Topic: What's your biggest problem with Bitcoin - page 115. (Read 135083 times)

i dont have big problem with bicoin, but for know just too late confirmed transaction
but it's not big problem

But there is option of transfering BTC directly to your bank account I guess so you can withdraw in your local currency and the fees are not too high. So that would be the best option for you as I prefer directly transfering BTC do my Bank account.

I have NO such a Big Problem with BTC, But Little Problem, Yeah I have, I cant withdraw my BTC directly to fiat Money, I have to go to exchanges or localbitcoin for that. Have Master card of bit-x but its fees are too high. Other wise BTC, doing very well in my daily life,

Why could it not? I think once the block size debacle has been sorted there's nothing I can envision holding it back other than just the mainstream getting involved (which will be a slow process any way).

Too slow.

My biggest problem, let's see:

#1 - Asics, centralized processing by a very few, Litecoin promised to avoid that and didn't deliver, vertcoin so far has done it!.

#2 - Bitcoin core, taking forever to load, taking forever to check hashes when the computer crashes, taking forever to update.

(of course if you use a big ass machine with 100MB+ connection won't be an issue, but most people run bitcoin core from their notebooks with 1MB connection, sometimes takes like 7 - 10 minutes to load, and several 10's of minutes to hours to update!.

Usually, when I go to an exchange to buy or sell BTC, I update the notebook's core wallet before I left, then I load it on the exchange office (and even when only 30 minutes has passed, it takes me like 10 - 15 minutes to update!, this is ridiculous!)

On top of that, I have to wait sometimes 10 minutes or more to wait for the at least 2 confirmations, before I left, even when I always pay a high fee to make sure it would be pretty quick, the last time i sell btc i pay like 0.070 BTC fee, which i thing is pretty significant, and still it took like 11 minutes for the first confirmation.

Nowadays I have the wallet on my primary server which is a dual xeon with sas drives so I can load the wallet pretty quickly and access it remotely from my VPN when I am at the exchange, but again, it is ridiculous i have to use a 20000 USD server to run a wallet (of course this sever does a lot of other things, but you get the idea!)

I don't mind blockchain size, as 42GB is nothing compared to actual hard drive sizes, but:
- time to load wallet
- time to recheck hashes, and...
- time to update the wallet

are the most significant problems for me.

The biggest problem with me is that in my country no one is aware about the bitcoins and that makes me really worried that where should i spend my bitcoins. No doubt I use it for online purchases but I really want that the merchants in my country should start accepting it as a mode of payment

How could bitcoin possibly handle the type of traffic the modern day world demands or even a small fraction of it?

Thats why Im saying to you that if there is a mass adoption in your country, your government will notice it and may be they will legalized it and build  bitcoin ATM to let you guys spend it. We will see it later how are these things going in another few years  

No, it is whales. People who obtained insane amount of bitcoins one way or another and then removed them from economy, reducing exchange liquidity and causing price to swing wildly. There won't be mass adoption unless liquidity improves big time. But you tell that to someone who sits on 10,000+ BTC and does not have to sell any of those coins unless price suits him (1 million dollars or so).

Really? Are you sure your sending a decent enough fee? My first confirmations usually happen around ten minutes. I once sent without a fee by accident and it took a very long time, though.

Don't you know these countries has legalized bitcoin and their governments let it grow rapidly? Actually I really wish the shop and ATM will be built in my city. Maybe just wait until 2-3 years later.

Yeah, I heard a bank CEO mention that if Bitcoin becomes dominating, the banks new role might be as custodians of private keys.

Seems plausible.

However, I see some challenges with that. The benefit of having custodians would be to make the bitcoin system as trusted as it is in most western countries today (despite what some in here think). This would include the posibility of a guarantee that the money are safe, and that the bank will reimburse if anything happens. So far so good.... but in order to provide such a guarantee it seems the bank will need to know how many btcs are in the wallet. And then that knowledge has tax implications etc. And that is where many people won't like it so much anymore.

I guess we need a new Satoshi to come up with another revolutionary and simple idea for guarding btcs safely easily. So far I can only think of the banks.. and that again has some nasty side-effects.

a better platform for wallet management could making a killing!

For me its also the confirmation time.

It took nearly 40 minutes or more, that is too long imo.
They coin we see fast in a few minutes, the confirmation 

Some problems in bitcoin might be resolved if you frequently update the software, and update information as well. because although it has designed a variety of security features and others when not in use will be the same result

I still have this big problem with bitcoin and my self, i had a chance to buy thousands of bitcoin when price was under 50 usd and i passed the offer because i thought mining was going to be good enough.

The first confirmation can take 30 minutes - 1 hour. Also many providers need many confirmation like 3 or even 6. I think 1 confirmation is enough in normal condition ( when split doesn't happen ). Also about security, i can't say anything about this because i lost my 2FA key and i forgot to backup when i re-flash my phone . Some users complain about security. Security is important thing for bitcoin

The biggest problem is that price development is lackluster, if you could improve the exchange rate performance, make it rise 4x in a year, then the community will expand like supernova, all the other problem will be solved automatically 

The biggest problem with Bitcoin is still security! Wallet security still needs to be further developed! I'm still waiting for someone who introduces a local wallet with 2FA security + additional factors (email confirmation, trading question, biometrics etc).

I also believe that people running full client nodes should be compensated, and that's an issue that should be addressed.