What do you think are the biggest disadvantages of Bitcoin? - page 64.

duckydonald

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Quote from: Monnt on April 26, 2017, 01:14:34 PM

Quote from: Marma Kalari on April 24, 2017, 05:38:11 PM

Quote from: Jrock on April 24, 2017, 10:40:54 AM

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.

If you want to use bitcoin in places like restaurants and malls you can take a bitcoin debit card which can be availed through xapo or relevant legit sites and you can spend the money through it,the disadvantage i can tell is the delay in transaction which is frustrating at times when you are trading.

The problem with bitcoin debit cards is they are expensive when it comes to fees, they take monthly fee plus the initial fee for buying it, and if you use it to withdraw money throw ATM they charge you more than 3%, plus we are missing the whole point of using bitcoin, and I think this is the disadvantage of bitcoin is that you can’t use it directly to buy stuff, you either have to exchange it to fiat or go through expensive processing.

Yes using bitcoin debit card for shopping is an expensive affair as the fees are too high and even some debit
cards charges for uploading balance in card and that makes it unattractive as no one will be willing to spend for charges as they can shop freely using their regular debit cards.

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Quote from: Marma Kalari on April 24, 2017, 05:38:11 PM

Quote from: Jrock on April 24, 2017, 10:40:54 AM

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.

If you want to use bitcoin in places like restaurants and malls you can take a bitcoin debit card which can be availed through xapo or relevant legit sites and you can spend the money through it,the disadvantage i can tell is the delay in transaction which is frustrating at times when you are trading.

The problem with bitcoin debit cards is they are expensive when it comes to fees, they take monthly fee plus the initial fee for buying it, and if you use it to withdraw money throw ATM they charge you more than 3%, plus we are missing the whole point of using bitcoin, and I think this is the disadvantage of bitcoin is that you can’t use it directly to buy stuff, you either have to exchange it to fiat or go through expensive processing.

The_Dark_Knight

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Quote from: stripykitteh on April 23, 2017, 06:45:52 PM

Quote from: The_Dark_Knight on April 23, 2017, 04:41:31 PM

The biggest disadvantage of bitcoin is its great instability when it comes to price is not rare to lose 10 to 20 percent of the value of your coins in a single day and that is simply too much, anyone used to investments see those kind of movements in months or years but bitcoin makes moves like that once in a while and that discourages people from using it.

You’re right, the price of Bitcoin is one of the most negative things that Bitcoin can have. Sometimes the price of Bitcoin could get pretty high while that causes more people to get interested and the price would get dumped due to the old timers wanting to cash their Bitcoins out.
I think another disadvantage that Bitcoin has would be the transaction speed as well, though the transaction speed seems very minimal compared to the price of Bitcoin now days.

Those two factors combine to slow adoption by business, the instability on the price is great if you are a day trader trying to make profits but for a business this is bad news since they cannot keep the bitcoin and will need to exchange it for fiat immediately since they need the money.

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Quote from: dirokkl on April 26, 2017, 04:24:41 AM

Quote from: CoinFoxs on April 26, 2017, 03:31:40 AM

Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

Everyone have their own perspective, you thought that price of bitcoin is unstable and no one knows what happens in future but this characteristic of bitcoin is good for investors who always wait for price to decrease so they can buy as much as they can. So I am not count this as a disadvantage.

I agree. This is not a drawback, it is an opportunity to earn as in any other currency. Just in some, the course is more predictable.

Being unstable for the price of bitcoin is a good thing and it is one of the things that makes bitcoin popular. If bitcoin is not stable then its price is still low and no one will get interested for a cheap bitcoin or stock. If you are a good trader and who want to make profits then you will love bitcoin for being unstable.

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Quote from: CoinFoxs on April 26, 2017, 03:31:40 AM

Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

Everyone have their own perspective, you thought that price of bitcoin is unstable and no one knows what happens in future but this characteristic of bitcoin is good for investors who always wait for price to decrease so they can buy as much as they can. So I am not count this as a disadvantage.

I agree. This is not a drawback, it is an opportunity to earn as in any other currency. Just in some, the course is more predictable.

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Quote from: CoinFoxs on April 26, 2017, 03:31:40 AM

Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

Everyone have their own perspective, you thought that price of bitcoin is unstable and no one knows what happens in future but this characteristic of bitcoin is good for investors who always wait for price to decrease so they can buy as much as they can. So I am not count this as a disadvantage.

Even for me, volatility is not a disadvantage. Though it sometimes brings a thought when I had to purchase anything if the price is in $. Though its not a disadvantage. For me the duration was a disadvantage sometimes, but its now quite faster on some transactions.

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Quote from: Wesimon on April 25, 2017, 02:26:54 PM

Quote from: Wandering Soul~ on April 24, 2017, 07:02:56 PM

Quote from: Wesimon on April 24, 2017, 02:52:58 PM

Quote from: Jrock on April 24, 2017, 10:40:54 AM

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.

It is still a disadvantage especially for the bitcoin users . Money is meant to spend and bitcoin is money . What's the point of it if you can't spend it as much as you want . You see people have a limitation since most of the companies especially the big ones doesn't accept it . Yes you can convert it to your local currency but there will be an extra charge of fees . You can also use third parties i.e. bitcoin debit cards but there will also be an extra charge . The best choice will always be to use it directly . So why would this be a disadvantage for the owners of the said businesses? When even if they only accepts fiat not bitcoin but everyone has fiat so payment methods will not really affect them but their service and product will .

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.

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Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

Everyone have their own perspective, you thought that price of bitcoin is unstable and no one knows what happens in future but this characteristic of bitcoin is good for investors who always wait for price to decrease so they can buy as much as they can. So I am not count this as a disadvantage.

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Bitcoin itself emphasizes decentralization and decentralization, but now more and more dependent on the center

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Quote from: Gembul on April 25, 2017, 11:30:51 PM

Quote from: rikybrosh on April 25, 2017, 11:19:26 PM

Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That is just for some people, I think the volatility of bitcoin prices is an advantage for trader. So I do not think that bitcoin price is a dissadvantage.

I think the volatile of bitcoin price can cause the loss or even can give us a profit. So it all depends on us who manage, because if we can read the situation of bitcoin price movement can give a good profit per day. I more agree if the volatile price of bitcoin can causing loss and profit. Thank you

That is quite an obvious senario. If tha value of bitcoin increases then you gain profit ang when the value of bitcoin decreases then you loss money. It is an obvious happening for bitcoin due to its volatily. However, I would not consider bitcoin's volatility as a disadvantage because the users can easily cope with it. If the value increases then the user can convert it to cash if they desire or just hold onto their bitcoin and if the value decreases then the users will just have to wait for it to go up again.

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Quote from: g2com on November 30, 2016, 06:39:07 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 is , not all people knows and accept bitcoin.. bitcoin very vulnarable but don't be sad you can set 2FA to be safety it . for now bitcoin not use in all country yet

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Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That's what happen when a currency's price is truly based on the demands of the market and the ratio of supply:demand is really affecting the price and the whole currency's economic. What I've seen is that majority of people who join bitcoin recently are attracted to its potential of giving decent profit and they consider bitcoin as an investment and not a currency, that's right that normal people who use bitcoin as ordinary currency struggling to keep their value stay at its point.

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Quote from: rikybrosh on April 25, 2017, 11:19:26 PM

Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That is just for some people, I think the volatility of bitcoin prices is an advantage for trader. So I do not think that bitcoin price is a dissadvantage.

I think the volatile of bitcoin price can cause the loss or even can give us a profit. So it all depends on us who manage, because if we can read the situation of bitcoin price movement can give a good profit per day. I more agree if the volatile price of bitcoin can causing loss and profit. Thank you

rikybrosh

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Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That is just for some people, I think the volatility of bitcoin prices is an advantage for trader. So I do not think that bitcoin price is a dissadvantage.

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Quote from: mystole on April 25, 2017, 11:10:59 PM

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

This is actually advantage for a traders since they can use volitality for them to make profit. In digital currency, sudden changes in every coin's value should be expected since its market isn't huge as foreign exchange. Sooner, price of every cons are more lilely to be stable as digital currency has been adopted globaelly.

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The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

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Maybe at the beginning needed some time and attention to learn in which way is used but for the rest none. So is the same like the other money. As for the fact that is not used widely this maybe come from the fact that is not official money. I do not see any important disadvantage of bitcoin. Although the transaction time is litle bit long, but the transaction is world widely. Bitcoin transaction still faster than bank transfer that costly and difficult for transferring money in different bank.

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Quote from: crwth on April 25, 2017, 10:54:01 AM

The main reason, I think that makes Bitcoin disadvantageous is the confirmation of the transactions. It's really hard to make the transaction go faster compared to previous times just because the difficulty is getting harder every time. I think that's one of the main reasons for bitcoin not being wild spread

That is my problem and I only think about it as it's biggest disadvantage, when I need the bitcoin on instant that's when I'm having the problem. But there is a viabtc tool accelerator where we can just make our transactions accelerated though sometimes it's not working for me because there are problems about it.

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Quote from: majeed on April 25, 2017, 11:40:36 AM

Quote from: crwth on April 25, 2017, 10:54:01 AM

The main reason, I think that makes Bitcoin disadvantageous is the confirmation of the transactions. It's really hard to make the transaction go faster compared to previous times just because the difficulty is getting harder every time. I think that's one of the main reasons for bitcoin not being wild spread

In the past, transactions were confirmed very quick due to the small number of Bitcoin users. Nowadays, more and more people start using BItcoin and we can easily see that Bitcoin can not be used by everyone since the blockchain is overload

This type of scenario is inevitable. Since more and more people are engaging to use bitcoin, bottlenecks in bitcoin transaction confirmation will continue to grow. The blockchain and miners have so much improvements to do in order to cope with this problem. Meaning, the widespread of bitcoin now is still impractical if blockchain cannot even handle much transactions per second.

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Quote from: Wandering Soul~ on April 24, 2017, 07:02:56 PM

Quote from: Wesimon on April 24, 2017, 02:52:58 PM

Quote from: Jrock on April 24, 2017, 10:40:54 AM

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.

It is still a disadvantage especially for the bitcoin users . Money is meant to spend and bitcoin is money . What's the point of it if you can't spend it as much as you want . You see people have a limitation since most of the companies especially the big ones doesn't accept it . Yes you can convert it to your local currency but there will be an extra charge of fees . You can also use third parties i.e. bitcoin debit cards but there will also be an extra charge . The best choice will always be to use it directly . So why would this be a disadvantage for the owners of the said businesses? When even if they only accepts fiat not bitcoin but everyone has fiat so payment methods will not really affect them but their service and product will .

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.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 64. (Read 76730 times)