Topic: What do you think are the biggest disadvantages of Bitcoin? - page 5. (Read 76757 times)
First, the price of Bitcoin floats too much and is not suitable for currency trading. Second, the national conditions of many countries are not suitable for the promotion of Bitcoin, which is why many countries have banned bitcoin transactions.
I think 
the greatest drawback of bitcoin now is we can not spend it locally yet but rather I am trusting that this will be accessible soon. At that point likewise drawback is there is no physical coin that more individuals dislikes it
the greatest drawback of bitcoin now is we can not spend it locally yet but rather I am trusting that this will be accessible soon. At that point likewise drawback is there is no physical coin that more individuals dislikes it 
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.And No Physical Form
Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.
Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.
Blockchain is open, and everyone sees everything. Thus, blockchain has no real anonymity. The electricity used is in huge amounts and expensive. Don’t forget the expensive custom mining equipment, which is almost useless for any purpose other than mining bitcoins. These are just few...
I think the biggest disadvantages of Bitcoin is volatility. Because of many different factors, the price of btc changes daily. The factors affecting price volatility are numerous and often it is not possible to predict what will happen next.
For me the biggest disavantage to a global distribution is that one can not buy bitcoins easily. Solve that and you will have many many newcomers.
I think the biggest disadvantages of Bitcoin are illegal activities. The anonymous nature of btc can't go without misuse. Bitcoin could be used for money laundering, weapons and drug buying/selling
The main disadvantage of bitcoin is the lack of legal protection. At the moment in many countries it is not even considered a real currency.
This currency network isn’t famous to folks. Hence, they have to understand regarding this digital currency. At present, only a number of businesses will use this digital currency.
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 
Bitcoin's anonymity is one of its best feature and also I think it is the one that give Bitcoin some drawbacks. Because of this feature, Bitcoin is being used in illegal activities such us illegal drug trade, illegal gambling, money laundering 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 the biggest disadvantage is the bitcoin of its speed is very slow, we need to spend a lot of time waiting for it to the bill, it deals need to the Internet, this limits the bitcoin next to become the realization of a kind of legal tender
I think the being decentralized is the biggest disadvantage of Bitcoin. Being decentralized slow things down when it comes to decision and modification especially implementing fix and upgrades. It needs consensus and as we see, it takes years before one good upgrade to be implemented.
Instability in price, Also I observed I think the biggest disadvantage of bitcoin is so slow to confirm the transactions. Mine is receving that took 2days to be confirm. We all know that many users had used bitcoin but hoping this will be resolved immediately. Also, I think the disadvantage if by collecting high fees people will find other ways to use not bitcoin because of high fees.
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
As each coin has two sides, BTC having numerous of advantages still possess some negative points that still discourages people from using BTC. There is no such regulating or governing body over it and this made some social evils to misuse it and they use it for terrorism and other illegal activities but once BTC has been centralized, this issue has been sorted and everyone can use it without any fear. 
Besides the internet issue about speed, there is just one big disadvantage at bitcoin that is not be mainstream, this affects bitcoin, it damage it, since people consider it a dark currency. If we reach mainstream we will be able to spend our bitcoins anywhere, anytime, something we cant do, atleast not directly. The confirmation time its another small issue that should have some improvement over the next years to make bitcoin more atractive as payment option.
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
For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution. 
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 the biggest disadvantages of bitcoin is the internet connection. Once you don't have a data connection in the internet we cannot earn bitcoin, and if ever you have an internet which you can monitor what is going in the update about it, the fluctuation is the next problem into or transaction in bitcoin in any exchange sites.
To be accepted as a primary form of payment bitcoin should remove the bad rating on bitcoin that I see that is not yet acceptable in many places and countries. There is a large price fluctuation, investing in bitcoin has a big risk, most people are confused with bitcoin and do not understand the procedure. Bitcoin is decentralized, so it is not supported by the central government or central bank. Bitcoin is also so unstable that it can not guarantee profits because its value can rise or fall at any time, in addition to investing in Bitcoin is also very risky because our money can be lost in terms of price reductions.
What prevents Bitcoin from being accepted as a primary form of payment is the bad judgment on bitcoin I see that is not yet acceptable in many places and countries. There is a large price fluctuation, investing in bitcoin has a big risk, most people are confused with bitcoin and do not understand the procedure, the cost of shipping from bitcoin high in transactions that I think is very detrimental to blockchain users. Bitcoin is decentralized, so it is not supported by the central government or central bank. Bitcoin is also so unstable that it can not guarantee profits because its value can rise or fall at any time, in addition to investing in Bitcoin is also very risky because our money can be lost in terms of price reductions.
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
Do we have any update on this plan? Was this realized? Or it simply did not materialize? It seems that until now Bitcoin's blockchain is still the most efficient and widely used. As far as drawbacks are concerned though, we have already heard and read over and over again the complaints against fees and slow confirmation time. Aside from that, we also have to face the fact that Bitcoin-accepting shops are not as ubiquitous as we would like them to be.
Jump to: