Topic: What do you think are the biggest disadvantages of Bitcoin? - page 13. (Read 76757 times)
maybe transact being slow anyone can use in crime
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.
For me the high transaction fees and the slow confirmation time.
The biggest disadvantage nowadays is that it can not be used as a transaction tool that replaces money because transaction costs are too high, bitcoin still fluctuates, another bitcoin is still underestimated by people who result in unbelievable 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 
The only disadvantage that i see in bitcoins is that, Everyone can use it even the terrorist and because of that, Some of the governments does not really want to legalize it immediately but i hope in the future, They will allow bitcoins to every country since there are already online stores that are accepting bitcoin as a payment.
Transactions are sometimes very slow and this is causin a huge blockage for us. We can't even make our payments and recipients are complaining too much about this. The worst aspect of bitcoin is this, I think.
I think the most disadvantages of BTC are ,slow tx confirmation,congested network,and small blocksize.
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
Well, the biggest disadvantage of bitcoin is also its biggest advantage. It is the bitcoin system which is decentralized. It allows the transactions to be anonymous that can protect the individual profile but has a effect of both good and bad. Good because it allow us to transact with other people anonymous and keeps of profile being protected and also bad because it can be used by the criminals to transact in the black market or underground market. Bitcoins are sometimes said to be a great investment, while others claim the digital currency is one of the best ways to send or spend money online. It’s true that there are a lot of benefits that come with using Bitcoins, but what are some of the Bitcoin disadvantages?
Here are some:
1.Exposure to Bitcoin-Specific Scams and Fraud. ...
2.Black Market Activity May Damage Reputation and Usefulness. ...
3.Susceptible to High Price Volatility. ...
4.No Chargebacks or Refunds. ...
5.Potential to Be Replaced by Superior Cryptocurrency.
There are some disadvantages of bitcoin.Firstly,it has very high transaction fees which is inconvinient.Another one is that it is not under the control of any central bank or any government so the government hesitates in legalising bitcoin in its nation as there can be cases of fraud.It is very volatile so we do not know what will be its price.It is very uncertain.It is a cryptocurrency so it needs internet.Every person does not have internet connection.Here are some:
1.Exposure to Bitcoin-Specific Scams and Fraud. ...
2.Black Market Activity May Damage Reputation and Usefulness. ...
3.Susceptible to High Price Volatility. ...
4.No Chargebacks or Refunds. ...
5.Potential to Be Replaced by Superior Cryptocurrency.
The volatility of the price of Bitcoin is a big disadvantage for mainstream adoption. On top of that, transaction fees have become really high, and also transaction times have come to a crawl, even though it is still faster than a wire transfer.
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 only disadvantage that i see in bitcoins is that, Everyone can use it even the terrorist and because of that, Some of the governments does not really want to legalize it immediately but i hope in the future, They will allow bitcoins to every country since there are already online stores that are accepting bitcoin as a payment.
It has a slow processing of transactions.
The bubble may happen anytime soon, which may cause the whole cryptocurrency market to crash.
It is very volatile and it is hard to predict.
It's too expensive.
The bubble may happen anytime soon, which may cause the whole cryptocurrency market to crash.
It is very volatile and it is hard to predict.
It's too expensive.
First, bitcoin is too unstable and jumps heavily. It is never known how he will behave.
Secondly, many do not want to change anything in their lives and move to a new payment system.
Secondly, many do not want to change anything in their lives and move to a new payment system.
The Biggest Disanvantage of bitcoin is the legalization in our country because when the bitcoin bann in many country it will get low value.
Don't think of the negative things about bitcoin, still most countries are accepting bitcoin and that is a good news as eventually those who ban bitcoin will later realize that bitcoin is very useful to the people and they will regulate it just like big countries who adopt and use it already.
The Biggest Disanvantage of bitcoin is the legalization in our country because when the bitcoin bann in many country it will get low value.
bitcoin transaction speed is now not as fast as it used to be, because now bitcoin is too many users
then, there will be coins that feature more complete and high transaction speed and low transaction fee that can replace the place bitcoin
then, there will be coins that feature more complete and high transaction speed and low transaction fee that can replace the place bitcoin
The total value of the bitcoin in circulation and the number of businesses that use Bitcoin is still very small compared to what it should be. Therefore, small events, trade, or business activities can significantly affect bitcoin prices. In theory, this volatility will decrease as the market and technology of Bitcoin develop. Never before has there been a self-created currency, so it is very difficult (and interesting) to imagine what developments will happen next.
The biggest disadvantages of bitcoin is that bitcoin can be stolen by anyone in many ways. Bitcoin service providers can be hard to trust, but even if it is, we must to trust bitcoin. You joined in the field of bitcoin then it means you trust it. There is a lack of acceptance, lack of protection because it is not considered as legal in most countries in the world.
I think the biggest disadvantage you'll encounter in Bitcoin is scam. You give your trust fully that's why you invested Bitcoin to a certain person but that person just made fool of you and get all your BTC. You have been scam and that would be a big loss.
The one's that come to mind right now are :
1.) Not being widely acceptable.
2.) Very less people know about it worldwide.
3.) Fluctuating price.
4.) Not being controlled by "anyone".
5.) Uncertain future.
1.) Not being widely acceptable.
2.) Very less people know about it worldwide.
3.) Fluctuating price.
4.) Not being controlled by "anyone".
5.) Uncertain future.
I think disadvantages of the bitcoin. I never saw a TV commercial I dont any idea why they don’t do the TV commercial. Why there are only few stores accept the bitcoin and if bitcoin is legal on that country I wish there always a seminar about the bitcoin.
Actually, not being able to be advertised in television is not a disadvantage for bitcoin. See how popular bitcoin is right now without being advertised in TV? For now, I think the disadvantage that the bitcoin has is that it depends on internet to make all its transactions possible. Legality will follow since bitcoin works apart from. I think we have to create the best innovations/ alternative for bitcoin to independently work without the help of internet because it might be one reason to eliminate our loved bitcoin.
I think disadvantages of the bitcoin. I never saw a TV commercial I dont any idea why they don’t do the TV commercial. Why there are only few stores accept the bitcoin and if bitcoin is legal on that country I wish there always a seminar about the bitcoin.
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