Topic: What do you think are the biggest disadvantages of Bitcoin? - page 6. (Read 76757 times)
Some of the adverse values in bitcoin that I see are unacceptable in most places and countries. There is a big 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 is high in transactions which I think is very uneconomical. Also the biggest problem with bitcoin is using Proof of Work. This makes it slow and also makes it a necessary miner to verify transactions that use tons of electricity. In my thinking there is a newer version of crypto will use a much more efficient Proof of Stake. See Cardano. This will be the first true cryptography that uses stock evidence beginning in 2018. Bitcoin is decentralized. So it is not supported by the central government or central bank. Bitcoin is so unstable that it does not guarantee profit because its value can go up or down at any time. Investing in Bitcoin is also very risky because our money could be lost in terms of price reductions based on blockchain technology.
There are some things that are lacking in bitcoin that I see is "unacceptable in most places and countries". there are large price fluctuations, investing in bitcoin has a big risk, most people confuse with bitcoin and do not understand the procedure, the cost of shipping from high bitcoin in transactions that I think is very uneconomic.In addition the biggest problem with bitcoin is using Proof of Work. This makes it slow and also makes it so miners are needed to verify transactions that use tons of electricity. in my mind the newer crypto version will use a much more efficient Proof of Stake. Take a look at Cardano. This will be the first true cryptography using stock evidence beginning in 2018. Bitcoin is decentralized. So it is not supported by central government or central bank. Bitcoin is so unstable that it does not guarantee profit because its value can rise or fall at any time. Investing in Bitcoin is also very risky because our money can be lost in the case of price reduction which is based on blockchain technology.
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.
Price fluctuations are essential in trading bitcoin in a short term basis and this is what keeps bitcoin moving. Due to a lot of people in crypto have been trading altcoin to bitcoin and then, bitcoin to fiat we should expect a long time waiting transaction.
Nevertheless, it is hard to understand if you are just starting but rest assured that once you understand how bitcoin works it will be worth it.
I think the biggest disadvantage that i can see in bitcoin is being not accepted in some country, if you want to send money in your family living in the said country they can't use or accept. Hope that bitcoin will be the global currency so that people around the world will use the same currency.
Unstable prices, we are very difficult to control the movement of bitcoin prices and has not been recognized as a legitimate payment because the type of currency and its value is very different from the value of the currency in some countries.
The only dosadvantage I can see in this cryptocurrency is, since this is anonymous you will never know who does the illegal stuffs and if they do the person behind it will never be caught. not unless that person had used his address in his personal transactions. Though the transactions will be traced up but it requires special skills to identify whose the curpret.
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.
I agree if the high fees is disadvantage of Bitcoin now, also I can see with Bitcoin is its long confirmation to the users that makes everyone irritated, which we do not want, waiting for more than 24 hrs, But the progress of Bitcoin is really good, for sure, I guess once these problem solved by the developer.
I see some disadvantages in bitcoin :
1. Biggest disadvantage which i see is "not acceptable at most of places and countries".
2. There is big fluctuation in price.
3. Invest in bitcoin has big risk.
4. Most of people are confuse for bitcoin and not understanding the procedure.
1. Biggest disadvantage which i see is "not acceptable at most of places and countries".
2. There is big fluctuation in price.
3. Invest in bitcoin has big risk.
4. Most of people are confuse for bitcoin and not understanding the procedure.
maybe price volatility. and there are still many people who have not understood bitcoin.such as when difficulty handling transactions.
The most difficult one to predict is it's value, the volatility of bitcoin, the constant varies of value, the inconsistency of value of bitcoin which makes its investors and traders feel panicked and goes on panicked selling or buying. For me this is the biggest disadvantages of bitcoin, but in other aspects I didn't have any problem so far. 
maybe price volatility. and there are still many people who have not understood bitcoin.such as when difficulty handling transactions.
In my opinion the main disadvantage of bitcoin is its usual volatility. In ordinary currencies losing 1% value in a single day can generate high pressure in local markets, but we can see in the bitcoin market frequent oscillations of 10% or more, and this mean a serious problem to use it as an ordinary currency.
Some could make a mistakes once but we must be careful for the next time, further the non reversible transaction could also be a disadvantage to some but for the majority it is one of the advantage of using bitcoin. That is the security that once we receive the funds after every completion of transaction, we are secured enough that it will not be taken again from us.
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 
Bitcoins is just the same as fiat and it can be used by everyone so it is possible that bitcoins can be used for illegal transactions and terrorist can benefit from hiding the transactions but still, it is just the same as fiat and even physical money can be used by terrorist so they should not ban cryptocurrency because it is helping people in their life.
The biggest issue with bitcoin is that it uses Proof of Work. This makes it slow and also makes it so that miners are needed to verify transactions which use tons of electricity. The newer versions of crypto will use Proof of Stake which is far more efficient. Look at Cardano. This will be the first crypto to properly use proof of stake starting in Q2 2018.
The only disadvantage of bitcoin at a moment is that it is not accepted at offline places like restaurants or malls where we can spend them to buy food or clothes and apart from that I don't see any disadvantages attached with bitcoins.
i think not stable price one of disadvantages and sometimes this is hurt for bitcoin users although huge price increase is happinest for user
The biggest disadvantage of bitcoin is its anonymity. This bitcoin's feature can be abused and use in doing illegal activities.
In my opinion the main disadvantage of bitcoin is its usual volatility. In ordinary currencies losing 1% value in a single day can generate high pressure in local markets, but we can see in the bitcoin market frequent oscillations of 10% or more, and this mean a serious problem to use it as an ordinary currency.
the biggest disadvantage of bitcoin is that criminal transfers large amount of money to buy weapons.
Btc is becoming more popular and the number of people trading so many
bitcoin disadvantages is
1. slow transaction speed
2. Fee is too high
bitcoin disadvantages is
1. slow transaction speed
2. Fee is too high
I have seen quite a number of bitcoin users writing about their own stories on how they got their bitcoins stolen by hackers, I guess one disadvantage of bitcoin would be the constant needs to keep on scanning personal devices against malware or virus in order to safeguard our bitcoin wallet from hackers, this action could be time consuming in the long run but I would rather be safe than sorry.
There are some disadvantages of bitcoin.Transactions fees is very high and is uneconomical.Bitcoin is decentralised. So it is not backed by any Central government or Central Bank.Bitcoin is very volatile so it does not guarantee any profit as its value can either go up or down any moment.Investing in Bitcoin is also very risky as our money can be lost in case there is a decrease in the price.It is based on blockchain technology and there are chances that it can be hacked. 
I have seen quite a number of bitcoin users writing about their own stories on how they got their bitcoins stolen by hackers, I guess one disadvantage of bitcoin would be the constant needs to keep on scanning personal devices against malware or virus in order to safeguard our bitcoin wallet from hackers, this action could be time consuming in the long run but I would rather be safe than sorry.
Jump to: