What do you think are the biggest disadvantages of Bitcoin? - page 42.

minhquang3869

newbie

Activity: 168

Merit: 0

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 most disadvantage of bitcoin is that the free trade without control is most likely the harm to your account.

Liza Soberano

full member

Activity: 134

Merit: 100

I think the biggest disadvantages of bitcoin are waiting time for transactions,its not yet legalized by many countries worldwide and lastly instability of its amount .

racasanuk

member

Activity: 94

Merit: 10

Yes I would think transaction time is currently bitcoin’s biggest problem
and it also the perception of its fluctuating price – which I would have thought of as a plus but that may be just me.

Crafts12

full member

Activity: 405

Merit: 105

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

Maybe the disadvantages of Bitcoin is that its value is not stable. Inflactuation happens although pumps are right behind it. We need stability and inorder to have that, since Bitcoin's vakue depends on the market's demands, awareness on Bitcoin should spread. But that's also a problem, they don't know about it and due to the reason that it is not created by "them", they don't trust it. There are also difficulties sometimes with the transactions.

buzz_lightyear

newbie

Activity: 32

Merit: 0

Maybe because it doesn't have a person who would like to take all the responsibilities if something might happen to bitcoin in the future that is why it is not fully accepted in the society?

xskl0

sr. member

Activity: 378

Merit: 260

Bitcoin SV is Bitcoin

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 is just the time before a transaction is confirmed

andrei56

sr. member

Activity: 840

Merit: 254

Quote from: qwertyup23 on July 19, 2017, 09:45:17 AM

Quote from: choppork on July 19, 2017, 08:51:17 AM

Quote from: concept2 on July 18, 2017, 12:05:07 PM

Quote from: khan149 on July 13, 2017, 02:03:23 AM

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.

We can also claim that that is the biggest disadvantage of all the existing currency. Even dollars isn't actually accepted in foreign countries. You still have to convert your dollars, which is quite a famous currency, into their local currency before it gets accepted.

I think it's actually an advantage of bitcoin because in the long run, the situation can be changed. Fiat currencies will always be only exclusive for the local people. Like, Yen will always be only used in Japan. In case that Japan conquers another country, there might be a chance that they will start using Yen as well but surely Japan will not conquer the whole world.

Bitcoin, on the other hand, is flexible. Bitcoin can become a universal currency because it's not under any government. Bitcoin can be used in Japan, in China, in USA, without any hassle at all. You can use it but at the moment, there's not much merchants accepting it. It's only a matter of time and mass adoption for it to be changed.

I think the biggest disadvantage and at the same time advantage of bitcoin is its nature being decentralized. Since the government cannot regulate it, it can be a potential gateway for illegal activities and it also cannot be tracked. Lack of government intervention results to its price being highly volatile but it can also be considered as an advantage for investors. Another thing, one big disadvantage of bitcoin is the accessibility of it to the public. One may require an internet connection to be able to have an opportunity to earn bitcoin but most of the population around the world lives in the poverty area which does not have any access to these.

While decentralization has its costs the benefits that it provides are enormous and not to be overlooked, in the past some other payment systems have existed and those were shut down by governments, bitcoin cannot be shutdown all at once because of the great amount of nodes running all the time.

Chrismeister

sr. member

Activity: 465

Merit: 250

Quote from: notyours on July 22, 2017, 10:01:45 AM

Biggest disadvantage of bitcoin is it cannot control by anyone and the main thing that i worries is every wallet is can be lost at anytime. Its only generated but not have ownership to anyone.

That is Bitcoin biggest advantage, it's decentralized so no government, bank or other third party entity can access your money. Not even secret services.

Bitcoin most biggest disadvantage at the moment is the fight going on and probably will keep going on in the future, companies trying to use bitcoin for self gain, now we have Blockstream, but in team nChain may do the same.

Bitcoin is for the people and should be controlled by the people..

notyours

sr. member

Activity: 462

Merit: 250

Biggest disadvantage of bitcoin is it cannot control by anyone and the main thing that i worries is every wallet is can be lost at anytime. Its only generated but not have ownership to anyone.

JimmieA

sr. member

Activity: 396

Merit: 250

Quote from: marketone on November 30, 2016, 06:01:20 AM

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

Oh ... I think that the btc transaction fee is not low.Currently, all btc transactions are charged approximately $ 3. Whether trading is worth 1btc or 0.1btc.In my opinion, this really is not reasonable. It will obstruct many users because the cost of implementing regular transactions to meet their needs is quite high.

J Gambler

hero member

Activity: 910

Merit: 500

Quote from: smookyjaidev on July 20, 2017, 03:00:05 AM

biggest disadvantage is we can do transactions with anonymous names that is useful for criminals,bitcoin is not handled by government,bitcoin awareness also needed.

i think for me, being anonymously earning it and spending bitcoin is an advantage for us, because government may not trace our recent transactions, it is an advantage for us, but the disadvantage of it will be in the government. bitcoin might be use by some offenders because it is not traceable, it is kinda bad , because sometimes bitcoin used for bad thing that would be the disadvantage.

