What do you think are the biggest disadvantages of Bitcoin?

oloveloveo

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Quote from: Pozitiw[4]ik on April 16, 2018, 05:43:27 PM

Internet network that has not got to the area of one of the causes, I dont really see a disadvantages but i think its because of the bitcoin is popular in many people but not too popular all the people there do not know about it And this technology is still not proven in many countries

As theres a lot of news that we can see and hear about bitcoin especially in Television, Radio, Newspaper, Social Media and also the talking of people about bitcoin, almost everyone knows about bitcoin.
But even so, those people who got accustomed to the classic or traditional ways or for those who live in the remote area that they much prefer to use flat currency rather than bitcoin, we cant force them.
I think its the countries problem if they cant provide a better technology or network which would have help those people to use and access it bitcoins.

Sampson7

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I don't think something as the disadvantages of bitcoin or blockchain technology. People without experiencing the goodness indicate it as an failed technology but in reality everyone are in much temptation to implement blockchain technology into their working sectors. It is true that future technology development will grow with blockchain as the base.

there are number of things to think about.

The fact that nobody can control it.
The instability of the price.
The inability to charge crazy bank like fees for using it.
The fact that it is almost anonymous.
It wasn't created by 'them'.
Still a new technology, unproven.
Has received a lot of negativity, bad press & illegal happenings.

These are just a few that come to mind right now.

Pozitiw[4]ik

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Internet network that has not got to the area of one of the causes, I dont really see a disadvantages but i think its because of the bitcoin is popular in many people but not too popular all the people there do not know about it And this technology is still not proven in many countries

PauloLuks

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I think one of the biggest disadvantages of bitcoin is the volatility of its price. Bitcoin prices are very volatile and increases/decreases at a very high pace. Speculators wish to take advantage of it but genuine investors thinks of it as too risky and therefore all the investors does not invest in Bitcoins.

tommisetiyawan

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The main disadvantage for bitcoin is that there are many countries where bitcoin is not accepted and there is no single store where bitcoin is accepted as a payment method. So people face problems while spending bitcoins or they do not use bitcoins to buy things they use everyday because there are no stores available to receive payments via bitcoin. Transaction costs have not been a problem before, but now they have risen to a very high level, it has become a disadvantage for bitcoin because it makes people think twice about issuing so much cost just for their transactions to be prioritized.

hermae

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Quote from: joesorrell on April 16, 2018, 02:03:35 PM

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

I agree that bitcoin is not totally implemented and accepted in all countries. There are only few countries who are already using bitcoin in their transactions. And not all people or government are willing to use bitcoin, they have so many questions that needed to be answered. And also bitcoin can be hacked easily by those people who know how to hack because it is sensitive and can easily be hacked.

Dotakels

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I'm sure that the biggest disadvantage of bitcoin is that its price is unstable and it is used as a means of earning on the stock exchange! Due to sufficiently low capitalization, the price can easily change in the right direction!

joesorrell

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Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

syusk82

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I think Bitcoin has no shortcomings.
Bitcoin is perfect for me. But in my country, only 1% of people know Bitcoin. Compared to what I think Bitcoin creators do for bitcoin propaganda, such as TV commercials, people soon know this.

reisuke24

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anonymous. i mean, when some criminal make bad thing with this one they cant track unless they have the privacy information about who they are.

tats14

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Quote from: g2com on November 30, 2016, 05:39:07 AM

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

well for my own opinion, the biggest disadvantage of bitcoin is the price, because randomly the price is in a high and can be low, cannot understand what bitcoin standard price.

cyriljundos

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for me the biggest disadvantage of bitcoin is the transfer to different sites. It's fast on the blockchain technology

Jay Jay crypto

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Bitcoin enables fraud and other criminal activities. This is absolutely the single most salient feature of Bitcoin’s anonymity. Conventional currencies are indeed subject to laundering and counterfeit. There is probably no way to eliminate those risks completely. Bitcoin magnifies those risks because it can only be exchanged anonymously. It dominates dark networks that have been known to traffic in narcotics. Law enforcement efforts to shut those networks down will terminate the ability of any financial actor to transact in Bitcoins even for legitimate reasons. When the network is down, your Bitcoins are gone. Conventional currency doesn’t work that way in real transactions. Banks and brokerages have offsite business continuity backups. Securities exchanges and central banks maintain counterparty records. These mechanisms lack Bitcoin’s anonymity but make up for that in resiliency and trustworthiness.

CrystalPham

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It is unclear whether the fluctuation of bitcoin is short-lived or long-lasting, but it has also been shown to be unstable with this type of virtual currency, as they only fluctuate completely based on market demand. There is no guarantee from central banks or international institutions. And the worst scenario is bursting the bubble. Despite the hot growth, bitcoin has gone through two series of block crossovers this year, and there is no guarantee that investors will still mind. Trust this virtual currency after future segregation.following a series of large-scale cyberattacks and hackings, especially the cyber-crash, and stealing has not gone away. That is the disadvantage of Bitcoin.

Umar001

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The biggest disadvantages of bitcoin are (1) acceptability of the bitcoin, not everyone knows what bitcoin is all about, so many countries failed to accept the coin. (2) popularity, popularity of bitcoin is low for now, it's only certain percent of people who have access to Internet connection 📶 deal on bitcoin for now, is not order popular compared to goals etc. (3) scamming, many unscrupulous elements scam people's though bitcoin.

rizbounters

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probably because the bitcoins can not be held or like real money so many people are hesitant to trade with bitcoin

454875kio

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The biggest drawback of Bitcoin is that it is used by some lawbreakers. The causes of lawlessness have led to the decline of Bitcoin and the emergence of government regulation of Bitcoin.

NovitaWS

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Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable

sumit2103

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First most of the people are not aware about what digital currency is and it's benefits to the society. Secondly due to blockchain technology the transaction ledger is visible to everyone which sometimes given unauthorized users to access your records. Third no government and other bodies are able to control it.The biggest problem is with the price fluctuation which have taken the sleep of it's investors. I read some posts related to suicide done after the big losses.

Kusnechik

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I think that Bitcomune's biggest shortcomings are slow transactions that need to be accelerated until it is overtaken by competitors.

Topic: What do you think are the biggest disadvantages of Bitcoin? (Read 76757 times)