Topic: What do you think are the biggest disadvantages of Bitcoin? - page 60. (Read 76730 times)
Transaction fees were not an issue before but now that they have escalated to very high levels, it has become a disadvantage for bitcoin because it makes people think twice about spending so much on fees just for their transaction to be prioritized, or risk your transaction not being confirmed. The waiting time for a transaction makes people nervous because of the uncertainty of the confirmations.
in my opnion its the lack of transfer proection, there is no one to monitor the trasnfomration of funds and discuss chargeback and buyter proection so this is a big issue in my opbion
The only disadvantage of bitcoin at a moment is that its usage is very limited and even after having bitcoins in our wallet we cannot use them anywhere like fiat money and that is the biggest drawback of bitcoins.
bitcoin is not actually for that purpose according to my assumptions. i think mostly people from all around the world use it for investment purpose. they sale when price rise and purchase when it goes up and for sale and purchase of goods you can use it but it is accepted every where so, its better to use fait money for that purpose.
The only disadvantage of bitcoin at a moment is that its usage is very limited and even after having bitcoins in our wallet we cannot use them anywhere like fiat money and that is the biggest drawback of bitcoins.
bitcoin is not actually for that purpose according to my assumptions. i think mostly people from all around the world use it for investment purpose. they sale when price rise and purchase when it goes up and for sale and purchase of goods you can use it but it is accepted every where so, its better to use fait money for that purpose. 
Delay in transactions and transactions fees getting higher and higher have become an headache in bitcoins and if the same thing continues in future then there will be many people who will stop using bitcoins for sure.
Personally, I'm starting to think to switch on using Ether. It's been a day, I paid a dollar for my transaction, and it's still unconfirmed. I think the "cheap" transaction fee of bitcoin is long gone. The "fast" transaction is just happening sometimes. Most of the time, I'm waiting for more than a day or two before I can receive my bitcoins. With the increasing price of Ether, and all the new successful coins that have Ethereum contract, I'm thinking that this might actually a better investment. Ether price is increasing and bitcoin price is increasing. Thus, if you're holding Ether, you're going to have even more profit when you convert your money to digital fiat.
The only disadvantage of bitcoin at a moment is that its usage is very limited and even after having bitcoins in our wallet we cannot use them anywhere like fiat money and that is the biggest drawback of bitcoins.
Delay in transactions and transactions fees getting higher and higher have become an headache in bitcoins and if the same thing continues in future then there will be many people who will stop using bitcoins for sure.
The main things that are bitcoins advantages are at the same time its' disadvantages. Independency and decentralization. There is no central body to control and regulate it and in financial world that is almost impossible and not acceptable. Also the speed of transactions could be disadvantage, cause sometimes they are very slow.
Finding decentralization and independency on bitcoin as a disadvantage is somehow the least things you will even think on. Because even with it bitcoin is more profound and good on transaction wise. And the security is much more build because now one will manipulate our transaction and tax. So if the government will regulate it corruption may exist. But I agree on the of the transaction speed. It is indeed the most typical problems bitcoin experiences. But there is no bad thing on long time transaction as long as the transaction is good been done. 
For me the biggest disadvantage people right now is its popularity. Many people do not know yet about bitcoin. Some of them have the idea that it only exist on deepweb which hurts my feelings when i hear those words. They don't know that bitcoin is not illegal and already been helping in many ways. I hope bitcoin will be introduced by media in the future so that more people will know the truth about it.
Popularity is always a main issue on bitcoin but not an disadvantage because its not really a part of it but the main disadvantage of bitcoin is its anonymity feature which people can really make or done illegal stuff because of it.For some it is really a good feature but there are really negative side on bitcoin which we cant really change off thats why some people when they do hear about bitcoin on the first place they will neglect it because media do make bad impressions on public. 
The biggest disadvantages bitcoin has for now I think is the slow time of confirmation of transaction. Sometimes it takes hours or more just because there are too many transactions but I really hope transactions would be faster soon so that we can enjoy bitcoin more. I think if bitcoin transactions are real time no matter how many people use it for transaction daily, people might consider it to be used as replacement for credit cards.
