Topic: What do you think are the biggest disadvantages of Bitcoin? - page 2. (Read 76709 times)
There are some issues with Bitcoin: Many people do not know Bitcoin. Many countries also question or prohibit the use of Bitcoin. Bitcoin only works when the Internet but some areas of the territory are not or the Internet is not stable. Without legal management, Bitcoin fluctuates abruptly. ..
The authors of Bitcoin faced the challenge of making it all work with no central system and no one trusting anyone else. The creators rose to the challenge and made electronic money an operational currency. Nevertheless, some of their decisions were devastating in their ineffectiveness.
I am not here to discredit blockchain, a useful technology that has shown many remarkable uses. Despite its disadvantages, it has unique advantages as well. However, in the pursuit of the sensational and revolutionary, many people concentrate on the upsides of the technology, often forgetting to take a sober view of things, thus disregarding all of its downsides. It is for this reason, for the sake of diversity, that I deem it useful to focus on the disadvantages of the technology.
I am not here to discredit blockchain, a useful technology that has shown many remarkable uses. Despite its disadvantages, it has unique advantages as well. However, in the pursuit of the sensational and revolutionary, many people concentrate on the upsides of the technology, often forgetting to take a sober view of things, thus disregarding all of its downsides. It is for this reason, for the sake of diversity, that I deem it useful to focus on the disadvantages of the technology.
Bitcoin biggest disadvantages in my opinion that it can't work offline, transaction time is sometimes too long, ..
The Bitcoin protocol components and built-in ideas aren’t new; generally, they were all known before 2009, but only the authors of Bitcoin managed to piece them together to make it work back in 2009. Since then, for almost nine years, only one critical vulnerability has been found in its implementation, when one malefactor snagged 92 billion bitcoins. Fixing that required rolling back the entire financial record by 24 hours. Nevertheless, just one vulnerability in nine years is praiseworthy. Hats off to the creators.
I consider the Bitcoin technology itself revolutionary. Unfortunately, Bitcoin has been used for criminal activities far too often, and as an information security specialist, I strongly dislike that practice. Yet, technologically speaking, Bitcoin is an obvious breakthrough.
The biggest disadvantage of Bitcoin, according to me is that it has no valuation guarantee. If large number of users decides to sell Bitcoins and leave the system its price will decrease insanely causing huge amount of losses to the users who have invested large amount of money in Bitcoins. Bitcoins are also not recognized as legal in many countries, so if you are cheated you cannot seek any legal help. Besides these, highly volatility, loss of wallet and technical flaws are some other disadvantages of Bitcoin. and yes not to forget the fees and transaction time however I have not mentioned them as major because we have improved a lot on them with introduction of LN maybe we improve more.
Now Bitcoin is facing a possible fork between Bitcoin Unlimited and Bitcoin Core. The uncertainty about future is also one of the disadvantages
I think the biggest disadvantages of bitcoin is that it is always been scammed because mostly it is traded online and also bitcoin is not yet so popular in this world that even you have many bitcoins you can only buy to a market which recognizes bitcoin and which is seldom.
For me the biggest advantage of bitcoin is the confirmation why we are waiting? I dont know why we need to confirmed transaction before use bitcoin.? I want instant like the other altcoin . Because sometimes many bitcoin user wait 1-2 days more before the transaction confirmed. Like me my last payouy in my signature campaign I wait 2 days before I use my bitcoin what if I need my bitcoin now. But sometimes the transaction is good but I want everyday.
The disadvantage of bitcoin is its slow transaction for now. Its takes minutes to receive confirmation from blockchain. The unstable price of bitcoin that can be manipulated by big investors.
Biggest advantage right now is the network itself. Its network is getting slower because of the increasing users of Bitcoin. So the tendency, in order to verify the transaction faster, you'll need to pay a higher cost. And that is not worthy of sending Bitcoin.
Yep. That's it.
I sent LTC yesterday. It was INSTANT and the fee was a minute fraction of a BTC fee. If BTC doesn't fix this issue, it will not serve as a currency.
Biggest advantage right now is the network itself. Its network is getting slower because of the increasing users of Bitcoin. So the tendency, in order to verify the transaction faster, you'll need to pay a higher cost. And that is not worthy of sending Bitcoin.
There is no need for legal protection here on BTC because legality for BTC will just make it destroy. Anonymity are directly contradicting legality so there is no way to combine that two factor. The only thing you must consider for safety issue here is always keep secrets any information about your wallet and always be nothing.
I think some of the things stopping it from being more widely accepted are:
* The fact that there is no central organisation or government that can control it.
* The instability of the price.
* Negative publicity about money laundry, illegal activities etc.
* It is almost anonymous because it is hard to trace the person behind a transaction
* Slow confirmation times
* Scalability
* The fact that there is no central organisation or government that can control it.
* The instability of the price.
* Negative publicity about money laundry, illegal activities etc.
* It is almost anonymous because it is hard to trace the person behind a transaction
* Slow confirmation times
* Scalability
I think the biggest disadvantage using bitcoin is that not many people know and use bitcoin so this makes bitcoin prices very volatile, I hope that this year the development of bitcoin like a year ago so that makes users interested in using bitcoin.
I dont think so. You know there were now many people who recognized and get involved in bitcoin , thats what makes him to be more volatile because of the massive demand and lesser supply that itll get from the public. many people buy and sell from time to time as well as manipulation by whales and that can cause severe fluctuations.
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, I hope that this year the development of bitcoin like a year ago so that makes users interested in using bitcoin.
the development of bitcoin wont or cant possibly be back a year ago but rather itll only advance more to much newer technologies so that it can roughly improve more. Also , new updates and patch is better than old ones.
some of the main draw backs of being accepted in mainstream business circle as a means of payment as follows
1.Slow speed of transactions.Merchant want instant confirmation of payments from clients,bitcoin had a lot of issues with a lot of unconfirmed transactions
2.High volatility,people want something that the value is fairly fixed as a means of payment.If there is a way to deal with bitcoin high volatility,it will be a major breakthrough in its adoption as a means of payment.
1.Slow speed of transactions.Merchant want instant confirmation of payments from clients,bitcoin had a lot of issues with a lot of unconfirmed transactions
2.High volatility,people want something that the value is fairly fixed as a means of payment.If there is a way to deal with bitcoin high volatility,it will be a major breakthrough in its adoption as a means of payment.
individuals are utilized to their old methods for getting things done, they would prefer as a rule not to switch and surrender utilizing banks and outsiders to work together. other than bitcoin is still new and it isn't even equipped for taking care of standard installment. we are experiencing difficulty taking care of exchanges as it seems to be, and obviously agreement can not be come to at any point in the near future.
I think the biggest disadvantage using bitcoin is that not many people know and use bitcoin so this makes bitcoin prices very volatile, I hope that this year the development of bitcoin like a year ago so that makes users interested in using bitcoin.
For me i think the disadvantage of bitcoin is that if you don't have proper data connection, you can not trade your bitcoin without it, and the next one was the fluctuation of the price especially if you are neophyte in trading it will be difficult for you to do it so well.
I think the biggest disadvantages of bitcoin is not yet able to be used for direct transactions, I hope that promotion and number of bitcoin users continue to increase and enlarge so that all bitcoin communities become very strong and of course big football and can be used directly like ATM.
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