Topic: What do you think are the biggest disadvantages of Bitcoin? - page 37. (Read 76730 times)
Bitcoin is not globally accepted because of its unstable value when converted in fiat money. And also it don't appear in real world because I assume it is a "virtual currency" which grandma and grandpa will hardly understand.
Its because a lot of people are still not into tech when trsnsacting about money. Even banks keep convincing customers to utilize online banking but middle aged to old people find it hard for them to use. Now most of my friends think that as for the moment, they see people that are into bitcoin as nerds. I think being misunderstood by many is one of its biggest disadvantage.
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 
As what i see, the disadvantages of bitcoin was its transaction fee. I read many thread about it and people are always complaining about it. So i think that is one of its disadvantages.
1. Users forced to give transaction tax for confirmation !!!! Its becoming an asset class than digital currency!!!
2. Large data needs to be downloaded for running core. and Data Vol keep increasing.
3.Many Crypto exchanges do not accept online payments USD EUR online payment.
4. Its an asset class with innovators and elites.
5. Transaction tax for confirmation is an incentive for miners !!!!. Where on earth and why existing users pay for miners those , who can afford expensive machines. If all mining stops what happen ?
My major concern is the fixed transaction fees. The time for a transaction to be completed is also too much it will be difficult to undergo swift trading activities like buying food stuff from the market with it. Lastly it is difficult to explain a currency that is not visible and that will take sometime for people to accept.
A big disadvantage of Bitcoin - that people in communities like this sometimes overlook - is that Bitcoin is still seen as something exotic, new and sometimes even shady (they associate it with the dark web) by "regular people". Bitcoin needs to improve its image and get a more reliable, solid reputation in order to really become a mainstream currency that is on par with traditional money. It might happen, but it is depending on marketing.
The biggest disadvantage is that there is no incentive to run a full node. Most users end up leeching off of the network, and don't give a damn about decentralization as long as they can connect to a node.
Long transaction confirmation time. Seriously, yesterday i sent 0.06 bitcoin to my other wallet and after 25 hours it still haven't been confirmed. I also paid little bit higher fee than blockchain offered me, i hope it will be better now with segwit and everything else.
Bitcoin is supposed to be totally anonymous. But if by any chance you manage to get info on the identity of a wallet owner, you will be able to know all the transactions and amounts that are stored in this wallet. So it's not really as anonymous as all that. For me it's a serious downside
The disadvantages you describe can make the bitcoin legality brighter, the application of kyc on every business is considered to make it easier for the coin to enter the economy of society or we will all be considered doing illegal business in the future, this is not a loss and I consider it a mandatory adaptation.
The disadvantage is the speed.
Bitcoin is supposed to be totally anonymous. But if by any chance you manage to get info on the identity of a wallet owner, you will be able to know all the transactions and amounts that are stored in this wallet. So it's not really as anonymous as all that. For me it's a serious downside
There is nothing such as a major structural flaw in bitcoin generally, the relatively high fees and the block times are the relatively less significant problems in bitcoin, but I doubt they will stand in the way of adoption of bitcoin anytime soon, Of course, There are hundreds of altcoins, so don't expect interest just by solving these two minor issues, as almost every altcoin focuses on solving these.
Some of the advantages of Bitcoin are also part of its disadvantages. Such as;
1. Decentralization, why? All of us do have different intentions why we engage in this industry. For me, I classify it as GOOD and BAD.
Good engagement, Is more of the usuals and standard trading and investment in the industry. No hidden agenda, or any fraud. Pure earnings and profits only. We can freely transact without being tracked.
Bad engagement, is more of the illegal activities most likely criminals or syndicates do abuse the great feature of Bitcoin. As said, Bitcoin decentralization helps those syndicates to transact huge amount of money without getting caught. In addition to that, in this industry, we are anonymous which can contribute to their willingness to do it freely. No one could stop them unless the Government does something about it. (Nothing is impossible if the Government took over).
2. Volatility - Bitcoin is very unpredictable and unstable, Though it's a normal nature in any of the players on the market. Bitcoin's being volatile contributes to panic attacks in which investors or traders.
3. Outside attacks - Bitcoin is a digital currency in which it is prone to hackers. Even though you say that Bitcoin has a very deep security, Hackers could find a way to disrupt transactions, hack wallets and etc.
1. Decentralization, why? All of us do have different intentions why we engage in this industry. For me, I classify it as GOOD and BAD.
Good engagement, Is more of the usuals and standard trading and investment in the industry. No hidden agenda, or any fraud. Pure earnings and profits only. We can freely transact without being tracked.
Bad engagement, is more of the illegal activities most likely criminals or syndicates do abuse the great feature of Bitcoin. As said, Bitcoin decentralization helps those syndicates to transact huge amount of money without getting caught. In addition to that, in this industry, we are anonymous which can contribute to their willingness to do it freely. No one could stop them unless the Government does something about it. (Nothing is impossible if the Government took over).
2. Volatility - Bitcoin is very unpredictable and unstable, Though it's a normal nature in any of the players on the market. Bitcoin's being volatile contributes to panic attacks in which investors or traders.
3. Outside attacks - Bitcoin is a digital currency in which it is prone to hackers. Even though you say that Bitcoin has a very deep security, Hackers could find a way to disrupt transactions, hack wallets and etc.
I think the biggest disadvantage of bitcoin is being notacceptable in any country. If a people who want to travel in the country that bitcoin do not accepted and that people has a bitcoin, it is one disadvantage of bitcoin. And one thing also is the changes of the currency.
I am regret because I know bitcoin since a year ago and did not buy a lot, at that time I thought to buy bitcoin, but I was worried because the price can drop and I lose. I think bitcoin is the best investment.
I think the only disadvantages of Bitcoin is that you can't physically hold bitcoin unlike fiat ad the fact of how volatile the price of btc is currently.
the biggest disadvantage of bitcoin is that we still have to pay a fee with small transaction and that fee is extremely big when compare to that small transaction. As you can see, if we want to transfer $1 worth of bitcoin to someone, we need to pay an extra $0.5 in order for our transaction to be proceeded
That is not really a disadvantage but the way the network works, have you tried to send a dollar using a bank wire? I do not even know if it is possible to send such a low sum of money, but in bitcoin you can do it if you want even if you consider the fee to be high.I will never come up to an understanding as to how people think that bitcoin fees are "high". Have you guys tried to transact a large sum of money? You see how little that fee is as opposed to how much the fee is when you send money in Paypal. Unless you are a person that likes to send a dollar at a time, which is insane by the way, then I see no reason why would you have problems with the transaction fee.
the biggest disadvantage of bitcoin is that we still have to pay a fee with small transaction and that fee is extremely big when compare to that small transaction. As you can see, if we want to transfer $1 worth of bitcoin to someone, we need to pay an extra $0.5 in order for our transaction to be proceeded
That is not really a disadvantage but the way the network works, have you tried to send a dollar using a bank wire? I do not even know if it is possible to send such a low sum of money, but in bitcoin you can do it if you want even if you consider the fee to be high. 
For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.
I think the biggest disadvantages of bitcoin is you can't use it in offline store and it still not widely accepted in other country. In addition to that, as of now bitcoin is still not accepted as real money but you can convert into fiat. Lastly, I hope bitcoin will accept in all country and it will also consider as a real money. 
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
As what i see, the disadvantages of bitcoin was its transaction fee. I read many thread about it and people are always complaining about it. So i think that is one of its disadvantages.bitcoin as it is too costly to you. When people are not interested anymore because of the disadvantage they see, there are other options which are the altcoins.
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