Topic: Weaknessess of bitcoin - page 2. (Read 3294 times)
Rather than weakness it is good to analyze about the way its been projected to the universal use. Just consider the media, they very rarely indicate the positive images of bitcoin. Whenever a news is being telecasted in media, automatically it carries a negative statement behind it. When this changes, automatically the negative weakness gets saturated.
There are many weaknesses of btcs they ca be sited in a book! But the most irritating is its roller coaster nature. none can predict its
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!
And BTC's impact on the real economy is limited!
Its not true. Bitcoin is not small infact many countries worldwide are now using it already. Bitcoin today is now verry famous and verry well known due its amazing features. However bitcoin do have weaknesses or disadvantages, few of them is bitcoin wont possibly work without the help of internet connection because bitcoin is a digital currency which means it needs an internet and electricity as well in order to operate the device.
There's still a small percentage around the world that uses bitcoin as far as I know. Although its growing at a astronomical rate but I don't think we even have reached like 5-10% of usage globally.
Of course there are weaknesses and this are being taken advantage of hackers, scam artist , criminals and even terrorist. That's why government is very adamant to even accept bitcoin. although it has advantage for most of us, its just sad that there are also a lot of people who exploited it to their advantage.
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!
And BTC's impact on the real economy is limited!
Its not true. Bitcoin is not small infact many countries worldwide are now using it already. Bitcoin today is now verry famous and verry well known due its amazing features. However bitcoin do have weaknesses or disadvantages, few of them is bitcoin wont possibly work without the help of internet connection because bitcoin is a digital currency which means it needs an internet and electricity as well in order to operate the device.
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!
And BTC's impact on the real economy is limited!
BTC has no credit endorsement, and no one endorses and guarantees him.
The price of bitcoin is determined by the relationship between supply and demand, which means it is highly speculative.
This can lead to price fluctuations!
The price of bitcoin is determined by the relationship between supply and demand, which means it is highly speculative.
This can lead to price fluctuations!
The weaknesses of bitcoin isEveryone calculates at the same rate, New wallets vulnerable with old passwords via backups. Coin destruction..
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.
In all of the goodness that bitcoin can bring to us. You only see its weaknesses. People aren't contented in the positive side of bitcoin but they usually look to its weakness. Bitcoin already proves that it is good in our economy as well as in ourselves.
Bitcoin became more popular,transaction fees and transaction times have become an issue.This can leave your bitcoin stuck in the system,unavailable to either the sender or receiver until the transaction is confirmed.Instances of transactions being held up for several days have been experienced by some.There are methods to un-stick these transactions,but this is not for the beginner,as bitcoins could be lost.
For me, the weaknesses of bitcoin is that if there is no electricity and not internet connection because bitcoin can't work for this is basing to their workers to make a post of their answers.
you mentioned there seems to be less and very fatal bitcoin weakness is internet and electricity, just imagine if there is no internet then bitcoin will not be created and will not be able to walk.
But this isn’t a weakness I think. If you say, there wouldn’t be a machine so how can you be making such big number of garments in industry plant every day. When there is no producer, how can you even think of a product? Likewise, definitely bitcoins are produced on internet and managed and controlled in a specific way over internet, so if you are talking like this, I must say you have to review your knowledge.
Wow bitcoin is fraud? The imagination is also far from what it seems in the reality. If it would have been one they you would have understood that already. If I'm getting real cash in my hand after trading the bitcoin then it's real thing mate.
Low mass ? This has been discussed many times that bitcoin is not a single unit itself but it is made of million satoshi. It will never matter if the mas is low but we do have Satoshi which can be valued per unit and as much as we want if demand goes off the roof someday.
Low mass ? This has been discussed many times that bitcoin is not a single unit itself but it is made of million satoshi. It will never matter if the mas is low but we do have Satoshi which can be valued per unit and as much as we want if demand goes off the roof someday.
i dont know detail about bitcoin,but i think this is a good information,every thing must have any risk and weakness,what ever is that,big ups 
you mentioned there seems to be less and very fatal bitcoin weakness is internet and electricity, just imagine if there is no internet then bitcoin will not be created and will not be able to walk.
See our of all points you have mentioned I think the only points which I think are really a problem with very jist of bitcoin is the point number 1 and 2. While 1 has a plausible explanantion the 2nd doesnt. Actually the cap of 21 million was created to actually make sure that there isnt too much load over the system as more and more bitcoin will arrive. As people use them network congestions might also occur extensively. While the best explanation for point number 2 is because they might havent thought at that time that its price could reach so high to make every sat valuable. But yes we still will be fine dealing in 8 decimal points as price hasnt gone too high.
I simply dont see the 21 million limit could be the weakness, actually that is the strong point of bitcoin, when.people.want bitcoin and it's limited then the price will become more valuable, and people always complain about early and late adopter, early adopter deserves their money because they invest something that got high risk and believe in bitcoin potential, if you think that is unfair then you can try to become the early adopter of an ICO, that is how the early adopter felt when invest in btc and Bitcoin is not really wide adopted yet, if you want to spend a lot of things with btc go to Japan, fraud is the one that we need to pay attention and nothing could be done since its decentralised system
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.
You nailed it sir. I agree with your thought about weakness of bitcoin. Anyway, these weaknesses is nothing compared to the benefits that bitcoin brought to most of the investors. And these are the happy faces paints after receiving a huge profit from investing to it. This is the sound of positiveness that bitcoin has to offer. One of the best happenings on the lives of the investors as some of them are getting rich and wealthier its because of bitcoin. And this is not a contest or competition. It is a challenge for yourself if you are able to coup up with the risk in investing bitcoin. If you are a risk taker and will not afraid to fail then probably you are the one who is earning now in bitcoin. 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.
Anyway, talking about the weaknesses of bitcoin, I have a question.
Would the bitcoin network resist to an attack consisting of flowding the network with request (I think that's called a denial of service attack) ?
I mean, what if a node starts sending huge amount of dummy transactions between two addresses that it owns ??
Could it block the whole network ?
Would the bitcoin network resist to an attack consisting of flowding the network with request (I think that's called a denial of service attack) ?
I mean, what if a node starts sending huge amount of dummy transactions between two addresses that it owns ??
Could it block the whole network ?
with high volatile makes people afraid of investing in bitcoin. besides it has not been legalized from the government, so there is no legal protection for investors. government affraid because of its anonymous nature many chance btc misused
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