Topic: What do you think are the biggest disadvantages of Bitcoin? - page 48. (Read 76768 times)

Well given the fact that bitcoin price is not stable, its all normal. I think the biggest hindrance to this is the high fee, slow transaction and the unsecured wallet. Everyone is complaining abou the transaction, like you'd pay a lot but still slow processing. Well I think right now we can't do anything about this, maybe wait for the activation of segwit2x.


The unsecured wallet is another to worry about but better be use offline wallet to this one. We're the one who's always responsible for our lose.

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.

that is fact it has now become very difficult to do small transaction, some time we pay more as a fee that transaction fee. I was using xapo for mobile recharges as it was free at that time and but now I want to recharge my mobile using xapo account I need to pay 2.5 $ transaction fee only for recharging 1$ to my mobile, I think this problem must be solve so that we may become able to do small transaction also.

1) we're getting there
2) so can real wallets
3) really?
4) and it will do for a few years at least but we will find a stable price range in the future
5) nothing has that for real
6) use an escrow
7) same with banks or in case of cash with your pockets
neither does fiat in a lot of countries right now

The most disadvantages aspect for me is the transaction time and the fee for small transactions. If bitcoin want to be accepted widely by merchants, something must be done to shorten the transaction time.

Yeah especially for those people that are using xapo. It looks like they are still not adjusting the payment, it ranges 0.001-0.002 BTC and that's really high. Good thing that in blockchain.info they had adjusted and the highest payment that I did was 268sats/b and it's still acceptable in my end.

Here are some disadvantages noticed by users.

Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Built in Deflation
Bitcoin Valuation Fluctuates
No Valuation Guarantee
No Buyer Protection
Risk of Unknown Technical Flaws
No Physical Form

The biggest disadvantage of bitcoin for me is being anonymous because it is one of the cause why most of the people are doubting bitcoin because when they heard the word bitcoin they will think that it is illegal because they only know that bitcoin is only in the dark web or deep web and they didn't know that bitcoin is being use to that place because of the anonymity but in overall, it is not illegal.

For me as a newbie;
Since every developer is unique so the blockchains are unique in some way. This results in different reaction times in terms of transactions etc. This is another independent variable which makes trading complicating. I like the idea of decentralization but, process times must be more or less equal when you go to an altcoins or exchange from another. This would make cryptocurrencies become more widely accepted.

On the other there is the monetary system created by the ones who hold the power. These are the power concentrated people, who wants their centralized businesses like, weapon, drug and similar industries to be sustainable. You need to change the whole monetary system for success of cryptocurrencies.

I don't think anything specifically as an disadvantage with bitcoin, because I have the hope that this innovation will make lot changes. Right now people describe the transaction fee as an major disadvantage, in my view this too an solvable issue. When the usage increases complications will be there we need time to overcome those factors affecting it.

the biggest disadvantage is: inflatory i.e. speculative nature that brings rich people mixed in bitcoin and they can pay 1000 slaves to make fictive demand at different exchanges and change the value of bitcoin.
they can buy 100 bitcoins for 400 Eur and make small demands with high prices (1000 x 0.0005BTC for 10 Eur, for example), then the value of BTC will jump up and they will sell 100 BTC for 1000 Eur per BTC. then they let the value to fall down, to buy BTC again, and again they make many small demands on the market to push up the value of BTC.

in any case, we can be all agreed that rich predators are mixed in bitcoin already 2 years and even their regulation efforts are bad for ordinary people who don't have 100 000 eur to pay for the license to be legal BTC exchanger in Luxembourg. to become BTC exchanger, it will be hard as for example to get a license for casino. only rich people can get it, nobody else, it means, there will be monopoly who will become legal exchanger.

beside speculative nature of BTC that attracted predators and 1000 slaves to make masters richer, second biggest disadvantage is the topic called exchangers.
centralization of BTC by exchangers, NSA exchangers (coinbase), and now even regulating bitcoin by the law will allow to predators to have monopoly who can become an exchanger, only those who pay big money to the state.

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.

I honestly would never understand the people in here complaining about bitcoin's slow transactions and high fees when they can just switch to using altcoins. This is the classic "This is so shitty. What is this" type of people and the answer has always been "Get out". Get out of bitcoins and start using altcoins. Giveaway campaigns are actually doing that because it's far better to use ETH (or any other altcoins, honestly) than bitcoins when it comes to microtransaction.

Right now, bitcoin is just good when it comes to long term holding. I actually have most of my bitcoins in an offline wallet which I'm not connecting to any computer anymore. I just saved some bitcoins and that's what I use to cash out and some altcoins for small transactions.

My advice, instead of complaining about our situation in bitcoins, learn how to deal with it.

Block size problems. Slow transactions, high fees, not being able to spend it in daily life expenses. Negative news related to it.

As for me the biggest disadvantage looks like If your credit card is stolen or somebody hacks into your bank account there is a good chance you will not lose any money as banks will fix your balance. Even cash can be potentially recovered if the police acts fast. But with Bitcoin if you lose it you lost it for good. There is no mechanism to recover stolen or lost Bitcoins. If somebody hacks into your wallet where you store your Bitcoins you lost them for good. The best way to store your Bitcoins is on disk that is disconnected from the internet.

Well I would not say it's the only one, another for example is that it is not currently suitable for microtransactions  for example in some services you have to reach a minimum amount to be able to withdraw funds and that could sound like an important limitation also, but I do believe that there are still several.

Yes it is that is the major problems or the biggest problems of bitcoiners now. The high fees and the longer transaction time. Even you have been pay for your transaction fee but still you will wait more time. That could be the disadvantage. We cant withdraw it at the right time . We should wait until bitcoin fix this.

I think it's not mainstream because bitcoin is not accepted by many vendors yet, also jobs don't give the option to be paid in bitcoin so finding ways to earn bitcoin is probably hard for some people. Lastly, the value of bitcoin is pretty unstable, which make some question if it should be used.

Currently, transaction fees are way too high, transaction processing time also.

How is that and advantage?
While I agree that if you want fast transaction you must be prepared to pay extra I don't see this as an advantage.
It would have been one if you wouldn't need a large fee to get your payment confirmed in minutes, but as it is like now , no this is more of a weak point than a strong one.
How can users cheat on bitcoin and what the hell means to be "primarily connected to the network" ?
Did you cheat on your English exam too?