What do you think are the biggest disadvantages of Bitcoin? - page 66.

axorb

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Quote from: bravehearth0319 on April 24, 2017, 11:29:37 AM

Quote from: g2com on November 30, 2016, 05:39:07 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 the biggest disadvantages of Bitcoin is what most often complaint by the other bitcoin enthusiast every time they do transaction and the confirmation always delayed. And then the other thing was bitcoin to other's is not a real currency instead it is still a digital currency which can be use only electronically, but can never be use physically in public place as payment. This was I think about it Wink

You can use bitcoin debit card if you want to spend your bitcoins at physical places as it works same like the other bank cards and you don't have to pay any transaction fees if you make purchase using bitcoin debit card.

bravehearth0319

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Quote from: g2com on November 30, 2016, 05:39:07 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 the biggest disadvantages of Bitcoin is what most often complaint by the other bitcoin enthusiast every time they do transaction and the confirmation always delayed. And then the other thing was bitcoin to other's is not a real currency instead it is still a digital currency which can be use only electronically, but can never be use physically in public place as payment. This was I think about it Wink

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Quote from: AK47- on April 24, 2017, 09:46:07 AM

I think the biggest problem is awareness. Most of the people are not aware of it. In my locality people even dont know bitcoin exists. And some people who know about bitcoin dont believe in it because for them bitcoin is still a digital currency which is used in illegal activities.

Perhaps this is one of the problems that bitcoin currently encounters. But I think that's a natural thing, because bitcoin as a new digital currency. Similarly, the first time when money is used for payment. But I believe this is one of the processes by which bitcoin can be more trusted by many people. And the negative impression of bitcoin itself can be disguised by a positive impression that will arise gradually. Thank you

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Quote from: AjithBtc on April 23, 2017, 09:39:19 PM

Quote from: Yatsan on April 23, 2017, 09:24:38 PM

Quote from: Mr on April 23, 2017, 08:50:40 AM

Quote from: MWesterweele on April 23, 2017, 07:27:10 AM

Quote from: ICO INVESTOR on March 01, 2017, 01:26:51 AM

I think the biggest disadvantage of bitcoin is the long time to confirm one transaction

yes its true, you got a point, some bitcoiners are too tired too wait until the transactions are over, and if it is done it has sometimes big transaction fee that causes to lesses the amount of payment they are receiving.

that is why people should not use Bitcoin. They should use altcoin instead because altcoins are more awesome and have more features and advance technologies than Bitcoin. Bitcoin is just a leader and soon, it will be replaced by other cryptos

That is true the most disadvantages of bitcoins is the traffic of the transactions in the network. Because I can see that many transactions are being delay because many transactions are being made in every seconds. But as far as I know some wallet are adding fee to prioritized the sending and the receiving of that specific transaction. So I think it has been solve but the solution is not that good.

This doesn't looks to be major disadvantage, because this happens only at times when unexpected price rise and fall happens creating a lot buy and sell orders. This sudden increase in transaction cause a traffic, which makes the entire network go down. This gets sought in a few days time when the price gains stabilty.

No? You think when bitcoin adopted by people around the world and causing there a lot of transaction need to be processed .
The confirmation time won't be a big problem to solve?
I think soon or later this matter could be an urgent problem for most user, people looking for the fastest and secure payment processor.

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Quote from: mikanie on April 24, 2017, 09:59:41 AM

Quote from: Mastsetad on November 30, 2016, 10:05:30 AM

Quote from: g2com on November 30, 2016, 05:39:07 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

The fact that it is not controllable at first place, and secondly it is not yet known by everyone in the world, we are even not 2% of the world's population right now, so how come a government would bring something to a country where peope does not even know about it nor they know how to use it.

Soon it will be greater in numbers,many will use it like me who finds it really worthy.

It is not known yet but soon it will spread instantly without us noticing that we are already exceeding our expected population,bitcoin may not be revealed by the government since they don't find method yet on how they can manipulate it and control it to be beneficial in government ,on how every user can have taxes and payments in every transactions.

mikanie

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Quote from: Mastsetad on November 30, 2016, 10:05:30 AM

Quote from: g2com on November 30, 2016, 05:39:07 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

The fact that it is not controllable at first place, and secondly it is not yet known by everyone in the world, we are even not 2% of the world's population right now, so how come a government would bring something to a country where peope does not even know about it nor they know how to use it.

