Topic: What's the most complicated thing about Bitcoin? - page 3. (Read 1061 times)

Yes, I think so too so that Bitcoin is very hard to do with offline transactions. I can not imagine what happened to Bitcoin if there is no internet connection anymore. Not everyone understands Bitcoin transactions offline.

To be honest, I never thought about complicated things about bitcoin, because my goal was to use its simplicity.
For example, transaction convenience, easy-to-understand UI. If for honest system problems I don't understand at all, especially how the bitcoin protocol is formed.

Well,Its a little bit difficult to convince people that its doing pretty amazing

Error in stepping so that bitcoin can change hands and without we can change the wrong transaction so that it can be corrected, this is a very fatal thing and not so with banking transactions that can still change it by giving a report, it will not be done again if it happens on bitcoin transaction. need caution in going further for each bitcoin transaction and need to check several times until you believe that you have not made a fatal mistake.

I think one of the things that complicate bitcoin is the fact that you are totally in control and only have yourself to blame if something goes wrong. If you send coins to the wrong address or something like that then nothing can be done. Being in total control like that is not something people are used to and I feel they would rather pass that responsibility on to a third party and pay that third party to be responsible. Banks give people a feeling of safety that their money will be ok. I think wallets should make more of a deal over your transaction confirmations so that you don't send to the wrong address or get distracted. Make you solve a short puzzle or something so you know you awake and not fall asleep or too stressed to think. That's when people make mistakes.

Exactly. That's the real issue here. Since most people associate price trend with the success of any underlying asset, it's difficult to get an average person to use Bitcoin right now. People want something that's stable enough to be used as a currency just like Fiat is doing right now. I'll be complicated for most people to keep up with Bitcoin's prices across the market just to maintain financial stability with it. Also, since most people think about the money instead of the technology, they don't find ways to properly secure their crypto funds.

The hardest part is securing our Bitcoin against hacks or theft. Software wallets are prone to bugs, and viruses put at risk one's crypto funds. On the other hand, online wallets are prone to hacking or theft, with a greater level of risk than software wallets. The most secure solution is to use a hardware wallet, but that involves a certain degree of technical knowledge to be able to use it correctly. Since most people don't have the time to learn how to secure their crypto with a hardware wallet, we've seen how mainstream adoption has been declining each day because of hacks, theft, and the large uncertainty surrounding crypto land.

Hopefully, things will get easier over time as developers work hard on creating wallets that are as friendly to the user as possible. Guiding an average person using "baby steps" would help him/her get a hold of Bitcoin easily. So far, sending/receiving Bitcoin transactions is a task easy enough for the average person to understand. But advanced features like multi-sig addresses, batch transactions, offline transactions, and even mining would require a certain level of technical knowledge to use them within the Bitcoin blockchain. Just my opinion

Yeah, what miners are receiving as a reward for confirming is the fees and reward for each block confirmed.
Me either, it just confirmation that appears there can be just one, some are 2 or 3 but I guess it depends on the amount of bitcoin. Larger amount of bitcoin needs to confirm several times and smaller ones need just one. I bet it depends on the computer or GPU, the faster the GPU the faster it computes the mathematical computation and algo of the block.

Whiles getting to know more about this industry, one thing that i faced as a difficulty was when i was trying to prove ownership of a bitcoin address. This was quite complex as it took me several days to get this done. I think most newbies in this industry might also be facing this problem, well if you are happen to be in such situation you are welcome to seek help from this article.

Bitcoin is a breakthrough of the 21st century in the world of cryptocurrency

I think the most complicated thing about Bitcoin is the fee. They said that it is the reward for miners to confirm the transaction but it is really hard to understand how the miner confirm the transactions.

It is quite not complicated actually, it is considered a dead-end for the investment that you have on that particular wallet address or account.

Moving on, for me, the most complicated thing for bitcoin is when you are referencing transaction history of different wallet address especially when there seems to allot of address showing in the blockchain. In this regard, may be an identification name could be a solution to minimize confusion through the addresses.

One of the most complicated things about bitcoin is losing one's private keys or passphrase, and never remember the password, or when the phone is misplaced and the passphrase is never able to be retrieved, not even wallet ID, this can be very crazy and hope dashing for any user of such category.

Probably cashing out and using it to buy something, which should be a whole point. We dont try to get as much BTC as possible to keep it in our wallets forever.
Still, transferring BTC into FIAT or simply using it via some crypto debit card can be quite complicated, especially for people who re not so technical.

This is one thing which need to be simplified big time in order to achieve higher acceptance.

The most complicated thing when your enter in crypto world is to understand about security and how to keep your wallet really safe
It's commom to leave the coins in exchanges thinking they are safe, or to enter on a phishing website, or even to send BTC to another adress with some malwares

For me the way we get it for free without investing. So that they invent this Forum.

Having it for free will never happen even in the future because you have to work for it just like in participating bounty campaigns wherein you can get bitcoin if you dedicate your time and effort into bitcointalk forum. But if you have focus and enough knowledge how to gain bitcoin in such different ways, then at the end of the day you will surely gain bitcoin.

I found it strange how to get a hardware wallet because I didn't believe there was internet money.
The first internet money I heard existed was cryptocurrency, and it wasn't these transactions that cost me so much.
Even after purchasing the hardware wallet, it was very complicated for me to find my address, I know it was easy, but I had no one to explain to me, so I managed my own.

I think it's price versus fundamentals. It's hard to convince common folks that Bitcoin fundamentally is doing quite well while the price goes the other way. For a lot of people the price is a reflection of how Bitcoin is doing. Simply put; price up Bitcoin good, price down Bitcoin bad. In a way that's understandable from their position, because why does something go down when it's doing well?

If they knew how markets in general work, it would have been easier to explain them why there is so much speculation, what the effect of this speculation is, etc. You have to calmly articulate everything word by word so that they can understand it. It can be annoying, but when someone is open to accept a different view, they can pass that view to someone else eventually.

Another thing is that in some cases you have to explain why people need a hardware wallet while they can just as easily store their coins on an exchange for free. I'm glad that pointing them at the numerous hacks quickly convinces them to buy a hardware wallet, so that's definitely a plus.

You can't get free bitcoin unless they're from faucets which are really a low amount (few satoshis). It requires you more time to get a good amount of bitcoin to be honest. You need some skills and knowledge about different things to get bitcoin or if you have miners, you can just mine them. I don't think that you can get free bitcoin anyways, I don't talk about faucets because it's a waste of time.

That's certainly true, mate. It's sometimes confusing to set the miner's fee at our heart's content. A slight mistake could prevent your transaction from getting confirmed on the Bitcoin blockchain. When I first started using Bitcoin, I began playing with the fee values a bit until I noticed that my transaction was stuck for hours. Later, I noticed that I've set a lower fee than usual for my transaction to go through. After a good lesson, I've decided to leave fee values by default and let the wallet do the rest. In some cases, I needed my transaction to be confirmed in the least time possible. This has led me to set a higher fee than usual to achieve with said purpose.

Anyways, there are now plenty of Bitcoin wallets which allows the user to select the speed of their transaction. For example, Electrum has a slider where the user can simply move (instead of setting a value manually) in order to pay a higher or lower fees depending on the speed of the transaction. As time goes by, I believe that wallets will continue to improve their user interfaces to make lives easier to the average person. While miner fees are one of the most complicated things about Bitcoin, they're not as hard to learn as multi-sig addresses in my own opinion



Exactly. It all depends on the type of person's knowledge in tech-related areas. Computer scientists would often find it easier to get ahold of Bitcoin Core's commands than an average person. This allows tech-savvy people to use some features out of the ordinary ones available on the wallet's user interface. If somehow ordinary people knew how to use in-wallet commands properly, then they'd able to make great use of Bitcoin within the mainstream world. With an extensive knowledge of Bitcoin's functionalities, you'll be able to send Batch Transactions, sign transactions offline, and even create multi-sig addresses with ease. You can also achieve a greater level of privacy within Bitcoin by not re-using addresses on the Blockchain. For each new transaction, you'd simply create a new address for it.

Of course, smart contract development is a whole other level. Its complexity may be one of the reasons why Satoshi didn't design Bitcoin as a smart contract platform in the first place. Thanks to Bitcoin's relative simplicity (relative to Ethereum), most people are actively using and supporting it within the mainstream world. But it's hoped that it would become much easier to use Bitcoin in the future, as developers improve wallet's user interfaces for a better user experience.



Agree. One of the biggest issues right now is properly securing Bitcoin against hacks or theft. Hardware wallets are the ideal solution to prevent these undesired situations, but they're not easy enough for the average person to understand. Paper wallets are much easier than hardware wallets, but still involve some knowledge for the proper protection of Bitcoin balances. I guess that with good education, people will be able to understand how to use Bitcoin properly. As the pioneer cryptocurrency grows in popularity, its supporters will do their best to educate people in the mainstream world about it.

I'm sure that in a couple of years from now, people will get accustomed to using Bitcoin in their daily lives without any hassle.