I agree with you, time confirmation of Bitcoin transactions are very slow, sometimes I have to wait 2-3 days to be confirmed but I think this is not the biggest disadvantage of Bitcoin because time to confirm the transaction quickly or slowly depending on your wallet and transaction fee. And so I think the biggest disadvantage of bitcoin is the bitcoin transaction fee and security because if the transaction fee is high, the transaction confirmation time will be fast and vice versa if the transaction fee is low, the transaction confirmation time will be slow. Next is security, I can not find where to keep the bitcoin safe, Bitcoin is easy to be stolenFor me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.
dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?
No, bitcoin does not need hierarchies, that's really not necessary. Because when it does, bitcoin needs to restructure. This will take a lot of time. Meanwhile, today's bitcoin is really powerful enough to grow without any change. That is why segwit is not accepted. And with the current bitcoin, people always love it.
For me the biggest disadvantage people right now is its popularity. Many people do not know yet about bitcoin. Some of them have the idea that it only exist on deepweb which hurts my feelings when i hear those words. They don't know that bitcoin is not illegal and already been helping in many ways. I hope bitcoin will be introduced by media in the future so that more people will know the truth about it.
The biggest disadvantages bitcoin has for now I think is the slow time of confirmation of transaction. Sometimes it takes hours or more just because there are too many transactions but I really hope transactions would be faster soon so that we can enjoy bitcoin more. I think if bitcoin transactions are real time no matter how many people use it for transaction daily, people might consider it to be used as replacement for credit cards.
I agree with you, time confirmation of Bitcoin transactions are very slow, sometimes I have to wait 2-3 days to be confirmed but I think this is not the biggest disadvantage of Bitcoin because time to confirm the transaction quickly or slowly depending on your wallet and transaction fee. And so I think the biggest disadvantage of bitcoin is the bitcoin transaction fee and security because if the transaction fee is high, the transaction confirmation time will be fast and vice versa if the transaction fee is low, the transaction confirmation time will be slow. Next is security, I can not find where to keep the bitcoin safe, Bitcoin is easy to be stolen
The biggest disadvantages bitcoin has for now I think is the slow time of confirmation of transaction. Sometimes it takes hours or more just because there are too many transactions but I really hope transactions would be faster soon so that we can enjoy bitcoin more. I think if bitcoin transactions are real time no matter how many people use it for transaction daily, people might consider it to be used as replacement for credit cards.
For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.
dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?
The only disadvantage I see in bitcoin at a moment is that the usage of bitcoin is very limited and it cannot be used at most of the places for shopping or paying at restaurants as bitcoin is still new to many countries and it will take long time to reach everywhere.
Indeed, although bitcoin is popular at the moment there are not enough investments, like for regular usage which makes it hard for normal people to find a reason to use instead of fiat, and it being used less for things we really need and more for gambling and other things like in the black market, gives it a bad reputation, but I think in the future this will eventually change as it becomes more and more popular.They can't do that simply because they can't. Fiat has been used for purchasing illegal stuffs both online and in real life but here we are. Fiat is as strong as ever. Even when they made drugs illegal, people are still making it. And even when they prohibit the use of fiat for shady transactions, it will still be use for such transactions simply because it has value. Money is a tool to buy something so obviously even with drugs, money will be used. I see no possibility of success of banning bitcoins for being used in shady transactions.
Please, banning bitcoins will only cause people to find out about it and even eventually adopt it. So the government isn't going to do it.
For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.
dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?
For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.
dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?
For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.
Bitcoin as an crypto currency has some features that the users like for example it's decentralized and anonymous feature, you can send money to your client, friend or family without typing to much personal information and it has no rules and regulations in order to send or receive payments.
This why some countries doesn't want to legalize it as a mainstream payment.
This why some countries doesn't want to legalize it as a mainstream payment.
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