Soon it will be greater in numbers,many will use it like me who finds it really worthy.

Rostadom

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Quote from: crairezx20 on April 23, 2017, 07:00:24 PM

For there is no weaknesses of bitcoin except for no reverse payment and slow transaction because many scammers are using bitcoin as their source of income they are lie for their customer and run because of none reverse payment unlike paypal that you can reverse the payment.. but if i compare bitcoin and paypal i'll go in bitcoin because its more useful now a days..

On the other hand, Paypal is getting spammed by scammers because of the payment revert method. They buy something, pay for it, and then dispute the payment once they got the item. And most people strongly believe that it's the biggest disadvantage of Paypal. On a side note, the buyer has 180 days to scam you.

No payment dispute feature is a disadvantage to the buyers but that surely is an advantage to the sellers. The buyer only have to trust the sellers and most sellers have their own thread. Thus, you can easily check if he's trustworthy. While a buyer usually don't have his own thread for his past transactions so you don't know how trusted he is.

AK47-

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I think the biggest problem is awareness. Most of the people are not aware of it. In my locality people even dont know bitcoin exists. And some people who know about bitcoin dont believe in it because for them bitcoin is still a digital currency which is used in illegal activities.

Jrock

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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.

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Quote from: speem28 on April 23, 2017, 09:28:21 PM

For me, the fact that it is still not accepted in other countries and people still not knowing about it is the biggest disadvantages of bitcoin. If only bitcoin will be widely accepted and people start using it, I'm sure other problems regarding bitcoin will surely have a solution that will benefit all of us.

The number of people using bitcoins is increasing but do you see any improvements in the bitcoin transaction time and fee? Because I don't. I don't see the correlation of bitcoins going mainstream to the solutions of bitcoin's problems. Sure when bitcoin becomes popular, there will be new IT people or even better one. But if there's a guy that can solve bitcoin's problems, he should've informed blockchain already about it and negotiate the price of his idea.

My theory is that the cryptocurrencies would be just like the means of transportation that we have. If a train station gets overcrowded, other companies create other ways to transport and other people use those instead. Meaning to say, when the bitcoin transaction time and fee didn't get solved in due time, people will stop crowding themselves in bitcoin's queue and just use a different cryptocurrency. But of course it comes with risk like the coin going down all of a sudden.

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Quote from: crwth on April 23, 2017, 11:57:49 PM

The probable drawbacks of it are that it's not widely accepted and some people don't try to understand it at all. Seeing what they try to make of Bitcoin is it has some kind of a bad name because of the possible usage of it in illegal things, money laundering for example.

That is not disadvantage of bitcoin because that is very normal for every kind of things in the internet or even in the real world, bitcoin is still young and we can't force other people to immediately adopt bitcoin without showing them the results and the advantages of using bitcoin. The only disadvantage for me of bitcoin is being limited on its supply because it means limited adoption for countries.

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Quote from: g2com on November 30, 2016, 05:39:07 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

The time taken for the transaction confirmation is more which makes it practically difficult for merchants to accept bitcoins.
The high price fluctuation in bitcoin is also a reason.
Merchants may fear that governments may regulate bitcoin and their transactions would be tracked.
The merchants fear that tax may be implied on their bitcoin earnings.
These are some factors which stand as obstacle in bitcoin from being accepted as main stream payment.

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The probable drawbacks of it are that it's not widely accepted and some people don't try to understand it at all. Seeing what they try to make of Bitcoin is it has some kind of a bad name because of the possible usage of it in illegal things, money laundering for example.

rikybrosh

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Quote from: speem28 on April 23, 2017, 09:28:21 PM

For me, the fact that it is still not accepted in other countries and people still not knowing about it is the biggest disadvantages of bitcoin. If only bitcoin will be widely accepted and people start using it, I'm sure other problems regarding bitcoin will surely have a solution that will benefit all of us.

That Is the problem for people who live in place which no merchant that accept bitcoin. But for people who live in san fransisco that is not be a problem. Just wait until all people know about bitcoin. I am not really sure that bitcoin has a dissadvantage.

