Topic: What are the biggest disadvantage of bitcoin ? - page 2. (Read 1193 times)
Bitcoin is constantly being hacked. There is minimal risk of being hacked. All I care about is the safety of my funds. But the advantages of bitcoin are much more.
We all know that bitcoin are not fully completed there are many things in the system that needs to develop. Bitcoin was in the infancy stage or in the process of development that's why people are afraid to trust in bitcoin. Bitcoin can also use as instrument doing an illegal activities like money laundering, scam and etc.
The downside of bitcoin is its future depends on minner and bitcoincore. It is a no-owner crypto,dumping of price is also disadvantage the community will decrease because they quited already because of lossing their money.
I think the biggest disadvantage bitcoin is that it can not be used for direct payments like credit cards or ATMs, and even now I've never found any stores or restaurants that accept bitcoin.
There are more disadvantages of Bitcoin. Which I think that's are below:
1. High fluctuation which keep it away for acceptance against another thing.
2. It can use for illegal activities.
3. Some countries has ban on it. Because of it people have not trust.
4. High fees on conversion.
There can more disadvantages according to area.
1. High fluctuation which keep it away for acceptance against another thing.
2. It can use for illegal activities.
3. Some countries has ban on it. Because of it people have not trust.
4. High fees on conversion.
There can more disadvantages according to area.
In my opinion, at the moment the biggest drawback of bitcoin is the speed of transactions in its network blockchain.
Bitcoin is very much like an experiment of liberal economics. They want to restore the "gold standard" again, but no gold. (Think carefully about that year's gold and current "Bitcoin" is like) in the short term he will appreciate all the way, but once the economic crisis such as the surge of the tide (people lose confidence in them). Bitcoin is not far from crashing. For technical reasons, it is almost impossible to save the market. I appreciate the "blockchain" technology derived from Bitcoin, but it is very bad for Bitcoin. Bitcoin's premise model itself is highly controversial.
the transactions are too slow yet
The biggest disadvantage of bitcoin is scalability as more people make bitcoin transactions on the network then wait time confirm is going to increase.
The biggest disadvantage of bitcoin is that many people do not really understand the benefits of bitcoin. They do not update the good information from bitcoin. Misinformation and negativity confuse them. I recommend reading and reading more news on the cryptocurrency market to understand all the benefits that bitcoin brings for people
What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink
I think the disadvantage of bitcoin is the total supply and when the price becomes very expensive the cost in need for the delivery of bitcoin also becomes very expensive.
Bitcoin was given a mystery from birth: it is said that it was used in drug trafficking because of its concealment and limited nature. With this somewhat dark color it was packaged as a financial product and successfully started trading. Many people are wondering if bitcoin will eventually replace currency. It is not issued by any institution or country, it is not controlled by any organization, and it is completely decentralized. Bitcoin replaces currency to avoid currency being artificially controlled. However, although this idea sounds wonderful, it cannot be achieved.
Bitcoin transactions have inherent defects, and bitcoin transactions are irreversible. That is to say, it can never be withdrawn: once it is confirmed, there is no "mistake" or "return". This will bring great inconvenience to the transaction.
Bitcoin transactions have inherent defects, and bitcoin transactions are irreversible. That is to say, it can never be withdrawn: once it is confirmed, there is no "mistake" or "return". This will bring great inconvenience to the transaction.
Bitcoin is not regulated by the central bank. Investors may face extreme instability. There are risks that can pose considerable harm to the entire investment. We can not accurately estimate the Bitcoin price from year to year. Because money is on the internet. investment in Bitcoin is decentralized, and may even jeopardize democratic and fiscal levels. Free exchange at no cost or tax can be converted into large fluctuations. Bitcoin virtual money is a unique international currency, it can be a more profitable investment in case if there is a major economic weakness. Currency exchange is done quietly between individuals, without the need to pay fees, taxes. However, capital is not guaranteed because the virtual currency is not issued by the central bank. Unlike fixed investments, where any amount saved is usually guaranteed by the state. No wonder investors in Bitcoin can lose money at any time.
It is too slow to confirm the transactions which makes it impractical to use commercially. Also the transaction fees makes it too expensive, especially when the price of bitcoin goes it. When these two obstacles are overcome bitcoin can be adopted more widely
I think trading with bitcoin is expensive and slow compared to other solutions.
Bitcoin technlogy is not ready for an internet of things.
Bitcoin technlogy is not ready for an internet of things.
Disadvantages of bitcoin now is its inability to use it as a means of payment due to the long time of its transactions and high commission fees, high volatility of bitcoins, which does not facilitate its legalization in a number of countries.
The common problem of the crypto-currency market is the dependence of almost all coins and tokens on the bitcoin rate. This paralyzes the market and does not allow developing the rest of the crypto currency.
The common problem of the crypto-currency market is the dependence of almost all coins and tokens on the bitcoin rate. This paralyzes the market and does not allow developing the rest of the crypto currency.
Anonymity, bitcoin transactions are not subject to arbitrary monitoring by government and other official agencies. Bitcoin has no central bank and looks "free", but it is actually darker. Because no one living organization is responsible for Bitcoin,
No one can afford to be responsible for Bitcoin. The bitcoin market evolved to follow the laws of the jungle. At the same time, the lawless elements responded to anonymous transfer methods for killing, drug dealing, and exchange of ransoms.
No one can afford to be responsible for Bitcoin. The bitcoin market evolved to follow the laws of the jungle. At the same time, the lawless elements responded to anonymous transfer methods for killing, drug dealing, and exchange of ransoms.
The vulnerability of the trading platform. The Bitcoin network is very robust, but the Bitcoin trading platform is very fragile. The trading platform is usually a website, and the website can be hacked or closed by the competent authority.
The transaction confirmation takes a long time. Bitcoin wallets consume a lot of time to download historical transaction data blocks when they are first installed. Bitcoin transactions, in order to confirm the accuracy of the data, will consume some time, interact with the p2p network, get the confirmation of the entire network, the transaction is completed.
The price is very volatile. Due to a large number of speculators intervening, the price of Bitcoin exchange cash is generally ups and downs like a roller coaster. Make bitcoin more suitable for speculation, rather than anonymous transactions.
The transaction confirmation takes a long time. Bitcoin wallets consume a lot of time to download historical transaction data blocks when they are first installed. Bitcoin transactions, in order to confirm the accuracy of the data, will consume some time, interact with the p2p network, get the confirmation of the entire network, the transaction is completed.
The price is very volatile. Due to a large number of speculators intervening, the price of Bitcoin exchange cash is generally ups and downs like a roller coaster. Make bitcoin more suitable for speculation, rather than anonymous transactions.
vulnerability to hackers, high fees and not being accepted as a payment form... it would take years before people start accepting bitcoins as one of the accepted form of payment globally
yes that's the lack of bitcoin that we can not overcome, because many people who have not been too familiar with bitcoin until now. it takes a long time to overcome the deficiencies that are in bitcoin. 
What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink
As im working with the bitcoin no problem experienced by doing it. But if you do something unapplicable like by using it for crimes. Be more thankful and appreciate what bitcoin gave to you.Dont do it just to get bigger money and it is not good. Jump to: