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Bitcoin Is not Ideal: Inherent Risks of Bitcoin

Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!

Bitcoin is proved very successful. Since its inception in 2009, Bitcoin has attracted increasing media attention, articles in The Economist, TED talks, BBC news. With surging popularity and increasing price, more currency speculators and even ordinary customers who have no idea what bitcoin is are investing in it, hoping to be part of a so-called revolution. Countries like Canada, Philippines and Japan have legitimized Bitcoin as payment method. Central banks worldwide are exploring the potential of Bitcoin and its underlying technologies like Blockchain.

It seems that we have every reason to be optimistic about the future of Bitcoin. But is Bitcoin ready to rock the world? Or is Bitcoin as perfect as you have imagined?

Anonymity

I believe that the very mentioning of bitcoin will remind people of anonymity, but the truth is that bitcoin’s privacy is widely misunderstood.

“While the Bitcoin technology can support strong anonymity, the current implementation is usually not very anonymous.”

The crux of the problem is that every transaction is recorded in the public ledger network and data recorded on it is available to all. Recently, a group called the Large Bitcoin Collider(LBC) claims that it is using its computing power to smash open bitcoin wallets owned by other people and potentially taking the coins inside. How can they accomplish this?

“Bitcoin addresses containing funds can be accessed by private keys, which are generated at the same time as the address. Technically, a number of private keys could work with any given address, but you’d need a huge amount of computing power to brute force your way through enough possibilities to find any of them.”

Maybe just like what Brunstein said:

“Bitcoin is more accurate to describe it as pseudonymous.”

Security

The unique digital nature of Bitcoin has made it susceptible to be hacked.

Mt Gox

The first Mt Gox hack occurred in June,2011. An attacker with a Hong Kong IP address compromised an account on the site, and then made a massive sale of bitcoins, causing the price of the currency to drop from $32.00 per coin to mere pennies.

On February 24, 2014, MtGox announced that it had been hacked, again. This time, it had lost everything: the sum total of its bitcoin holdings were just 2000BTC, according to a leaked crisis document.

Bitfinex, Bitcoinica, Bitfloor and other exchanges are also included in the list of exchanges being hacked. Unfortunately, it looks like hacking has become a commonplace in the bitcoin world.

51% Attack

A 51% attack is the Sword of Damocles hanging over the head of Bitcoin. In Bitcoin, miners are literally controlling the network. If a pool operator had 51% of the network, he could always have the “longest blockchain” and decide where all new bitcoins belong.

In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.

“So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.”

Now if you ask me what Bitcoin reminds me of, I’d say possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:

“What is the nature and origin of money?”

COMMENTS(45)

  • Doofus
    2 months ago Doofus

    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”

  • Qartada
    2 months ago Qartada

    Bitcoin can’t be hacked, it’s impossible.  Even 51% attacks wouldn’t be hacks, they’d just be attacks on transactions.  Double spending isn’t really very much of a threat unless it has no confirmations – a lot of the reason we have mining is to fix the double spend problem.A lot of the problems you mention don’t exist.  Anonymity isn’t even a problem, and if people want anonymity they’ll gradually move to real anonymous coins like Monero, and illegal activity will just be a side effect so it doesn’t really matter that they’re used for illegal activity.  Cash is as well.Bitcoin isn’t perfect but you’re looking at the wrong things as problems.

  • webtricks
    2 months ago webtricks

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies.

    You may have many questions on Bitcoin features and drawbacks. Well, everything in this mighty world has drawbacks. This is the basis of evolution. Same applies to Bitcoin and one of the major reason why we see more and more cryptocurrencies everyday is the lacks of Bitcoin. Just take a moment and go through Altcoins ANN section, you will see many coins claiming themselves to be superior than Bitcoin on these basis.

  • Sadlife
    2 months ago Sadlife

    Bitcoin can be hack? Impossible.I guess your were talking about the bitcoin exchanger sites that got hack? Right. 51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners. Bitcoin’s only major crisis right now is it’s stagnant scaling problem.

  • ETFbitcoin
    2 months ago ETFbitcoin

    I have few arguments such as :1. Bitcoin isn’t anonymous, but only pseudonymous and user need efforts to keep their anonymity. If user only use few address, anyone could track him/her easily.2. Hacking is impossible, otherwise many hackers/government already hacked bitcoin.3. 51% attack doesn’t mean take control over bitcoin network or attack bitcoin network (CMIIW)4. Double spend is impossible by now, miners simply confirm transaction that have earlier LockTime and reject the others.I can agree that no coins/currencies is perfect, but those aren’t real bitcoin problems.

