Problems I face with Bitcoin wallet

After touching all time high Bitcoin is trading below $1000 usd. Everyone is blaming the discussion about hard fork in Bitcoin, may be the hard fork will happen. And we will get bitcoin code and bitcoin unlimited. But, it is not just about forking the main blockchain. Although good news is, if the fork happens you will get both Bitcoin unlimited and bitcoin core in your bitcoin wallet.

What is the need to hard fork?

Well, longer time for confirmation on Bitcoin core and  High transaction fees – I think these are main problems.

Bitcoin unlimited wants to bring down the block confirmation time and the transaction fees. And I think that can be a better idea.

As a bitcoin user, the first problem I face is, the wallet. Wallets are not user friendly. The address or QR code is not super user friendly.

1.Opening wallet and paying with it takes a while, using  a credit card is way easier

2.Wallets do not have any easy to remember address or there is no easy passphrase to restore wallet

3.I do not use hardware wallet, so do not know much about those. But using paypal or credit card is way easier than using Bitcoin wallet. In fact, starbucks app is easier to use than a Jaxx wallet.

4. When I make a purchase using Bitcoin, I do not have any purchase protection. If someone wants to take my money for crappy service or product, there is nothing I can do about it.

5. I want to purchase something, and since I am a customer, I have to pay the premium also called transaction fee.

6. Due to smaller block size, a whole bunch of transactions have to be processed and that takes time, so in case I want to buy coffee with bitcoin, the line would move bit slow, well actually I will need to wait 10 minutes after placing order.

I do not use bitcoin to gamble to buy crap that is illegal, so I do not care about privacy much. I like the technology “blockchain” and decentralized blockchain is really exciting. But I am not so sure if bitcoin can ever be used as a currency. Although some might use it exactly as Gold, to store value. but then Bitcoin will never replace USD or any other currency for exact reason or other reasons I talked about above.Now the choice is yours if you want Bitcoin to replace USD or any other dollar or you just want to function as gold, and of course it does not really matter what bitcoin wallet you use at this time.

Add a Comment

Your email address will not be published.