What do you think are the biggest disadvantages of Bitcoin? - page 38.

Mikasa77

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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

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.

millgates

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Quote from: DU18 on August 19, 2017, 03:04:55 AM

Bitcoin is helping bad people to doo more crime.Since transactions is not handle by anyone so crimes are happening.Also we can't use bitcoin anywhere.I need to convert btc to fiat first.Slow transaction is another problem I guess.It's killing my valuable time.

Sorry but I disagree with you, the transaction of Bitcoin is transparent and recorded, so Bitcoin will reduce the crime activity. We can use bitcoin at the place that accept it, what we only need is find it. I think the biggest disadvantage of Bitcoin is the volatility, but it is one of the properties of the new currency with relatively low liquidity. As this currency gets more and more accepted by the public, the wild price movement will be less frequent.

DU18

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Bitcoin is helping bad people to doo more crime.Since transactions is not handle by anyone so crimes are happening.Also we can't use bitcoin anywhere.I need to convert btc to fiat first.Slow transaction is another problem I guess.It's killing my valuable time.

matanglawin

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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 it's the volatility of Bitcoin. Bitcoin's market value is changing from time to time. There'll be times that its price is dipping and there are times that it is rising. Maybe it is the reason why it is not accepted by all countries in the world because its maket value is not stable. Yes, it is an advantage to the users if its price is continuously increasing but not if the price is falling.

andrei56

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Quote from: Cazkys on August 10, 2017, 01:35:40 PM

I think that the biggest disadvantage of bitcoin is its instability. If I’m a merchant, I would be very wary of accepting Bitcoin as a payment. FOR EXAMPLE, if I received a bitcoin as a payment worth $100 now, I do not have any assurances that it will stay $100 the next day. I know that prices are volatile and that $100 can change into $1000. But what happens if I desperately needed that $100 at this certain time but its price dropped down to $50?

I do not think that is a real problem, most merchants do not store bitcoin for any significant amount of time, so that is not a real problem for them that is only a problem for people like us that hold bitcoin for months, years and for some people in the forum that are going to hold for decades.

Mbah Djoko

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For me, the biggest disadvantages of bitcoin is I was too late to invest bitcoin, I know bitcoin bitcoin a year ago when the price of $850, then I think the price is very expensive because I'm still in school and not working.

Kevondo

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Quote from: ajmapalo22 on August 13, 2017, 01:58:07 AM

The biggest disadvantage of bitcoin is the price of it that keeps on fluctuating since it's unpredictable people tend to sell their bitcoin right away..it is unstable that you cannot trust putting every earnings you have on it because you may wake up one day losing everything.

The value of bitcoins is always changing. Its volatility afraid some of people but the prices increase more than decreasing that is why still people are investing in bitcoins. It is attracting, massive population from all over the globe. Nowadays, it is in its pumping phase and its best to show tolerance during the dip.

Umbrella Holdings

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The biggest disadvantage of Bitcoin is that it is not yet accepted in my country. I am afraid that whenever I convert Bitcoin to the currency of the country and send it to my bank account, I may have problems at any time. If bitcoin was accepted in the country and taxed, there would be no problem.

Tassergal

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Bitcoin transactions are rather slow. I think this is its biggest disadvantage, because people have to wait too much time to send their money. A world-scale payment system must be faster.

Ewinsane

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Quote from: pathapoddo on August 11, 2017, 09:50:13 PM

There is a biggest disadvantage on bitcoin that is not available in every country.That's why it is not increasing too much.That's why the price of bitcoin is not getting increase.There is also a disadvantage that it is not stable.

The availability of bitcoins in any country depends upon internet facility. Bitcoin holder doesn’t want bitcoin prices to stick on the present value. Its worth is accelerating with the passage of time and its good news for bitcoiners. The number of its supporters has also increased.

In my opinion, the only disadvantage at the present age is that we cannot use bitcoins for small purchases because transaction fees are high and I hope this problem will be solved soon.

melted349

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Quote from: BeGoods on August 13, 2017, 07:14:37 AM

Quote from: Akash1243 on August 13, 2017, 04:03:24 AM

Well Bitcoin is not yet legalised in many countries which do prevent it becoming mainstream.Transaction fees is rising as the price is rising and also the transaction takes time for verification.And Bitcoin is pretty new concept,people usually avoid new concept and deems them as threats and etc.Also many people doesn't even know about them.And mainly because no one can control it not even any government.

For me I'm not too concerned about the legalization, as long as I can still use bitcoin to shop as easy as usual, do not accept the ban from the government. I would not really want the legalization of bitcoin. For fee. I also hope that teams can reduce the fee along with the increasingly expensive bitcoin

Yes agree with that legalization are not the concerned as long as some goverment accepr it then go there is nothing to worry about it.

buharikx31

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The biggest disadvantage can be not realized support which can help on fixing issues with transactions or some problems with wallets it's automatically can return transaction if it sended to wrong address but in several situations have a support will help on some critical problems

Betwrong

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Quote from: lol3c on August 13, 2017, 04:41:22 AM

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

If you want your transaction to be proceeded fast you may have to pay around $1.8 for that these days. However you can pay as low as $0.18 and your transaction still will be proceeded in several hours. But don't pay zero fee if you don't want to stuck for days.

BeGoods

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Quote from: Akash1243 on August 13, 2017, 04:03:24 AM

Well Bitcoin is not yet legalised in many countries which do prevent it becoming mainstream.Transaction fees is rising as the price is rising and also the transaction takes time for verification.And Bitcoin is pretty new concept,people usually avoid new concept and deems them as threats and etc.Also many people doesn't even know about them.And mainly because no one can control it not even any government.

For me I'm not too concerned about the legalization, as long as I can still use bitcoin to shop as easy as usual, do not accept the ban from the government. I would not really want the legalization of bitcoin. For fee. I also hope that teams can reduce the fee along with the increasingly expensive bitcoin

lol3c

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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

Akash1243

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Well Bitcoin is not yet legalised in many countries which do prevent it becoming mainstream.Transaction fees is rising as the price is rising and also the transaction takes time for verification.And Bitcoin is pretty new concept,people usually avoid new concept and deems them as threats and etc.Also many people doesn't even know about them.And mainly because no one can control it not even any government.

ajmapalo22

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The biggest disadvantage of bitcoin is the price of it that keeps on fluctuating since it's unpredictable people tend to sell their bitcoin right away..it is unstable that you cannot trust putting every earnings you have on it because you may wake up one day losing everything.

bangjoe

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Quote from: Nameless27 on August 13, 2017, 01:39:38 AM

The biggest disadvantage of bitcoin to some is its anonymity, for law breakers it is a chance for them to hide themselves from authorities.
But again some because mostly really think anonymity of bitcoin is advantageous for them for reason like privacy and security.
It's like having gold bars(bitcoins) at home and the only one know that is you.

Anonymous is still a debate, but for me personally obviously profitable, I do not like to display personal identity while gambling and follow many businesses that use kyc, in my country this is illegal and bitcoin able to accommodate anonymity of users and not connected directly with local bank.

Nameless27

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The biggest disadvantage of bitcoin to some is its anonymity, for law breakers it is a chance for them to hide themselves from authorities.
But again some because mostly really think anonymity of bitcoin is advantageous for them for reason like privacy and security.
It's like having gold bars(bitcoins) at home and the only one know that is you.

Gabrieelle

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Quote from: Oggy Pogi on August 12, 2017, 10:47:53 PM

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

Bitcoin's price is unstable it'll go high or drop so I think people are affraid to risk something on bitcoin. Also some people consider bitcoin a an illegal thing as it is not fully accepted to the society.

Taking risk is what keeps us on learning but you're right most of the people won't do it because they're afraid to lose. That is the problem with bitcoin you'll never know the price tomorrow it may go high but it also may go down in other words it is not stable. That is why it is not yet globally acceptable.

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