What do you think are the biggest disadvantages of Bitcoin? - page 34.

bangjoe

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Quote from: DevilSlayer on September 15, 2017, 09:33:42 PM

I think the biggest disadvantages of the bitcoin is it can use in different crime. bitcoin is a money and it can use in paying different services like what I see in the deep web. there are many services like hacking different social media accounts and the payment is bitcoin.

If there is a binding official rule, bitcoin will not be that bad, but the problem is there is no system that can stop the bitcoin movement to spread in any business, I think the government should immediately adjust it globally, this is the strength and weakness of bitcoin besides fluctuations that do not stable.

DevilSlayer

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I think the biggest disadvantages of the bitcoin is it can use in different crime. bitcoin is a money and it can use in paying different services like what I see in the deep web. there are many services like hacking different social media accounts and the payment is bitcoin.

The Monkey King

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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 disadvantages of bitcoin is that, it is not yet legal to some countries and by that, it also reduces the users that are supposed to be using bitcoins instead of the other cryptocoins. And maybe when the bitcoin will reach the certain number of countries that it are legal of course, its value will also increase. And also, we are now in the 21st century and yet bitcoin is still not approved as a payment in the local areas or stores.

Therly

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Maybe the disadvantage of bitcoin is we are in new technologies but haven't approved into any payment type sure some of sites are acknowledge bitcoins constrained objects only, all in all are good with bitcoin but i know time will come that will be acknowledged bitcoin from any merchant in the world.

krafa

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Hi all,

Bitcoins have not still established as familiar currency worldwide.
Only a small group of people has accepted it for online business.
This can be the result of suspicion about security of transactions.
The government may have role in this by not ensuring people.

Have a nice day

andrei56

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Quote from: mornabo on September 13, 2017, 02:56:41 AM

Quote from: Saoha on September 06, 2017, 12:09:48 AM

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 there are four reasons why Bitcoin can not become formal payment:
1- Not many people know the existence of Bitcoin. Although the numbers are increasing, developing countries do not have as much exposure to high technology as bitcoin.
2- Bitcoin prices fluctuate sharply: up to 10-15% per day. This has made many people unhappy with their money, despite the overall trend of bitcoin prices rising rapidly in recent years.
3- The size of the block needs to increase as bitcoin users get more and more so it seems is also slowing down a lot. Although hardfork and segwit.
4- Bitcoin is not really safe. There have been hackers stealing bitcoin. Bitcoin is also used for money laundering purposes.

yeah I think the block size should increase, if bloksize has a continuous number like this then the confirmation will be very slow. I think the dev or bitcoin team should start discussing this, as users continue to grow each day and confirmation will also continue to slow down if this is not resolved soon. do not let many users out of bitcoin just because of this problem

That is never going to happen the devs are very clear on their stance of why this is this way, besides if you want bigger blocks there is bitcoin cash with their 8MB blocks I do not think it is a good idea but now it is up to the market to decide which one is the best solution.

kamikadze69

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of course because of the blockchain technology and their anonymous system. it makes all transactions more transparent and more efficient.

valisa

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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 weakness of bitcoin can be used for crimes such as black market guns and bitcoin can also be used as money laundering. slight bitcoin weakness

Lubang Bawah

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I think the biggest disadvantages of bitcoin is too complicated the algorithm to open a wallet. we all know that to login in some wallet we need identifier, if we wrong then can cause bitcoin missing.

shezu007

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There is no disadvantage of bitcoin means there is no backward point of bitcoin so we should not say that is there any disadvantage. Bitcoin is giving to people a huge opportunity so we should go for advantages instead disadvantages.

azaid18

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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 transaction is very slow because of the widening of users . they cant manage it fully because of millions of user that is transacting every minutes

Bitcoininvestment

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I think it is the legality to some countries and by that,it also reduces the users that was supposed to be using bitcoins instead of the other cryptocoins such as alts etc.When the bitcoin reached the certain no. of countries that it is legal I think that its value will also increase.

Pattart

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Quote from: Saoha on September 06, 2017, 12:09:48 AM

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 there are four reasons why Bitcoin can not become formal payment:
1- Not many people know the existence of Bitcoin. Although the numbers are increasing, developing countries do not have as much exposure to high technology as bitcoin.
2- Bitcoin prices fluctuate sharply: up to 10-15% per day. This has made many people unhappy with their money, despite the overall trend of bitcoin prices rising rapidly in recent years.
3- The size of the block needs to increase as bitcoin users get more and more so it seems is also slowing down a lot. Although hardfork and segwit.
4- Bitcoin is not really safe. There have been hackers stealing bitcoin. Bitcoin is also used for money laundering purposes.

For number one I think along with the increasing number of users and the spread of bitcoin in different countries then bitcoin will automatically have many bases in many countries and many online / offline merchants that accept bitcoin and that much happening in my neighborhood.
For number 2 I think it is not a problem. because merchants have direct payment system where after user pay with bitcoin then system will directly convert to fiat to avoid fluctuation

Aikee17

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The biggest disadvantages of bitcoin are its value itself. We cant predict when the bitcoin increases its currency. Sometimes informal payment of bitcoin.

mornabo

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Quote from: Saoha on September 06, 2017, 12:09:48 AM

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 there are four reasons why Bitcoin can not become formal payment:
1- Not many people know the existence of Bitcoin. Although the numbers are increasing, developing countries do not have as much exposure to high technology as bitcoin.
2- Bitcoin prices fluctuate sharply: up to 10-15% per day. This has made many people unhappy with their money, despite the overall trend of bitcoin prices rising rapidly in recent years.
3- The size of the block needs to increase as bitcoin users get more and more so it seems is also slowing down a lot. Although hardfork and segwit.
4- Bitcoin is not really safe. There have been hackers stealing bitcoin. Bitcoin is also used for money laundering purposes.

yeah I think the block size should increase, if bloksize has a continuous number like this then the confirmation will be very slow. I think the dev or bitcoin team should start discussing this, as users continue to grow each day and confirmation will also continue to slow down if this is not resolved soon. do not let many users out of bitcoin just because of this problem

mevmike

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The use of bitcoin cannot be utilized to the fullest since it still wasn't legalized by governments.
If ever the use of bitcoin and other cryptocurrencies were legalized or accepted by the government.
I think it will be developed further.
Fluctuations in its price can be attributed to this, just like what happened in the ICO ban in China.
But once it is legalized, people will not be afraid or hindered from engaging on it.
And we can also avoid the scam accusations whenever we try to educate or promote bitcoins to those who do not know about it yet.
Cheesy

llhibionada

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if you compare it to a bank interest which gives a really small amount of interest like in my country u can refer here https://www.landbank.com/interest-rates , bitcoin can earn a vast amount if u just know how to put timing in it especially if have bought it when it was cheap and even now the price is still increasing

crypto4lambo

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Large scale, green crypto mining ICO

I think its biggest disadvantage is that it is decentralized. Meaning no one can control it. Banks and financial instituions can't manipulate it. Plus they can't charge high fees in transactions. And one thing to be considered also is that government can't easily trace who transact with bitcoin which in that case is prone to illegal transactions. And I think that it is not advisable to accept bitcoin as payment at this time because of its volatility in price.

fragout

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Without reading the whole thread. For me its POW. Its too centralised and a waste of resources. 10 min blocks dont help but there are ways around that. Too few control the direction bitcoin is going

Succurs

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Independence is the power and weakness of bitcoin. It is simply exploited to commit violent acts, several articles or blog posts have been written about this ahead of. Bitcoin is used in cash laundering, unlawful buying and selling and transportation of unlawful products. Bitcoin is utilised as a resource to have out offenses. That is a quite bad thing for a coin. Its reputation is greatly impacted.

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