Topic: What do you think are the biggest disadvantages of Bitcoin? - page 12. (Read 76709 times)
Many people say that the delay during confirmation is the biggest disadvantage of bitcoins, but I do not think it's a big problem if you add a higher fee, as if you wanted to make money quickly in your purse, then you must afford to pay a higher fee and for me it does not matter.
It has to be the fees and the speed at which transactions confirm but I think a close second is the public perception of bitcoin. It has shifted dramatically in the past 6 months but it needs more work if we want to get taken more seriously by the average joe in society.
It can be use by the criminals for smuggling and buying drugs online?
There are so many people in the country that they have become a lot of black money and wealth the owner which no pay tax evasion. Since bitcoin transaction does not identify at those moments they invest all money in bitcoin.Then the government will not get the speed of national income.
Tax is the most important problem of bitcoin. And we can also say that slow speed of some transfers are also very negative about bitcoin.
The biggest flaws in bitcoquine, in my opinion, can be attributed, incomplete understanding for people as a currency, more percentages of the population do not want to stop using the old system of transfers and payments. 
Without a doubt in my mind, when looking at cryptocurrencies in general, the issues of scalability have to be immediately addressed. Unless we can implement the coins into our society in a way that is instantaneous, while remaining low transaction fees, it will never become mainstream. 
Blockchain technology is here to stay until someone comes up with something new and better. Yes there are issues with bitcoin like long confirmation times and high fees for small transactions... Altcoins take that issue away but it may still be years long before we pay with coins in coffee shops. Bitcoin is now listed on CME which kind of makes is mainstream. By the way if you make text bold it does not make it more true, you know.
One of the big disadvantages of bitcoin is the price instability....
its good for the "investors" and those who believe in bitcoin, but for the normal average joe, it can be too much volatility.
Another weakness is the lack of ways to easily get bitcoins in most countries...
its good for the "investors" and those who believe in bitcoin, but for the normal average joe, it can be too much volatility.
Another weakness is the lack of ways to easily get bitcoins in most countries...
I do not understand what would stop you from getting bitcoins in any country, if you cannot access an exchange because ISP is blocking the website, you can use a proxy server or VPN service to mask your location...
Although the value of BitCoin shows a positive signal with continuous improvement, did not rule out the value can fall at any time. Global issues greatly affect the value of BitCoin up to 50 percent!. If the negative issue blows, its value will decrease. Once back, if there is a positive issue then the value of BitCoin will increase.
For me, the biggest disadvantages of Bitcoin right now is the misinterpretation by the people of its use case and the legalization. This are all things that could be improved in the future. I hope that someday people will come to realize the true potential of Bitcoin.
There are so many people in the country that they have become a lot of black money and wealth the owner which no pay tax evasion. Since bitcoin transaction does not identify at those moments they invest all money in bitcoin.Then the government will not get the speed of national income.
I think the biggest disadvantages of Bitcoin are:
1) Fees are a little high now and could get higher as mining gets harder.
2) Mining takes a lot of energy.
3) Over time, the transaction time will probably be longer.
Another thing is that as the price of Bitcoin goes higher, it's less likely that Bitcoins will be used as a payment method because everyone wants to hold on to their Bitcoins. I can't tell if this is good or bad because as long as the price keeps rising, then it must not matter if people don't spend Bitcoins.
1) Fees are a little high now and could get higher as mining gets harder.
2) Mining takes a lot of energy.
3) Over time, the transaction time will probably be longer.
Another thing is that as the price of Bitcoin goes higher, it's less likely that Bitcoins will be used as a payment method because everyone wants to hold on to their Bitcoins. I can't tell if this is good or bad because as long as the price keeps rising, then it must not matter if people don't spend Bitcoins.
The biggest disadvantages of bitcoin is the improper way of using bitcoin. Some people used bitcoin in a wrong way because they are always wanted to get money very easy but the truth is you need to be patient and keep calm until you rich your wants and desires.Always think what would be the possible things that you may encounter when you use bitcoin in an improper way. Have control of using bitcoin so that you can avoid any mistake or to do avoid risk.
The biggest disadvantage of Bitcoin as of today seems to me the misinterpretation by the people of its use case. This isnt an issue of Bitcoin itself though, its more the people that are using it in the wrong way. Bitcoin was invented to serve as a decentralized digital currency that cant be controlled by central banks or governments, but nowadays it has become just another instrument in the capitalistic financial system that is being used as a store of wealth with rapid growth potential. I hope that someday people will come to realize the true potential of Bitcoin and use it as a means of payment as it was supposed to be used.
Couldn't have said it better myself. Bitcoin has been hijacked by some people (a small group) who are using it to promote their agenda of using it to make profit instead of improve it for the sake of Humanity. It needs to be scaled, but unfortunately with small blocks of 1MB it cannot be scaled because transactions are becoming impossible to do.
The biggest disadvantages of Bitcoin are how long it takes to confirm transactions. It takes a really, really long time and costs a small fortune. Most other coins these days have near instant transaction speeds which is something BTC definitely needs as soon as possible unless it will become like the Myspace of crypto... and we might get this with Lightning Network coming up although it could takes a few years to implement still.
Nine years of the existence of crypto currencies is nothing compared to the millennia of the existence of a modern monetary system. Design teams are working on the shortcomings, and they will achieve their elimination.
Without a doubt in my mind, when looking at cryptocurrencies in general, the issues of scalability have to be immediately addressed. Unless we can implement the coins into our society in a way that is instantaneous, while remaining low transaction fees, it will never become mainstream.
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 
I strongly believe Bitcoin is experiencing some level of drawbacks due to the following reasons:-firstly, the idea of cryptocurrencies and for that matter Bitcoin is still an anonymous technology yet to be fully understood by the majority. Again, it is constantly experiencing price fluctuations and hence people have little faith in its price stability. Finally, it has low transaction fee and slower transaction rate
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
I strongly believe Bitcoin is experiencing some level of drawbacks due to the following reasons:-firstly, the idea of cryptocurrencies and for that matter Bitcoin is still an anonymous technology yet to be fully understood by the majority. Again, it is constantly experiencing price fluctuations and hence people have little faith in its price stability. Finally, it has low transaction fee and slower transaction rate
Still not alot of people know what it really is. They only know BITCOIN BITCOIN BITCOIN and see the price of one and how people who got in early are rich. Folks think it's still a ponzi and look at me weird still.
That and the high fees.
That and the high fees.
For me the biggest disadvantages of BTC are its volatile price, unease of transaction and the wide unacceptable. Hopefully this will all be in the past.
Jump to: