Topic: What would you say is Bitcoin's biggest weakness as an industry? - page 5. (Read 908 times)

The weakness of bitcoin is security and price volatility. Plus the risk of the hard disk contents of the bitcoin owner being deleted accidentally. More painful than cash, you lose all the contents of your wallet without being able to trace where you lost.

There is no guarantee. That's the problem. It could create the big bubble with investors pouring in, but it could burst anytime. Also technically,wallets are vulnerable,DDOS Attacks,Sybil Attack can occur as far as I have read.

Regulations are matter of time and how world is going to press the government's activities. Let's see how well governments will play their session..

For me the biggest weakness of bitcoin is itself, specifically is the merits, I get the idea that post should really be constructive and relevant but giving out merits that has limit is unacceptable. I mean it's like them putting the users to fight for one another. Another thing is that it is hard to rank up. How can we encourage people to use bitcoin when it will be really hard for them to rank up. this will just decrease the number of users and at the same time decrease the value of bitcoin. come to think of it bitcoin is getting lower and lower in value. it will rise up but for a short period only.

$Bitcoins biggest weakness is peoples lack of understanding for it! This is one reason regulations are springing up everyday! Some think its fraud because they can't hold/touch it, others think it doesn't even exist.The fact that u have 1 and a couple of 0s isn't going down well with most people. Most of these people have used paypal, visa and other E-money transfer technologies, yet they don't want to accept that its a technology that makes movement of money possible. Others believe that because u can't control it, its a scam. For $Bitcoin to explode, people need to understand what it is, they need to see it as a technology, and for the good it represents not just a couple of unsubstantiated heresays.

because
1
a million people are not going to be directly connected to strbucks in LN. they are going to be presented with hubs a few hops away from starbucks (imagine it like cloudflare. middlemen ensuring starbucks dont get DDoSed and also where the hubs do the btc<->fiat swaps. for starbucks)

2 because people wont be directly connected and will have times where their channel partner may not be online. might have run out of funds themselves with thier channel partners. or the route doesnt work in that direction. people will need more than 1 channel to guarantee payment reaches the destination..
devs are already assuming 5 channels. (already explained that in your quote of my quote)

3 because of point 1 and 2 its not just a pay in $30.. its a pay in$30 but its split as $6 into different channels. after spending the $23 total of the other channels/routes are depleted they have to close the channel so the counterpart is made whole.
and the last channel with $6 goes offline have to either wait for them to come back on. or just broadcast the transaction to get the funds back .

too many people think that its just a have $30 and it can be pushed in any direction. to those that think that please go learn LN. learn about the copartner multisigs and go learn about lock ins. and also learn about the issues LN devs have already noticed where people do go offline. and money has to be split. and cant just jump channels like magic.

everyone dreams the utopian dream but doesnt rsearch the practical realistic limitations.

anyway ln is still just a outside network for multiple coins and not a bitcoin sole feature.
bitcoin needs to innovate and not let people obsess about side services that take utility away from bitcoin

regulation is indeed a fundamental problem for bitcoin, even from past years. there is no clear regulation from the government for bitcoin, making new investors a little hesitant to start their investment and even bitcoin investors want to withdraw their investment. as an industry, bitcoin should indeed have regulations.

Personally i think the biggest weakness of bitcoin is legality. If bitcoin can be legalized worldwide, i believe that bitcoin will develop non-stop in the future

As several other posters have commented, I think one of the biggest issues with Bitcoin's potential as a mainstream currency is the volatility of the price.  At the same time, the price volatility is one of the potential means of making it a profitable investment. 

I believe Bitcoins biggest weakness is us.  KYC needs shut down immediately.  Identifying us with our wallet addresses is a very dangerous game that could leave us all in the pockets of the elite.  Bitcoin is a miracle and a blessing.  Until that is our names and wallets are put together in the government database.  Once they tie us to a wallet it's game over.  We will not be allowed multiple wallets and we will be taxed at larger rates year after year until we are full on slaves.  Anyone who uses any other form of currency will be arrested. 

This could be a weapon we use against the governments or it will become a weapon used against us. 

Bitcoin isn't really an industry. It's a currency, so let's get that straight.

But I would say probably the reliance on centralized exchanges at this point.

We've already seen how little option bitcoin adopters have in terms of buying their bitcoin anonymously, and now, even trading bitcoin for other cryptocurrencies have some pretty draconian KYC rules put in place.

In my opinion, bitcoin trading will see a shift to P2P as well as potentially decentralized alternatives in the future just because of the fact that centralized exchanges are constantly under regulatory pressure from authorities, but given that bitcoin itself is decentralized, this shouldn't be a harder transition to make.

Time to process the transaction. We all know how long bitcoin transaction is made. Imagine you are in a hurry and you will be paying in bitcoins. It will eat alot of time just to finish the transaction. If you would say that you will just leave because no matter what the transaction will get trough in no time, does the store owner will let you?

To me one of the biggest challenges that I have found is to try to explain how bitcoin works and why it is better than the system that we currently have, the economic education of people is very low, very few people know about how the economy works or even how the money in their pocket works, and when you have that kind of ignorance it is almost impossible to explain to them why bitcoin is a better choice as a currency because they do not know the weaknesses of fiat.

That is why I have found great resistance to even listen to the arguments about why bitcoin is a good coin that deserves their attention and even their investment, this is making adoption very slow because people simply do not understand why bitcoin is in many forms better than fiat.

Once bitcoin is regulated, all its pseudo-anonymity will be lost. This will be counter-productive to what it is meant to solve. So what needs to be done is to remain unregulated and at the same time, improve itself since it is a first generation blockchain and more projects are overtaking it in terms of tech.

I do not even know who should regulate the crypto currency market, but without regulation the prices will not stop, because they earn on it.

Probably it should be an international global organization, which is due to the world bank. 

To be honest, regulation is going to ruin the entire industry as Bitcoin is based on the blockchain technology which relies on the principle of decentralization that means the power and control is given to the users instead of giving it to a particular group of people. I am expecting lower transaction fees so that we can use Bitcoin even for the microtransactions in the offline markets.

There are two biggest weakness would be long transaction time and high transaction fees. Bitcoin is now the mostly used coin in crypto market. Back in 2017, when the bitcoin price is high, the transaction fees reached $40-50 leaving the lower fees $10 stranded. Second, nearly 250k transaction were done per day, as such, sometimes it takes longer time to complete one transaction, on average 30 mins is needed.

If the bitcoin is regulated through out the world ,most of the people use bitcoin and cryptocurrency as one of the payment.But some of the countries had made cryptocurrency as illegal one.In some countries bitcoin and cryptocurrency is stay legal.This made some people to inverse in cryptocurrency and bitcoin.

The biggest weakness of bitcoin is its own instability. People tend to runaway from it when they see this happening.

Hello,

For me there is three whickness :
   - regulations : even if it is not the purpose of BTC I think we need a little more regulations in order to have more trust and bring more people to invest
   - fees : for small amount so for most of the people who are new to invest transactions and withdrawal fees are too important
   - speed : other blockchain are much more fast than BTC and it is really not a good point for it as people want fastness while using a full decentralized technology !