Topic: What do you think are the biggest disadvantages of Bitcoin? - page 54. (Read 76769 times)
Bitcoin prices are extremely volatile. Confirmation times for transactions in Bitcoin are rising exponentially. Transaction rates themselves are rising exponentially. Thus it is hard to accept BTC for everyday purchases. Moreover, a lot of people don't like change and Bitcoin is completely different to what they have ever experienced. It would be difficult for everyone to use Bitcoin immediately.
I believe one of the biggest disadvantage of Bitcoin is being decentralize and the need of consensus to implement fix, updates and more. This delay bitcoin development since it needs consensus and approval of major population of bitcoin community. Aside from that I cannot see any more disadvantage of Bitcoin.
Decentralization is not the disadvantage of bitcoin but it is the property of bitcoin which is getting more and more users for itself. Many people are keeping their money in bitcoin because they want to keep their money ina place so that it will not have any control by any authority. I guess the biggest is the long waiting for transaction because of the volume of users and blocks that makes transactions slower and the fee that requires to make it fast. The fee is so unreasonable in my part, actually it is okay to pay fee but not too much sometime it is hard to send small amount coin to a friend because of the high fee requirements.
I hope you can solve it when you make it on your own.
Nowadays the time of transaction is not much higher but if you will pay a normal fees then you will get confirmed the first confirmation within a few minutes. and for lower transaction it is a little hard nowadays but you can use lower fees wallets for that. I hope you can solve it when you make it on your own.
At present the biggest disadvantage is transaction charge eve for small transaction it's really not acceptable . There is no chances of micro transaction now a days
I felt it too. Thats the reason why other people stop earning bitcoin and starts to earn other alternative coin. People are earning bitcoin to provide their needs and to pay their bills but when they need the money it has been deducted the transaction fees we cant withdraw the whole amount of what we have been earned that is the disadvantage of bitcoin now.
The fees, the speed and some online wallets and exchanges bad practices.
You are right that for some people the fees is a problem nowadays especially for hose people who have to transact smaller amount of bitcoins but I hope hat it will be solved sooner. And for he online wallets and exchanges I will say that we have to join only those web wallets and exchanges which will be more trusted in the community and which will have positive reviews by the community .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 
OMG transaction's speed is so awfull!!!! If im not mistake ETH has much faster one
The fees, the speed and some online wallets and exchanges bad practices.
You are right that for some people the fees is a problem nowadays especially for hose people who have to transact smaller amount of bitcoins but I hope hat it will be solved sooner. And for he online wallets and exchanges I will say that we have to join only those web wallets and exchanges which will be more trusted in the community and which will have positive reviews by the community .Trust is not the issue here. We can give trust to any exchanges but we aren't sure if exchanges will return the favor. No matter how regulated they are there are still chances that we can turned into fraud and do shit for us. It's easy for an exchanges to build reputation and gather positive reviews if they will do their services really good. But still it will not erase the fact that they are still prone to fraud.
That's why only use exchanges when needed and not as long time partner to rely your bitcoins there. It's a good practice to learn other web wallets which is outside the premises of web exchanges.
A time for which I need to wait.
Just joke
On my mind the workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?
So I think there are some disadvantages but they are "minor" comparing with all advantages!
Be positive!:)
Just joke
On my mind the workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?
So I think there are some disadvantages but they are "minor" comparing with all advantages!
Be positive!:)
IMHO the biggest disadvantages of Bitcoin is the tx waiting times and high transaction fees am sure other problems other than these will be easier
to fix after the planned fork
to fix after the planned fork
I totally agree. The high transaction fees really put a pressure on bitcoin users to find alternatives specially in doing small payments. I think the design was flawed from the very beginning on bitcoin. Although I assume that Satosh didn't though about that his invention will surge like this in the future that is why he pegged the block size to 1 MB only.
How many times have the people said that the block and the confirmation time were not set in stone by Satoshi ?
Bitcoin was designed to be not only scalable but also improved.
There are a numbers of ways that the tx problems was supposed to be solved and this was discussed from a long time ago but it seems that the ego of a few morons is more important that thousand of users.
The fees, the speed and some online wallets and exchanges bad practices.
