What do you think are the biggest disadvantages of Bitcoin? - page 44.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: Rostadom on July 11, 2017, 07:41:41 AM

Quote from: Tipsters on July 09, 2017, 12:26:38 AM

I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down.

So what are you proposing for bitcoin to happen? Bitcoin having a stable price will be impossible. The price of something will always fluctuate. Even the fruits and vegetables in a grocery store have a fluctuating price and their price is based on the supply. If the product is in season, then the price will be relatively low. Bitcoin is based on demand because the supply isn't increasing so much. To have a stable price, bitcoin also need to have a steady demand.

Or should bitcoin be just in upward trend so we can all make money from it? That's also impossible to happen. No market has nothing but more people having interest about it and buying more and more and never selling anything.

All prices do really move and theres no stability butt we cant compare the price of fruits and vegetables on bitcoin. Movements are too far away even on world currencies they do really differ in terms of volatility. A healthy market do really have decreasing and increasing prices which we can able to see on bitcoin.Some may see its as an advantage and some sees it as an opportunity on earning money.

mamaya

full member

Activity: 168

Merit: 100

Quote from: Haesoo on July 11, 2017, 03:39:19 AM

Quote from: Fatanut on July 06, 2017, 06:01:46 AM

Quote from: bozo333 on July 06, 2017, 04:27:48 AM

No, there are no disadvantages with the Bitcoin. Somebody feels like that the code will be hacked by hackers, then our bitcoins will be stolen, like that. No worries at all, bitcoin is complete secure system.

"Explain the fact that you have to pay more than one dollar for a one dollar transaction."
"Explain the fact that everyone's uncertain about what's going to happen to bitcoin after August 1."
"Explain how mining bitcoin is only profitable to people that are already rich in real life."
"Explain how we have to wait days before out transaction gets confirmed despite putting enough transaction fee."

That's just the very limited questions that you will have if ever you make a thread out there saying that bitcoin has no disadvantage. Everything has a flaw and bitcoin is not an exception.

Indeed. These are the hindrances of why bitcoin is not widely accepted. Let's accept these facts and don't just get blind. Maybe bitcoin is popular but its not yet ready for the world because the issues needed to be resolve.

Thankfully they are actively trying to resolve these issues, except the community is very slow to accept and implement proposed improvements. Its both one of bitcoins features as well as its main disadvantage, how immutable it is and how difficult it is to change it.

Rostadom

hero member

Activity: 713

Merit: 501

Quote from: Tipsters on July 09, 2017, 12:26:38 AM

I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down.

So what are you proposing for bitcoin to happen? Bitcoin having a stable price will be impossible. The price of something will always fluctuate. Even the fruits and vegetables in a grocery store have a fluctuating price and their price is based on the supply. If the product is in season, then the price will be relatively low. Bitcoin is based on demand because the supply isn't increasing so much. To have a stable price, bitcoin also need to have a steady demand.

Or should bitcoin be just in upward trend so we can all make money from it? That's also impossible to happen. No market has nothing but more people having interest about it and buying more and more and never selling anything.

Haesoo

full member

Activity: 154

Merit: 100

Quote from: Fatanut on July 06, 2017, 06:01:46 AM

Quote from: bozo333 on July 06, 2017, 04:27:48 AM

No, there are no disadvantages with the Bitcoin. Somebody feels like that the code will be hacked by hackers, then our bitcoins will be stolen, like that. No worries at all, bitcoin is complete secure system.

"Explain the fact that you have to pay more than one dollar for a one dollar transaction."
"Explain the fact that everyone's uncertain about what's going to happen to bitcoin after August 1."
"Explain how mining bitcoin is only profitable to people that are already rich in real life."
"Explain how we have to wait days before out transaction gets confirmed despite putting enough transaction fee."

That's just the very limited questions that you will have if ever you make a thread out there saying that bitcoin has no disadvantage. Everything has a flaw and bitcoin is not an exception.

Indeed. These are the hindrances of why bitcoin is not widely accepted. Let's accept these facts and don't just get blind. Maybe bitcoin is popular but its not yet ready for the world because the issues needed to be resolve.

speem28

sr. member

Activity: 546

Merit: 255

Quote from: Tipsters on July 09, 2017, 12:26:38 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 the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak.

Yes, bitcoin's price volatility is one of the biggest disadvantages of bitcoin and it is also hard to anticipate when will the price fluctuates.If this problem can be solved, of course, there will be a price stability and it will be much better for us bitcoin users. Though this may seem difficult to solve because the price of bitcoin depends on the supply and demand of people for bitcoin.

ladydark

hero member

Activity: 686

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

High transaction fee was main disadvantage.But now,it has almost been solved.Now price volatility is the main problem.It will still continue to exist.It could not be solved.It is the main reason due to which bitcoin has not been accepted as primary currency.Price volatility is mainly due to the decentralized nature of bitcoin.

andrei56

sr. member

Activity: 840

Merit: 254

Quote from: chocolah29 on July 07, 2017, 09:26:20 PM

Quote from: andrei56 on July 07, 2017, 06:10:00 PM

Quote from: surtur22 on July 04, 2017, 07:39:09 AM

I don't find anything that prevent major mainstream adoption which is happening day by day, the biggest original difficulty is the price of bitcoin but it doesn't matter since it can be broken to as many small pieces as necessary.
Even the confirmations isn't an issue IMO, Few minutes are within acceptable waiting time.

A few minutes is a lot if you are buying something in a vending machine, or when you are buying groceries at the store, bitcoin right now works very well for payments over the Internet where you have a few hours to get a confirmation, but it is not ready for the real world.

Yeah also when you happen to go to some fast food chain and you ordered a meal and it just took so long before you can eat just because of long waiting of transaction. Like wth! Better to use cash instead of bitcoin. Maybe this is one of the hindrances that prevent bitcoin to widely be accepted.

To be honest that does not bother me that much, it would be nice to be able to do so, but at the end I care more about the protections that bitcoin gives, like the fact that no one can take our money from us without our consent, or the fact that you can move huge sums of money and no one can know, unlike other payment methods, like cash, gold jewelry or even traveler checks.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: youdacapt on July 10, 2017, 09:02:00 AM

Quote from: JohnBitCo on July 09, 2017, 01:23:31 PM

Quote from: Tipsters on July 09, 2017, 12:26:38 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 the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak.

For a normal user of bitcoin this can be a disadvantage that price is not stable and you never know if the bitcoin price will rise or crash, but for the trader point of view who is actually trading the coins, this is the best thing for them to gather instant profits by right time sell/buy of the coins.

Many traders will agree with you, extreme price fluctuations can generate huge profits for speculators, the point is not to eliminate the value of bitcoin. In a trading business, if we want bitcoin price to go up, it must be ready with the opposite, no currency moves smoothly like gold. If price movements are stable, bitcoin will never reach its prime.

We cant really make money if the price are stable and traders will surely go out on this field since making money would be less compared into more volatile thing just like on bitcoin. Some may see this as an disadvantage but for most people this would really also a great feature or thing on making money. The bad thing that i can see on bitcoin is on its anonymity it do really have the negative side which people can use it on creating crimes since transactions are not traceable.

highlandknight

full member

Activity: 150

Merit: 100

Using bitcoin is essential in the present exchange market to save our time and money. Somebody arguing like that the price of the bitcoin varies. The way of thinking is wrong. For example, there are fluctuation is human life, we have to face, it is true & it is life. Similarly, we have to accept the technology as it's have more advantages compared to disadvantages.

youdacapt

sr. member

Activity: 1876

Merit: 295

GOD is TRUE

Quote from: JohnBitCo on July 09, 2017, 01:23:31 PM

Quote from: Tipsters on July 09, 2017, 12:26:38 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 the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak.

For a normal user of bitcoin this can be a disadvantage that price is not stable and you never know if the bitcoin price will rise or crash, but for the trader point of view who is actually trading the coins, this is the best thing for them to gather instant profits by right time sell/buy of the coins.

Many traders will agree with you, extreme price fluctuations can generate huge profits for speculators, the point is not to eliminate the value of bitcoin. In a trading business, if we want bitcoin price to go up, it must be ready with the opposite, no currency moves smoothly like gold. If price movements are stable, bitcoin will never reach its prime.

Fatanut

legendary

Activity: 1008

Merit: 1060

Quote from: Shamie1002 on July 09, 2017, 12:19:44 PM

In my case, Bitcoins are not accepted widely, I think that would be the biggest disadvantage that I can see. Yes, Government is still in the process of adopting it but like myself, I could not fully feel its greatness that would also let me experience to understand more. This is one reason not to rely completely on Bitcoins.
Another thing is yes I agree that everything that was ever made has its flaws. I think that many for sure are insecure of the fame and wealth that Bitcoin have. What if a specific flaw is seen by someone who is willing to make it as a way in ? Scary right ? That is why it is also a disadvantage that it is digital currency.

It actually doesn't matter that much that bitcoin isn't widely accepted because we have a exchanges. When you're going to buy something, simply use an exchange so your money can be then withdrawn via ATMs. After all, once bitcoin is widely accepted, the prices would still be based in fiat. It's basically the same thing. You're just indirectly spending your bitcoins as of now.

