What do you think are the biggest disadvantages of Bitcoin? - page 68.

MWesterweele

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Quote from: TryNinja on April 22, 2017, 06:00:25 PM

At the moment, the high fees and long time of confirmation.
This way we can't use bitcoin to buy some day-by-day coffee.

yeah totally correct, people get tired, everytime they have been waiting for so long they get tired and thinking that they dont want to wait it and they will stop earning it , because of the fees and the transaction time.

coinchaser007

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I think one of the biggest disadvantages is the amount of time it takes to confirm a transaction, which will only become worse if something is not done about it.

If you have any marketing experience at all, you know the importance of instant gratification. It's why most Walmarts are still crowded with long lines despite being able to get products the same day or next day with Amazon Prime (in many areas).

Yuuto

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Quote from: stompix on April 23, 2017, 08:39:41 AM

One of the biggest disadvantages is that you have no insurance of your funds.

You're compromised, your privatekeys are gone, gone are your funds.
Nobody will give them back to you.

With a bank even if you're details get stolen I have transaction limits in place, nobody would be able to withdraw more than 100 euros a day.
I 'm getting a sms for very transaction I make, the moment somebody uses my account I'll know it and I can call somebody to freeze it.

Also, in bitcoin you need a backup of your privkeys, If you don't have one you're asking for it.
When dealing with banks all you need is an id. You can lose that id you have it back in 2 days. You simply can't lose your bank account.

I may agree with you, in fact no insurance is a big problem in this world, because one wrong move and you literally can lose all your money.
It means that using bitcoin without required knowledge and knowing the blockchain mechanics may cause a great loss for you, but on the other hand it might be the advantage, because it doesnt attract people who are not keen on such a new technology, and that gives us even more place for work.

With correct precautions made, you are secured from losing your fund, even when your PC (where you stored btc) has burned, you are able to retrieve your money ( only if you made a copy of privkey ).
Very important rule in bitcoin? always back up your data, to get an access to the wallet even in a different fashion than normally.

stompix

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One of the biggest disadvantages is that you have no insurance of your funds.

You're compromised, your privatekeys are gone, gone are your funds.
Nobody will give them back to you.

With a bank even if you're details get stolen I have transaction limits in place, nobody would be able to withdraw more than 100 euros a day.
I 'm getting a sms for very transaction I make, the moment somebody uses my account I'll know it and I can call somebody to freeze it.

Also, in bitcoin you need a backup of your privkeys, If you don't have one you're asking for it.
When dealing with banks all you need is an id. You can lose that id you have it back in 2 days. You simply can't lose your bank account.

Antoshka

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Quote from: Sarah08 on April 22, 2017, 05:20:13 PM

I dont really see a disadvantages but i think its because of the bitcoin is popular in many people but not too popular all over the world there are still so many people didn't know about it and this technology is still not been proven in many countries in the world there are so many people not ready for change in this kind of technologies also lack of partnerships of bitcoin in many companies.

Many people are still afraid to get acquainted closer with this currency or just heard something about it, but I do not know what to do with bitcoin.

MWesterweele

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Quote from: ICO INVESTOR on March 01, 2017, 02:26:51 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.

johnnyyash

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Quote from: Juggy777 on November 30, 2016, 06:43:51 AM

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

I truly agree with you...fluctuating and time of wait for transaction...

TryNinja

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At the moment, the high fees and long time of confirmation.
This way we can't use bitcoin to buy some day-by-day coffee.

Sarah08

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I dont really see a disadvantages but i think its because of the bitcoin is popular in many people but not too popular all over the world there are still so many people didn't know about it and this technology is still not been proven in many countries in the world there are so many people not ready for change in this kind of technologies also lack of partnerships of bitcoin in many companies.

LeGaulois

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Quote from: Dimelord on April 22, 2017, 01:42:15 PM

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

Some disadvantages of bitcoin are as follows.
1.Some merchants may hesitate to accept bitcoin as payment as they may fear that government would track their transactions.
2.Since bitcoins are stored in a wallet,if the laptop gets damaged or if passwords lost,then those bitcoins would remain unused forever.
3.If a merchant accepts bitcoin for selling his product and if the customer returns that product after some time,the question arises whether he would refund the customer his paid amount as per today's rate or previous rate.
4.Since bitcoin is not governed by any central authority,no one could guarantee that what is its minimal value.
5.Latest problem,the time taken for transaction which is too late and the higher transaction fees.

1. Like, if the gov can't track their transactions paid using cards, checks or others. Otherwise it is called frauding. Something is called accounting... 2. Who is stupid for not backing up their wallet, they should use another type of wallet or simply stay away of cryptocurrencies. 3. There is no question, the merchant refund with bitcoin, not with fiat. If you bought something with a card and the merchant refund your oder, you are not refunded with checks

akamit

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Quote from: Juggy777 on November 30, 2016, 06:43:51 AM

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

I totally agree with Juggy.
But I think that price fluctuation is the main reason for not having bitcoin as main payment system.

Still, lots of peoples are left behind due to the difficulty of bitcoin.
I spent my 1 year and 5 months in bitcoin technology, but still I don't understand lots of thing.. Still learning!