You are right that for some people the fees is a problem nowadays especially for hose people who have to transact smaller amount of bitcoins but I hope hat it will be solved sooner. And for he online wallets and exchanges I will say that we have to join only those web wallets and exchanges which will be more trusted in the community and which will have positive reviews by the community . IMHO the biggest disadvantages of Bitcoin is the tx waiting times and high transaction fees am sure other problems other than these will be easier
to fix after the planned fork
to fix after the planned fork
I totally agree. The high transaction fees really put a pressure on bitcoin users to find alternatives specially in doing small payments. I think the design was flawed from the very beginning on bitcoin. Although I assume that Satosh didn't though about that his invention will surge like this in the future that is why he pegged the block size to 1 MB only.
I believe one of the biggest disadvantage of Bitcoin is being decentralize and the need of consensus to implement fix, updates and more. This delay bitcoin development since it needs consensus and approval of major population of bitcoin community. Aside from that I cannot see any more disadvantage of Bitcoin.
everyone has their own choice but to me it is one of the most big advantage that bitcoin is decentralize, it is the best property of bitcoin that bitcoin is not restricted to some area but one can use it anywhere in the world without changing it in to any other currency, because bitcoin is a decentralize currency and its value is the same throughout the world, we can use it in any corner of the world and we do not need to convert it in to the local currency of the country where we are doing shopping etc. 
IMHO the biggest disadvantages of Bitcoin is the tx waiting times and high transaction fees am sure other problems other than these will be easier
to fix after the planned fork
to fix after the planned fork
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
The major problem here is the time it takes to confirm a transaction. Transaction confirmation has been a pain for some people. Some waits for days just to see their transaction confirmed. Some even uses a third party just to boost the confirmation process but with a price of additional fees. And since the transaction with higher fee are prioritized by miners, another problem arises which is the very high transaction fees. This should be resolved immediately.
The biggest right now would be the transaction fees since it's quite a lot compared to what Visa and Paypal has for every transaction that we make on their platforms. 76k satoshis or almost $2 is already a large sum if you are going to just send a few dollars that should be confirmed within the next block. That's quite awful and too much, literally killing the concept of bitcoin as the king of micro-transactions.
At present the biggest disadvantage is transaction charge eve for small transaction it's really not acceptable . There is no chances of micro transaction now a days
I believe one of the biggest disadvantage of Bitcoin is being decentralize and the need of consensus to implement fix, updates and more. This delay bitcoin development since it needs consensus and approval of major population of bitcoin community. Aside from that I cannot see any more disadvantage of Bitcoin.
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.
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.
There's this new coin called Potcoin and it's being promoted by Dennis Rodman. It seems like a solid project since a lot of people are supporting marijuana. The whole point of the coin is to serve as a bank for the cannabis industry. The anonymity privilege will surely be heavily used in there.
Even when that becomes a success, I really doubt that the amount of illegal transactions going on in bitcoins and in potcoin will ever surpass the amount of illegal transactions going on in the real world with payments in terms of cash. AFAIK, cash even gives you better anonymity since it doesn't have any public ledger unlike bitcoins.
And there is a special place in hell for people that promote shitcoins in the bitcoin only part of the forum.
Take your pot and your coin and go straight to the alt forum.
And before you go, the idea of a coin serving as a bank for anything in this world is stupid.
Just think twice about the logic of it?
Do you go to your bank to exchange usd for toiletcoin when you buy toilet paper?
Right now the biggest disadvantages are: high fees, low transaction speed and the fact that changing fiat into BTC and vice-versa is still pretty complicated and requires lots of approvals/verifications.
The last part is not the fault of bitcoin.
It's mostly the exchange/banks/laws that are in place.
BTC<>BTC transactions don't require verification.
I guess the biggest is the long waiting for transaction because of the volume of users and blocks that makes transactions slower and the fee that requires to make it fast. The fee is so unreasonable in my part, actually it is okay to pay fee but not too much sometime it is hard to send small amount coin to a friend because of the high fee requirements.
I hope you can solve it when you make it on your own.
I hope you can solve it when you make it on your own.
Right now the biggest disadvantages are: high fees, low transaction speed and the fact that changing fiat into BTC and vice-versa is still pretty complicated and requires lots of approvals/verifications.
Jump to: