What do you think are the biggest disadvantages of Bitcoin? - page 30.

kenkoy

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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, Bitcoin is not really well known to public. In our country, there are only few completely knows and understand Bitcoin. Hence, there are no merchants who accept BTC as payment. The price of BTC is fluctuating so i believe there will be a problem on BTC conversion if used as payment. There are some issues on the delay on transaction on blockchain.

Rashid555

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It can’t be said that bitcoin has no disadvantages. There is one biggest disadvantage is that it has not legalized nature in the world like gold still many countries show positive response towards accepting this currency but there is always a fear in the heart. The other disadvantage of bitcoin is it is internet currency once there is no access of internet there will be no growth in the popularity of this online currency.

MS.LAWLIET

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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

the factors that preventing bitcoin from being accepted as mainstream payment form is that it's not used and known by everyone. second is that the businessmen are thinking that bitcoin value might fall when it's on their possession and it's not yet legal in most of the country around the world.

Crypto_trader87

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The biggest disadvantage of bitcoin is if without enternet you cannot transact bitcoin anywhre in the world wothout enternet i hope someday developer can make such an apps that can transact bitcoin even an offline

mindsports

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Crypto Maximist

Become still dont accept it. Also purchasing items with it are usually at a premium compared to fiat currency.

Peashooter

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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

The biggest disadvantage that the bitcoins is facing right now is it's unstable market value. Due to high demand, the market value of BTC changes to keep up with other users and compete against other crypto currencies. Then there's the bad connotation that bitcoins are used for illegal stuff which made the rep to fluctuate also.

poisonivy77

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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

the disadvantages of bitcoin is that it is decentralized, it is not widely acceptable globally unlike fiat. another thing maybe its dependency on the internet once it goes down everything else about bitcoin will go down.

StonedWolf

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In my opinion bitcoin have three disadvantages :

1-Its very unstable value.
2-The funds are not always secured.
3-The fees having very high values.

Hazaki

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Let's start by the main reason : Bitcoin is not known by everybody and it's a bit hard to understand it's concept by some people especially those who aren't into new technologies and that kinda stuff . Secondly the waiting time for transactions to be sent , it takes several hours sometimes . And third , bitcoin had a really bad reputation in the past few years due to it's excessive use in black market , deep and dark web fields so people already tagged bitcoin as a tool for criminals .

stadus

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Quote from: DoublerHunter on October 15, 2017, 12:37:04 AM

Quote from: millgates on October 14, 2017, 05:52:22 PM

Quote from: FasTroy on October 14, 2017, 05:11:03 PM

I think the biggest disadvantages of Bitcoin is the bitcoin transactions fees, but currently it's not a problem at all. We can see that bitcoin price is too high, and the fees now is more acceptable than the past, But i think the bad think is the high volatility of price. Maybe it's not bad for Traders, but really i don't think what can i call that exactly.

Yes, the volatility is the biggest disadvantage of bitcoin that prevent it to be accepted by merchants. This is one big obstacle for bitcoin, but the volatility is properties of the new currency with relatively low liquidity, so this is normal. The traders makes the volatility even more high, but this is what makes investors and more people interested in bitcoin.

Volatility makes the bitcoin famous so i don't think that it is a disadvantage because people like bitcoin because of its volatility and it really depends on the store or shop if they will accept bitcoin because even bitcoin is volatile there are still a lot of people that using it and some of the shops in some of part of the world is already accepting bitcoin.

I agree with that, with the price volatility we will be able to trade regularly and that is an advantage to us traders, if a newbie will look at the price movement maybe he will panic since it's not stable but when he understand it he will like its nature.
What matters now is we see the price of bitcoin goes uptrend in general so we just have to trust and be strong in holding it for the long term.

DoublerHunter

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Quote from: millgates on October 14, 2017, 05:52:22 PM

Quote from: FasTroy on October 14, 2017, 05:11:03 PM

I think the biggest disadvantages of Bitcoin is the bitcoin transactions fees, but currently it's not a problem at all. We can see that bitcoin price is too high, and the fees now is more acceptable than the past, But i think the bad think is the high volatility of price. Maybe it's not bad for Traders, but really i don't think what can i call that exactly.

Yes, the volatility is the biggest disadvantage of bitcoin that prevent it to be accepted by merchants. This is one big obstacle for bitcoin, but the volatility is properties of the new currency with relatively low liquidity, so this is normal. The traders makes the volatility even more high, but this is what makes investors and more people interested in bitcoin.

Volatility makes the bitcoin famous so i don't think that it is a disadvantage because people like bitcoin because of its volatility and it really depends on the store or shop if they will accept bitcoin because even bitcoin is volatile there are still a lot of people that using it and some of the shops in some of part of the world is already accepting bitcoin.

millgates

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Quote from: FasTroy on October 14, 2017, 05:11:03 PM

I think the biggest disadvantages of Bitcoin is the bitcoin transactions fees, but currently it's not a problem at all. We can see that bitcoin price is too high, and the fees now is more acceptable than the past, But i think the bad think is the high volatility of price. Maybe it's not bad for Traders, but really i don't think what can i call that exactly.

Yes, the volatility is the biggest disadvantage of bitcoin that prevent it to be accepted by merchants. This is one big obstacle for bitcoin, but the volatility is properties of the new currency with relatively low liquidity, so this is normal. The traders makes the volatility even more high, but this is what makes investors and more people interested in bitcoin.

fredo123

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Bitcoin disadvantage has its limited access in our area, If i want to buy something in our local market, they don't recognize bitcoin as currency, Meaning btc is not yet exposed to public, In case you get robbed/hacked there's no assurance to recover all your possessions. Buyers are keep anonymous, possible grounds for criminal act.

FasTroy

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I think the biggest disadvantages of Bitcoin is the bitcoin transactions fees, but currently it's not a problem at all. We can see that bitcoin price is too high, and the fees now is more acceptable than the past, But i think the bad think is the high volatility of price. Maybe it's not bad for Traders, but really i don't think what can i call that exactly.

thelemot

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Bitcoin is not really for that purpose in my opinion. I think most people from all over the world use it for investment purposes, because bitcoin prices are getting more and more expensive

nikitano

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I consider a single of the most significant disadvantages is the amount of time it will take to verify a transaction, which will only turn out to be worse if something is not accomplished about it.If you have any marketing knowledge at all, you know the value of instant gratification. It truly is why most Walmarts are nonetheless crowded with long traces even with being in a position to get products the same day or up coming working day with Amazon Key (in a lot of locations).

Lei Crypto bounty

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I think the Disadvantage of Bitcoin now a days is that it fluctuate rapidly, the value is not constant or close to a Value so the tendency is you will have a hard time to evaluate either to keep your money for long term or sell it otherwise if it drops, Bitcoin has a long way to improve and still not that popular to have a big capital and invite more investor and users..

Conevesses1976

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I dont really see a disadvantages but i believe its because of the bitcoin is common in many individuals but not also well-known all in excess of the planet there are nonetheless so several men and women did not know about it and this technologies is still not been established in numerous nations in the planet there are so several men and women not all set for adjust in this type of systems also deficiency of partnerships of bitcoin in numerous companies.

willnotwas

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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

Transactions are very expensive and long.

In ordinary life, I want to transfer money to my friend in 1 minute, for amounts less than $ 0.2.

Fazlurkhan.kz

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It is not worldwide recognised. For me, i think that's the biggest disadvantage!

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 30. (Read 76765 times)