  • Dorky
    2 months ago Dorky

    Where are the real life cases of double spending?

  • davidmccoy
    2 months ago davidmccoy

    The world is going towards IoTs (internet of things). Everything will be connected in future. The missing part is money. Although online bank transactions and credit card payments contribute to the online concept, but still there is a need of a strong cryptocurrency to become a Pivot point in IoTs. So far, Bitcoin is a strong candidate, but I agree there are a lot of problems regarding the security of something which is online… Special protocols are required to safeguard Bitcoins from adversaries.

  • cpfreeplz
    2 months ago cpfreeplz

    I stopped reading after you said bitcoins are anonymous. Obviously if you present false information in your  statement your whole post is going to be stupid bullshit FUD.TD;DR, OP is going to use shitcoins for his big important purchases now. Thanks for dropping by. Don’t let the door hit you on the way out.

  • BitcoinAllBot
    2 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • Nagadota
    2 months ago Nagadota

    Quote from: cpfreeplz on April 21, 2017, 05:38:03 PM
    I stopped reading after you said bitcoins are anonymous. Obviously if you present false information in your  statement your whole post is going to be stupid bullshit FUD.TD;DR, OP is going to use shitcoins for his big important purchases now. Thanks for dropping by. Don’t let the door hit you on the way out.
    A bit of rephrasing would make it easily correct – “Bitcoin can be solely pseudonymous, making it anonymous for practical purposes as long as you take various steps involving anonymising your own Internet connection and using mixing services, or at least dramatically closer to anonymous than digital fiat currency as long as you’re careful enough”.  But that doesn’t sound so nice in a post like this, so why be pedantic?

  • ekoice
    2 months ago ekoice

    Quote from: Qartada on April 21, 2017, 04:14:46 PM
    Bitcoin can’t be hacked, it’s impossible.  Even 51% attacks wouldn’t be hacks, they’d just be attacks on transactions.  Double spending isn’t really very much of a threat unless it has no confirmations – a lot of the reason we have mining is to fix the double spend problem.A lot of the problems you mention don’t exist.  Anonymity isn’t even a problem, and if people want anonymity they’ll gradually move to real anonymous coins like Monero, and illegal activity will just be a side effect so it doesn’t really matter that they’re used for illegal activity.  Cash is as well.Bitcoin isn’t perfect but you’re looking at the wrong things as problems.
    Yes,the problems you mentioned are not at all an issue.Bitcoin cannot be hacked at any time.I do accept that bitcoin is not perfect.But i could surely say that bitcoin is far better than the existing centralized currencies.

  • BitcoinHodler
    2 months ago BitcoinHodler

    Quote from: Doofus on April 24, 2017, 09:56:12 AM
    Recently, a group called the Large Bitcoin Collider(LBC) claims that it is using its computing power to smash open bitcoin wallets owned by other people and potentially taking the coins inside.http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-valueThat explains how bitcoin’s privacy is widely misunderstood.

    you do know that project was a rootkit to abuse the trust of fools who run that so called collider on their computer, right?also i should add that they never “smash open” anything apart from some private keys that were put there to be found as a puzzle project.

  • Doofus
    2 months ago Doofus

    Quote from: cpfreeplz on April 21, 2017, 05:38:03 PM
    I stopped reading after you said bitcoins are anonymous. Obviously if you present false information in your  statement your whole post is going to be stupid bullshit FUD.TD;DR, OP is going to use shitcoins for his big important purchases now. Thanks for dropping by. Don’t let the door hit you on the way out.
    by anonymity, i only mean that’s the first impression of bitcoin to many people. of course, the pseudonymous is more accurate.