Dimelord

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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

Some disadvantages of bitcoin are as follows.
1.Some merchants may hesitate to accept bitcoin as payment as they may fear that government would track their transactions.
2.Since bitcoins are stored in a wallet,if the laptop gets damaged or if passwords lost,then those bitcoins would remain unused forever.
3.If a merchant accepts bitcoin for selling his product and if the customer returns that product after some time,the question arises whether he would refund the customer his paid amount as per today's rate or previous rate.
4.Since bitcoin is not governed by any central authority,no one could guarantee that what is its minimal value.
5.Latest problem,the time taken for transaction which is too late and the higher transaction fees.

avikz

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As of now the biggest disadvantage of bitcoin is the slow transaction processing time and higher fees. Those who are holding a lot of bitcoins, they may be able to negate the fees, but for small bitcoin holders are having a tough time to pay the network fees, especially the signature campaign earners. Also the small traders are also finding it hard to move small amounts of bitcoin to their personal wallet.

However, I believe that, with time, it will be taken care and we will have smoother and faster bitcoin network as ever. But I can't see any adverse effect on bitcoin network for this issue as of now and people are gladly buying bitcoin as an investment.

Xenophoto

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Quote from: Janation on April 22, 2017, 07:06:28 AM

Quote from: BigBos on April 22, 2017, 06:03:13 AM

Well maybe I think about the issue of fee on each transaction. It will probably slowly make people not use bitcoin, because even small transactions have large chunks. I think that's the only disadvantage of bitcoin

I think the developers will do something about these matter, but we also need to help them what we can do to help. As a user there are also ways that we can lessen the traffic of these transactions. For example, making transactions minimize into one transaction. Mostly the traffic was made by spams sending small amount of bitcoin with smaller fee, but if we can reduce it to one transaction and woth big fees, that will be easy. And I think the another disadvantage of bitcoin is its acceptance by the stores.

Transactions with small fees don't matter that much since they are at the bottom of the priority list. The miners don't care about these flood of transactions. They will get their reward regardless. If you want to solve the problem by yourself, you simply have to add a much higher fee. You don't have to worry about the other users. They don't care about you anyway. At the same time, even when somebody amongst us do something about the problem, we will never be united because that's just how the world is. There's chaos everywhere especially here on the Internet where trolls lurks 24/7.

By the way, your method of sending only one transaction instead of many is kind of tricky. If someone wants to send 0.1BTC to his friend, he will not send it in smaller chunks. He will send the exact amount that he wants. I don't know anyone who does smaller chunks since it will just be totally inconvenient in their part.

giveen

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The biggest disadvantage of bitcoin is it takes lot of time to receive the funds successfully, the network fees is really high nowadays, because of it's anonymity feature many people have started using it for illegal purposes , even though it is decentralised currency the price is still being controlled indirectly.

FlamingFingers

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Three words – fees, fees, and fees. And I don't think SegWit will be making any progress on that matter (it might even make it worse). I hope the developers are thinking rationally about this before blindly applying anything that may hurt bitcoin in the long run.

Kotone

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Maybe the disadvantage of bitcoin is we are in new technology but haven't accepted into any payment form yes some of websites are accept bitcoins limited items only, all in all are good with bitcoin but i know time will come that will be accepted bitcoin from any merchant in the world.

Janation

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Quote from: BigBos on April 22, 2017, 06:03:13 AM

Well maybe I think about the issue of fee on each transaction. It will probably slowly make people not use bitcoin, because even small transactions have large chunks. I think that's the only disadvantage of bitcoin

I think the developers will do something about these matter, but we also need to help them what we can do to help. As a user there are also ways that we can lessen the traffic of these transactions. For example, making transactions minimize into one transaction. Mostly the traffic was made by spams sending small amount of bitcoin with smaller fee, but if we can reduce it to one transaction and woth big fees, that will be easy. And I think the another disadvantage of bitcoin is its acceptance by the stores.

Capradina

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Quote from: xIIImaL on March 05, 2017, 02:36:53 AM

Quote from: modsa26 on March 04, 2017, 05:18:50 PM

Quote from: ICO INVESTOR on March 01, 2017, 02:26:51 AM

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

espicially nowadays, it almost takes 2 days. On the other hand Bitcoin is a good project and good idea but it will transform other project like ETH,other project in future. Becuase Bitcoin isn't produced ownself. It's supported by blockchain. Blockchain technology bigger than bitcoin. Bitcoin is just first coin that is created by blockchain technology. and so many companies,countries,people,devoloper dont know this.

Every corporate knows this and they were already start create the new digital currency of their by forking the blockchain technology. Even some international banks planned and they inprocess to create the coins.
After the updation of blockchain 2.0, bitcoin is so secured and anonymous now. I don't think anyone gonna attack it.

Indeed for reserved power server bitcoin is a digital currency that is hard enough to smash it, because it is the power of servers is very high so the bitcoin will be difficult for hackers to launch the action. So, to the question of security is indeed bitcoin safe enough. but to the question of the popularity it will never happen all the time, for every technology will surely have time to continue popular unless bitcoin can revolution in accordance with change of time

romero121

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Quote from: BigBos on April 22, 2017, 06:03:13 AM

Well maybe I think about the issue of fee on each transaction. It will probably slowly make people not use bitcoin, because even small transactions have large chunks. I think that's the only disadvantage of bitcoin

For the same transaction volume if you go with some other service provider sure you will pay more than what you pay as transaction fee for a bitcoin transaction. Sometimes with increased transaction fee to confirmation delay happens which were just temporary issues.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 68. (Read 76730 times)