For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.
Bitcoin is not legal bro, that is why any of our identity will not include in bitcoin transaction. If we use our mobile number to do transaction then our all transaction will be tracked by our govt, and they will get all records of our transaction. To avoiding extra tax, we are using Bitcoin. If anything happens like what you said means our govt will start to collect tax for our all Bitcoin transaction.
Topic: What do you think are the biggest disadvantages of Bitcoin? - page 65. (Read 76730 times)
Yes, this is currently the most important drawback. Perhaps in the future will fix it. But an increase in active users will positively affect the price increase.
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 
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
Bitcoin has many advantages, which I do not say, say it a shortcoming. Is dealing with transactions too slow. It can only handle seven transactions a second, which seriously restricts its large-scale application.One of the disadvantages of bitcoin is that it leaves a money trail if a mixer or other means are not used and when you speak of bitcoin publicly people usually associate it with illegal activities
Yes, I agree with you.
In the past I never had problem with the transactions.
All my btc transactions completed in a few hours.
Recently, I had to wait more than 24 hours, so I had no choice but to increase fee.
So, bitcoin is not any more cheap to send, as before.
Also, in local newspapers, I read already a few negative stories about bitcoin.
It seems that some drug dealers bought drugs with bitcoin.
Other point is that I can't legally report my bitcoin earnings to the tax office.
They don't consider bitcoin as currency or financial assets.
Bitcoin has many advantages, which I do not say, say it a shortcoming. Is dealing with transactions too slow. It can only handle seven transactions a second, which seriously restricts its large-scale application.One of the disadvantages of bitcoin is that it leaves a money trail if a mixer or other means are not used and when you speak of bitcoin publicly people usually associate it with illegal activities
one of the biggest disadvantage of Bitcoin is that not everyone knows it yet that it could be applied everywhere. Where you can buy something like groceries and pay with Bitcoin, I think going forward if such can be implemented and accepted by certain outlets then the world would be a better place.
i think you don't know that bitcoin is accepted by some online shops where you could buy groceries and pay with bitcoin, and i think it will take time to be used instead of fiat.
I think the biggest disadvantage of bitcoin is in this question:
Why a "normal" person should use bitcoin, while there are tons of other very convenient payment methods to use your money in the bank?
Why a "normal" person should use bitcoin, while there are tons of other very convenient payment methods to use your money in the bank?
one of the biggest disadvantage of Bitcoin is that not everyone knows it yet that it could be applied everywhere. Where you can buy something like groceries and pay with Bitcoin, I think going forward if such can be implemented and accepted by certain outlets then the world would be a better place.
For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.
Fucking delay in confirmation time is the biggest disadvantage of bitcoins and its really making me go nuts at a moment as of today its now 5 hours and I am still waiting for my transactions to get confirmed even after adding higher fees and this is fucking ridiculous.
I agree.
Days ago I had a problem that made me very angry, I traveled and I'm in the province... I needed to call someone was important, I decided to buy refills with my balance bitcoin, I made all the process and I sent bitcoin to them to send the refills , My god, it took hours for transaction to confirm and always said error, I tried several times until I gave up
For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.
Your negligence (or arrogance) isn't a disadvantage of bitcoin. It's not even in bitcoin's side. It's fully your fault. Thinking about remembering an address? Remember the first characters and the ending characters. It's very rare to an address that has the same first and last couple of characters. Putting your phone number to identify your bitcoin address will just reveal some of your whereabouts. I don't see any reason as to why would it be hard to compare the address that you're sending to and the address that you're supposed to send to.
I'm sure you don't have to enter the address manually, you just have to copy paste it. Seriously, every address is very unique, how dumb someone could be to send money to the wrong address.
Here are some of my advice on which you won't be doing the same mistake again.
1. If you are using a wallet app you always have the option of scanning the QR code of the Bitcoin address in which it will automatically input into your device, by doing this you will be avoiding the chance that it will come out wrong compared to typing it manually
2. By going to the Wallet Address's Blockchain site, by going there you are confirming that it is the wallet address that you intend to send your money on in which you can also copy and paste it in which you can send your Bitcoin without any corrections.
For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.
Your negligence (or arrogance) isn't a disadvantage of bitcoin. It's not even in bitcoin's side. It's fully your fault. Thinking about remembering an address? Remember the first characters and the ending characters. It's very rare to an address that has the same first and last couple of characters. Putting your phone number to identify your bitcoin address will just reveal some of your whereabouts. I don't see any reason as to why would it be hard to compare the address that you're sending to and the address that you're supposed to send to.
I'm sure you don't have to enter the address manually, you just have to copy paste it. Seriously, every address is very unique, how dumb someone could be to send money to the wrong address.
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.
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.
Fucking delay in confirmation time is the biggest disadvantage of bitcoins and its really making me go nuts at a moment as of today its now 5 hours and I am still waiting for my transactions to get confirmed even after adding higher fees and this is fucking ridiculous.
For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.
That is not a weakness of bitcoin at all. Bitcoin is not liable to the stupidity of people who do not double or triple check the receiver's address before continuing the transaction. If you are going to apply those methods then you are contradicting the anonymity of bitcoin. You are making transactions to be traced easily.
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.
For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.
Bitcoin is not legal bro, that is why any of our identity will not include in bitcoin transaction. If we use our mobile number to do transaction then our all transaction will be tracked by our govt, and they will get all records of our transaction. To avoiding extra tax, we are using Bitcoin. If anything happens like what you said means our govt will start to collect tax for our all Bitcoin transaction.
For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.
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