Hello Forumers:

I would like to alert you to serious problems Bitcoin is currently facing, so that you can keep your hard-earned money safe by taking quick precautionary measures. 3 articles would be posted on in this thread and then I’ll tell you my own personal experience with Bitcoin.


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Article 1


THE LOOMING PROBLEM THAT COULD KILL BITCOIN

The way things are going, the digital currency Bitcoin will start to malfunction early next year. Transactions will become increasingly delayed, and the system of money now worth $3.3 billion will begin to die as its flakiness drives people away. So says Gavin Andresen, who in 2010 was designated chief caretaker of the code that powers Bitcoin by its shadowy creator. Andresen held the role of “core maintainer” during most of Bitcoin’s improbable rise; he stepped down last year but still remains heavily involved with the currency.

Andresen’s gloomy prediction stems from the fact that Bitcoin can’t process more than seven transactions a second. That’s a tiny volume compared to the tens of thousands per second that payment systems like Visa can handle—and a limit he expects to start crippling Bitcoin early in 2016. It stems from the maximum size of the “blocks” that are added to the digital ledger of Bitcoin transactions, the blockchain, by people dubbed miners who run software that confirms Bitcoin transactions and creates new Bitcoin.

Andresen’s proposed solution triggered an uproar among people who use or work with Bitcoin when he introduced it two weeks ago. Rather than continuing to work with the developers who maintain Bitcoin’s code, Andresen released his solution in the form of an alternative version of the Bitcoin software called BitcoinXT and urged the community to switch over. If 75 percent of miners have adopted his fix after January 11, 2016, it will trigger a two-week grace period and then allow a “fork” of the blockchain with higher capacity. Critics consider that to be a reckless toying with Bitcoin’s future; Andresen, who now works on Bitcoin with the support of MIT’s Media Lab, says it is necessary to prevent the currency from strangling itself. He spoke with MIT Technology Review’s San Francisco bureau chief, Tom Simonite.

How serious is the problem of Bitcoin’s limited transaction rate?
It is urgent. Looking at the transaction volume on the Bitcoin network, we need to address it within the next four or five months. As we get closer and closer to the limit, bad things start to happen. Networks close to capacity get congested and unreliable. If you want reliability, you’ll have to start paying higher and higher fees on transactions, and there will be a point where fees get high enough that people stop using Bitcoin.

Why take the provocative step of releasing an entirely new version of Bitcoin?
It was a difficult decision. I’ve been lobbying pretty hard behind the scenes for the last eight months, but was having trouble even getting developers to agree that there was a problem. I had to go public and actually release the code and let people essentially vote with their feet. Now that we’ve done that I think you see people finally coming around to the idea that this is a high priority problem. I’m not happy that it had to come to that, but I think in the long run it will be a good thing.

Some major Bitcoin companies have endorsed your proposed way of increasing the block size, and some miners have even adopted BitcoinXT. Other companies and prominent Bitcoin developers have attacked your move, and suggested alternative solutions—not all backed by working code—that are rapidly gaining support. What’s happening?

It’s somewhat chaotic. There’s no well-defined process for coming to a decision about changes to Bitcoin and there’s no one correct answer for how to solve this problem. Things are pretty messy – but that’s by design. There’s no central committee. There’s no single person making these decisions for Bitcoin; it takes consensus among the people running the software. It’s a good thing that decisions like this are really hard to make happen.

Do you think that consensus can be reached?
It’s pretty clear that the maximum blocksize is going to increase. I don’t know exactly how or exactly when. I don’t think it’s clear yet that my proposal will generate enough consensus among miners and the other ecosystem players.

What will happen if nothing is done?
Transactions will get unreliable and it’ll get worse and worse over time. My fear is there’ll be no critical event that causes people to react—Bitcoin just kind of has a long slow death. I’m trying to set off alarm bells for ‘You know, guys, if we don’t do this, Bitcoin will be dead in four years.’ It’s not easy to sell that, especially when there’s so much controversy.

If BitcoinXT activates, it will recognize existing Bitcoins. But not new Bitcoins created by miners who don’t switch. Is that dangerous?
It’s pretty hard to get left behind. Once the Bitcoin core software sees that 50 percent of mining power has upgraded and you haven’t, it’s going to warn you that you need to upgrade. It would be awfully difficult to be taken by surprise. The economic incentives to switch would be so strong—you want your Bitcoins to be the same Bitcoins that everyone else is using.

How widely established is Bitcoin now anyway?
It’s firmly established in a few niche areas and growing there. An early use case is people who pay international contractors in Bitcoin because it’s easier than figuring out how to transfer dollars into local currency. The major barrier to it going mainstream anywhere is there has to be some way of getting Bitcoin as part of your normal activity. Until part of your paycheck is regularly paid in Bitcoin, I’m not sure how it would really go mainstream. I can imagine places in the world where there are not functioning banking systems, or payroll systems, where it could go mainstream first, because you’re not trying to replace the way people are already doing something.

I still say do not invest your life savings in Bitcoin. It is still an experiment and it could still fail.

Source: https://www.technologyreview.com/s/540921/the-looming-problem-that-could-kill-bitcoin/

Article 2


BITCOIN: IS THE CRYPTO-CURRENCY DOOMED?

A high-profile Bitcoin developer has said the crypto-currency has failed and he will no longer take part in its development.
Mike Hearn, a Zurich-based developer and long-time proponent of Bitcoin, surprised many this weekend when he published a blog calling Bitcoin a "failed" project.
Mr Hearn, who had until recently been working on new software for the currency, says he has now sold all of his own bitcoins and will no longer take part in the crypto-currency's development.

So, is Bitcoin doomed?

What is Bitcoin?
Bitcoin is a crypto-currency - a system of digitally created and traded tokens to which value is assigned. Computers have to solve cryptographic problems in order to add blocks to the blockchain - a ledger that records every transaction that has ever occurred with Bitcoin.
In return, those computers receive bitcoins in a process known as bitcoin "mining".
Users have a "bitcoin address", to which bitcoins may be sent or from which they may be used.
Addresses are stored online in wallets that function like bank accounts.
Although most people refer to Bitcoin as a currency, it is worth noting that for regulatory reasons many countries - including the United States - have decided to define it as a commodity instead.

What are the problems?
The act of 'mining' Bitcoins is sometimes carried out by specially built hardware.

The act of mining bitcoins is sometimes carried out by specially built hardware
The biggest issue most bitcoin users acknowledge is how quickly new transactions can be processed. The size of blocks being added to the blockchain has been increasing steadily with the rise of Bitcoin.

As a result, the rate at which transactions can be processed has been slowing.
Indeed, some transactions face significant delays, hampering payments.
Some fear the network will eventually become oversaturated and cease to be usable.

Who is Mike Hearn?
Mike Hearn has advocated the adoption of software for Bitcoin called Bitcoin XT, which he helped to develop.

Mike Hearn has advocated the adoption of software for Bitcoin called Bitcoin XT, which he helped to develop. Mike Hearn is a software developer who has worked on Bitcoin technologies for over five years.


In 2014, he left his job at Google to focus on Bitcoin full time.

He has worked closely with Bitcoin chief scientist Gavin Andresen on alternative software for Bitcoin called Bitcoin XT, which aims to address capacity issues facing the network.
Mr Andresen is generally thought of as next in the chain of influence over the currency's development after Bitcoin's mysterious founder, Satoshi Nakamoto.

How might the capacity of the network be increased?
Gavin Andresen, Bitcoin's Chief Scientist, had backed the Bitcoin XT.

Bitcoin's chief scientist Gavin Andresen had backed the Bitcoin XT project
Currently, each block can be no more than 1MB.
But in May last year, Mr Andresen said bigger ones should be adopted.
He later wrote, "It is more likely people [will] just stop using Bitcoin because transaction confirmation becomes increasingly unreliable."

The Bitcoin XT version developed by Mr Hearn, Mr Andresen and others offers to increase the block size limit to 8MB. There are alternatives, however.

Nic Cary, co-founder of Bitcoin start-up Blockchain, points to BitcoinClassic, which would increase the block size limit to 2MB.

Why is there a dispute over this?
There is often lively debate within the Bitcoin community over how the currency should be developed.

There is often lively debate within the Bitcoin community over how the currency should be developed.

Bitcoin's history as a "decentralised" currency has led to much hesitation over decisions that might change its fundamental nature. Any proposal relating to Bitcoin is likely to encourage fierce debate and, in some cases, stagnation.

Some have argued vehemently against Bitcoin XT, causing a deep divide in the community. The New York Times has reported that death threats had even been made against some Bitcoin developers.

Mr Cary says the need to update the block size limit is not as urgent as some say.
"This is a matter of perspective," he told the BBC.

"The Bitcoin network has been updated safely dozens of times and will continue to be the most reliable, affordable, and efficient way to send value around the world."

However, there are some who feel that Bitcoin's potential as a currency has already been exhausted.
"I'm sure there are smart people right now working out what the next generation [of Bitcoin] should look like but I have to say I'm not convinced that money or payments is the optimum [use] of the technology," Dave Birch, a director at consultancy firm Consult Hyperion, told the BBC.

Part of the problem was the lack of consensus over what Bitcoin was and how it should be used, he added.

How 'healthy' is Bitcoin?
In the past, Bitcoins stored in online exchanges have been lost or stolen - leaving their owners out of pocket.

In the past, Bitcoins stored in online exchanges have been lost or stolen - leaving their owners out of pocket. Bitcoin's price fell quite sharply over the weekend, following the publication of Mr Hearn's blog.

One bitcoin is now worth $380 (£265), down from about $430 on Thursday.
However, the price of Bitcoin is notoriously volatile.

It has been classed as the best performing currency in the world in 2015.
But authors of that analysis, The Money Project, also noted it was the worst performing currency the previous year.

Besides price, Bitcoin has also suffered from a litany of cases in which bitcoins have been stolen from online exchanges in which they were stored, in some cases due to negligence or poor security. Such incidents generally result in a complete loss of funds for the victims, since it is very difficult to trace where stolen bitcoins have been transferred.

Meanwhile, the currency continues to grow - a sign of good things to come, say many.

What will happen next?
An increasing number of businesses - even pubs - have started accepting Bitcoin.

An increasing number of businesses - even pubs - have started accepting Bitcoin
Bitcoin remains popular.

There is still huge interest in developing both the currency and technologies based on the blockchain idea of recording data.

It seems unlikely the currency will collapse overnight.
But it certainly look as though fundamental questions over how Bitcoin works are now coming to a head.

Whether the community that uses and supports Bitcoin will be able to come to a consensus on these matters remains to be seen.

Mr Hearn has lost faith in the project, of that there is no doubt.

But many others are refusing to throw in the towel just yet.

Source: http://www.bbc.com/news/technology-35343561


Neteller here: www..com.ng

Article 3

THE FIVE BIGGEST THREATS FACING BITCOIN

Any new, disruptive technology will have its fair share of detractors doing their best to limit its potential.

The idea that people would need their own personal computer for work seemed ludicrous 50 years ago. Why would anyone need a device for making automated calculations? Today, though, it is almost impossible to function in modern life without using a PC.

The automated teller machine, or ATM, was thought to be a needless apparatus by many when it came out. Who would need access to money outside of bank hours? Now, more people use ATMs than go and queue in branches.

Bitcoin is a new concept edging its way into the mainstream, thus, it is not immune to negativity and unfavorable public perception. It is undeniable that the digital currency has its enemies, either real people or perceived notions. So what are some of the biggest problems it faces right now?

The centralization of bitcoin
The idea of mining, for many who first come across the concept of bitcoin, seems bizarre. When broken down into a peer-to-peer way of confirming transactions, however, it makes a lot of sense.

It made a lot more sense, though, when any bitcoin node, on any computer, had a chance to confirm transactions and thus be rewarded a block. But that doesn’t happen anymore.

Although bitcoin was built with good intentions in mind, altruistic systems are often exploited. And this is what has happened to the bitcoin network.

The problem is that there is little incentive to run a node anymore. That’s because powerful machines built specifically for bitcoin’s SHA-256 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.

Bad actors
Bitcoin largely solves the double-spending issue. Despite that, remarkable technical achievement, it doesn’t cater for mistakes, theft and fraud quite so well.

The anonymous digital currency has sometimes attracted the wrong types of people – those looking to prey on others who fall under the spell of a never-ending upward trend for bitcoin’s price.

Whether it’s illegal online marketplaces, pump-and-dump schemes or shady crypto exchanges, they all create a black cloud over the industry. And, every time there is another bitcoin robbery or scam, it draws attention from the mainstream.

Now-failed Mt. Gox was once the dominant exchange.
When leaders in the bitcoin industry are discouraged over their inability to be banked in the US, bad actors are the ones who should be blamed.

The bad actor problem creates a consumer protection issue for bitcoin. When people learn about bitcoin and are lured to products and services that do not follow best practices, as opaque as they may be in this industry, that’s a problem.

As a result, some countries are simply playing safe and pushing bitcoin away from their banking systems.

Reactionary regulation
According to CoinDesk’s 2014 Q1 State of Bitcoin Report, 12% of the 73 countries that have taken some regulatory action on bitcoin can be considered hostile or contentious.

A number of countries taking a stance against digital currencies appear to be more reactionary in their behaviour than seems justified.

One example is India, where a bitcoin exchange in that country was raided earlier this year, causing some bitcoin businesses to cease operating.

In China, the major operators there are talking about upcoming periods of hardship as the government cracks down on bitcoin activities.

Furthermore, amid rumors of a ban on virtual currencies in Russia, organizers recently felt impelled to cancelled a bitcoin conference that was planned to be held there.

These actions perhaps reflect more about the banking systems of those countries than anything a government official says. It reveals that many financial systems don’t want to compete with bitcoin; they would rather regulate it out of existence.

A patchwork of reactionary regulatory policies helps no one. This is especially true since international borders simply cannot restrict bitcoin, the decentralized nature of which makes it impossible to ban.

A better approach could be a wait-and-see attitude towards this new technology, since its advantages could end up befitting everyone. Countries currently taking this kind of approach include Canada and Israel.

Poor mobile platform support
Since last year, Apple has taken a proactive stance towards making sure that users cannot send bitcoin via wallets in its App Store. Furthermore, Google does not allow in-app payments with bitcoin.

Although this has not deterred some developers from creating mobile applications for bitcoin, it’s harming the ecosystem.

These larger technology companies do not want to compete with bitcoin. So they do the same thing as restrictive governments and use their power to regulate it out of existence – within their ecosystem, anyway.

Will bitcoin grow with the rise of smart devices capable of remote payments?
Bitcoin is excellent as a method of remote payment. It could be a competitive credit card alternative – especially in remote transactions with mobile or wearable devices. And this is a much better way to receive and send payments instead of using of QR codes.

Using Bluetooth Low Energy, Near field communication (NFC) or some other wireless technology could change the way people make payments.

However, with billions of dollars relying on the outcome, the major players in the technology industry will do their best to restrict innovations that they do not control.

Low adoption
Given all of the above issues, it's not incredibly obvious why the average person would want to use bitcoin. Sure, there are many theoretical benefits to using a distributed currency.

What is the value, though, to the everyday person who just wants to ensure that money is in the bank?

One issue is that banks often overstepped boundaries and the global economic situation has brought hardship for many since 2008. The appearance of bitcoin on the scene represents something new and offers hope to people jaded by traditional financial institutions.

Circle and Bitreserve are both bitcoin startups that have recently unveiled plans to bring the digital currency to the masses. They plan to do so by bringing the technology's benefits to the consumer market by not exposing user to the bitcoin 'layer' it still depends upon.

Is bitcoin stuck in the early adopter chasm?
Many startups in the bitcoin space tout the 'wow' factor of bitcoin. Yet negative events over the past year have left consumer sentiment less positive than the industry hoped for and this, in turn, has caused tension with policymakers.

In the end, it is possible the best way to get bitcoin's benefits into the hands of people might be to not talk about it at all.

Source: http://www.coindesk.com/five-biggest-threats-facing-bitcoin/

Neteller here: www..com.ng

Hi Forumers:

I hope you’ve gone thru the 3 articles. I posted them for a purpose – there is a looming problem with Bitcoin.

Because of the time constraint, I can’t go into details here. But I’m sure of something; I’ll never use Bitcoin again, owing to the current unpalatable experience I’m having with it. I don’t pray that you, our readers, have such experience.

Should your refuse this warning, you might have yourself to blame soon.

Neteller here: www..com.ng

OP THIS IS NOT TRUE


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I THINK YOU SHOULD LET US KNOW YOUR EXPERIENCE WITH BITCOIN. THE DEVELOPERA SHOULD SOLVE THE PROBLEMS. THE DIGITAL CURRENCYPRUS HAS SOME LIMITATIONS CAUSED BY THE DECENTRALISATION OF THE CURRENCY. THAT IS WHY IT CANNOT BE TRACED WHEN PEOPLE LOOSE THEIR BIT COIN TO HACKERS.

ItuExchange:
Hi Forumers:

I hope you’ve gone thru the 3 articles. I posted them for a purpose – there is a looming problem with Bitcoin.

Because of the time constraint, I can’t go into details here. But I’m sure of something; I’ll never use Bitcoin again, owing to the current unpalatable experience I’m having with it. I don’t pray that you, our readers, have such experience.

Should your refuse this warning, you might have yourself to blame soon.

Neteller here: www..com.ng

With all these errors you claim about bitcoin there are 700 cryptocurrency is there any currency that has explored bitcoin weakness and created their own coin. If bitcoins goes will other coins go with it? What's d next coin on your mind

One coin for instance is a new cryptoccurrency that I know is not decentralised. It is not in the market yet. It started just as bit coin started years back. From what I heardrum a stolend coin can be traced wherever it is in ther universe. So let us watch.

Just to gain attention yo decided to make yourself a badnews carrier

@ ituglobal do u know about this Nigerian trading platform egm eagle global market

this is a very old post,maybe last year

Totally true! Scammers are exploiting from Bitcoin buyers as they know the value of it rising. I am well secured with Paxful right now. I'm glad I found them from a friend.

If you think bitcoin has come to stay, you are right. Or, if you think otherwise, you are absolutely right. I will only advise you to study the news always.

https://lovingbitcoin..com/2019/06/lovingbitcoin-how-does-bitcoin-works.html

I think you and your developers lact adequate knowledge about bitcoin....I even doubt if u even have Bitcoin wallet ...For ur information Bitcoin have been operating over years without problem....banks alrge organization use Bitcoin for transaction ...I know it's your hatred for crypto currency that make u put and come up with such a useless article.....we have a lot crypto miners in the crypto world especially Bitcoin...so I guess u should think straight

epayreserve:
I think you and your developers lact adequate knowledge about bitcoin....I even doubt if u even have Bitcoin wallet ...For ur information Bitcoin have been operating over years without problem....banks alrge organization use Bitcoin for transaction ...I know it's your hatred for crypto currency that make u put and come up with such a useless article.....we have a lot crypto miners in the crypto world especially Bitcoin...so I guess u should think straight

Please tell him

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