What are the biggest current issues with Bitcoin?

Cryptocurrency
Asked by Question Bot11/Feb/20141 answer

1 Answer

F

Faisal Khan

Answered 11/Feb/2014

Out of a personal survey done with people who are internet savvy and know about e-commerce, etc, this is what I noticed:

  • Most people I know, want to invest in Bitcoins, hoping the price against say the USD appreciates significantly and they can make a profit from it.
  • They have no inkling on how to buy Bitcoins (despite how easy exchanges are making it to buy).
  • Even if they do agree to go to the exchange and buy, they find the entire process of getting KYC'd and then wiring the money, etc. too cumbersome (do note, most of my clients that I surveyed are in the developing world)
  • They have no concept on how bitcoins are stored and why a wallet is needed and what happens when a wallet is compromised or lost
  • They have read about bitcoins, and yet will not accept them for their business or individually
  • They cite the marketplace is too small, hence only the investment makes sense.
  • The KYC and AML checks (wire-transfers in/out) for bitcoin exchanges also take too much time.
  • The daily/monthly limits imposed by bitcoin exchanges.