Still I is not legalized in all over the world
Topic: What do you think are the biggest disadvantages of Bitcoin? - page 18. (Read 76765 times)
December 08, 2017, 09:30:32 AM
December 08, 2017, 09:27:34 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 
The legality in government is preventing bitcoin to be accepted in the public because there are many regulations that are set by the government for people who use bitcoin to be followed but many people are opposed on that idea because they do not want to be exposed just like those who sell drugs using bitcoins. 
December 08, 2017, 09:17:27 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
The biggest disadvantage of bitcoin is it is not legalize in every country even though it is not illegal too. Bitcoin should be legalize for us to move freely but the government should do the right thing and there should not be corrupt or over taxes.
December 08, 2017, 09:10:04 AM
The concept of bitcoin as a payment is difficult to understand for everyone.Many people are using for illegal purpose.Bitcoin price is not stable.confirmation time getting slow.Nobody can control it.
December 08, 2017, 08:12:54 AM
There are a number of disadvantages of bitcoin that shoud be tranformed into advantages faster for it's better futute.
First,bitcoin is still unknown to many people.So,the actual knowledge of bitcoin is not spread all over the world.As a result,the use of bitcoin is not available.
Second,it is quite difficult for the users to understand the payment system of bitcoin.
Thirdly,the price of bitcoin is not stable.So,there is always a risk to trade bitcoin.
Again,some people are unwilling to transact bitcoin except bank.Further,the transaction though bitcoin cost low,so many ciminal activities are done through this process.
First,bitcoin is still unknown to many people.So,the actual knowledge of bitcoin is not spread all over the world.As a result,the use of bitcoin is not available.
Second,it is quite difficult for the users to understand the payment system of bitcoin.
Thirdly,the price of bitcoin is not stable.So,there is always a risk to trade bitcoin.
Again,some people are unwilling to transact bitcoin except bank.Further,the transaction though bitcoin cost low,so many ciminal activities are done through this process.
December 08, 2017, 04:56:43 AM
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.
this is true you don't have assurance for your profit, because of its volatility. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned. When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction. This problem can be solved using a third party escrow service like ClearCoin, but then, escrow services would assume the role of banks, which would cause Bitcoins to be similar to a more traditional currency.
December 06, 2017, 10:50:47 AM
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 think we lack.improvement of the said site. It is important that we innovate and also through a faster internet coction. It is vital because we cannot earn more if we will not interact and will not provide a better wifi connection hi
December 06, 2017, 10:16:45 AM
Well, I think the biggest drawback is that bitkoin is not well known, and most people don't understand it, and not so many places that take bitkoin as a method of payment.
December 06, 2017, 09:30:06 AM
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.
it is true i think the biggest disadvantages of bitcoin is its decentralization, most country do not accept bitcoin as a substitute or any other kind of currency. they often think it is illegal.
December 06, 2017, 09:17:25 AM
There is no biggest disadvantages in bitcoin there are small disadvantage which causes problem like Lack of Awareness & Understanding.Fact is many people are still unaware of digital currencies and Bitcoin.People need to be educated about Bitcoin to be able to apply it to their lives.Networking is a must to spread the word on Bitcoin.
Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.other problem are like Risk and Volatility,Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.However, it is expected that the volatility will decrease as more time goes on.As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.On the closing note I will say that if they fix these problem then there is no disadvantage I see.
Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.other problem are like Risk and Volatility,Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.However, it is expected that the volatility will decrease as more time goes on.As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.On the closing note I will say that if they fix these problem then there is no disadvantage I see.
December 06, 2017, 09:06:12 AM
The fees, transaction time and volatility. The fees are too much just to buy any cheap products. The transaction time is not convenient if you are falling in line to buy something and still need to wait to confirm they have received your payment. Volatility will be a big probem when it become mainstream.
Fee is not a big disadvantage with Bitcoin because the price of bitcoin is rising higher and higher over time, increased transaction fees are also an easy thing to understand, and it is also not high rise, it rose quite reasonable, so it is not a big problem. The biggest problem is that bitcoin is growing very strongly but the time to confirm the transaction is too long, I think most of us are able to accept that fee as long as the time to confirm the transaction becomes faster but the fact is that bitcoin always has a delay in this matter. Volatility is not a disadvantage, it is an opportunity for us to make money, many people like and know about Bitcoin because its volatility December 06, 2017, 08:52:33 AM
Bitcoin cannot be accepted in all countries. Moreover, bitcoin maintains so much confidentiality that no one can trace any type of transaction. And that's the big problem. Perhaps using terrorism, terrorists are performing their operations.
December 06, 2017, 08:44:44 AM
I think some of the biggest disadvantages of bitcoins are
- the price its so unpredictable
- its hard to understand at first
- some think that bitcoin is illegal
- because some government ban bitcoins
As a newbie that is some of the reasons why bitcoins is in disadvantages.
- the price its so unpredictable
- its hard to understand at first
- some think that bitcoin is illegal
- because some government ban bitcoins
As a newbie that is some of the reasons why bitcoins is in disadvantages.
December 06, 2017, 08:42:26 AM
I think it is with very high bitcoin prices right now. in the case of bitcoin prices going down very far,and people who buy bitcoin will now lose.
December 06, 2017, 08:39:36 AM
hmm fluctuating price , high fee for transaction, transaction time , liquidity
December 06, 2017, 08:36:07 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
I guess the biggest diasadvantage of bitcoins today is the ever increasing price of transfer fees. It's not even funny that the transfer price or transaction price is bigger than that of the amount you're about to transfer. Ridiculous. I think fiat money is better than this. I also forgot to mention the time it takes to actually send bitcoins to another wallet. Just way too long, to be honest.
December 06, 2017, 08:35:52 AM
For the now, bitcoin is largely internet dependent apart from the other issues around it.
December 06, 2017, 08:31:47 AM
Main disadvantage of using bitcoin is its non easy conversion to money. As it is decentralised and no one can control over it, hence people worried about of how they get returns of there investmets.
Also price fluctuations is another drawback of using bitcoin, its unstable market losses relibility on it.
Bitcoin still not legalised all over world, is also affecting it to come in main stream.
Now bitcoin conversion is easy almost all country have local exchanges to convert your BTC to fiat. And other 2 reasons actually it is an advantage for bitcoin users. Price fluctuations will make us do bitcoin trade and make money if it is stable then we can not get any chance to make money. Bitcoin become legal then we have to pay tax to govt is this you are expecting? Also price fluctuations is another drawback of using bitcoin, its unstable market losses relibility on it.
Bitcoin still not legalised all over world, is also affecting it to come in main stream.
December 06, 2017, 08:31:26 AM
Bitcoin can't replace the currency or the position of gold in the global.But people is interesting in Bitcoin for its high price .It worried me deeply.
December 06, 2017, 08:11:24 AM
Since bitcoin is a electronic currency, it does not gives you physical substances which subject for constructive delivery interms of transfer of ownership.
You cannot use bitcoin to pay small expenses since here in the Philippines many Filipinos consider cash basis.
You cannot use bitcoin to pay small expenses since here in the Philippines many Filipinos consider cash basis.
Jump to: