Topic: What do you think are the biggest disadvantages of Bitcoin? - page 46. (Read 76730 times)
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.
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 
I see only two concerning matter which actually hindering the growth of bitcoin as well as making it harder to be accepted as a mainstream currency.
1. The slow confirmation time.
2. High transaction fees.
These two roadblocks are actually discouraging people to accept bitcoin in their business and until it is fixed, I don't see any good reason for the bitcoin to become a mainstream currency. It will remain as an investment currency as of now.
If a person wants to buy something with bitcoin, he will have to wait for minimum 30 minutes for the transaction to get confirmed. Also he will have to pay a high fees over and above the price of the goods. So it is a lot easier for anyone to use fiat and complete the trade.
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
The first disadvantage of bitcoin is only used in developed countries, and in other countries not much is known.
The second disadvantage of bitcoin is that it has not been widely used yet some countries have not yet recognized bitcoin.
The third disadvantage of bitcoin usually fluctuates, so users have to be smart in the buying process.
cannot be stop anymore. It's very simple to use it and we are on the digital world so as long as you have the internet
and your country has not restricted bitcoin it will be possible for you.
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 everything has its 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 want to make bit coin’s future safe for long period of 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.
I think the most important things is to accelerate the transaction speed, it can't be implemented by store if the customer need to wait hours to purchase a things and then there is still a lot of people doesn't know what is bitcoin and also the unstable price makes the store difficult to predict the profit
The most important thing is how to accelerate the transaction and also can not be implemented in various stores and if the customers have to wait too long to buy something, many do not understand the bitcoin because its unstable price becomes They lack understanding and difficult to predict
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.
I don't like about bitcoin that its price is constantly changing and it is very difficult to predict its behavior. Also I don't like the fact that very few proposals on trade with bitcoin and the high price of transactions.
Perhaps its tangibility? People are used to a payment system that is physical and can be held and perhaps Bitcoin's lack of a physical form has brought reluctance for people to use. Its probably not yet a mainstream payment system because its not yet that famous (in my country, that is) and cannot be utilized in ways like other payment systems. If it were more accessible and is easy to transact with, then maybe it could become a mainstream payment 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
The first disadvantage of bitcoin is only used in developed countries, and in other countries not much is known.
The second disadvantage of bitcoin is that it has not been widely used yet some countries have not yet recognized bitcoin.
The third disadvantage of bitcoin usually fluctuates, so users have to be smart in the buying process.
The first one is just like everything that was invented in this world.
Computers ? Were they used mainly in the US or in Zambia?
Mobile phone? Japan or Mali?
Credit Cards and Debit cards? Western Europe or Sudan?
Who were driving cars at the beginning of the century? Europeans and Americans or Pakistani?
Who are you expecting to use bitcoin in 3rd world countries when they lack basic stuff like education healthcare and..... electricity.
This is not a disadvantage , it's the way things are.
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.
If we talk about bitcoin deficiency means we are talking about its weakness, I think this is the weakness of bitcoin:
1. Not Stable
Bitcoin is a speculative currency. Currently not enough companies that offer the purchase and sale of products with bitcoin as a means of payment.
2. Very risky lost or stolen
As a virtual currency, bitcoins are encapsulated in the form of digital files or known as wallet files. In use, the wallet file is similar to the cash register function.
But the wallet files stored on the hard disk of your electronic equipment are very vulnerable to damage. In addition, viruses that attack your hard disk can also make stored bitcoins just disappear.
3. Money laundering tool
The use of bitcoin currency is not controlled by the government or authorized financial institution. As a result, such conditions provide great opportunities for criminal activities such as money laundering and tax evasion.
1. Not Stable
Bitcoin is a speculative currency. Currently not enough companies that offer the purchase and sale of products with bitcoin as a means of payment.
2. Very risky lost or stolen
As a virtual currency, bitcoins are encapsulated in the form of digital files or known as wallet files. In use, the wallet file is similar to the cash register function.
But the wallet files stored on the hard disk of your electronic equipment are very vulnerable to damage. In addition, viruses that attack your hard disk can also make stored bitcoins just disappear.
3. Money laundering tool
The use of bitcoin currency is not controlled by the government or authorized financial institution. As a result, such conditions provide great opportunities for criminal activities such as money laundering and tax evasion.
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
The first disadvantage of bitcoin is only used in developed countries, and in other countries not much is known.
The second disadvantage of bitcoin is that it has not been widely used yet some countries have not yet recognized bitcoin.
The third disadvantage of bitcoin usually fluctuates, so users have to be smart in the buying process.
cannot be stop anymore. It's very simple to use it and we are on the digital world so as long as you have the internet
and your country has not restricted bitcoin it will be possible for you.
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
The first disadvantage of bitcoin is only used in developed countries, and in other countries not much is known.
The second disadvantage of bitcoin is that it has not been widely used yet some countries have not yet recognized bitcoin.
The third disadvantage of bitcoin usually fluctuates, so users have to be smart in the buying process.
I think bitcoin has many disadvantages as the market is volatile than bitcoin policies are still heavily modified and many btc transactions change primarily through the network to be vulnerable to hacker misappropriation
All most everything you know about bitcoin, transactions with bitcoin difficultpool, Price bitcoin not stable, Some bitcoin for the guys
There is no disadvantage I can see but there is Secp256k1 bitcoin's algoritm which is suspicious and don't known why satoshi choose this instead of popular one. I think satoshi is employee of nsa, this explains why he chosed to stay anonymous even at the early stage of project and disappeared. Secp256k1 is chosed because of either it has backdoor, it is only one who has not backdoor or it is efficient in terms of speed.
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
Currently longer transaction time is the biggest disadvantage for bitcoin. I wouldn't use bitcoin as a payment method for my business in this conditions.
The another biggest disadvantage is bitcoin's volatile. This keeps people away from using bitcoin as a payment method for their shop.
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
The disadvantage of bitcoin is that the number of bitcoin users is mainly used in developing countries, but in less developed countries, paper money is quite familiar so very few people know about electronic money and there are some people Given that bitcoin is unreliable virtual currency, it is still worrying to use bitcoin.We can find many people who like bitcoin to use it in every country. For me, I would say that bitcoin has numerous feature but we have some disadvantages also likely, recent high transaction fees, less number usage among the people, denctralized money and many more.
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
I think big fees and long time transactions confirmed are the biggest disadvantage of Bitcoin because people can not use Bitcoin to buy things by Bitcoin when its fees are too big and they need to wait so long just for the shops to accept their payments. It's not suitable for shopping yet.Jump to: