Topic: What do you think are the biggest disadvantages of Bitcoin? - page 45. (Read 76730 times)
imo the biggest disadvantage of BTC is all the drama preventing them from moving ahead
The main problem of bitcoin is that he have not a phisical form. it can be lost if a technical problem come up or when you get hacked.
it's not a wide used currency and still not known well by people around the world.
The fact is that without blood is a currency and a means of payment only for a certain Circle of people. The user community of crypto currency is very limited, despite the fact that the popularity of crypto currency is growing every year. I think that there is no need to hope that Bitcoin will replace real money. it's not a wide used currency and still not known well by people around the world.
The main problem of bitcoin is that he have not a phisical form. it can be lost if a technical problem come up or when you get hacked.
it's not a wide used currency and still not known well by people around the world.
it's not a wide used currency and still not known well by people around the world.
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.
Just look at the very high fees. That is already unreasonable. And sometimes more than 24-hour confirmation, that is another big disadvantage of using bitcoin. And sometimes it really is hard to buy the things you want when the shop, online or actual physical one, do not accept bitcoin as a form of payment.
Internet network that has not got to the area of one of the causes, I dont really see a disadvantages but i think its because of the bitcoin is popular in many people but not too popular all the people there do not know about it And this technology is still not proven in many countries
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.Even the confirmations isn't an issue IMO, Few minutes are within acceptable waiting time.
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.
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.
Yah I agree with that.. Because of the low transactions fee, they use another way and this will be the illegal activities like gambling and what so ever.. But for my country, i think it is implemented now because we are trying to join other country with this..
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.Even the confirmations isn't an issue IMO, Few minutes are within acceptable waiting time.
it cant be use yet for quick transaction like our daily needs , groceries and other stuff..
The price of bitcoin varies widely. The transaction must go through an intermediate step. Most people still do not have bitcoin knowledge. Some countries have not accepted the existence of bitcoin
The disadvantages which you mentioned are not the bigger one and they will be solved sooner without any hard delay. the price varies widely it is because of its initial stage and the more people will adopt it the more stability will occur in bitcoin.
the transaction will also be more better than today.
whenever a person join bitcoin they start to get the knowledge so we only need to inform them about bitcoin and they will get the knowledge themselves.
In the future because of the benefits of bitcoin almost all of the countries will accept the existence of bitcoin.
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. Even the confirmations isn't an issue IMO, Few minutes are within acceptable waiting time.
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.
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.
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 
Because bitcoin lacks security rigor, bitcoin management becomes difficult. And the payment by bitcoin because of that there are many obstacles. Criminals can attack to steal at any time because the internet does not restrict anyoneYou might as well claim that assassins will kill us because they can walk in the streets freely. One thing, hackers don't care about us. If they are going to hack someone for money, they will hack someone that has a large amount of money. You've got 1BTC? You've got 10BTC? No hacker would want that. With the security of bitcoins, they will have to infect the PC of a user before they can ever hack someone. It's really hard to hack someone so they are going to hack someone that is worth hacking.
Criminals can attack anytime but that doesn't mean you will be the target. Fight for yourself and make sure that you have a really clean PC. I would recommend using Linux as an OS because it's much more secure than Windows.
The price of bitcoin varies widely. The transaction must go through an intermediate step. Most people still do not have bitcoin knowledge. Some countries have not accepted the existence of bitcoin
The biggest disadvantage of bitcoin for me, is when it is very volatile, even though there is a lot of people that are wanting for a very volatile price of bitcoin but for some of the users it is an disadvantage for us because it can trigger doubts for bitcoin and it will lead bitcoin for gaining low trust because the price of bitcoin is dumping and pumping.
You said it yourself, the problem is not in bitcoins but in you. It's not that you doubt bitcoins, what you doubt is your survival skills in bitcoin. If bitcoin price goes down, you're panicking because you don't know if you're going to survive that dump. Bitcoin can't do anything about that. It's all on you.
While bitcoin has a lot of advantages, it has some disadvantages too and what I feel is it's (bitcoin's) not having a physical form is also a disadvantage. There's no charge back or reverse transaction in bitcoin which is also a disadvantage you can't reverse the transaction if someone doesn't send you the goods already agreed upon. Another disadvantage which has emerged recently and which might prove to be a threat to the entire bitcoin ecosystem is concentration of bitcoin in hands of few. There might be a few more but these are the ones I wish could be removed.
That's why you have to use escrow or only deal with people that have a good reputation and no negative feedback. Be responsible for yourself. Don't just blame the technology. Everything will always have flaws.
No charge back is a very useful feature for sellers. In Paypal, a lot of sellers lose money because the other end dispute their money. There are even tutorials out there about how to dispute money on Paypal and be get accepted by Paypal all the time. Paypal seems to do no action about the matter.
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.
Even the confirmations isn't an issue IMO, Few minutes are within acceptable waiting time.
Digital QR codes make bitcoin vulnerable to theft. Transmuting digital Bitcoins into a paper medium means the QR code reveals your underlying location. Scanning that QR code means anyone can anonymously steal Bitcoins. That’s the bad part about anonymizing a currency. Masking ownership means no audit trail to recover a thief’s digital fingerprints.
What are you talking about? QR codes are for public addresses. If I'm going to send my bitcoins to you and we're together physically, then I can just scan your QR code instead of copying the text of your address. I don't see a private key that's in QR code. Maybe it's just me or that it doesn't really exist at all. And, if someone can really just steal your bitcoins, then that should have happened a lot of times. Most times people get hacked because their computer is infected with virus or that they accidentally gave their private key to someone. QR code is not in the situation.
You want no audit trail or any public ledger? Then go ahead and use black bytes from Byteball. They don't have any of that. It's completely anonymous.
I think the disadvantages of having bitcoin is first, bitcoin is hard to understand for many people especially those who live where bitcoin is not yet legalize because even the government cannot recognize the real essence of this cryptocurrency to have a great impact to its economy and people. Also having a bitcoin to countries where it is not yet legalize is hard because it is still not accepted as a type of payment. The transaction confirmation really takes a long time that gets its consumer down to their nerve or simply got a little bit mad because of the long waiting.
I don’t think the legal status of bitcoin has to do anything with whether people understand bitcoin or not, in the technical side bitcoin is complex and most people in this forum, including myself, do no understand completely the way it works, but bitcoin is very easy to use, make no mistake about that. 
I think the disadvantages of having bitcoin is first, bitcoin is hard to understand for many people especially those who live where bitcoin is not yet legalize because even the government cannot recognize the real essence of this cryptocurrency to have a great impact to its economy and people. Also having a bitcoin to countries where it is not yet legalize is hard because it is still not accepted as a type of payment. The transaction confirmation really takes a long time that gets its consumer down to their nerve or simply got a little bit mad because of the long waiting.
You do not need to let everyone use bitcoin, there are people who can understand and we should be focusing on educating them.The biggest disadvantage only for me is the loaded network and the high fees, but in terms of education it's good and easy to understand
since it's transparent, and anyone who knows how to use the internet will be able to understand bitcoin.
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