What do you think are the biggest disadvantages of Bitcoin? - page 51.

stadus

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Quote from: Shenzou on June 21, 2017, 07:23:03 PM

the big disadvantge of bitcoin for me is that it is not accessiable by everyone and it can't be used in our every day lives, sure it is still new and people are still not fimalliar with, but for us the people who already use it and know about it need places so we can use them.

The disadvantages you see is not that big to hindrance the success, with time passes by the development shall continue.
One day you will see bitcoin will be widely accepted and it would not be possible if we will not support it now.

Shenzou

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the big disadvantge of bitcoin for me is that it is not accessiable by everyone and it can't be used in our every day lives, sure it is still new and people are still not fimalliar with, but for us the people who already use it and know about it need places so we can use them.

alexnikon911

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A strong enough disadvantage in bitcoin is the lack of an opportunity to understand who makes payment and also the absence of a transaction passes banks, and taxes and also anonymity is a means to financing terrorists or forbidden goods.

bitcoinmasterlord

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Quote from: CraigWrightBTC on June 21, 2017, 01:37:38 PM

I think the biggest disadvantages of bitcoins is fees transaction, bitcoins will be difficult to adopt be currency
because if we send the money should there are no fees must be paid,
bitcoins right now just can be considered as digital asset and not currency, still there are issues on bitcoins
must be fixed for better.

There are a lot of issues in bitcoin. It does not become perfect yet. The transaction fee is a common reason and the confirmation time is also. Other than this we have many issues in bitcoin. We can not get back if you lose our bitcoins in any wallet and there is no support from anyone if we send bitcoins to the wrong address. or if anyone hacks our bitcoin account we don't know how to get back that account. Becasue no customer service like this many issues.

CraigWrightBTC

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I think the biggest disadvantages of bitcoins is fees transaction, bitcoins will be difficult to adopt be currency
because if we send the money should there are no fees must be paid,
bitcoins right now just can be considered as digital asset and not currency, still there are issues on bitcoins
must be fixed for better.

liliiaolivia2017

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Of course it's lack of predictability, anonymity, and inability to verify who makes payment, there are no guarantees of protection against hacking and hacking bitcoins in the network.

Lizzie_Girl

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I think the biggest disadvantage and maybe the only one is the fact that in certain countries there are very few places to spend bitcoins. Other then there I don't really see anything negative about it ? If you really want you can say the fees but they are not there bad I feel it's justified to keep the blockchain moving well.

For people who don't have access to my place to spend Bitcoin should try spending as much as they can online and saw inf the rest for when bitcoin takes off.

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Quote from: bitbob82 on June 21, 2017, 06:25:56 AM

Quote from: ICObox on June 20, 2017, 02:53:23 PM

I think that the high fees are the main obstacle for the massive use of crypto currency. In some countries, you have to pay very large fees when buying a crypto currency or when withdrawing cash. This discourages business and makes it impossible to use crypto currency in everyday life.

the only disadvantage in the present time is the transaction fee, with the passage of time the transaction fee is increasing i hope that this problem will solve on preyority bases which is really creating confusion for the new users.

I hope so too!

But I can not agree that the only problem is fees for internal transactions. In some countries, the cost of entering bitcoin can reach 10-20%. This is the fault of dishonest and greedy exchangers. And if you then have to pay high internal fees, the economic sense of investing in the world of crypto currency is lost!
So the fees are a global problem, not just the problem of internal transactions. We need rules of the game that establish the maximum possible margins - or something like that.

Pinkris128

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Quote from: Juggy777 on November 30, 2016, 05:43:51 AM

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

I agree that transaction fee was one of the big disadvantages of bitcoin because it turns down people to not trust them. Its like a big burden for every user whenever they transact to other because of its fee.

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Quote from: g2com on November 30, 2016, 05:39:07 AM

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 Wink

The ever increasing transaction fee has become the biggest drawback for bitcoins.It has become an obstacle for bitcoin progress.Transactions with lower fee are stuck without being confirmed.The volatile nature of bitcoin has also made governments to think whether legalize it or not and companies to think whether accept bitcoin payments or not.

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in our country the disadvantages of bitcoin is we cant still use it as payment method in market. we have to exchange it first to fiat and that's what i dont like, but i can resist all that if its price is still increasing, i can just think that im saving my money on a bank and waiting for it to grow till i need my money. but i know that bitcoin will soon be accepted as payment method in our country, since its demand is very high and bit by bit its becoming popular to the people nowadays.

