin is not decentralization or extreme price volatility, but the problem is the delay in transaction time and high fees. How can Bitcoin be used in daily transactions when you need several hours to get the transfer and may take several days if the network is congested? Of course, this is in addition to the high network fees when congestion.
In my opinion, unless the problem of delayed confirmations on the network is resolved, we will not be able to use Bitcoin in our daily lives to conduct our financial transactions.

It's more of this unregulated and decentralisation.

That's why governments or global financial institutions are making a move on it since 2017.

But the thing is that it's also the biggest reason why people all over the world wanted to dap themselves into the market because they can have financial freedom from their government.

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.

Aside from those things/factors mentioned above, being uneducated about Bitcoin. If this will be taught in schools, I believe this could help for a better and wider understanding of Bitcoin and the entire market but for now, we can just found this online which we couldn't blame that people are still doubtful about this. Because people won't just invest money without knowledge, they need some guidance, especially for non-techy individuals which have become a challenge for them. They'd rather choose fiat instead as they are more comfortable than this Bitcoin.

AFAIK, this isn't really directly a problem for the Bitcoin network, but a problem for the Bitcoin user, there are quite a lot of "crimes and fraud" perpetrated with fiat, but you don't see people pointing it out and calling it bad cause of that, the government through the help of the media just make popular this sort of stories to reduce the population of Bitcoin users cause they can't control the network, cause I can't understand how the network can actually be blamed for the folly of some of it's users who refused to learn want was necessary.

The hindering nature of cryptocurrencies is known to many to be unstable and many to call it a scam. In addition, there are many cases of crime and fraud arguing for the use of BItcoin. Things like this make the face of Bitcoin look bad, when in fact Bitcoin is not that bad there are many positive things that can be obtained if you use it well and effectively. The problem of large transaction fees also sometimes makes someone annoyed and difficult to adopt BItcoin.

A limited blocksize makes cheap transactions unreliable and puts the network in a position where if it becomes popular, it becomes unusable while maintaining it's security and game theory principles.  The community also urges users not to actually use their Bitcoin, and just hold it.  Many people identify things like that as a type of Ponzi scheme and are reluctant to enter the space as a result.  Then there are the vendors who need a cheaper method of transacting in crypto and those afraid of the community that engage in censorship of others causing them to develop their own solutions to compete with Bitcoin.  

In short, the only problems with Bitcoin are man-made problems to push man-made solutions under the guise of decentralization while giving early adopters a larger slice of the pie.

Maybe you mean threat here. Anyway, each government has their own approach towards crypto. Some are totally opposites, like El Salvador and China. While El Salvador is embracing it fully, China is totally banning its usage. But I don agree that somehow, the government has its say regarding its existence to their jurisdiction. And the usual reason why most merchants are still hesitant to accept this as payment method is its volatility factor. Anyway, despite all these hurdles, we are seeing that bitcoin continues to grow and adoption is still increasing.

Bitcoin possess so much treat from government officials and regulatory bodies that do not understand the way it works and intend to condemn it's use.
As listed above, most of the threat that bitcoin possess are are from bodies that are not happy about a currency that cannot be controlled or regulated by them.

There isn't major problems when adopting bitcoin if you know what you are doing and what you are dealing with. The most common issue presented is volatility, but it's a natural characteristic of bitcoin and can't be changed. An adopter just needs to manage his funds converting amounts needed for daily expenses and emergencies to fiat or stable coin currencies, while holding the rest of the money in bitcoin.

Another point is regulations. For people from most countries regulations aren't a problem, because there isn't any specific rule for bitcoin, so it's pretty possible to use it without annoying interferences from the state (although a simple KYC procedure may be necessary).

And finally, some may say transaction's fees are too expensive, however if you use a third party service like an exchange or crypto banking app these fees will be highly decreased.

I'd say the it could be pointed at government (depending on the location). But! after reading the news about different protests in which people destroy Bitcoin ATMs, in countries like US, Hong Kong, I can see that even fellow individuals are a problem to the adoption. Though there are many other problems, this particular one is troubling because it's the people who need it that are repelling it. Such Irony.