What do you think are the biggest disadvantages of Bitcoin? - page 20.

icoDealDeckcom

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Quote from: g2com on November 30, 2016, 05:39:07 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 Wink

It would be nice if we could start seeing more Dapps for Bitcoin. Also more utilitarian opportunities for using Bitcoin would be nice. Or even more merchants accepting Bitcoin would go a long way to creating a true value proposition for Bitcoin. Check this out. Luxury Pattaya Thailand beach side condos for sale starting at 5BTC. www.tiproperty.com

KrLos

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The first and the main disadvantage is its volatility, which is beneficial for the trader, but for a simple user it is not.
Besides, bitcoin is almost anonymous, that promotes the use of the currency for illegal activities

Rosilito

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Wish for the rain? Then deal with the mud too.

There is no government who are supporting bitcoin. Bitcoin is decentralized, so it might be the primary DISADVANTAGE of bitcoin. People who do not have any background about cryptocurrency may not put some investments to this because there are no governments supporting this such thing. As a follow up to my primary disadvantage it might be bitcoin can be used to do such unlawful act which might lead to possible disappearing of bitcoin. And lastly is bitcoin is continue rising and rising as I heard from news 1 bitcoin is equivalent to $10,000 sounds positive right? But for me it is one of the disadvantage if this currency continue to grew up some money will be no longer have a value, and that may cause the government to do some action and go against bitcoin.

spooneds1

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i think the biggest disadvantages of bitcoin is during the process. the transaction time and the fees have a negative effect to users, it is a disadvantage to all of us. also we cannot control the price of the bitcoin, it goes up quickly and also goes down quickly it could affect our investments if it goes down and also a advantage if it goes up.

Drakula

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Quote from: ?? on ??

governments dont want to accept them.

That's absolutely one of the disadvantages of Bitcoin though it can also be an advantage one; because as long as the Government don't interfere, Bitcoin will be tax free. Now, how does it becomes disadvantage? It is not controlled by the government so there's a possibility, they will ban it; to think that high officials from government is more powerful.

Sithara007

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Leading Crypto Sports Betting & Casino Platform

For me, high fee is the biggest problem and nothing else matters. Nowadays it has become almost impossible to withdraw coins from exchanges. A few days back, Cryptopia was asking for a withdrawal fee of BTC0.002 (equivalent to $23), to withdraw $100 worth of coins.

RKSummer

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Quote from: tiggytomb on November 30, 2016, 06:19:18 AM

I think a number of things.

The fact that nobody can control it.
The instability of the price.
The inability to charge crazy bank like fees for using it.
The fact that it is almost anonymous.
It wasn't created by 'them'.
Still a new technology, unproven.
Has received a lot of negativity, bad press & illegal happenings.

These are just a few that come to mind right now.

Bitcoin is one of the most important invention in human history, though it has many advantages, it also have disadvantages.
For me the biggest disadvantage of bitcoin is for being decentralized, unlike banks which is centralized, means it has its owner. While bitcoin is all about internet. And nobody owns internet. What if there is no more internet at all.We can't use our bitcoin. All transaction using bitcoin will end. And if that happened there are big impact of loss in many bitcoin users.

fishball

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Quote from: g2com on November 30, 2016, 05:39:07 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 Wink

First, there are rumors, conspiracies, unvalidated articles that ruin the image of bitcoin. Since the market is large, people cannot easily confirm each others credibility, making it hard to form social bond. And last, the volatile price is hard to predict so it brings risks to the investor.

Argoo

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The main drawbacks of bitcoin are its only relative anonymity, a long transaction time and decent commission fees on the transaction. These shortcomings are trying to eliminate the new forkogony forks - bitkoyn cash, bitkoyn gold and bitkoyn diamond. We'll see what comes out of this in the future. Since the original bitcoin itself does not eliminate its shortcomings, the competition between them is a good way to make the bitkoyn improve.

Janation

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Quote from: Tashi on December 02, 2017, 09:46:20 AM

In my opinion, the disadvantages of Bitcoin would be:

• The unstable value of it, may go pump more than we know, or go lower than we could ever imagine.

But I think there are also some positive results that is happening because of it's volatility. You can see that when the price dumped when it first breached the wall of $11,000 dumped back to $8,000 and then pumped back all the way back to $11,000.

Quote from: Tashi on December 02, 2017, 09:46:20 AM

• Security issues, hacker would try and attempt stealing Bitcoins espcially if it's value continues to pump up.

I think this is not a disadvantage of Bitcoin but this is all on the user because at the end of the day, they are still the one taking care of it's bitcoin and bitcoin wallet, thus they are the one responsible for that wallet to be hacked, users must really take care of their wallets.

Quote from: Tashi on December 02, 2017, 09:46:20 AM

• Fiat money, it's unlike paper money to you get to see and touch everyday lol

The reason it is digital, and it is decentralized so I think that is not also a disadvantage.

Quote from: Tashi on December 02, 2017, 09:46:20 AM

• It's used for some illegal transactions happening around the web or internet

There are some threads here that discussed that and in the end they found out that bitcoin is not that really anonymous and only a little percentage of people use bitcoin in illegal transactions.

beezunus

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Quote from: g2com on November 30, 2016, 05:39:07 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 Wink

I think the biggest disadvantage of bitcoin is that the unstable price sometimes rises quickly and sometimes also goes down

Isaacck

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For me one of the biggest disadvantages of bitcoin is the anonymity of the users - which we can consider as an advantage itself. Because of the extreme anonymity of the users it becomes a bridge to illegal transactions. Another is the volatility which we can also consider as its strength. Because of the volatility, you can never invest without regular checking and study. And the other is that bitcoin is not so popular to everyone, it can not be called a mainstream yet even though its price is very high.

rgcoin

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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.
Companies like Tigerdirect and Overstock accepting Bitcoin as payment is great. However, if they do not have a knowledgeable staff that understands digital currencies, how will they help customers understand and use Bitcoin for transactions?
The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?

xsaints128

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The biggest disadvantage of bitcoin is its price fluctuation, the price just fluctuates too much, that's the reason why people just stay away from it. And due to this fluctuation many countries are just demotivating its citizens to use Bitcoin. Moreover, the transaction fees is high and it takes a lot of time to get the transactions confirmed.

NetDetective

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Quote from: g2com on November 30, 2016, 05:39:07 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 Wink

I don't see any disadvatange on BTC, the only bad thing is that no every country is supporting it and they want to shutdown the coin.

Naoko

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I won't say anything new...but all the same high transaction fees and slow transactions...this kills everyone

Antonymous

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Stability is one of the major disadvantages of bitcoin. People are afraid to invest in bitcoin because its price keeps on fluctuating and they are not satisfied with the process of transaction when it comes to exchange. Also, not everyone have access on internet which is the only way to the world of bitcoin, so some of us can't just afford to be a part of it.

FlTZ

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Just look at the very high fees. That is already unreasonable. And sometimes more than 24-hour confirmation, that is another big disadvantage of using bitcoin. And sometimes it really is hard to buy the things you want when the shop, online or actual physical one, do not accept bitcoin as a form of payment.

yurqali

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bitcoin have a large average transaction fee

bettercrypto

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Quote from: tharindukw96 on December 03, 2017, 01:00:10 AM

No Valuation Guarantee
Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing.

Built-in Deflation
Since the total number of bitcoins is capped at 21 million, it will cause deflation. Each bitcoin will be worth more and more as the total number of Bitcoins maxes out. This system is designed to reward early adopters. Since each bitcoin will be valued higher with each passing day, the question of when to spend becomes important. This might cause spending surges which will cause the Bitcoin economy to fluctuate very rapidly, and unpredictable.

Isn't deflation one of the positive aspect of Bitcoin, if demands grow and adoption increase, price would increase and this will attract more investors to hop in the community. Who does not want his holding to appreciate? No one, yes? I do agree with the first part though in the same reason stated, though I believe this feature both serve as double edged sword, may work in favor or against Bitcoin, but this all depends on how the community will react and use this feature.

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