Someone can be "insecure" about the fame and wealth of bitcoin but they can't do anything about it. Bitcoin isn't some entity like the famous people out there. For an instance, you got insecure or jealous of your friend because she is famous and wealthy. Then you can defame her by spreading humors and whatnot and that would directly affect her. In bitcoin, all these FUDs are common and irrelevant. People only base things on facts.

PS: If bitcoin has a flaw that can lead for it being destroyed, altcoin devotees should have found it by now and spread it non-stop.

JohnBitCo

sr. member

Activity: 2030

Merit: 356

Quote from: Tipsters on July 09, 2017, 12:26:38 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 the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak.

For a normal user of bitcoin this can be a disadvantage that price is not stable and you never know if the bitcoin price will rise or crash, but for the trader point of view who is actually trading the coins, this is the best thing for them to gather instant profits by right time sell/buy of the coins.

Qunenin

hero member

Activity: 966

Merit: 506

The fact is that Bitcoin is what we wanted it to be, it is virtually uncontrolled and unmanaged and untampered with by our governments. That means that if you accidentally, purposely or whatever send X coins to a person, it is now theirs and whether they stand up to promises made prior to that or not, the money is theirs. We have all lost money to mistakes, issues or scams and we appreciate people sharing that there may be dangers, but no one cares what a member thinks or trusts just because they have some coins under their username.

Shamie1002

full member

Activity: 406

Merit: 102

In my case, Bitcoins are not accepted widely, I think that would be the biggest disadvantage that I can see. Yes, Government is still in the process of adopting it but like myself, I could not fully feel its greatness that would also let me experience to understand more. This is one reason not to rely completely on Bitcoins.
Another thing is yes I agree that everything that was ever made has its flaws. I think that many for sure are insecure of the fame and wealth that Bitcoin have. What if a specific flaw is seen by someone who is willing to make it as a way in ? Scary right ? That is why it is also a disadvantage that it is digital currency.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: stadus on July 03, 2017, 08:18:17 PM

and anyone who knows how to use the internet will be able to understand bitcoin.

Really doubt that.
I think that there are at least 5% of internet users who have no clue how to send a mail.
And probably half of them don't know what cc and bcc means in a mail.

You won't be able to teach everyone how to use bitcoin that easy.

Quote from: chocolah29 on July 07, 2017, 09:26:20 PM

A few minutes is a lot if you are buying something in a vending machine, or when you are buying groceries at the store, bitcoin right now works very well for payments over the Internet where you have a few hours to get a confirmation, but it is not ready for the real world.

Those few minutes might translate in hours if there is a queue in front of the vending machine.

This is some nice info:
http://www.coindesk.com/6-cool-machines-accept-bitcoin/
Almost all of them went out of business.

KingdomHearts

hero member

Activity: 896

Merit: 514

Quote from: frowsiter on July 02, 2017, 08:48:26 AM

I believe it is in its infancy stage and needs many changes to be done. Such as improvements in blockchain technology. There are many holes in the tech and which is making the process very slow. Miners are getting difficulties. The disadvantage of this? Increased mining fees, increased transaction fees and drop in price time to time.

It's an obvious thing that every thing has it's advantages and disadvantages . As bitcoin has helped the public a lot , still there are some certain thing those needs to be changed.

One disadvantage of a bitcoin is that it isn't accepted widely . some particular merchants provide such on online facility for users. we have to widen the circle of bitcoin if we we want to make bitcoin's future safe for long period of time.

Tipsters

sr. member

Activity: 630

Merit: 251

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 disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak.

Kersh768

sr. member

Activity: 658

Merit: 256

Freshdice.com

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

Simply their mining system. It would br better if the confirmation won't take so long but in just minutes so traders and investors won't get interrupted so they can make more business. I hope this thing would be improved so fiat moneu users could shift in this currency.

cyberChevan

member

Activity: 91

Merit: 10

One of the disadvantages of Bitcoin is that not all major countries accept bitcoins. So it's market, though universally big, is somehow limited to those countries who consider it as currency. But in my opinion, in 5 years or so, bitcoin will double or triple its market since we are living in the internet era. Wouldn't you wish you had your hands in these bitcoins during the early years of it's existence? I wish I had!

Boov

sr. member

Activity: 868

Merit: 256

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

People are afraid of change. And this change is very risky since it involves wealth. People are afraid of things they cant control and since bitcoin is decentralized, although it says that everybody controls it, no one actually is in total control of it. Another thing, we are afraid of the unknown. The animosity feature of the bitcoin is also one of its drawbacks. You dont actually know who you are transacting with. It doesnt provide much information. It is not backed up by any security thus making the risk higher. Another thing, and it is more on technical matter. Bitcoin is an internet money. It needs an internet access and in some, i mean many countries, having access is still difficult and their government had other priorities in developingt thier country than that of internet access.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 44. (Read 76758 times)