AjithBtc

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Quote from: Yatsan on April 23, 2017, 09:24:38 PM

Quote from: Mr on April 23, 2017, 08:50:40 AM

Quote from: MWesterweele on April 23, 2017, 07:27:10 AM

Quote from: ICO INVESTOR on March 01, 2017, 01:26:51 AM

I think the biggest disadvantage of bitcoin is the long time to confirm one transaction

yes its true, you got a point, some bitcoiners are too tired too wait until the transactions are over, and if it is done it has sometimes big transaction fee that causes to lesses the amount of payment they are receiving.

that is why people should not use Bitcoin. They should use altcoin instead because altcoins are more awesome and have more features and advance technologies than Bitcoin. Bitcoin is just a leader and soon, it will be replaced by other cryptos

That is true the most disadvantages of bitcoins is the traffic of the transactions in the network. Because I can see that many transactions are being delay because many transactions are being made in every seconds. But as far as I know some wallet are adding fee to prioritized the sending and the receiving of that specific transaction. So I think it has been solve but the solution is not that good.

This doesn't looks to be major disadvantage, because this happens only at times when unexpected price rise and fall happens creating a lot buy and sell orders. This sudden increase in transaction cause a traffic, which makes the entire network go down. This gets sought in a few days time when the price gains stabilty.

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Quote from: speem28 on April 23, 2017, 09:28:21 PM

For me, the fact that it is still not accepted in other countries and people still not knowing about it is the biggest disadvantages of bitcoin. If only bitcoin will be widely accepted and people start using it, I'm sure other problems regarding bitcoin will surely have a solution that will benefit all of us.

It's a low number of countries where bitcoin is not accepted but people can still use it online tho not as public. More people not knowing about bitcoin is a bigger issue in my opinion but that's just a matter of time now since with every new day some big businesses implement bitcoin as a payment option and some wealthier people investing into bitcoin (example: https://bitcointalksearch.org/topic/billionaire-mike-novogratz-says-he-has-10-of-his-money-in-bitcoin-and-ether-1880445)

speem28

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For me, the fact that it is still not accepted in other countries and people still not knowing about it is the biggest disadvantages of bitcoin. If only bitcoin will be widely accepted and people start using it, I'm sure other problems regarding bitcoin will surely have a solution that will benefit all of us.

Yatsan

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Quote from: Mr on April 23, 2017, 08:50:40 AM

Quote from: MWesterweele on April 23, 2017, 07:27:10 AM

Quote from: ICO INVESTOR on March 01, 2017, 01:26:51 AM

I think the biggest disadvantage of bitcoin is the long time to confirm one transaction

yes its true, you got a point, some bitcoiners are too tired too wait until the transactions are over, and if it is done it has sometimes big transaction fee that causes to lesses the amount of payment they are receiving.

that is why people should not use Bitcoin. They should use altcoin instead because altcoins are more awesome and have more features and advance technologies than Bitcoin. Bitcoin is just a leader and soon, it will be replaced by other cryptos

That is true the most disadvantages of bitcoins is the traffic of the transactions in the network. Because I can see that many transactions are being delay because many transactions are being made in every seconds. But as far as I know some wallet are adding fee to prioritized the sending and the receiving of that specific transaction. So I think it has been solve but the solution is not that good.

DLbei638

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decentralization,I think it is the biggest advantage of bitcoin, is also the biggest disadvantage.
Decentralization means that all nodes look like a mess of things. It is impossible to interfere with the development of the system with a specific external force, and it is impossible for you to get the direction of the future even if you interfere with it. The development of Decentralization systems is unpredictable.

YuginKadoya

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Bitcoin is not known by all, certainly back then there are a few people that have an access with the internet and I think that is the main reason why it didn't make it in the mainstream but this is only one of a lot of reason, and right now even if a lot have a certain access in this timeline many oldies just don't know how or what is bitcoin, a few country would not considering it and some ban bitcoin because of the uncontrollable fluctuation with it's price value that certain traders love! and well the biggest disadvantage that I am seeing well direct use of this currency because there are not much to offer when it comes in buying certain needed stuff in the stores near you!

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