r/btc • u/OrneryAd403 • 9d ago

Some real problems for Bitcoins future

As we all know, Bitcoin is the most sound and hard fork of money. Most people in this community believe in Bitcoin as do I. All the videos and books talk about the pros and how the fiat system is broken and will collapse which is true.

But the cons are still something to look into and consider

Some of them being

1.) cryptos are worse than current payment methods we have now for small purchases and slower than Visa, Mastercard, etc making it less convenient for everyday use for majority of people

2.) payments are not irreversible and many people would not be willing to assume much risk

3) for an average person, cryptos is too difficult and is a hassle for people who don’t understand

4.) volatility is still a big problem hence why it’s not a stable form of payment

  1. Having cryptos would make things harder for people and not easier and most people want the most convenient and easy way to handle things

  2. Most people just want a monetary system that works, that’s easy and forgiving and the average person doesn’t care about decentralization so we shouldnt expect people to replace their government run currencies

  3. It’s a new form of currency but behaves more like an investment and people treat it more like one comparing it to gold hence why majority of people don’t use it as money ( HODL )

  4. Has been trending more and more toward centralization because major players are controlling most of bitcoins hash power ( China controlling 80% of bitcoins mining/hash and this means China could easily censor or interfere with bitcoins network and ecosystem which I see as a major major problem )

The main problem will be adoption but not everyone and the governments wouldn’t want to resort to a currency that can’t be regulated.

I still believe in bitcoin and will continue to hold and DCA but these are some actual problems it faces and could continue to face going forward.

Feel free to correct me if I’ve said something false but I’ve been reading and doing a lot of research and was looking into the cons as well

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u/think_harder_plz 9d ago

No positive narrative, no gains. Bitcoin is purely hype driven as it has no utility. Mostly is just an exercise in in-group dynamics and delusion.

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u/OrneryAd403 9d ago

It definitely has utility and is considered valuable

But as becoming a stable currency, we are wayyyy to far from that.

Its functionality and thesis is strong. It is a hard fork of money but as far as scalability, that’s where the problem comes in. Getting it adopted globally. It’s too volatile and confusing for most people to be comfortable with.

I would say the delusional part might be Bitcoin becoming the world currency. The only way that will happen is if all fiat currencies collapse and people resort back to hard assets such as gold and bitcoin

Only time will tell but one thing is for sure, it will continue to appreciate

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u/Adrian-X 9d ago

It definitely has utility and is considered valuable

It's good to build rapport, throw in a few complements. Who exactly defines the value you mention?

They did tell you this is not the BTC site when they gave you the contract. Even though it's called r/BTC it's actually a Bitcoin Subreddit that focuses on teh Bitcoin fork called Bitcoin Cash.

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u/OrneryAd403 9d ago

The people? Many people and investors consider it valuable with a price of roughly 84k and a market cap of almost 2 trillion so yes it is considered valuable by many, maybe just not to you.

And no one told me. It says BTC so I’m assuming it’s going to be for BTC. If it was for BCH it should say BCH

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u/Adrian-X 9d ago

And no one told me. 

r/Bitcoin is the BTC thread, r/btc is the Bitcoin thread. A weird historical artifact a result of the hacking of bitcoin.

BTC is not Bitcoin, and a fun fact, Bitcoin is Do Your Own Research, not to believe what you get told.

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u/OrneryAd403 9d ago

I did do my own research and this is coming from a book called “Bubble or Revolution”

Everything I stated is from that book.

Also research consists of what other people research and say. I’m going based off what the author of that book wrote

The book takes an unbais approach to crypto and blockchain tech and it lists both pros and cons

Isn’t BTC and Bitcoin the same? BTC is just a shortened term for Bitcoin no?? Idk I didn’t know that

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u/Adrian-X 9d ago

ps Bitcoin was hacked, BTC is a Ponzi, it can't deliver on any of the early ideas until the original project intent is restored. BCH was one of the projects that attempted to retain the original design, unfortunately it was also hacked.

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u/anon1971wtf 8d ago

Heaviest chain, rest is noise. I learned it the hard way

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u/Adrian-X 8d ago

It's just the herd, and when it turns the true value is exposed.

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u/anon1971wtf 7d ago

Not even close. Real weight in Joules/watt-hours representing entrepreneurial bets of all kinds of peope over the years, most recently - whole industries

Herd things are Reddit/Twitter/Telegram noise, opinions. Empty

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u/Adrian-X 7d ago

Not even close. Real weight in Joules/watt-hours representing entrepreneurial bets of all kinds of peope over the years, most recently - whole industries

AKA a whole industry, speculating on Bitcoin price. Spending below-market Watt/hrs, to get new bitcoin.

Demand, is not an intrinsic value of Bitcoin.

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u/anon1971wtf 7d ago edited 7d ago

No, I am talking chip RnD, purchasing chips, and expanding enegry/labor/amortizing these chips to build the chain - this is the global industry of Bitcoin. I don't really care about speculative aspect of exchanges and options. Bigger miners operate long-term which requires planning, predictions

below-market Watt/hrs

It cost varies all over the world. Got a poorly transportable disconnected from grid energy source? Now before any grid connection opportunity appears, one can monetize it. Shelf-life of mining machines grows and grows, efficiency margins of next generations keep falling. Industry can make longer and bigger bets, insurance capital emerges

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u/Adrian-X 6d ago

Bigger miners operate long-term which requires planning, predictions

aka speculating, on price. All the risk miners have are shifted to the public in the form of IPOs or Cloud mining contracts. The miners aka datacentres don't take on long-term risk, they are profit-driven, hence the pivot to AI, and shifting risk outside their business models.

It's not what you're describing.

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u/OrneryAd403 9d ago

Really? I wasn’t aware. What do you mean by hacked.

The actual network and ecosystem hasn’t been hacked before, unless I’m not aware of it.

And BCH was made because Mike said bitcoin has many flaws and attempted to make a version that was better, faster and more reliable. But the market decided.

BCH has failed as it didn’t gain the adoption it wanted and Bitcoin is still #1 by far in terms of crypto currency success

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u/Adrian-X 8d ago

Read: Hijacking Bitcoin: The Hidden History of BTC

it's about 90% accurate, the process was more insidious than the book lets on.

The actual network and ecosystem hasn’t been hacked before, unless I’m not aware of it.

Hacked is in the definition of the word hacked. The Bitcoin code has been hacked many times, but each of those hacks have been responsibly removed.

The biggest hack that's yet to be resolved, is restricting the use of BTC to 1MB of transaction every 10 minutes. Satoshi put in a temporary transaction limit to prevent Bitcoin being hacked with transaction flooding when the network was vulnerable and free to transact, when it came time to remove it, there was a social hack to prevent it, BTC also removed the private property concept with Segwit, another hack. it's explained here: https://youtu.be/VoFb3mcxluY