Topic: What do you think are the biggest disadvantages of Bitcoin? - page 47. (Read 76758 times)

So that make everyone in every country all over has chance to use Bitcoin is our missions, helping people use Bitcoin or other electronic currencies can provide us good chance to make profit as well as make e-currency community bigger and stronger.

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 anyone

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.

Criminal hackers are laundering money because bitcoin trading is not controlled so many criminals use this currency as a trading method. Hackers can also attack multiple bitcoins and steal.

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.

1. Transactions take ages... Even with high fees, they would take a long time, compared to the insta-payment with services like paypal, skrill, etc!
2. Relatively high transaction fees for small payments. Large transactions would profit a lot from Bitcoin, but small transactions are simply not worth it because of the giant fees.
3. You should understand that for many people, Bitcoin is too hard to understand. I mean... some 1s and 0s are suddenly worth $3000? like W0t! And if people don't understand something, they often don't trust it.
4. Bitcoin is used by criminals: It has been in the news multiple times in my country, as many criminals seem to use Bitcoin. This makes people think it is a criminal currency and well... It's quite obvious that people don't want to use a criminal currency.
5. Fluctuating prices: The prices are rocketing up, then crashing down ALL THE TIME! For many people, that seems too dangerous to put their money into. And then you got the others, who think eZ profits, lose money and then lose trust in Bitcoin... I see this as positive, but it's ofcourse unrealistic to use it as regular payment method... I mean... 1 month your salary is worth $2500/month and the next it's only $1200/month... You see that happening? Anyways, that's what bothers many people.

Many people just don't trust Bitcoin, which really keeps it from growing even more rapidly. Fix these and it will grow far more rapidly. I can assure you that!

Regards,
Trump

The first is not easy to use bitcoin without the knowledge of technology and the real learning about bitcoin is very difficult to use as well as dealing with it.
Secondly, bitcoin prices fluctuate at sharp increase, at sharp decline. Most of the fluctuations in the world that affect electronic money can cause bitcoin prices to fluctuate.

I realize that some things that make Bitcoin unacceptable are as formal as:
- The transaction time is too long
- Loss of transaction fees
- Many unknown
- Involves many unlawful events
- People are accustomed to popular payment methods, they hesitate to change

Bitcoin can survive for a while if more people use it for certain things that they do online and off the Internet. If there is nothing to purchase than there would be no real point to using Bitcoin because there wouldn't be anyone who would want digital junk downloaded onto their computer.

I doubt that. With your example alone, we can conclude that that's not the case in real life. Fiat transactions are all popular. Literally everyone in this world that don't live in some island are having transactions in fiat everyday. Yet, there are still flaws. Fraudsters are still there. Credit cards still get stolen. You can still be scammed or deceived by someone. There's just no perfect system in life and we have to accept that there will never be.

In bitcoin, things like that also happen. All newbies were scammed before. Even the people here that says "Legendary" in their rank were once scammed by a cloud mining company or ponzi. About the customer support, that's never going to happen with bitcoins. You can hire someone to do that but I really doubt that someone can be so powerful on the Internet that he can trace bitcoin transactions and where was the thief from or in which bank did he cash the money out.

Customer supports for bank transfers can easily trace the thief because their system is centralized and their logs shows enough information. In bitcoin, there's just a ledger but no whereabouts.

It keeps people from using it as a currency but obviously people are happy to have it as an asset, the question is can it survive long term as an asset or does it need that real utility?

Its volatility is its chink in the armour. This is what keeps people from doing more with Bitcoin.

if Bitcoin is like a stock on the stock exchange in that speculation is what drives the price, then Bitcoin is being speculated on too much for its own good.

I didn't experience that my wallet gets corrupted because of virus, because I think we can still open our account in other devices, even if our devices gets virus we can still open our account. So we can still retrieve our bitcoin. But you are also right that bitcoin is not yet stable.

Yeaah this is one disadvantage of bitcoin that it is not completely being used by different countries. But I think it's not the biggest disadvantage of bitcoin as once the system was being fixed and everything works perfect that is going to be accepted by countries and they will voluntarily adopt bitcoin whenever they want.

Small transactions nowadays is not advisable as your mBTC's will be eaten by the miners fee. I feel too bad for xapo and I guess they lost a lot of users because of their fees but still I don't know if they can do something about it because they are the only ones who still haven't changed but instead increasing their fees.

We have a risk in both fiat and bitcoin money. But for every problem we have solution. In fiat transaction also some fraud thing will happen example credit card fraud transaction but here we have customer support to get help, this facility we don't have in bitcoin trasnmction. Today we don't have, but in future, i think it will come. So try to make bitcoin famous later all issues will solve automatically.

Unless the person purchasing Bitcoin is using an Altcoin to purchase their goods then the transactions would get through much faster than how it’s going right now. I would try to get more developers into Bitcoin than having a bunch of Altcoins built for no reason though. Bitcoin is very young.

At this particular time, the biggest disadvantage of Bitcoin is simply that it isn't as feasible of a payment as traditional methods such as credit cards or cash.

Some of the advantages of Bitcoin has also turn to be the disadvantage to bitcoin, such as the decentralized nature of bitcoin which makes it's difficult to be controlled and as such can course inflation in an economy. Bitcoin will at the end of the day encourages money laundry most especially from the developing countries to developed nation's in the world.

Right now, we cannot spend out BTC anywhere we want. That is one setback. BTC has yet to really earn the trust of large shopping centers, for example. But it is going there.

Another would be the incredible transaction fee they impose to those who spend BTC. The fee is simply heavy especially if the transaction is not that huge.

Confirmation time is another. We simply cannot waste time waiting for it our whole lives.