  • Pursuer
    2 months ago Pursuer

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!
    after 3 or so years I am still saying a similar thing, although I never used the word “anonymous” I prefer calling it “giving you a better privacy if you know how to” and I would never call it perfect but only because NOTHING is perfect. but bitcoin is the best thing that I have seen so far. many others claim to be better, some even come close but nothing could compete with bitcoin so far.Quote
    But it has inherent risks like anonymity,
    what is “risk like anonymity” how can it be a risk?Quote
    hacking,
    bitcoin has never been hacked and for many years to come, it can not be hacked. the cryptography level that it uses is good enough to prevent it and in case some vulnerability was found it will affect a lot of things, not just bitcoin. and it can be patched.hacks have always happened because of people’s mistakes. like having a key logger, having no password on your wallet, not using cold storage,…Quote
    51%attack, double spending.
    I wouldn’t call these as “risks”. these are small possibilities that also can be prevented.Quote
    Stop imagining bitcoin is perfect. No coins are perfect.
    it is best to have a better understanding of the advantages and disadvantages (or if you like calling it risks) of bitcoin or anything for that matter before starting to use it and try to learn then from reliable resources not what you read on the internet from random source or what your personal understanding is. they can be very wrong.

  • Sniper44
    2 months ago Sniper44

    bitcoin is the first of its kind (at least the first one that became big and popular on a large scale). and it has also been receiving improvements, bug fixes, etc. so it is understandable that it is not perfect. there are always weaknesses in every system and anything that claims to have none is clearly lying.however i’d say these weaknesses are not at all serious or a reason to call bitcoin “not perfect”.

  • canah17
    2 months ago canah17

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”

    Well, i like your opinion on bitcoin its really good but bitcoin is the one who helped me with my expenses in the house by earning it and also their are alot of hacks and attacks but you got to be careful on it be secure by using a secure wallet i know bitcoins isn’t that perfect but almost countries in the world who use bitcoin and bitcoin is money in the internet so its perfect to me.. the nature of bitcoin is to help those people who want’s to earn and buy stuff on the internet origin of the money is to make life easier and fair.

  • Amph
    2 months ago Amph

    Quote from: cpfreeplz on April 21, 2017, 05:38:03 PM
    I stopped reading after you said bitcoins are anonymous. Obviously if you present false information in your  statement your whole post is going to be stupid bullshit FUD.TD;DR, OP is going to use shitcoins for his big important purchases now. Thanks for dropping by. Don’t let the door hit you on the way out.

    where bitcoin is anonymous if you don”t reveal your name attached to your address, which is the same as any other coins, otherwise you have a different definition of anonymous herein fact the possibility to track each address don’t make bitcoin not anonymous…Quote from: Dorky on April 21, 2017, 05:22:03 PM
    Where are the real life cases of double spending?

    this is one https://bitcointalk.org/index.php?topic=152348.0 and i remember at least another but i can’t find it at the moment

  • Juggy777
    2 months ago Juggy777

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”

    Looks like you have just woke from a long nap, I really don’t know which year you are exactly trying to draw attention to. As far the attacks Bitcoins is unhackackble, if you are trying to say exchanges were attacked then those exchanges of course are not fool proof, it’s been said again and again not to trust them. No Bitcoin has ever been hacked. Wake up, read around the forum you may wish to change your words.

  • mobnepal
    2 months ago mobnepal

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    But it has inherent risks like anonymity, hacking,51%attack, double spending.
    Anonymity => is actually a feature not a problem, why anybody have to shout out about their financial transaction. Hacking => Bitcoin is not vulnerable to hacking, if private key is placed in secure place. 51% attack => Bitcoin network is no more vulnerable to 51% attack because it is almost impossible for someone to spend a lot of mining power to attack bitcoin network these days. Double spending => Double spending is possible, but after getting one confirmation merchants don’t have to worry about double spending.

  • Doofus
    2 months ago Doofus

    Recently, a group called the Large Bitcoin Collider(LBC) claims that it is using its computing power to smash open bitcoin wallets owned by other people and potentially taking the coins inside.http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-valueThat explains how bitcoin’s privacy is widely misunderstood.

  • BitcoinHodler
    2 months ago BitcoinHodler

    Quote from: Doofus on Today at 09:56:12 AM
    Recently, a group called the Large Bitcoin Collider(LBC) claims that it is using its computing power to smash open bitcoin wallets owned by other people and potentially taking the coins inside.http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-valueThat explains how bitcoin’s privacy is widely misunderstood.

    you do know that project was a rootkit to abuse the trust of fools who run that so called collider on their computer, right?also i should add that they never “smash open” anything apart from some private keys that were put there to be found as a puzzle project.

