Topic: What do you think are the biggest disadvantages of Bitcoin? - page 28. (Read 76758 times)
the low speed of transfers
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 biggest disadvantage is that it's transaction are dependent on banks or third party so the person is not answerable to anyone regarding his expenditure of bitcoin and this is threatened, that person can may use money for making bombs or for doing illegal activities. These online transactions can make the chances of transfer of information from one place to other people may do the wrong activities by it. People can do hacked the bitcoins users account as all these are based on Internet as stealing online is bit easy than physical money stealing. 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 Bitcoin system could contain unexploited flaws. If such a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.
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
When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction.
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
It would be that the value of Bitcoins is constantly fluctuating according to demand
That is the amount of bitcoin is gradually lost, maybe the bitcoin holder loses the private key or is dead. This makes the amount of bitcoin coin even more scarce.
Bitcoin is not yet stable. You need to trade it with real money and it has a fee. You cannot use it instantly when you want to buy something. And of course, some countries are not allowing bitcoin. And the value of bitcoin changes every time. Investing in bitcoin is a risk too. And Bitcoin can be used to some illegal activities. And since it’s a digital currency, that means it can be hacked or scammed too. Well, that’s only my point of view.These are the disadvantages I know about Bitcoin.
Bitcoin and all cryptocurrency are decentralized, will never stabilize like fiat money, but the greater the bitcoin market share then the more stable it will be. and as current information the bitcoin market cap about 100 billion USD, if it has reached 500 billion then it will be stable.
Independence is the energy and weak point of bitcoin. It is very easily exploited to dedicate violent acts, many posts have been created about this just before. Bitcoin is utilized in cash laundering, illegal investing and transportation of unlawful items. Bitcoin is utilised as a instrument to have out offenses. That is a quite undesirable issue for a coin. Its status is significantly influenced.
I think awareness about bitcoin is still very low and it is difficult to understand for normal users as atleast a basic understanding of technology is needed before people can use it.
In addition the volatility of the bitcoin price and negative publicity of government crackdown is holding bitcoin back.
In addition the volatility of the bitcoin price and negative publicity of government crackdown is holding bitcoin back.
Bitcoin-coin of the information society.
As for any information, the speed and cost of transmission are appreciated.
At the moment, these are the drawbacks of crypto-currencies.
As for any information, the speed and cost of transmission are appreciated.
At the moment, these are the drawbacks of crypto-currencies.
i think a single of the drawbacks influencing bitcoin appropriate now is the higher fees we need to shell out if we want our transactions to be confirmed more rapidly and their is also some division in the crypto on operating out whats best for the cryptocurrency simply because of some individual agendas tied to it
I think a number of things.
These are just a few that come to mind right now.
- 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.
Additionally, not everybody has the access to bitcoin, some countries are banning as well. Also, people must have skills and should be alert when it comes to online scamming etc. Also one must have access to the internet. As well as it's worth is not stabilized.
Bitcoin is not yet stable. You need to trade it with real money and it has a fee. You cannot use it instantly when you want to buy something. And of course, some countries are not allowing bitcoin. And the value of bitcoin changes every time. Investing in bitcoin is a risk too. And Bitcoin can be used to some illegal activities. And since it’s a digital currency, that means it can be hacked or scammed too. Well, that’s only my point of view.These are the disadvantages I know about Bitcoin.
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.
The biggest disadvantages bitcoin has for now I think is the slow time of confirmation of transaction. Sometimes it takes hours or more just because there are too many transactions but I really hope transactions would be faster soon so that we can enjoy bitcoin more. I think if bitcoin transactions are real time no matter how many people use it for transaction daily, people might consider it to be used as replacement for credit cards.
Slow confirmation times is one of them, but not really a major issue. When the demand/usage is increasing, the transaction fees also increase, which is one of the most major issues of Bitcoin. Thus, using it for transactions becomes unprofitable and unapprochable. Price volatility isn't really an issue, it's one of the "features" of cryptocurrencies.
Nicely probably I think about the problem of price on each transaction. It will most likely slowly and gradually make individuals not use bitcoin, since even small transactions have big chunks. I consider which is the only drawback of bitcoin
the biggest disadvantage of bitcoin is that a few people belive that the price will go to the moon, it does this since from start
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.
In my opinion the biggest disadvantage of bitcoin is limited, limited by 21 million. The other disadvantage of bitcoin is the price of it; sometime the prices are so low that your investments are losing and still difficult to sell.
If bitcoin was not limited, then bitcoin will have zero value at all. It's unlimited, therefore it doesn't have value or it doesn't have much value. You are either being sarcastic or plainly looking at things the wrong way. The price of bitcoin is a disadvantage how exactly? The people who started out on bitcoin a couple of months ago have already doubled, tripled, or ten-fold their money. So how is bitcoin being a good investment a bad thing? That's the cycle. Bitcoin might be of high price today but if you buy today, you're going to earn some profit in the future just like everybody else.
Yes, sometimes the price is low but you have to deal with it. You simply have to think that the price will go back up and that it's not mandatory to sell. It's okay to hold your bitcoin for a long time and it's probably the best way to maximize your earnings from holding bitcoin.
the disadvantage is probably when we sell at a low price and by that time the price has increased in just a few days and that's what I often feel 
Jump to: