What do you think are the biggest disadvantages of Bitcoin? - page 31.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: budongski25 on October 09, 2017, 07:13:46 AM

But the biggest disadvantage of Bitcoin for me,
the inability to make transaction offline.
But who is the one who does not use the internet today?

Let me ask you one thing. Is it possible to do online bank transactions without internet? If you want to do that, then you need to visit a bank branch and then manually instruct them to do the transaction. There is another option of doing the transaction through mobile banking, which does not need the internet connection. It can be implemented for BTC as well.

xBitHodler

member

Activity: 112

Merit: 10

Transactions are definitely taking too long to confirm, if we don't make them faster then Bitcoin won't be able to replace any country currency. Fees have lowered since the attack on Bitcoin network has stopped and Segwit was implemented successfuly. Now hardforks are a little bit problematic because some of the hashpower is switching to a new altcoins which are forks of Bitcoin.

ilyadt

newbie

Activity: 24

Merit: 0

A few phrases – fees, fees, and expenses. And I do not believe SegWit will be generating any progress on that issue (it may well even make it even worse). I hope the builders are contemplating rationally about this just before blindly implementing anything that could harm bitcoin in the lengthy operate.

budongski25

member

Activity: 105

Merit: 10

Disadvantages

Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Bitcoin Valuation Fluctuates
No Buyer Protection
Risk of Unknown Technical Flaws
Built in Deflation
No Physical Form
No Valuation Guarantee

But the biggest disadvantage of Bitcoin for me,
the inability to make transaction offline.
But who is the one who does not use the internet today?

Napole0n

sr. member

Activity: 579

Merit: 309

The problem of confirmation becomes very important, bitcoin should be faster and does not require too long confirmation, this is what makes bitcoin difficult to accept as a direct transaction.

Harbal

newbie

Activity: 36

Merit: 0

The possible downsides of it are that it is not broadly accepted and some people never try out to realize it at all. Looking at what they attempt to make of Bitcoin is it has some variety of a poor title since of the achievable usage of it in unlawful issues, money laundering for example.

gabbie2010

sr. member

Activity: 2842

Merit: 326

Vave.com - Crypto Casino

Personally I totally disagreed with school of thought that says bitcoin transaction fee and slow network is their greatest disadvantage in bitcoin, from my point of view the lack of global awareness or information about bitcoin is still very low. Infact I can say less than 1% of the global population knew about bitcoin.
In my country introducing bitcoin to people has become an herculean task, most people thinks bitcoin is an online scam and prefer to stay from it.
If about 50% of world population knew much about bitcoin the price of this coin must have risen to a higher level.

tr3yson

full member

Activity: 546

Merit: 100

I think the biggest disadvantages of Bitcoin was its big transaction fees and slow transaction speed. I just notice it to other bitcoin users, more and more of them are complaining about it especially those who are always in a hurry. I guess they should stop using it Grin

.

But for me, I don't care about it, I mean it is not a problem for me as long as I am earning bitcoin and it goes to my btc wallet Grin

Ejanend

sr. member

Activity: 460

Merit: 254

i think bitcoin do not have any disadvantages because i use bitcoin tell now i have never faced any disadvantage of from bitcoin.

damnek

hero member

Activity: 614

Merit: 500

Quote from: musharaf on October 02, 2017, 02:55:03 AM

In my opinion the biggest disadvantage of bitcoin is universally acceptance and using in every country and every market for every product.
Most of the people are unaware about the current trend of digital currency.

In my opinion bitcoin is does not disadvantage of bitcoin because the bitcoin is use anywhere and buying for something you use bitcoin now this time bitcoin use of universally in all word and I don’t think what about disadvantage of bitcoin

Rajamuda

sr. member

Activity: 924

Merit: 255

if i see the biggest disadvantages of bitcoin, i personally so far haven't felt the biggest disadvantages from bitcoin, yes maybe only a few and that also not too big to feel the loss.. that is at a price that is sometimes hard to predicted and easily influenced by various things. While in bitcoin transactions that i do so far it's pretty safe, and not problematic in blockchain, it's just maybe sometime i'm waiting a bit longer / pending in transaction confirmation.. but that i think it's a natural.

ramsdaj28

sr. member

Activity: 420

Merit: 256

اللعنة

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 so far is its transaction fee and speed. This always makes me mad especially when I am in a hurry. It will take almost 5 hours for your transaction to be confirmed when you use normal fee. Also, the fee is too high, I think, considering the speed of the transaction. The fee also changes gradually. In our country, the fee usually turns lower than usual during morning and higher than usual in the afternoon.

King Sastro

sr. member

Activity: 630

Merit: 251

The cost of transfer is expensive, I hope the transfer fee can be like last year ie no more than 10k satoshi, currently average transfer fee is more than 95k and if the conversion is about $ 4. I'm worried if the cost continues to be expensive and make bitcoin like banks.

andrei56

sr. member

Activity: 840

Merit: 254

Quote from: Kupid002 on October 01, 2017, 09:36:22 PM

Quote from: andrei56 on September 29, 2017, 05:10:57 PM

Quote from: BitcoinCommodor on September 21, 2017, 06:31:25 AM

Quote from: wilwxk on September 01, 2017, 07:32:11 AM

I think the biggest problem its not the bitcoin code, the biggest problem in this moment its the difficult to buy bitcoin from a safe exchange, the technical knowledge needed to set up a wallet, and the difficult to use a digital currency in the physical world.

Yes of course decentralized bitcoin is the biggest disadvantage .Apart from it many people still do not believe in bitcoin, because it is a virtual currency, I mean a crypto digital currency and has no physical structure. So peoplecannot see the volume of bitcoin.

That’s why people do not believe in bitcoin. The other disadvantage is that bitcoin is in today’s era is just an imaginary coin.

It is weird but I find this a lot, some people think that bitcoin is like the currencies that you get in those RPG games and treat it as if it is not real when in fact most of the transactions around the world are digital like, bank transfers, paypal, paying bills from your phone, credit card purchases and others.

yes thats right they dont see bitcoin as like that they know that it is just as an imaginary some think that this is not real scam or any negative thoughts about bitcoin. You can see the advantage of bitcoin if you believe on it.

It is a shame because most of those people can be really smart but when it comes to the economy as long as they are fine they do not are about anything else, they are completely focused on them and nothing more, that is why I cannot wait for bitcoin to go up in price and show them how mistaken they were.

yvesp110

hero member

Activity: 1092

Merit: 501

Quote from: Kupid002 on October 01, 2017, 09:36:22 PM

Quote from: andrei56 on September 29, 2017, 05:10:57 PM

Quote from: BitcoinCommodor on September 21, 2017, 06:31:25 AM

Quote from: wilwxk on September 01, 2017, 07:32:11 AM

I think the biggest problem its not the bitcoin code, the biggest problem in this moment its the difficult to buy bitcoin from a safe exchange, the technical knowledge needed to set up a wallet, and the difficult to use a digital currency in the physical world.

Yes of course decentralized bitcoin is the biggest disadvantage .Apart from it many people still do not believe in bitcoin, because it is a virtual currency, I mean a crypto digital currency and has no physical structure. So peoplecannot see the volume of bitcoin.

That’s why people do not believe in bitcoin. The other disadvantage is that bitcoin is in today’s era is just an imaginary coin.

It is weird but I find this a lot, some people think that bitcoin is like the currencies that you get in those RPG games and treat it as if it is not real when in fact most of the transactions around the world are digital like, bank transfers, paypal, paying bills from your phone, credit card purchases and others.

yes thats right they dont see bitcoin as like that they know that it is just as an imaginary some think that this is not real scam or any negative thoughts about bitcoin. You can see the advantage of bitcoin if you believe on it.

It is always belief that must be taken in account while determining the advantages and disadvantages of bitcoin. If you have a strong belief in bitcoin then you are definitely getting a lot of benefits from it. If you believe that bitcoin are just a scam or fraud you can never get benefits from it. Well I believe in them and I am earning a lot of money online from them.

ViperCS

full member

Activity: 197

Merit: 100

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. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. 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.

rohit01

newbie

Activity: 24

Merit: 0

in my opinion, only one major disadvantage is high transaction fee and long waiting time for transaction. Now slowly it is gaining popularity and acceptable at many major platforms and it will give advantage to it in fut

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: Ducksun on October 02, 2017, 04:36:23 AM

I think the biggest disadvantages would be the high fees es you have to pay to sell your bitcoins because i just started and when i did my first selling of bitcoin i payed a lot of fees so i was not very happy with that.

If you are not happy with that then do not stick with bitcoin. The fees in transactions are high because the miners are not working hard for a small reward and because the amount of the bitcoin user is going up, they need more reward so they can attract more people to mine bitcoin and continue supporting the blockchain. So it is very clear that it is for the bitcoin and not by just for the miners.

elbimbo012

full member

Activity: 476

Merit: 108

For me biggest dis advantage of bitcoin is accessibility you can only use and access it thru online transaction if you want to purchase something in local stores you need to exchange your bitcoin to real money which may find complex to other people who seldom use the net. Second is the bitcoin value is very unpredictable it may rise high today or may deep down tomorrow.

Ducksun

member

Activity: 60

Merit: 10

I think the biggest disadvantages would be the high fees es you have to pay to sell your bitcoins because i just started and when i did my first selling of bitcoin i payed a lot of fees so i was not very happy with that.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 31. (Read 76765 times)