  • Schuyler
    2 months ago Schuyler

    Quote from: theunbeatable on April 27, 2017, 03:55:52 AM
    Even in science there is no such thing as ideal, ideal gas, ideal number, ideal transformer, ideal conditions, because these things are supposed to be perfect but there’s always have a flaws and I think that’s okie.These ideal things had bring us to this point. It serves as an outstanding peak that need to be reach in order for the system to be perfect. Bitcoin is not ideal of course there’s always flaws and errors. But the possibilities it can bring brought us hope to change the monetary system. The possibilities are endless so they say and it will keep improving.

  • coynedterm
    2 months ago coynedterm

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”
    Your first paragraph is really true for Everytime in my life . But as your are asking about the bad future Currently Because of the double spend , hack of network and it is possible also that you can ask about the confirmation for the next post .Here I would like to tell you that hacking of the bitcoin network is impossible because yet no one hacked this network .Your second fact that double spend , these have solutions and also I faced the problem of double spend but I get solution simply .If you will compare bitcoin with the Fiat then you will find that fuat have more bug then what the bitcoin have .In my life I never faced any big problem in the bitcoin than what I faced in the practical money .

  • ubercool
    2 months ago ubercool

    Quote from: Schuyler on April 27, 2017, 04:01:56 AM

    Quote from: theunbeatable on April 27, 2017, 03:55:52 AM
    Even in science there is no such thing as ideal, ideal gas, ideal number, ideal transformer, ideal conditions, because these things are supposed to be perfect but there’s always have a flaws and I think that’s okie.These ideal things had bring us to this point. It serves as an outstanding peak that need to be reach in order for the system to be perfect. Bitcoin is not ideal of course there’s always flaws and errors. But the possibilities it can bring brought us hope to change the monetary system. The possibilities are endless so they say and it will keep improving.

  • Coin_trader
    2 months ago Coin_trader

    Bitcoin is more about anonimity and i will stand on that, i have no other argument but only one thing: it’s anonymous and if you are going to disagree then you need to unveil who is the real Satoshi Nakamoto.it’s anonymous, even the creator of this coin himself is anonymous.yes it’s not perfect since nothing is perfect in this imperfect world.

  • davis196
    2 months ago davis196

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”

    Nobody says that bitcoin is perfect.I don`t think that “anonymity” is a risk.It`s an advantage.Bitcoin has some problems that stop mass adoption,but when they are resolved we can see some major changes in the finance industry.

  • arklan
    2 months ago arklan

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”

    show me more than a single double spend that actually occurred.anonymity isn’t inherently negative.the network has never been hacked.

  • DoublerHunter
    2 months ago DoublerHunter

    I agree that bitcoin is not ideal but represents possibilities because when a country accept and open its door to bitcoin then it also accepts possibilities to have a great economy because bitcoin will help a country to have a faster payment system and more profitable because of being volatile of bitcoin to its price.

  • mimini0147
    2 months ago mimini0147

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”

    It is definitely not ideal.For one, the confirmation times are obviously a lot larger than it was like 3 years ago. There are scalability issues and there is obviously a lot of debate going on currently regarding how that issue should be handled.However, ideal money is completely imaginary. There will never be a currency that is perfect in every aspect, as some aspects of money are actually contradictory to each other and cannot be achieved at the same time.

  • sotoshihero
    2 months ago sotoshihero

    Quote from: DoublerHunter on April 27, 2017, 07:40:48 AM
    I agree that bitcoin is not ideal but represents possibilities because when a country accept and open its door to bitcoin then it also accepts possibilities to have a great economy because bitcoin will help a country to have a faster payment system and more profitable because of being volatile of bitcoin to its price.

    Agree, it really represents possibilities…too much possibilities we can imagine. We say that its a game changer in financial industry. Also the blockchain technology is really the new technology with so many application.

  • azguard
    2 months ago azguard

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”

    Nothing in this world is perfect or ideal, that goes for bitcoin to.But he is good in many ways, off course they are thing that are not good for it but in time eventually if will be all fixed and maintained to be nearly perfect or ideal.

  • theunbeatable
    2 months ago theunbeatable

    Even in science there is no such thing as ideal, ideal gas, ideal number, ideal transformer, ideal conditions, because these things are supposed to be perfect but there’s always have a flaws and I think that’s okie.These ideal things had bring us to this point. It serves as an outstanding peak that need to be reach in order for the system to be perfect. Bitcoin is not ideal of course there’s always flaws and errors. But the possibilities it can bring brought us hope to change the monetary system. The possibilities are endless so they say and it will keep improving.

