Topic: What do you think are the biggest disadvantages of Bitcoin? - page 27. (Read 76765 times)
November 06, 2017, 10:34:36 PM
It's a virtual money and nobody knows who is the real creator of bitcoin because satoshi is hiding until now.
November 05, 2017, 11:37:23 AM
Many people stating that delay in confirmation time is the greatest drawback to bitcoins however i don't believe its an big issue should you add higher charges as if you want to get money in quick time in your wallet then you need to manage to pay higher charges as well as for me its not a big deal.
November 02, 2017, 08:53:21 AM
It would e very difficult to implement this system in third world countries where the majority of people do not even have the internet, let alone access to modes of payment. And even if they did, how would they be able to acquire any of their purchases.
November 02, 2017, 08:51:27 AM
I'm now sure about the technical as well technology based elements. To be more popular bitcoin needs to be used by all levels of people, in specific when common people use bitcoin the growth will be big. For this it needs to be much easy to use as the paper money. Now the lack of offline usage, which is not at possible deems to be the disadvantage. But, in future this will no longer be an issue as each and every people will be working with internet.
November 02, 2017, 08:47:49 AM
The biggest disadvantage for Bitcoin is its decentralised form. We all know ‘United we stand, divided we fall.’
Bitcoin though in current scenario is among one of the highest values crypto currencies, still not adopted in mainstream due to price volatility.
Reason, like most of other crypto currencies it has only a fixed total supply, but demand is uncertain and constantly going up/down due to various speculations.
To be used as a trusted medium for exchange, currency requires to be stable. As the common people are hesitant to use volatile currencies for their everyday transactions.
Bitcoin though in current scenario is among one of the highest values crypto currencies, still not adopted in mainstream due to price volatility.
Reason, like most of other crypto currencies it has only a fixed total supply, but demand is uncertain and constantly going up/down due to various speculations.
To be used as a trusted medium for exchange, currency requires to be stable. As the common people are hesitant to use volatile currencies for their everyday transactions.
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 government may not take your Bitcoins away but can ban it in the country, which forces bitcoin wallets and companies to shut down. The bitcoins in these wallets are freezed and access to them becomes difficult.
Lack of Awareness and understanding,many people are still unaware of what BTC is all about,so such ones needed to be educated about Bitcoin.
Risk and Volatility is also another disadvantage.
Risk and Volatility is also another disadvantage.
The lack of awareness isn't a disadvantage of bitcoin but this is more likely a fault of the community as they let people abuse bitcoin to be use in fraudulent acts and not letting other people know the real usage of bitcoin. The real disadvantage of this is having a congested blockchain that can't actually sustain the growing demand of transaction per second.
I think are the biggest disadvantages of Bitcoin my country announce it illegal.
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
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.
Well, one of the biggest disadvantage of bitcoin would be that not alot of people know about it yet, of course many people are getting to know about bitcoins but still it will take time for more people to accept bitcoins as payment. Also bitcoins prices aren't that stable that might be another disadvantage(if the price falls) for the people investing into bitcoins.
I think the biggest disadvantages of bitcoin is you cant access to it if you dont have internet connection, and also the disadvantage of it is can used it in illegal activities, so the cynercrime is increase even more. 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
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.
I think how dynamic the price of bitcoin can be, is a real disadvantage. It is so unstable, if you're planning to buy some, you will never know if the price will eventually decrease significantly or if the vlaue will rise for you to have some profit in investing.
This time bitcoin is totally popular in some countries and some of them already banned the bitcoin, In my opinion the disadtanges of bitcoin is using this in illegal transaction because no one will know who are the owner of bitcoin and who used this. It can hide he identity of the user so they are dependent to use it either it is bad. This is the reason why the bitcoin is banned and has advantages compare to the other currency and to the fiat.
This answer i think summarize all about bitcoin whether its about the advantages and also the disadvantages, bitcoin create annonymous transactions its true but remember that all transaction still connected to a simple ledger. Whether some might call this disadvantages, i might as well call this advantages because this is the reasons bitcoin become so popular, the main disadvantages is because nobody can control bitcoin, just like a currency controlled and owned by a country. Bitcoin acts independently and thats the reason why so many countries ban it 
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
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency.
There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.
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
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency.
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
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.
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
Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.
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
Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies.
This time bitcoin is totally popular in some countries and some of them already banned the bitcoin, In my opinion the disadtanges of bitcoin is using this in illegal transaction because no one will know who are the owner of bitcoin and who used this. It can hide he identity of the user so they are dependent to use it either it is bad. This is the reason why the bitcoin is banned and has advantages compare to the other currency and to the fiat.
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
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 unpredictably.
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