What do you think are the biggest disadvantages of Bitcoin? - page 52.

Supercrypt

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Quote from: Intersan on June 15, 2017, 03:56:56 PM

There so many benefits of using bitcoin. It is very convenient for online transactions, it can be earn online, it can be used to invest or to trade in exchange of a good profit, it can be stored in an online wallet more secured than having it in cash and etc. Bitcoin is really useful and is going to more useful in the future.

For me, the biggest disadvantage of bitcoin is that it can used anonymously. I know how convenient it is to perform transactions over the internet but I believe that because of that many illegal transactions can be done. Tracing the people behind those illegal transactions would be harder since it had took place anonymously. No personal information have been exchanged in the messages because what they only need is the wallet address to perform such acts.

The ratio of the illegal transaction is more in the fiat as compare to bitcoin. The anonymity is basically a strength of bitcoin which is good in a sense that no one knows that you are the person holding how much wealth in the form of bitcoin and you are easy to go with your life.

If it was then the international drugs and arms dealers may have chosen bitcoin but still if you look at some studies you will find that it is the US dollar mostly preferred for the illegal transactions.

Finestream

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Quote from: Azkabal on June 21, 2017, 12:01:44 AM

The main advantage and as well the disadvantage of bitcoin is its instability. You do not know when there will be a new sharp jump in its value.

Then learn to make disadvantage to favor you, when other people say it's the disadvantage it does not mean that you will see the same.
For me as a trader who regularly do trades, the price volatility is what I am looking, I easily make money when the asset is volatile and because bitcoin is volatile that's why I am loving it, and I know it has disadvantages as well but I love the bright side.

erikmatik

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Bitcoins disadvantages is that not everybody knows about it, it became a hot issue just these days due to its hyper price hike. Also, bitcoin price is quite volatile, it changes from time to time so the equivalent value in physical currencies is erratic, you can use bitcoin to purchase something but bitcoin pricing can make your purchase too good or too pricey. lastly, the conversion fees/transaction fees on bitcoin to physical money is a bit too high, advantages is eaten by the huge fees. if those fees are reasonable in the first place maybe more and more people will use bitcoins to pay for goods and services.

Azkabal

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The main advantage and as well the disadvantage of bitcoin is its instability. You do not know when there will be a new sharp jump in its value.

Cofee.BLUE

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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.

squatz1

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Flying Hellfish is a Commie

Biggest disadvantage at the moment is going to have to be how congested the market is and how expensive it is to actually use Bitcoin on a daily basis. When you compare this to using a credit / debit card, you're really going to be paying more for Bitcoin in TX fees then in credit card fees (Which would be 0 if you're paying your bill on time) In a time where the average fee is from $2-$4 it's really going to be tough to justify using Bitcoin for yourself, and to be able to spread this wonderful tech to people.

This is going to be a big one, and the other one is going to be following along with this as the miners aren't able to come to a conclusion to be able to fix this in a timely manner which is also upsetting to see. I hope this can all be fixed fast to ensure the growth of Bitcoin.

vikkyzenna

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Their throughput. And they are working on it.

ActiveP

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Right now high transaction fees and slow transactions. I do a lot of online work - surveys, GPT websites and I chose to receive my payment in btc. A few years ago it was a great way to receive tiny payments since the fees were only a few cents. Now with the increasing fees, I am thinking of switching to paypal to receive low amounts.

ICObox

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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.

digaran

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Satoshi getting killed or if he's alive, him not contributing directly and let every body know his instance, poor coding skills, not thinking about the 50 years ahead as to what could happened if the electricity to maintain a big mining farm would be equal to the consumption of a city.
Or one could argue why do the miners have freedom over ignoring transactions? because that gives them the power to manipulate the fees then forcing people to seek other alternatives.

wahb

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Quote from: richmcrich on June 20, 2017, 11:07:08 AM

Quote from: chickenado on June 12, 2017, 07:37:25 AM

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

I think the biggest disadvantage of bitcoin is only used online. But I think this is the advantage of bitcoin too. So For me the biggest disadvantage is we can't use this bitcoin to buy in onlineshop company even if this coins value is high.

With one of your reason I agree that the disadvantage of bitcoin is that we cannot buy anything directly from bitcoin. This is true for many of the users it is a problem while being a digital currency which you can only use online and you can’t buy anything online directly from bitcoin.

But the one that it can only be used only is not its disadvantage but it is the strength and it is for to appreciate the online transactions more than the other sort of transactions.

i do not think that it is a disadvantage of bitcoin. bitcoin is created as online currency which can be use for buying and selling any thing. but it is in fact depending on the shop where you are going to spend bitcoin, if they are accepting bitcoin for shopping a product then you can certainly do that. and i am sure that in future when bitcoin will become more and more popular then it will become easy for us to use bitcoin for anything we want to buy.

foxbat

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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

I think the big disadvantage with bitcoin is that many people still do not know their existence. Although in the development stage and quite popular in the payment transactions but bitcoin payments are still banned in some countries. Besides fluctuating prices are also concerns of investors

richmcrich

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Quote from: chickenado on June 12, 2017, 07:37:25 AM

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

I think the biggest disadvantage of bitcoin is only used online. But I think this is the advantage of bitcoin too. So For me the biggest disadvantage is we can't use this bitcoin to buy in onlineshop company even if this coins value is high.

With one of your reason I agree that the disadvantage of bitcoin is that we cannot buy anything directly from bitcoin. This is true for many of the users it is a problem while being a digital currency which you can only use online and you can’t buy anything online directly from bitcoin.

But the one that it can only be used only is not its disadvantage but it is the strength and it is for to appreciate the online transactions more than the other sort of transactions.

peter0425

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

Bitcoins Are Not Widely Accepted

There are a lot of users bitcoin. We only don't know the exact figures. If you think it is not widely accepted, then wait a few more years.

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

Wallets Can Be Lost

If you don't take care of your wallets then is your fault.

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

Bitcoin Valuation Fluctuates

Bitcoin is built on it. If you know how to take advantage of it, you will love bitcoin.

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

No Buyer Protection

Because its anonymous in nature.

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

Risk of Unknown Technical Flaws

I don't know what flaws are you talking about.

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

Built in Deflation

Again. Its part of the nature of bitcoin.

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

No Physical Form

That is why is called "VC" - virtual currency. If you want fiat then you have to convert btc-fiat.

DoublerHunter

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Quote from: gondes21 on June 20, 2017, 10:02:57 AM

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

Bitcoins Are Not Widely Accepted

Wallets Can Be Lost

Bitcoin Valuation Fluctuates

No Buyer Protection

Risk of Unknown Technical Flaws

Built in Deflation

No Physical Form

No Valuation Guarantee

Agree!
Ironically, some of those are also the advantage of bitcoin.

Yeah, the only thing that i see that is an advantage is the Bitcoin Valuation Fluctuates because it is an advantage for me because we can make profits from that by buying low and selling it high and repeating the steps because bitcoin is not always going up and it fluctuates on its price so it is very easy for us to make money and we should not be afraid of that fluctuation.

gondes21

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

Bitcoins Are Not Widely Accepted

Wallets Can Be Lost

Bitcoin Valuation Fluctuates

No Buyer Protection

Risk of Unknown Technical Flaws

Built in Deflation

No Physical Form

No Valuation Guarantee

Agree!
Ironically, some of those are also the advantage of bitcoin.

marcuslong

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

Quote

Bitcoins Are Not Widely Accepted

Bitcoin is widely accepted by different countries but not all countries are using and accepting bitcoin as there secondary currency.

Quote

Wallets Can Be Lost

It can be lost when you don't keep it and also it is your full reponsibility to keep your wallet safe from those attackers or wanting to steal your money from it.

Quote

No Buyer Protection

it is not like paypal that need to have a buyer protection that is why bitcoin is full anynomously if this had a buyer protection then it needs identity.

mihohil

full member

Activity: 406

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Bitcoins Are Not Widely Accepted

Wallets Can Be Lost

Bitcoin Valuation Fluctuates

No Buyer Protection

Risk of Unknown Technical Flaws

Built in Deflation

No Physical Form

No Valuation Guarantee

epitome

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Quote from: erickkyut on June 20, 2017, 08:51:52 AM

For me, the biggest disadvantage of Bitcoin is that even though it is now popular, there are still lots of people who doesn't know a thing about it and aside from that, there are only few establishments that accepts Bitcoin as a mode of payment for the service or products they provide and mostly are online.

It is not a big disadvantage that people are not fully aware of it,the financial sector is aware of this new phenomena and the amount of growth every project is having and expect these sort of investors into every project and if you look most of the recent projects got a ton lot of money and it is simply because these big investors are making use of the opportunity.

Duzter

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Leading Crypto Sports Betting & Casino Platform

I never find any disadvantage with bitcoin, because when you use it for the goodness you'll surely experience the advantageous part. One's thinking clearly gets reflected with the bitcoin usage and the benefits. Now some has started to describe the increasing transaction fee as the disadvantage.

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