Topic: What do you think are the biggest disadvantages of Bitcoin? - page 67. (Read 76758 times)
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!
The biggest disadvantages I feel are the slow verification of transaction time and that is would be a lot handier if more businesses took it for payments.
All technology gets slowly adopted as it comes along. Bitcoin will take longer because it is a currency and backed by peoples hard work. It takes awhile for them to budge. It also involved politics and we all know how that goes.
Freedom is the strength and weakness of bitcoin. It is easily exploited to commit violent acts, many articles have been written about this before. Bitcoin is used in money laundering, illegal trading and transportation of illegal goods. Bitcoin is used as a tool to carry out offenses. That is a very bad thing for a coin. Its reputation is greatly affected.
but i do not think that it is the weakness of bitcoin, i think it is the property of bitcoin to remain as anonymous and not as centralized currency of the world. i am hopeful that bitcoin will continue its property for ever. 
Freedom is the strength and weakness of bitcoin. It is easily exploited to commit violent acts, many articles have been written about this before. Bitcoin is used in money laundering, illegal trading and transportation of illegal goods. Bitcoin is used as a tool to carry out offenses. That is a very bad thing for a coin. Its reputation is greatly affected.
but i do not think that it is the weakness of bitcoin, i think it is the property of bitcoin to remain as anonymous and not as centralized currency of the world. i am hopeful that bitcoin will continue its property for ever. I believe that freedom is one of the strength of bitcoin and it's not it's weakness. Even fiat money are exploited for committing shady transactions and deals and they are just seeing and using bitcoin because they can have good advantage by using it.
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 
Scalibity.
The main problem with bitcoin compared to altcoins is that it is getting increasingly hard to get transactions confirmed with a low fee. I mean if you look at it now compared to before with the high bitcoin price it'll take around $0.7 at least in fees just to be sure that your transaction will be included in the first possible block.
Once bitcoin gets over that hurdle all will be well.
Freedom is the strength and weakness of bitcoin. It is easily exploited to commit violent acts, many articles have been written about this before. Bitcoin is used in money laundering, illegal trading and transportation of illegal goods. Bitcoin is used as a tool to carry out offenses. That is a very bad thing for a coin. Its reputation is greatly affected.
but i do not think that it is the weakness of bitcoin, i think it is the property of bitcoin to remain as anonymous and not as centralized currency of the world. i am hopeful that bitcoin will continue its property for ever. i think one of the disadvantages affecting bitcoin right now is the high fees we need to pay if we want our transactions to be confirmed faster and their is also some division in the crypto on working out whats best for the cryptocurrency because of some personal agendas tied to it
I don't find the fees as high because it needs to make your transaction fast and if you don't want to pay high fees there are options on it but you need to take the side effect of it that your transaction will not be confirmed immediately. I don't have any issues against the fees, it's a normal thing that a miners needs to earn from their work.
The confirmations to transactions is going to be the one of biggest problems of bitcoin in upcoming days. Let's see if there can be a solution figured out for that.
I already have to pay 0.001 BTC fees these days for speedy transactions.
I already have to pay 0.001 BTC fees these days for speedy transactions.
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.
I think the being decentralized is the biggest disadvantage of Bitcoin. Being decentralized slow things down when it comes to decision and modification especially implementing fix and upgrades. It needs consensus and as we see, it takes years before one good upgrade to be implemented.
i think one of the disadvantages affecting bitcoin right now is the high fees we need to pay if we want our transactions to be confirmed faster and their is also some division in the crypto on working out whats best for the cryptocurrency because of some personal agendas tied to it
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.
Freedom is the strength and weakness of bitcoin. It is easily exploited to commit violent acts, many articles have been written about this before. Bitcoin is used in money laundering, illegal trading and transportation of illegal goods. Bitcoin is used as a tool to carry out offenses. That is a very bad thing for a coin. Its reputation is greatly affected.
I think you were right, the bitcoin was actually used by criminals, and this affected its reputation. Think of the deep web, where bitcoin is the primary means of communication. You can buy anything from there, it can be a weapon, a drug, a drug, even someone's life. It is a typical example for us to see how bitcoin is being exploited. That's bad.
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.
Bitcoin is a leader because its widely used and accepted and I don't think that you can use any altcoin for shopping as no one accepts altcoin as a mode of payment and that is the reason bitcoin is more popular in compare to other altcoins.
Freedom is the strength and weakness of bitcoin. It is easily exploited to commit violent acts, many articles have been written about this before. Bitcoin is used in money laundering, illegal trading and transportation of illegal goods. Bitcoin is used as a tool to carry out offenses. That is a very bad thing for a coin. Its reputation is greatly affected.
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.
it may take awhile before it will be replaced by any alt coins,they may have a lot of alt coins now but they are not enough enough yet to get well known, bitcoin value offers bigger value than those calcium can offer,same with it provides more features and updates upon its development ,the only disadvantage now is the delay on transfer due to traffic of users confirmations.
Many people saying that delay in confirmation time is the biggest disadvantage of bitcoins but I don't think its an big issue if you add higher fees as if you want to get money in quick time in your wallet then you should afford to pay higher fees and for me its not a big deal.
When you're trying to buy something and not just transferring large amounts fees are starting to bite.
And it's really not looking good.
Already spending less than 10$ on something and using bitcoin is a no. A big no.
And for more then half of the world that is the average daily shopping budget.
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.
Many people saying that delay in confirmation time is the biggest disadvantage of bitcoins but I don't think its an big issue if you add higher fees as if you want to get money in quick time in your wallet then you should afford to pay higher fees and for me its not a big deal.
Jump to: