Quote from: comet1440 on February 18, 2015, 10:14:30 PM

Just face it, Bitcoins security issues are too much to overcome in the long term. 95% of exchanges that come into existence end with all their coins being stolen. And most average everyday people aren't smart IT professionals and won't be able to secure their computers from theft. The norm will be cyber criminals installing programs on the average Joes computer and stealing all their coins which will prevent mass adoption of Bitcoin as a major currency. And unlike with fiat people won't get their money back. Bitcoin transactions can't be reversed. If your bank account gets hacked you might get all your money back, with Bitcoin there is no one to reimburse you. I don't see how Bitcoins could even be insured because of how transactions work. How could someone prove their coins were stolen instead of being sent from their wallet as a legitimate transaction? they can't. Computer networks are prone to being compromised and that's what Bitcoin lives on. You can't use Bitcoin without it going through a computer network. And people are always looking for ways to steal money, and Bitcoin is a prime target. It's anonymous and has no legal standing which makes it even worse. I also believe that at some people some super genius will be able to reverse engineer private keys and/or understand the blockchain on a level which allows them to flat out steal coins. At this point It's way too hard to even keep bitcoin without it getting stolen. I do not think this will change because our internet networks are what they are, unless they are rebuilt from the ground up there is nothing you can do. I believe this will lead to the demise of cryptocurrency.

Banks fail at the same point Bitcoin is failing.... {Human factor} There are security features in for example hardware wallets, where nobody has been able to steal any coins. I will rather want the human factor to be eliminated or reduced, to solve that weakness. {Use technology to make the transactions and security invisible for the average user... they should not have too much control over how it works, they should just be able to use it}

The Bitcoin protocol is not set in stone. It will adapt to change and stronger encryption could also be introduced on other levels to improve it and save it from the "demise" you are predicting.