Drawbacks of Cryptocurrency from becoming MainStream


The negatives/drawbacks of Crypto-currency that prevent it from becoming mainstream in my opinion:

1-Long address
The 30 so character address that are difficult to be memorized and can be difficult to write down from phone to pc. And has a high chance of being written down incorrectly.
2-Cancel Incorrect Transfers
If you incorrectly transfer coins to a wrong address, that is it you cannot retrieve it back.
For the first issue: I believe maybe grouping or paid secondary address would work.
a word or two to cover the 20 characters and keep the 10 characters.
Secondary Address:
You would pay a fee to associate your 30 so character wallet address to a preferred address.
e.g. my-ether-wallet-addres-123, crypto-gaint-6000-wallet etc.

For Second Issue:
a-Limit quantity to be transferred (receiving and sending) until the address goes through human verification process to verify not a bot.
b-Transfer occurs only after the
c-A subcategory in the transfer part stating the type of transfer (similar to banks)
ex. Personal Transfer (Transfer to one of the owners wallets will only occur if the address is in an address book)
Donation (
Purchase (Used for sales, only completed once an invoice is received)
Other (Parameters to be Set)
d-An automated check function: where a small amount is transferred to the placed address and sent back to the orginator. In which the transfer check will appear in the history. If the wrong address is placed no harm is done as the amount is sent back.
e-Address Type: Fee to be spent to assign update the address from personal to charity, retail, in which these address would be available in a address book.
Please state your opinion of drawbacks and solution to any mentioned.

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Re: Drawbacks of Cryptocurrency from becoming MainStream

1. I can't think of many good reasons for memorizing an address. Anyway, sometimes transferring an address between devices can be cumbersome, but usually it is not a problem and there are ways other than writing it down. Some sort of address registration service might be helpful, but if it were really necessary, it would have already been created.

2. The problem with being able to get your money back when you make a mistake is that you can also get your money back when you don't. It enables the kind of serious fraud that banks and credit card companies have to deal with. If you need a third-party to validate transactions, then you have eliminated the main advantage of a cryptocurrency.

It seems like what you are asking for is a banking system and debit cards. That has all the features you want and it already exists.
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Re: Drawbacks of Cryptocurrency from becoming MainStream

There are drawbacks to cryptocurrency but as the market slowly accepts crypto, a lot of these issues will get resolved.

The main idea I see from this is the ability to easy access crypto and spend it while keeping it secure.

Mastercard recently won a patent regarding cryptocurrency transactions through their cards. With Mastercard developing such a plan, I would say the security and transaction time will decrease by a lot. According to the patent, Mastercard is looking into a way for transactions to be instant like credit card payments but with cryptocurrencies.

This is still in development by Mastercard but with such a big company investing into this, other banks and financial institutes are soon to follow. With the banks following suit, the security of crypto will increase and the complexity to access and process transactions will decrease.

This is all up in speculations as to how well Mastercard will implement this patent.
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