Topic: What do you think are the biggest disadvantages of Bitcoin? - page 11. (Read 76757 times)
For me, the biggest disadvantages of bitcoin is that it cannot be used in physical store and the bitcoins are not widely accepted.
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 
The weakness of bitcoin now is too much of the cost required for delivery. And the tightness of bitcoin transactions these days makes this takes a long time of confirmation.
Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.
yup you are right 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
In my opinion, the most difficult of Bitcoin is the lack of long-term investors, the supply of Bitcoin mainly investors and businesses, without the large Bitcoin investors will grow slowly. Bitcoin is still banned in many places
the biggest weakness of bitcoin is we can not use it without internet, if security problem and others I think it is very good and no need to worry
Bitcoin is a disruptive technology that the main society does no want to accept. This is always the attitude towards something new. They need to be informed and educated first. Secondly the fact that the transactions are irreversible, it has high transaction fees and then its payment settlement is too long
The reason is actually very common that its value is not stable, and in fact no one can control the price of bitcoin. Now we can only try to fix the bitcoin better by using the tool as a pay tool and we have to keep the good name of 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
One, in the mining industry, is rich in power supply, secondly, we do not know when to increase or decrease the price of bitcoin, thirdly, when we sell or buy a token we will pay a high fee, fourth, we can not say our investment is safe because there are so many scammers or hackers, five, when your token is low you will find it difficult to sell
I think a number of things.
- Still a new technology, unproven.
I think it is so foreign to the average person they don't understand it well enough to use it. There are so many people who are just barely getting exposure to bitcoin. There is a learning curve so it's just easier for people to use other forms of payment and not explore how bitcoin works.
I think Bitcoin transaction time is too slow and it can not be used in real life. Also the team don't agree each other so they can not come up with any solutions.
I think bitcoin needs to improve on the issue of bitcoin transaction fees that are currently quite expensive, this is detrimental to bitcoin because people are not interested in using bitcoin as a means of transaction because of the above factors.
The biggest disadvantages of Bitcoin are the following:
1. Mining - consumption of energy is high.
2. Price Instability - in stock market, sometimes the value keep changing... Increases or decreases..
3. Transaction Fees - for every transaction, fees are very high.
1. Mining - consumption of energy is high.
2. Price Instability - in stock market, sometimes the value keep changing... Increases or decreases..
3. Transaction Fees - for every transaction, fees are very high.
I think the most disadvantages about bitcoin is speed, it must be admitted that the global transaction system requires high speed, and now the speed of the transaction depends on the fee and this is a disadvantages.
I think the biggest disadvantages of Bitcoin is :
It will be hard to trace the person behind a transaction . and also trading with bitcoin has slow especially when you are transacting.
It will be hard to trace the person behind a transaction . and also trading with bitcoin has slow especially when you are transacting.
I think their are many investor that they invest their money but many site is risky they disappointed,and also bitcoin is not easy to work because their are people have bad interest in bitcoin like many scammer they scam many people to get their bitcoin.
In this moment the fees are making Bitcoin completely unusable. Secondly, Bitcoin cannot really be used as a currency because of its volatility. People buying 2 pizzas with 10,000 Bitcoins in 2010 have then to survive to the thought that they would have been almost billionairs now had they kept those coins.
That's the only problem I see, when the fee is high it's hard to use it for micro transaction because people want a fastand cheap transaction. Gone are those days where fees are cheap because the price has significantly increase and miners want to make money also.
In this moment the fees are making Bitcoin completely unusable. Secondly, Bitcoin cannot really be used as a currency because of its volatility. People buying 2 pizzas with 10,000 Bitcoins in 2010 have then to survive to the thought that they would have been almost billionairs now had they kept those coins.
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
There are some significant issues whose are the biggest disadvantages for me, such as the transaction process, people are talking about this delay response and transaction process. Normally, people want to make sure that the transaction process should be easier and safe. but Bitcoin doesn't ensure this system yet. On the other hand, Misinterpretation is also a great factor for Bitcoin, the issue of legalization. but people don't understand the actual status yet. I think these two are the most common disadvantages regarding Bitcoin.
The value is volatile. You have to wait for the price to increase. Your money may lost if you invest too much and the value fluctuate. The value is too high that most people cannot afford.
it has to be the scalability issue. For it to be ready for mass adoption, the developers need to implement more ways to trim down tx fees and confirmation time. Solutions like LN is good but the problem is, less people are using it right now.
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