Quote from: pooya87 on Today at 09:01:10 AM

Quote from: Abhijeet Tripathi on Today at 07:43:38 AM

1.Trust[/size]-Most people don’t understand the digital currency and only see Bitcoin’s unpredictable price movement. This generate a negative environment for bitcoin.

that is not bitcoin's problem. bitcoin is what it is, if people wanted to use it they would. just like many people who are using this decentralized currency. others who want to get too involved in the price movements and lose money in the process is their own fault.

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2.ICO scams[/size]- general public unfairly associates bitcoin with ICO scams.
3.Hacks[/size]-Hacking and theft continue to be on the rise.

neither of these two have anything to do with bitcoin.
ICO scams are other people doing other things using another cryptocurrency.
hacks are also third party websites (such as exchanges) that are weak enough to be hacked or people losing their bitcoin because they download malicious software, don't inform themselves,...
bitcoin itself is 100% secure and unhackable.

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4.Ease of use[/size]-Bitcoin is much harder and more complicated than holding cash. people need to learn how to take responsibility for the private keys that control their bitcoin.

this is the only valid point you can make. although the wallets are very easy to use nowadays. from centralized custodial ones that look like PayPal to secure desktop wallets that are easy to use such as Electrum.

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5.Open nature[/size]-Powerful machines built specifically for bitcoin’s proof-of-work algorithm have changed its decentralized and more open nature.
This has, in effect, concentrated bitcoin’s confirmation power, leaving it in the hands of only those who can afford thousands of dollars of ASIC hardware.

usage of ASICs does not change anything about open nature of bitcoin or its decentralization. the fact that some people choose to take a high risk and invest their money into specialized mining equipment and spend more money on electricity, maintenance,... to be able to mine bitcoin shows the decentralized nature of bitcoin. and nobody is preventing anybody else from entering the scene. it is your choice not to trust bitcoin enough to invest that kind of money and effort so you can't blame bitcoin for it.

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6.Scalability[/size]-Bitcoin has a serious scalability problem. As more and more bitcoin trades and purchase transactions are executed, the network will have a more difficult time keeping up.

you haven't seen "serious" scaling problems. if you want to see them look at a shitcoin like ethereum with its 2 terabyte blockchain size, 99% light nodes and the fact that its entire network goes down anytime there is a big traffic.
scaling in bitcoin will always exist, there is no magical solution to make it go away. we can only improve it which is being done already.

Quote from: btc_angela on Today at 12:49:40 PM

I would say that Bitcoin's protocol is almost perfect so all the problem you have list is not bitcoin's fault for per se. If people are going to educate themselves specially protecting their wallets and assets then there will be less hacks and such. If you want to be your own bank, then protect it at all cost. Is bitcoin design to replace the fiat system? Personally, I don't see it like that, it was design to be an alternative and not a replacement.

Quote from: bitmover on Today at 12:23:49 PM

Quote from: joniboini on Today at 08:48:24 AM

How exactly bitcoin should overcome the hacking problem?

This is not even a bitcoin protocol problem. This is a problem of low quality third party services which try to make money out of the network.

Quote from: Abhijeet Tripathi on Today at 07:43:38 AM

In my opinion, most of what you said is just a marketing created by scam shitcoins to convince you to buy those ponzi scheme coins. They are not real bitcoin issues.

Quote from: CaVO32 on Today at 11:09:28 AM

Quote from: pooya87 on Today at 09:01:10 AM

Quote from: Abhijeet Tripathi on Today at 07:43:38 AM

1.Trust[/size]-Most people don’t understand the digital currency and only see Bitcoin’s unpredictable price movement. This generate a negative environment for bitcoin.

that is not bitcoin's problem. bitcoin is what it is, if people wanted to use it they would. just like many people who are using this decentralized currency. others who want to get too involved in the price movements and lose money in the process is their own fault.

Quote

2.ICO scams[/size]- general public unfairly associates bitcoin with ICO scams.
3.Hacks[/size]-Hacking and theft continue to be on the rise.

neither of these two have anything to do with bitcoin.
ICO scams are other people doing other things using another cryptocurrency.
hacks are also third party websites (such as exchanges) that are weak enough to be hacked or people losing their bitcoin because they download malicious software, don't inform themselves,...
bitcoin itself is 100% secure and unhackable.

I think what he wanted to convey here is that because of ICO scams and hacking incidents in crypto community, people outside crypto identify or as he said it, associate those with bitcoin. Though those ICO scam projects are totally not related to bitcoin, yet, they thought that crypto or bitcoin is somehow fraudulent. Those that don't really know about crypto, will have some kind of "ignorance" when it comes to this. But for sure, once they educate themselves even a lil bit, they will understand that bitcoin has nothing to do with all those unfortunate situations. Try talking to a noncrypto user and you will find out that they will be hesitant at first. One time, someone asked me if bitcoin is an illegal currency. You have to understand such stupid thoughts about bitcoin by many people because they really do exist.

I respect all replies given by everyone.

What I wanted to convey is that Bitcoin is facing a lot of competition and other cryptocurrencies will compel users to switch from Bitcoin to alternative crypto assets.
Other cryptocurrencies operate differently. Ether, for example, uses the proof-of-stake concept, which is energy efficient, while the cryptocurrency ripple does not require mining.
Bitcoin’s network requires an average of 10 minutes to create a block, and it’s estimated that it can only manage seven transactions per second (TPS). Ethereum does better (20 TPS), and the IBM blockchain (1,000 TPS) and Ripple (1,500 TPS) are even more impressive.
Bitcoin’s promise was to bypass the centralized economic system and enable peer-to-peer exchange of value using the digital currency. But with the fluctuating price of Bitcoin, it is very hard to buy a cup of coffee.
Bitcoin was designed to be cheap, reliable and fast

Abhijeet Tripathi

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