Topic: What do you think are the biggest disadvantages of Bitcoin? - page 61. (Read 76730 times)
I can't see the disadvantages of bitcoin because at first that i use bitcoin it has been a big advantage to me it helps me to pay my bills on house. But i only see the biggest problem about bitcoin is that the price of it is not stable sometimes the price of bitcoin decreases and sometimes it increases.
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.
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. 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 biggest disadvantages is the amount of fees every transactions and we cannot see it nor hold it, literally it is the major disadvantages of bitcoins I think.
Biggest problem with bitcoin is deflation, im not sure if this would be a real threat but it one day could be.
There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's would've been better just by holding onto their Bitcoins instead of recklessly spending them.
That isn't a disadvantage to consider.
Although I don't get the point of your last statement, it's clearly that the concern you had there is a general behaviour and not as a direct thing related to the whole context of using bitcoin.
Also, you said that some people don't know how to hold coins and others know. Mate people have different views why some of them preferred holding and others don't. If their strategy works for them then we have nothing to do with it and just stick with our own way to deal with the current bitcoin price movement.
Many people choose to hold bitcoin because of limitations of their knowledge in trading and other bitcoin business. If this is said bitcoin disadvantages-wrong because it doesn't affect the actual price at all, it obviously benefits them because it refers to the rising bitcoin price trend and they not do any risk business and they call it fixed assets.
There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's would've been better just by holding onto their Bitcoins instead of recklessly spending them.
That isn't a disadvantage to consider.
Although I don't get the point of your last statement, it's clearly that the concern you had there is a general behaviour and not as a direct thing related to the whole context of using bitcoin.
Also, you said that some people don't know how to hold coins and others know. Mate people have different views why some of them preferred holding and others don't. If their strategy works for them then we have nothing to do with it and just stick with our own way to deal with the current bitcoin price movement.
There is a bunch of disadvantages with Bitcoin, in fact there is just too many to really count out if I had to really go into it.
There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's would've been better just by holding onto their Bitcoins instead of recklessly spending them.
There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's would've been better just by holding onto their Bitcoins instead of recklessly spending them.
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.
Your so called disadvantage or personal problem can be solve easily. By simply converting your Bitcoin into Fiat you are not only solving your but also will make you save a lot of time. Because the confirmation time of sending Bitcoin as a payment is long in which you will also consider a problem. If you convert your Bitcoin to Fiat you are hitting two birds with one stone. 
It is apparently the confirmation times. No one wants to wait for the pending status or the transaction to be approved by miners for an hour. We are facing with the most important and innocent issue in Bitcoin.
Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
Yep it is one of the disadvantages of Bitcoin. In addition, the disadvantage of Bitcoin is its questionable things it possess which some people might just move backward maybe they are scared that Bitcoin might just be a scam but this ignorance can be treated actually by educating thyself.If bitcoin is questionable, then what about the government's currency. They get a good part of your income. They get even more money from you buying stuffs anywhere. Tax is everywhere and only a few people knows how to evade taxation. Most of them are rich people. If people are going to educate themselves, might as well educate themselves about the absurd/obsolete fiat system. Everyone's working for the government and most government just put the tax collected in their own pockets.
PS: Almost everything can be looked as a scam if you wanted to, especially when it's about money. People just can't be convinced that this thing is legit because of the abundant scam going on online.
Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
Yep it is one of the disadvantages of Bitcoin. In addition, the disadvantage of Bitcoin is its questionable things it possess which some people might just move backward maybe they are scared that Bitcoin might just be a scam but this ignorance can be treated actually by educating thyself.
Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
Yep it is one of the disadvantages of Bitcoin. In addition, the disadvantage of Bitcoin is its questionable things it possess which some people might just move backward maybe they are scared that Bitcoin might just be a scam but this ignorance can be treated actually by educating thyself. 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 would not consider that as a disadvantage of bitcoin, that is a disadvantage for the owner of such businesses. It is the decision of the owner of the business whether to accept bitcoin or not. Another thing, why offline? Isn't bitcoin transactions are made online? I haven't seen nor heard about having bitcoin transaction offline.
Then it is still not a disadvantage of bitcoin. Would you even complain if you go to another country and pay products there using your local currency instead of theirs and they did not accept your payment? Of course not. Even if you say that money is meant to be spent as much as you want and saying that bitcoin is money. Your local currency is money and their local currency is also money. You must adjust to what type of payment the merchant wants and will not say that "this is also money." Do you get my point here?.
