Conversion to Fiat and the regulation that comes with it.
At the end of the day, if a merchant is willing to swap product for BTC great... no problem.
Whenever a merchant wants to swap product for $ minted from BTC, then you eventually run into regulation. Even if your are small enough not to be regulated yet (like BTC to gift cards), you will be regulated eventually, whereever $ are involved.
So either stay in BTC barter land, or go to law school.
Topic: What's your biggest problem with Bitcoin - page 121. (Read 135106 times)
I would like to see more ways to buy bitcoin. I have used coinbase, I don't see anybody selling locally on localbitcoin.
I don't know how this could be fixed though.
I don't know how this could be fixed though.
Suppose bitcoin is accepted everywhere,
what would happen if there is a blackout for hours or even days? You won't be able to pay/get paid etc.
What would happen if there is an internet connection problem in huge areas?
Bitcoin will paralyze.
Also, think what will happen if those people choose to pay with bitcoin.
They will have to wait for confirmations before they leave.
what would happen if there is a blackout for hours or even days? You won't be able to pay/get paid etc.
What would happen if there is an internet connection problem in huge areas?
Bitcoin will paralyze.
Also, think what will happen if those people choose to pay with bitcoin.
They will have to wait for confirmations before they leave.
Though I agree with the safety part, I am still worried about the delay time in confirmation, if you explain me technically what is happening during the confirmation process it would be really benefit me and also to explain the naysayer critics regards to bitcoin digital currency values and merits.
The reason confirmation takes as long as it does is because the time between blocks is designed to average at about ten minutes each. Because finding a block is stochastic, this can vary widely, and can increase if hashpower on the network go down. It is good for confirmation times to be longer than absolutely necessary because it allows found blocks to propagate throughout the world before another block is found.If another block is found before the previous block has fully saturated the network, then a fork occurs that is resolved as more blocks are found.
In the most extreme scenarios, when confirmation rates are too fast, forks never converge and disintegrate the network.
Even if this doesn't happen, blocks that are left on the dead forks represent wasted work, and so weakens the blockchain by requiring less work for reorganizations of the chain.
In other words, confirmation times are long in order to avoid waste and simultaneously improve the strength of the blockchain.
Confirmation times can be further lengthened if blocks are fully saturated and/or if a significant number of miners are configured to reject your transaction for whatever reason. Usually the reason is the transaction fee is below the default minimum.
https://blockchain.info/charts/avg-confirmation-time?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Though I agree with the safety part, I am still worried about the delay time in confirmation, if you explain me technically what is happening during the confirmation process it would be really benefit me and also to explain the naysayer critics regards to bitcoin digital currency values and merits.
The biggest problem with Bitcoin is its users
None of them has anything I want
Second biggest problem with Bitcoin is too difficult to mine
Needs crashing
None of them has anything I want
Second biggest problem with Bitcoin is too difficult to mine
Needs crashing
As for me, I not see any big problems.
Since do transaction with bitcoin is more practical than fiat, then I have spent more bitcoin to buy some stuff than using fiat. I mean, the easiness of bitcoin can make us to be more consumptive. And sometime, we need long time to get confirmation for transaction, it will be harder to us when buy goods then.
1.) Funding the nodes while remaining highly decentralized and retaining hashpower.
point is, which fees to use? higher current fees or cut from fees from miners? this is really tricky..
Good question. There are a plethora of problems but there's only one that represents an existential threat, so I think that would have to take my top spot.
1.) Funding the nodes while remaining highly decentralized and retaining hashpower.
1.) Funding the nodes while remaining highly decentralized and retaining hashpower.
Confirmation times are horrible.
Mining leads to centralisation.
Wallets are vulnerable to attack by default.
Mining leads to centralisation.
Wallets are vulnerable to attack by default.
For me the following parameters are important:
1. Security of Bitcoins (Even noobs should not be worried about someone stealing their wealth)
2. Ease of Use
3. Faster 1st Confirmation (More confirmations can be followed later, but first confirmation should be as good as 'instant')
These are my primary issues which I think are getting in the way of mass adoption.
1. Security of Bitcoins (Even noobs should not be worried about someone stealing their wealth)
2. Ease of Use
3. Faster 1st Confirmation (More confirmations can be followed later, but first confirmation should be as good as 'instant')
These are my primary issues which I think are getting in the way of mass adoption.
*confirmation time and inconsistency (sometimes it is few minutes to get first confirmation, sometimes you have to wait half an hour)
*no finance motivation for running bitcoin core node (which cost more and more resources to run and is unusable for home users)
*centralization of bitcoin mining (even I know, that you can't do anything with it, I feel it like a problem)
*non-reverse payments (if you missclick with floating point, you are simply screwed)
and much more, but you asked only for the biggest one:)
*no finance motivation for running bitcoin core node (which cost more and more resources to run and is unusable for home users)
*centralization of bitcoin mining (even I know, that you can't do anything with it, I feel it like a problem)
*non-reverse payments (if you missclick with floating point, you are simply screwed)
and much more, but you asked only for the biggest one:)
For me it is transaction times, and the inconsistency thereof. Sometimes confirmations are quick, other times they are not. I would like them to be predictable based on what your transaction fee is. I think that this randomness is a barrier to wider spread adoption.
Have to agree with the above as I also have some transactions taking 10 odd minutes and others that wait for close on an hour for a confirmation. Would be nice if there was a way to sort of 'predict' confirmation times beforehand by for example using a certain fee. So for example if I include a fee of say 0.00001 I know that confirmation time will be 30-60 minutes but when including a fee of say 0.001 it will be around 10-15 minutes etc...
Currently it's all over the place in regards to confirmation times.
For me it is transaction times, and the inconsistency thereof. Sometimes confirmations are quick, other times they are not. I would like them to be predictable based on what your transaction fee is. I think that this randomness is a barrier to wider spread adoption.
Nothing really, I love everything about except that mining is only left for the rich guys who can afford to make huge farms and earn bitcoins, I don't think it was meant to be this way and the other thing which is sorta problem for me is I don't have as much of Bitcoins as I would like.
Long-term scalability first, mobile/embedded usability second. Failing at scalability would eventually leave Bitcoin in the hands of "the rich ones" (namely Google etc.), which makes for an even worse scenario than banking system. Relying THAT much on processing power or disk space is a doomed solution to me.
Generally speaking, it seems that Bitcoin keeps afloat based on ridiculously optimistic predictions, whereas any software in the world is written with a constant eye on worst-case scenarios.
Generally speaking, it seems that Bitcoin keeps afloat based on ridiculously optimistic predictions, whereas any software in the world is written with a constant eye on worst-case scenarios.
mining competition for sure... but I love anonymous currencies 
Confirmation time is a big issue. Once I waited for almost 2 hours to get the necessary 3 confirmations, which are needed for deposits in Localbitcoins. And by that time, the exchange rate declined by 3% and I lost quite a significant amount of money. Normally the 3 confirmations take less than 30 minutes. But in that particular occasion, it took almost 120 mins.
I think transaction confirmation and the competition of mining
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