There is one serious problem with this that nearly everyone is ignoring. The way Bitcoin is implemented today, with reused wallet addresses, it is vulnerable to a sufficiently powerful quantum computer. In fact, all public key cryptography that we know of today is vulnerable to this. Of course, it is possible to upgrade every Bitcoin wallet in existence to be single use only, but that is terribly inconvenient for consumers and for payment gateways, and requires a lot of new software development.
Long term, this is not necessarily a show stopper, but short term there could be significant pain the first time the network is actually hacked in this manner. All that trust that people have in decentralized crypto will be destroyed overnight, the same way people are currently losing trust in centralized banks.
People need to be educated about this issue, and quickly, if we are going to transition to a new world where Bitcoin becomes a serious option. Because unlike centralized banks, fraud can't be reversed on the blockchain.
This is my take. It’s sucking up a huge amount of capital that would otherwise go towards real assets. Ironically it’s partially keeping inflation in check
With people being their own bank in general it takes a lot of education as people are unfamiliar with the concept and very irresponsible. Even today people post pictures of their credit card on fakebook and wonder why they lose all their money almost instantly.
These chargebacks are killing small businesses sadly because the bank takes no responsibility, and the idiot are not punished for their own stupidity.
Schools should have mandatory classes, there should be TV broadcasts with those old 50's style government propaganda videos educating people on how to not get scammed, and how to be their own bank responsibly. It wouldn't even be hard, but obviously there's no interest for that as bankers make a shitload of money by selling "security" and fuck over small business while pretending to deal with scammers.
There is one serious problem with this that nearly everyone is ignoring. The way Bitcoin is implemented today, with reused wallet addresses, it is vulnerable to a sufficiently powerful quantum computer. In fact, all public key cryptography that we know of today is vulnerable to this. Of course, it is possible to upgrade every Bitcoin wallet in existence to be single use only, but that is terribly inconvenient for consumers and for payment gateways, and requires a lot of new software development.
Long term, this is not necessarily a show stopper, but short term there could be significant pain the first time the network is actually hacked in this manner. All that trust that people have in decentralized crypto will be destroyed overnight, the same way people are currently losing trust in centralized banks.
People need to be educated about this issue, and quickly, if we are going to transition to a new world where Bitcoin becomes a serious option. Because unlike centralized banks, fraud can't be reversed on the blockchain.
Bitcoin is a deep state controlled creation.
This is my take. It’s sucking up a huge amount of capital that would otherwise go towards real assets. Ironically it’s partially keeping inflation in check
With people being their own bank in general it takes a lot of education as people are unfamiliar with the concept and very irresponsible. Even today people post pictures of their credit card on fakebook and wonder why they lose all their money almost instantly.
These chargebacks are killing small businesses sadly because the bank takes no responsibility, and the idiot are not punished for their own stupidity.
Schools should have mandatory classes, there should be TV broadcasts with those old 50's style government propaganda videos educating people on how to not get scammed, and how to be their own bank responsibly. It wouldn't even be hard, but obviously there's no interest for that as bankers make a shitload of money by selling "security" and fuck over small business while pretending to deal with scammers.