I claimed that that was a disadvantage of the owner of the business because they do not accept bitcoin as payment or do not even know what bitcoin is. If they accepts bitcoin as payment then the bitcoin they received may increase in value over time so this is what I meant about that disadvantage.
Bitcoin and local currency are two different things and you can't use the first one as an observation to conclude the other one. Your local currency might not be accepted in other countries but your own country will be always accepting it. Bitcoin, on the other hand, don't have a nation that will always accept it. No country use bitcoin as a payment method and the only way for you to ever use it directly for payment is to find the right store/shop.
We are talking about the nonacceptance of bitcoin on some businesses/stores and I claimed that this is not a disadvantage of bitcoin at all. Well I agree that bitcoin and local currency are different things, however, they are both accepted in a transaction or as a mode of payment so it is legit to base my thoughts on local currency because they (btc & local currency) have the same principle, they have the same concept. So what if other merchants do not accept bitcoin at all, can you consider this as a disadvantage of bitcoin? Hell no. It is in the matter of choice and if they do not take bitcoin then that's it. Do not blame bitcoin for that. Find another store that accepts bitcoin, as easy as that.
Because they have the same principle? How long of an argument this would be?
Bitcoin is so different than fiat when it comes to principle/concept.This is the basic apples and oranges are both fruits but they definitely are two different things. (You should read about it) How come that bitcoin not being accepted by the merchants isn't a disadvantage? It definitely is a disadvantage since you have to convert your bitcoins to digital fiat first and then convert them to paper money before you can ever use it. "Find another store" is an absurd solution since there's not that much stores accepting bitcoins around. If you already gathered the stuffs that you're going to buy then you saw that they are not accepting bitcoins, are you going to find another store, gather the same stuffs again, and then pay with bitcoins? And if you're going to say "check the store first if they are accepting bitcoins", well, good luck with that. You'll reach USA before you can ever find one.
It's causing you problems/hassles, thus, it's a disadvantage.
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.
The establishment doesnt like it and tries to destroy it. By regulation or subvertion.
For me, the most pressing issue is the lack of government recognition and vagueness of the tax implementations. I am living in a third world country, and here none of the guys in the income tax department have ever heard about Bitcoin. I don't know how much tax I need to pay.
I think you should consult some good chartered accountant as he will be surely aware about bitcoins and he will guide you in the best possible way and will let you know how much tax you have to pay depending on the income that you have in bitcoins.
For me, the most pressing issue is the lack of government recognition and vagueness of the tax implementations. I am living in a third world country, and here none of the guys in the income tax department have ever heard about Bitcoin. I don't know how much tax I need to pay.
Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
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 would not consider that as a disadvantage of bitcoin, that is a disadvantage for the owner of such businesses. It is the decision of the owner of the business whether to accept bitcoin or not. Another thing, why offline? Isn't bitcoin transactions are made online? I haven't seen nor heard about having bitcoin transaction offline.
Then it is still not a disadvantage of bitcoin. Would you even complain if you go to another country and pay products there using your local currency instead of theirs and they did not accept your payment? Of course not. Even if you say that money is meant to be spent as much as you want and saying that bitcoin is money. Your local currency is money and their local currency is also money. You must adjust to what type of payment the merchant wants and will not say that "this is also money." Do you get my point here?.
I claimed that that was a disadvantage of the owner of the business because they do not accept bitcoin as payment or do not even know what bitcoin is. If they accepts bitcoin as payment then the bitcoin they received may increase in value over time so this is what I meant about that disadvantage.
Bitcoin and local currency are two different things and you can't use the first one as an observation to conclude the other one. Your local currency might not be accepted in other countries but your own country will be always accepting it. Bitcoin, on the other hand, don't have a nation that will always accept it. No country use bitcoin as a payment method and the only way for you to ever use it directly for payment is to find the right store/shop.
We are talking about the nonacceptance of bitcoin on some businesses/stores and I claimed that this is not a disadvantage of bitcoin at all. Well I agree that bitcoin and local currency are different things, however, they are both accepted in a transaction or as a mode of payment so it is legit to base my thoughts on local currency because they (btc & local currency) have the same principle, they have the same concept. So what if other merchants do not accept bitcoin at all, can you consider this as a disadvantage of bitcoin? Hell no. It is in the matter of choice and if they do not take bitcoin then that's it. Do not blame bitcoin for that. Find another store that accepts bitcoin, as easy as that.
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