Topic: Weaknessess of bitcoin (Read 3238 times)

I agree with this also. Bitcoin has the most unique characteristics to own, and one of that is being accessible,  for most of the time this is such an amazing thing for us to keep in track with this forum ,on the contrary people who aims to fool other people were not prohibited to this, and anomalies involving fraud and scams cannot be detected given the fact taht personal information were not required.

Indeed, that's a good idea. Thanks.

Hello,

I'm fairly new to bitcoin but really interested as it solves a problem I was trying to solve for years. Nevertheless, there's some weaknessess I'm foreseeing. It has probably been answered before but I could not find any answers on this forum.


1) Low monetary mass.

21.000.000 seems really low. The lowest fraction is 10e-8. Why such a low limitation ?  I understand perfectly the fact that generation should be harder and harder but I don't understand why limit it to 21.000.000.

2) Fixed monetary mass.

In the long run, it means that the money will disappear. Crash disk, human error. Even real money is destroyed every day. What will happen if we start running out of bitcoin ?

3) geekish interface

I'm a user experience/human machine interaction guy. And bitcoin is currently just plain geek masturbation. There's no way any "normal" user would use that.

This is not a unsolvable problem. But it should be taken into account more deeply. Users don't care about underlying concept, P2P, cryptography. They just want a secured account somewhere in a "bank" and a pocket account that they could afford to loose. Everything else should disappear.

The key/anonymity concept is also very hard currently (and it could be non-convenient). What if you want to send some money to your family to wish an happy birthday ? What if you want to see which customer has payed what ?

(well, it means that I could work myself on that particular problem)


4) Early/late user unfairness

I've read that some users generated 150bitcoins in a few days. According to the calculator, I will have to wait 60 days before having my first bitcoin !
Would you join a monetary system if you know that a few people already have approximately half of the whole monetary mass ?  Hmm, it seems rather odd, isn't it ?

5) Exchanges

I've browsed the list of websites supposed to offer stuffs against bitcoins. Only one was really displaying "bitcoins accepted". All the others were standard ecommerce websites with no mention of bitcoin. What could I do if I wanted to use my bitcoins ? No idea yet on how I could use them.

6) fraud

What if I pay for a service and it appears that it was a fraud ? With VISA, you can get your money back quite easily. With bitcoin, it is just impossible. A transaction is a transaction an it is impossible to find the receiver afterward.


Well, this is a lot of questions, don't hesitate to redirect me to related topic in this forum.

The weakness of bitcoin according to my personal is in terms of security that is easy to do hacking by certain parties and with security and bitcoin there is no control so it is so easy the occurrence of deception and lgi about the price is very volatile.

BTC is very small in the real world! People in many countries in the world do not know BTC, there is no way to use BTC!

And BTC's impact on the real economy is limited!

I feel a wallet vulnerable to theft is the most important aspect if we talk about the weakness of bitcoin. Some countries are welcoming the idea but others are restraining their citizens from it's use.
Let's see in coming times where it will take the world. 

That's the thing there its not the good we see bit the bad, and its normal for us to know whether it will be worth it, we need to know if there will be more prons than cons, and I can still say that BtC having many good effects lifted it to top 1.

Like every other currency Bitcoin has also some weakness  which make it bad in the economic world. First is its slow transaction facility. ;)p Bitcoin network can't take the load of heavy transaction. Due to this many of its user suffer. Although Bitcoin is a advance thing but it is still not clear to many people. It has lack of understanding skill.  It volatile nature is one of its biggest weakness. Many investors looses their hope upon it due to this volatile nature. Another weakness of Bitcoin is its production and distribution which in ultimately connect to its volatile nature 

I think btc main weakness is its price volatility. Many wealthy individuals already have a hold with alot of btc which sometimes lead to price manipulation. It could be said that it is hard to predict what would happen next with its price and this issue will continue if there is no action to  take.