Dimelord

hero member

Activity: 490

Merit: 500

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

Until two weeks before,high transaction fee and slow transactions in case of low transaction fee was the biggest problem which bitcoin network was facing.But now,it has been almost solved.But still,another issue,the high volatile nature of bitcoin price continues.It has been the main reason due to which most countries have not yet legalized bitcoins and more companies don't accept bitcoin as payment.Since bitcoin is a decentralized currency,the volatile nature would continue to exist since there is no central authority to control the bitcoin price.

tinhyeumaunang

member

Activity: 93

Merit: 10

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 issue of most concern is the safety of bitcoin when using, as well as the security of bitcoin to be able to put it in circulation with a formal. Bitcoin difficult to manage, so this will be a hindrance.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: StevenRA on July 20, 2017, 02:52:09 AM

Quote from: n691309 on July 20, 2017, 02:30:36 AM

Quote from: concept2 on July 18, 2017, 12:05:07 PM

Quote from: khan149 on July 13, 2017, 02:03:23 AM

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.

I do not understand why fluctuations are considered as disadvantage. They are indeed the great essence of bitcoin trading. So far, bitcoins do not have any serious disadvantage. The major drawback is same in my opinion. Rather I consider it cruel that many countries are keeping their public deprived of enjoying amazing features of bitcoins. I hope soon the world will understand the real potential of bitcoins and make them legal.

If you are an investor, fantastic. If you're a small business owner, you don't really want to accept payment in something that could lose half its value the next day.

And that is the main reason why 99% of the stores that "accept" bitcoin are actually accepting fiat.
They use third party gateways so you pay BTC and the processor exchanges the BTC for fiat and the store gets fiat.

And there we have the major problem with BTC.
It was supposed to cut the middle man.
But what happened in reality is that we changed from Visa to Bitpay.

TTMNewsK

sr. member

Activity: 350

Merit: 250

For me, the biggest disadvantage of bitcoin is the price.
It is not yet stable and it is also hard to predict when it will become high or low in price.

FA wings

full member

Activity: 228

Merit: 250

Quote from: StevenRA on July 20, 2017, 02:52:09 AM

Quote from: n691309 on July 20, 2017, 02:30:36 AM

Quote from: concept2 on July 18, 2017, 12:05:07 PM

Quote from: khan149 on July 13, 2017, 02:03:23 AM

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.

I do not understand why fluctuations are considered as disadvantage. They are indeed the great essence of bitcoin trading. So far, bitcoins do not have any serious disadvantage. The major drawback is same in my opinion. Rather I consider it cruel that many countries are keeping their public deprived of enjoying amazing features of bitcoins. I hope soon the world will understand the real potential of bitcoins and make them legal.

If you are an investor, fantastic. If you're a small business owner, you don't really want to accept payment in something that could lose half its value the next day.

Yes, the biggest disadvantage is the price, the price is not stable,
It is difficult to act as a means of payment

smookyjaidev

newbie

Activity: 25

Merit: 0

biggest disadvantage is we can do transactions with anonymous names that is useful for criminals,bitcoin is not handled by government,bitcoin awareness also needed.

StevenRA

member

Activity: 91

Merit: 10

Quote from: n691309 on July 20, 2017, 02:30:36 AM

Quote from: concept2 on July 18, 2017, 12:05:07 PM

Quote from: khan149 on July 13, 2017, 02:03:23 AM

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.

I do not understand why fluctuations are considered as disadvantage. They are indeed the great essence of bitcoin trading. So far, bitcoins do not have any serious disadvantage. The major drawback is same in my opinion. Rather I consider it cruel that many countries are keeping their public deprived of enjoying amazing features of bitcoins. I hope soon the world will understand the real potential of bitcoins and make them legal.

If you are an investor, fantastic. If you're a small business owner, you don't really want to accept payment in something that could lose half its value the next day.

n691309

legendary

Activity: 1526

Merit: 1001

Quote from: concept2 on July 18, 2017, 12:05:07 PM

Quote from: khan149 on July 13, 2017, 02:03:23 AM

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.

I do not understand why fluctuations are considered as disadvantage. They are indeed the great essence of bitcoin trading. So far, bitcoins do not have any serious disadvantage. The major drawback is same in my opinion. Rather I consider it cruel that many countries are keeping their public deprived of enjoying amazing features of bitcoins. I hope soon the world will understand the real potential of bitcoins and make them legal.

ADA0031

jr. member

Activity: 57

Merit: 10

BTC's disadvantage is: from the traditional financial perspective, it is difficult to price fluctuations such as virtual currency currency reference, it is difficult to cut into the real economy, such as the same car today 6 B tomorrow, 5 coins, the reality of economic impact is too large. 2. technically, BTC is just 1 block chain, block chain function and the future is limitless, there will be more good money there. 3, from the point of view of popularity, it is difficult for ordinary people to recognize, and do not forget that only 400 million people in India can not use electricity.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 42. (Read 76768 times)