  • staceyoh
    2 months ago staceyoh

    Yeah I think bitcoin and altcoins is the future of money because they give a lot of advantages to the people. So because of this many advantages, a lot of people are now using this.

  • Naokia980
    2 months ago Naokia980

    Dont ignore the facts about world single cryptocurrency.They are money of future. We need them to make world a better place

  • MingLee
    2 months ago MingLee

    Quote from: Doofus on April 21, 2017, 10:24:19 AM
    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?”
    Bitcoin was never meant to be perfect, it was meant to be good enough that the normal person could use it, contribute to it, and secure some of their wealth outside of their economic system of origin so that they wouldn’t be subject to the complete control of banks and at the mercy of governments who wouldn’t bail them out.Money is never perfect, most of the time we just have to do our best and make sure that we don’t mess up. We may have a “perfect” system in the future, but that is never for sure. Chances are we won’t see any sort of perfect system for a long time.

  • bartolo
    2 months ago bartolo

    The biggest problem I see today are the delays in the transactions. It is necessary that the scalability debate is resolved soon to end the great traffic jam in the network. In addition it´s necessary to take into account that the world continues to work with fiat money, therefore the fear of many people is that when buying bitcoin to move it and change it for fiat again, the currency could have lost value, with the delay of transactions the fear may be greater.

  • Naokia980
    2 months ago Naokia980

    Quote from: bartolo on April 27, 2017, 10:57:28 PM
    The biggest problem I see today are the delays in the transactions. It is necessary that the scalability debate is resolved soon to end the great traffic jam in the network. In addition it´s necessary to take into account that the world continues to work with fiat money, therefore the fear of many people is that when buying bitcoin to move it and change it for fiat again, the currency could have lost value, with the delay of transactions the fear may be greater.

    Right point.If crowd see the downgrade on btc price they are running to sell coins. But investors see that opportunity and buys that share from sellers. That’s how markets work and  long term investors always win at the end.

  • Doofus
    2 months ago Doofus

    Three years ago or two years ago, if you asked me what Bitcoin is, I’d tell you it is the future of money. It is managed by the network, not by the government. Plus, it is private, anonymous and fast. It’s just perfect!And Bitcoin is proved very successful. But it has inherent risks like anonymity, hacking,51%attack, double spending. Stop imagining bitcoin is perfect. No coins are perfect. I’d say bitcoin means more about possibilities, possibilities of expression of value. Before, I’ve been taken it for granted that the government should control currencies. But now I’d like to take a moment to think of the question:“What is the nature and origin of money?” by hacked, i only mean btc exchanges and by 51% Attack, i mean hash power is seen as by many the king in the btc world; and by security, Large Bitcoin Collider is working to smash open btc wallets. http://news.8btc.com/bitcoin-is-not-ideal-it-is-an-expression-of-value

  • Xester
    2 months ago Xester

    Quote from: Gens09 on April 28, 2017, 06:40:54 AM

    Quote from: Sadlife on April 21, 2017, 04:34:31 PM
    Bitcoin can be hack? Impossible.I guess your were talking about the bitcoin exchanger sites that got hack? Right. 51 percent attack is just spamming the network with transactions but the solution is miners. Double spending the solution is also miners. Bitcoin’s only major crisis right now is it’s stagnant scaling problem.

    Bitcoin is impossible to hack but we cant say so maybe in the future they can hack it but this time we have almost 10billion i guess on who ever can hack the bitcoin but no one can hack it no one knows but still not sure that it is safe or whatever there’s always a possibility that it will be hack in the coming years.

    Bitcoin as a whole cannot be hacked but as a n amount it can be hacked. Did you hear about North Korea they are hacking a large amount of bitcoins monthly and they are transferring it to their account. Have you heard of bitfinex they have been hacked and a large amount of bitcoins were stolen. Thus bitcoin is prone to hacking but there are ways to combat it or to lessen the risk.

