Topic: What would you say is Bitcoin's biggest weakness as an industry? - page 6. (Read 894 times)

For me the biggest weakness of bitcoin is the volatility of its value. The uncertainty and unpredictability of the fluctuations that could possibly lose our investments. If we are gonna achieve 100% adoption in the future, at that particular moment the value of bitcoin will be more stable and it will be widely used.

I think if bitcoin / crypto are regulated.
The price will be stable and people will lose interest.
Crypto is liked by many people because the speculative price which can up 100% or down more than 50% in just 1 night

Security and a lot of manipulators. Bitcoin is a strong technology, but a lot of greedy people in this market, they will do their best just to make profit through bitcoin. This technology is good enough to bring us in a great future but hopefully, this market can be more secured and manipulators will stop from doing that.

In hackers situations, you need to make sure you do not compromise yourself
Where do you store your bitcoin? Hope it’s not on exchanges ?

You need to understand that hackers can only access your account if you voluntarily or negligibly expose your accounts unknowingly

At the moment the weakness of bitcoin is namely:

1. The value: everyone both users and investors are worried about the insecure value of bitcoin
2. Government: the government segment are worried about the tendency of bitcoin or crypto currency in general been used for money laundering

I think those are the most difficulties weaknesses this moment and I believe once the evolving of bitcoin continues it will only get better

Bitcoin's biggest weakness i see is security, because once the hackers go inside your wallet you're doomed. Like the incident in south korean cryptocurrency exchange, they stole 31 million usd worth of crptocurrency. If we can use 2FA in out wallets it is good because we can add an added layer of security. 

There is crypto which as backed by USD in order to be stable. But still not clear if it will work out somehow.

in my opinion the weakness of the first cryptocurrency is that the price is unstable, then the crypto currency is easily stolen by hackers, and there is a lot of fraud in crypto.

bitcoin does not need regulations.
regulations are where authorities get businesses to spy and police customers. in short giving businesses a sherrifs badge of authority. which some people treat as a badge of honour or trust.. but reality is there are still corrupt police around. after all how did regulating banks protect people in the 2007-8 crisis.

we need CONSUMER PROTECTION. where we, users. get to due diligence and KYC the businesses and we get to police the businesses. especially because those businesses will be getting our coins.

regulations: let businesses tell customers what customers can and cant do with our money
consumer protections: lets users vet and challenge and tell businesses what businesses should do with our money

i find it funny that people advocate for regulations.. complete mystery why

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... using your coffee payment question
things like using LN are stupid. to use it you need to
lock funds up.. (involves pre-planning spending habits)
when locked up it requires other people so sign for the funds (no longr 100% owned as its co-authorised)
it also needs splitting funds into many channels to have a better chance of routing(increases bytes per tx)

in short to pay for 10 coffees in LN you end up doing a tx of 5 outputs to 5 channels to lock in. and when exiting with your 'change'(left overs) it requires 5 transactions of 2in 2out each. signed by 2 parties)

add up the bytes used for all that....

now how about knowing you got to lock in funds(preplan)..
how about.. (wait for the shocking idea)
just paying starbucks a bartab of 10 coffees. a tx of 1 input 1 output. and then starbucks updates your starbucks app balance...
job done. 1 onchain tx.. and you get your 10 coffee's.. job done no counterparty signatures, no multi channels no routing no hoping everyone is online. just 1tx and you have credit for 10 coffees.. end of

As per observation in the btc market, I don't really see any big weakness with respect to btc . I would consider volatility as a minor weakness for btc and not a major one since volatility is already a part of the crypto market movement. Moreover, people who had been with bitcoin had already understand how btc work's in the crypto industry and does not really give importance on the weakness issues.

I can't entirely disagree with your statement. To see the long term growth of crypto, adoption is necessary. But such adoptions should come from the brands like walmart or spencers where people can buy their regular supplies. It should not be from brands like Rolls Royce or Ferrari. Obviously those will be wonderful additions but won't help the crypto growth.

But this kind of adoption won't come without regulation. So I support regulation on crypto when it comes to increased adoption rate, even though regulation is directly against the nature of cryptos.

We already have the grounds ready for such adoption. We already have projects like bitpay or coinpayments which merchants can use to enable crypto payments in their store. But regulation is one factor that is stopping the merchants from adoption. So I will consider the absence of legislative framework as the biggest weakness of crypto space.

1.The amount of money and power concentrated in a small group of crypto whales.
2.All the dirty tricks used by the crypto exchange platforms to scam their users and to manipulate trading volume.
3.The massive amount of ignorance outside the crypto industry.
4.All altcoins/ICOs.

Buying a cup of coffee or beer is already happening. Look into Lightning network, Off-chain solutions are the future of bitcoin. Atomic swap is something I have been keeping my eye on, it's another thing which will play a huge part in the coming future. The biggest weakness for me is an obvious one i.e On-Chain Scaling. You can't push everything to off-chain systems. You need to have a speedy on-chain settlement system to keep up with the world if Bitcoin is to become a common currency. This may be in the form of a block-size increase or some breakthrough we might have in the future but something will have to give.

Bitcoin is going to be a highway for accessing cryptos for a long time that's for sure. But Regulations won't help at all.

Regulation and legal issue are the biggest barriers in most country. For example, in Indonesia using Bitcoin (or any currency other than Rupiah) for means of payment is not allowed. Before the central bank released the statement there are already some merchants accepting Bitcoin but since then they retracted Bitcoin payment option. Even the biggest Bitcoin exchange here (Indodax) is closing their local "Bitpay"-like service. Now Bitcoin is mostly seen as an asset. I'm still glad the government didn't ban Bitcoin completely.

The second one I think comes from Bitcoin technical limitation itself. Who would wait 10 minutes for buy a coffee? The current system simply isn't made for currency. But this one can theoretically be solved by off-chain/sidechain transaction like what Lightning Network is doing.

The biggest issue would be in my opinion, that BTC in its core is not scalable and is not a healthy product, but scam.

There would be many weaknesses. But I don’t want to talk about technical issues; many people will tell you about that. According to me a big problem with Bitcoin is that it has no minimum valuation guarantee. So if some big investors agree to dump their holding together its value can fall immensely causing immense amount of loss to general investors.

I'd say it's the wallet security.

You can easily lose a wallet or have it stolen.

The other thing would be that it's not yet accessible to the majority of people since it's not the most user friendly thing yet.

Personally, I think rthe Bitcoin/Crypto market needs to be regulated for it to become mainstream or useable in everyday life situations. For instance buying a cup of coffee or even buying gas? What do you think? What're the top projects you've been keeping an eye on and how do you think this will change the future of Crypto?