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Quote from: bitbunnny on June 21, 2017, 07:58:29 AM

Probably we all share the same opinion, fees and confirmation time are bigest issues at the moment. But the problem is also that Bitcoin still isn't widely adopted as a payment method and I would also add reduced anonimity for users. But these things could be improved and Bitcoin needs to adjust.

I think the segwit integration will be a solution for most of our problems with BTC right now. An increase in Block size was really needed and it is a good decision in my opinion. I just hope people will understand the change and adopt BTC in life.

Heyyyrenz

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For me i think it's their transaction fee, it's so expensive many people starting with just low investment and when they're going to transfer their money to other wallet it will cost i think 1/4 to 1/2 of the bitcoins that we'll transfer to other wallet (for low investment, no money at all) it's hard for us to grow our money because of the transaction fee and also the transaction time it took a while or i guess many days before it will arrive i think that's the bitcoins biggest disadvantages

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Probably we all share the same opinion, fees and confirmation time are bigest issues at the moment. But the problem is also that Bitcoin still isn't widely adopted as a payment method and I would also add reduced anonimity for users. But these things could be improved and Bitcoin needs to adjust.

choppork

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Quote from: mihohil on June 20, 2017, 09:17:56 AM

Bitcoin Valuation Fluctuates

No Buyer Protection

Built in Deflation

No Physical Form

I removed some of them but are you sure that these are disadvantages? I guess we can consider them as a double-edged sword but they are so easy to take advantage of.

Bitcoin value fluctuation: A lot of people are making money from this. They trade bitcoins and if you become one of them, then you're going to make money as well. It's not that easy to counter this disadvantage since you can just hold when the price is going down.

No buyer protection: You surely did get this idea from Paypal. This feature is being abused by scammers.

Built in deflation: This means that the price will increase over time.

No physical form: Our bank accounts also don't have any physical form yet we trust them as much as we trust fiat. And if you're going to argue that bank accounts can be cashed out as paper money, then so can bitcoin.

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Quote from: LeGaulois on June 21, 2017, 06:37:16 AM

The fees ! It becomes just crazy and with no sense to pay something like 5$ for a transaction. When you are sending 1BTC ok you can say who care (I do) but when you are sending 0.01BTC and pay 0.002 this is something else. Promoting bitcoin with a selling point "bitcoin is cheap to send" doesn't work anymore

Exactly. The frees are just crazy for now. Imagine you're sending $50 and paying $5 as the fee. This is horrible. This should be solved.

Nathland

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Biggest disadvantages of Bitcoin has to be its high transaction fees which makes its use impossible for small transactions. Then we have got the volatility issue of Bitcoin, it's price rise and fall everyday which makes it little unstable. Confirmation time of Bitcoin is also very high

LeGaulois

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The fees ! It becomes just crazy and with no sense to pay something like 5$ for a transaction. When you are sending 1BTC ok you can say who care (I do) but when you are sending 0.01BTC and pay 0.002 this is something else. Promoting bitcoin with a selling point "bitcoin is cheap to send" doesn't work anymore

bitbob82

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Quote from: ICObox on June 20, 2017, 02:53:23 PM

I think that the high fees are the main obstacle for the massive use of crypto currency. In some countries, you have to pay very large fees when buying a crypto currency or when withdrawing cash. This discourages business and makes it impossible to use crypto currency in everyday life.

the only disadvantage in the present time is the transaction fee, with the passage of time the transaction fee is increasing i hope that this problem will solve on preyority bases which is really creating confusion for the new users.

Harlot

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Quote from: Cofee.BLUE on June 20, 2017, 04:45:22 PM

One of the biggest disadvamtage of the bitcoin is its legality.Though it is already used in many countries,there are still some that doesnt give the bitcoin the rights to become legal.Second is the indirect payment using bitcoin,you still need to convert it to buy something but converting it has also a fee.But I know that those disadvantages will improve.

I don't think that legality is as of right now still an issue. With the recent news about developed countries changing views on Bitcoin I think its legality is not a disadvantage anymore. Even though it was illegal before I don't see any actions of the government stopping it like banning the use of Bitcoin in the dark web which has never been tried. Converting Bitcoin to Fiat for me is not a disadvantage or a burden in anyway because of my wallet which has an option to buy my Bitcoin and they will pay via Bank deposit.

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