  • Victorycoin
    2 months ago Victorycoin

    Quote from: DoublerHunter on May 07, 2017, 11:58:30 AM

    Quote from: Barbarian on May 07, 2017, 12:48:07 AM

    Quote from: davidmccoy on April 21, 2017, 05:34:02 PM
    The world is going towards IoTs (internet of things). Everything will be connected in future. The missing part is money. Although online bank transactions and credit card payments contribute to the online concept, but still there is a need of a strong cryptocurrency to become a Pivot point in IoTs. So far, Bitcoin is a strong candidate, but I agree there are a lot of problems regarding the security of something which is online… Special protocols are required to safeguard Bitcoins from adversaries.
    Most money is already digital so I don’t think bitcoin is that necessary at least from that point of view, bitcoin is a must because it gives back to people the right to print their own currency.
    I don’t think that most of the money is already digital because if so, then we don’t need to use fiat anymore and we will just need an internet connection and smartphone but that’s not what’s happening right now because we still use physical money. Bitcoin is a must to use bitcoin of its security and possibilities to own a currency and have an investment at the same time.
    I understand most countries are trying hard to turn their societies into cashless ones because of the many advantages inherent with digital money especially the reduction in the cost of printing, shipping and securing bank notes. Everything is certainly not going to be tied around the internet – your debit and credit cards for instance are digital form of money not restricted for use only on the internet.

  • chixka000
    2 months ago chixka000

    There arent perfect things in this world but i wouldn’t agree that bitcoin can be hacked because it really cant be.Whats important right now is that it has value

  • hello_good_sir
    2 months ago hello_good_sir

    Actually, nothing and no one is ideal.You cannot really expect that the first cryptocurrency that was ever created may be ideal, in my opinion everybody should expect that bitcoin is going to encounter some problems, because it is the first time that something like that was created.Without a decent test environment you are not really able yo check if something works well, and I think that bitcoin being used worldwide can give us the best opportunity to look for some issues with the mechanics, or technical solutions.And, as we see there are issues with fees and confirmation time.

  • Weatherby
    2 months ago Weatherby

    Quote from: chixka000 on May 07, 2017, 12:35:20 PM
    There arent perfect things in this world but i wouldn’t agree that bitcoin can be hacked because it really cant be.Whats important right now is that it has value
    It is not possible to hack bitcoin with the current technology we have and is it possible to do so in the future only time can verify these things,the value of bitcoin is rising and it will moving forward until there is a bad news ,the reason you can call bitcoin is not ideal is when we show case the scaling issues as it cannot be mass adopted ,which means that if a couple of hundred million people turns to bitcoin and starts transaction the network will crash.

  • bartolo
    2 months ago bartolo

    Quote from: Victorycoin on May 07, 2017, 07:47:19 PM

    Quote from: DoublerHunter on May 07, 2017, 11:58:30 AM

    Quote from: Barbarian on May 07, 2017, 12:48:07 AM

    Quote from: davidmccoy on April 21, 2017, 05:34:02 PM
    The world is going towards IoTs (internet of things). Everything will be connected in future. The missing part is money. Although online bank transactions and credit card payments contribute to the online concept, but still there is a need of a strong cryptocurrency to become a Pivot point in IoTs. So far, Bitcoin is a strong candidate, but I agree there are a lot of problems regarding the security of something which is online… Special protocols are required to safeguard Bitcoins from adversaries.
    Most money is already digital so I don’t think bitcoin is that necessary at least from that point of view, bitcoin is a must because it gives back to people the right to print their own currency.
    I don’t think that most of the money is already digital because if so, then we don’t need to use fiat anymore and we will just need an internet connection and smartphone but that’s not what’s happening right now because we still use physical money. Bitcoin is a must to use bitcoin of its security and possibilities to own a currency and have an investment at the same time.
    I understand most countries are trying hard to turn their societies into cashless ones because of the many advantages inherent with digital money especially the reduction in the cost of printing, shipping and securing bank notes. Everything is certainly not going to be tied around the internet – your debit and credit cards for instance are digital form of money not restricted for use only on the internet.

    I think the goal with a cashless society is not the saving in the issue of money but the control. Each transaction with physical money from hand to hand is a transaction that governments don´t control and therefore can not tax. What they want is that there is no such physical money and that all money transfers are registered and controlled, that’s why they are so interested in the blockchain (their blockchain). Governments see this as a tool to fight against tax evasion or black money.

  • Azkabal
    2 months ago Azkabal

    I completely agree with the opinion of the author of the topic. I want to say that due to the fact that bitcoin is only gaining popularity among the average population of the planet, not all its possibilities are still fully appreciable. In most middle-income countries, the opportunities for this currency remain unclear for the time being.

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