What are the biggest disadvantage of bitcoin ? - page 6.

faceoff97

full member

Activity: 644

Merit: 113

Quote from: Evakotel on March 23, 2018, 08:47:50 PM

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

Disadvantagea such as ever increasing transaction fee, user might not afford it. People could not use it instantly. You have to accomplish many action to complete the task. Aside from that, bitcoin also is becoming a bad thing in the mainstream medias. People made to reaaction and says in some below the belt phrases about bitcoin. Having a bad image and impression from people makes the demand go low.

LETme

member

Activity: 266

Merit: 17

No physical form, High fees, slow transaction, no money back guarantee because it's not centralized form so no one will sue the only thing we can blame is ourselves and bitcoin is so volatile so faster we get profit the rapid we loss too.

MZMARY

member

Activity: 125

Merit: 14

The biggest drawback of bitcoin is its slow speed transaction, as well as the high cost of transferring the transaction, in general bitcoin as gold, growth at the moment does not hurt

dupee419

sr. member

Activity: 1344

Merit: 261

One big disadvantage in bitcoin is the transaction, the transactions of bitcoin usually takes instantly back then, but it drastically changed as years pass by, transactions now takes hours or even days before the the recipient to get the price. Transaction fees can be a headache to as they demand higher fee than the trans. fee back then.

gesdan

full member

Activity: 616

Merit: 100

my big disadvantages from bitcoin is I know bitcoin from 2014 and just try to learn about bitcoin and try to do some little stuff with bitcoin, in 2015 I stop using bitcoin for 2 years and I start again because I believe that bitcoin is the good future, my regret is why I stop using bitcoin at 2015 and 2016, I think if I know bitcoin at 2015 and 2016 I will get some big knowledge about bitcoin

Nantusaha

newbie

Activity: 31

Merit: 0

if a hard drive crushes,or a virus corrupt data,and the wallet file is corrupted bitcoin is essentially been lost.there is nothing that can done recover it.these coins will be forever orphaned in the system. this can bankrupt a wealthy bitcoin investor within second with no way form of recovery. the coins the investor owned will also be permanently orphaned.

siddu1

full member

Activity: 274

Merit: 100

Everything has a negative side. there are nothing in the world those have no negative side. Bitcoin has disadvantages too. the biggest disadvantages of Bitcoin are Bitcoin transaction speed is very slow and its transaction fee is very high. from my opinion these two disadvantages are the biggest disadvantages of Bitcoin.

mxyzptlkof6th

member

Activity: 294

Merit: 26

For me, the biggest advantage of bitcoin is the high risk and unstable and being banned in bitcoin because of double account. And the fact that it is not yet accepted as system payment in the world.

adpinbr

sr. member

Activity: 1078

Merit: 254

The biggest disadvantage of bitcoin is when you are banned and the rules of bitcoin prohibits you from having a double account which means you have to start again from being newbie. and it will get you months or years to be a hero member.

kauban2018

member

Activity: 271

Merit: 10

I always believe that if there's an advantages there are also a disadvantages. I believe that one of the bitcoin's disadvantages is the fluctuating side of it, bitcoin is just part of a business economy in where it goes up and down. Same with the other businesses bitcoin also is not perfect it always depend on the currencies. Also, same with the other businesses if you are not aware or you must understand the rules and regulations of it. You should also be are to those hackers, do not forget to close or log out your account properly.

laurenB7742

full member

Activity: 1302

Merit: 129

Vaccinized.. immunity level is full.

Quote from: Evakotel on March 23, 2018, 08:47:50 PM

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

BTC was introduced as peer-2-peer electronic cash system but its primarily use is restricted to investment. People buy it, hold it and sell it on various trading platform. The main reason why its not accepted as payment system is its slowness (high transaction settlement time) and high transaction fees. These need to be addresses by BTC blockhain in order to make BTC a recognized payment gateway. Non Regulatory compliance is another reason why governments are not accepting it.

Getcoinsite

sr. member

Activity: 714

Merit: 260

Quote from: Evakotel on March 23, 2018, 08:47:50 PM

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

its the volatility itself what makes bitcoin has a disadvantage,because when time of dip the continuity of falling is indeed..and added into this is the usage for illegal transaction,yes even paper bills can use by criminals or terrorist,but being thru Internet this makes the transaction faster and more secret than paper bill transacting

PilosopongTacio

jr. member

Activity: 308

Merit: 1

Quote from: Evakotel on March 23, 2018, 08:47:50 PM

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

Bitcoin has limited supply which makes them very volatile.
Also,There is only a few businesses and banks that are willing to accept bitcoin as a system of payment. Plus bitcoin is a bit new to this era and its in an early stage to get to its full potential.

sopy82

newbie

Activity: 57

Merit: 0

bitcoin is its future depends on minner and bitcoincore. This is crypto without owner, if bitcoin has owner like ETH I am sure Bitcoin will be more stable. and for me the biggest disadvantage of bitcoin now is, bitcoin can not be traced there will be problems when the government will do this because illegal transactions can be done easily.

Happydd

sr. member

Activity: 630

Merit: 250

In my opinion the biggest disadvantage of bitcoin is the high risk and unstable. Bitcoin is not considered an official currency, so it is not used in everyday life. So not everyone knows bitcoin.

dimiinx

full member

Activity: 355

Merit: 102

Quote from: raiangelah on April 18, 2018, 06:25:21 AM

Quote from: Evakotel on March 23, 2018, 08:47:50 PM

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

Hi Evakotel,

What they don't like in Bitcoin is its fast changing value. they are scared that today they have a pretty decent value of bitcoin but tomorrow that can be the opposite. one other thing is the possibility of security breaches. once this happens the value of bitcoin will surely fall.

if we plunge into the world of bitcoin certainly all who use it should be able to accept the risks of bitcoin. it's all a normal thing if bitcoin prices change every time.

jerry3k5jamiso1

full member

Activity: 434

Merit: 100

Their disadvantage is low liquidity. Bitcoin can not be used in the purchase and sale of goods and services in certain countries. They are risky for hackers and prices fluctuate. So some people were afraid of holding Bitcoin.

assyla

full member

Activity: 319

Merit: 100

Quote from: Evakotel on March 23, 2018, 08:47:50 PM

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

For me the biggest advantage of bitcoin is its biggest advantage also, so what it is? It is its unstable price, why? Because as you can see ithe price of bitcoin is not permanent it is always changing so that sometimes people are confused if bitcoin is a scam or not.

cryptonad

jr. member

Activity: 85

Merit: 1

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.

SingAlong

full member

Activity: 294

Merit: 100

I think the greatest disadvantage of bitcoin is the status we all know that bitcoin is in the process of development. There are still many drawbacks and faults in the system which is need to improve. Also high security are one of the issue the vulnerability of hackers and we are atill thinking where bitcoin came from and who is the creator.

Topic: What are the biggest disadvantage of bitcoin ? - page 6. (Read 1206 times)