Topic: What do you think are the biggest disadvantages of Bitcoin? - page 69. (Read 76730 times)

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

Bitcoin trading confirmation time is relatively long. Bitcoin wallet installed for the first time, it will consume a lot of time to download historical transaction data block. Bitcoin transactions, in order to confirm the accuracy of the data, it will take some time to interact with the P2P network, the whole network is confirmed, the transaction is completed.

Try to be fulfilled with what bitcoin provides, because all that's been mentioned were not acceptable. You can see it in terms of at least a numeric value. You can feel it storing in a paper wallet or a hardware wallet. Transaction fee is there with every form of transaction, but with bitcoin the transaction fee is very low.

we cannot see it and we cannot hold it and withdraw it instantly and it can have a transaction fee every withdrawal, thats is all I think that can be a problem , but all in all , bitcoin is good and be the best.

The "pseudo-anonymity" part I don't agree with, because most people could care less about hiding their transactions.  Sure, the drug pushers and criminals want this, but your average turd at Starbucks doesn't.  It's the fees and the stupid, crazy-long transaction times that make bitcoin just an awful form of money.  Those are the reasons why there aren't actually people in line at the coffee shop wanting to pay with bitcoin, in addition to the fact that people are more than happy to use fiat.  There isn't a good reason to choose bitcoin over that for the vast majority of people. 

Now Bitcoin is facing a possible fork between Bitcoin Unlimited and Bitcoin Core. The uncertainty about future is also one of the disadvantages

Yes this is one of the disadvantage of bitcoin, there's lack of control by the government. But it doesn't mean that bitcoin seems to be worthless.

This will just make bitcoin more popular and get a lot of investor and give the people assurance that bitcoin is a real deal.

Though this thing is not actually needed by bitcoin.

1.Bitcoin's high volatile nature.
2.Long time taken for transactions
3.pseudo anonymity
  These are some reasons for which bitcoin has not been yet accepted as mainstream payment.

As per my understanding, whatever is there in this life there will be advantages and disadvantages of everything, likewise bitcoin also has disadvantages like price fluctuation, not common among the public because people don't trust so easily as people think it is a scam which is not the case because it is decentralized and the value can change at anytime so most the people don't trust for that reason.

In other words, bitcoin is a currency with no concrete thing to hold i.e. paper money or coin or in other way bitcoin just exist in a cyberworld which most people doubt so much as its reputation became so bad from the news they have heard from hacking up to scamming. And also everyone in the cyberworld is hard to identify whether they are real or hiding their true identity -- a freedom of being anonymous. So we can say that the biggest disadvantages of bitcoin is earning the trust of most of the people especially those who are afraid to risk (that is me before I joined bitcoin).

Second, bitcoin appear to be complicated at first glance (this is also me as my friend encourage me in joining bitcoin) because it has a lot of technicalities. But when my interest regarding bitcoin drives me out, I began to enter it and ask my friend like "what is this address that this site is asking me to give in order to withdraw my bitcoin" a simple question of a beginner from the perspective of an experienced ones but a confusing thing in a beginner's perspective. When I've learned what is this address in the bitcoin world, I was like "Ahhhh so that's it? I thought it was something rather complicated or confusing." I guess you get my point there so I will not elaborate it more.

Next might be people finding it questionable. It's mysterious without enough knowledge of what really is bitcoin but if that person is an eager one to seek an answer for his questions then he will came to know its wonderful world but still questions continue to rise. We can see this like our world, people came to know a lot about this world whether its round but soon as they know it they began to question again, a much harder one, "does the universe extends infinitely?". My point is that as long as there is curiosity together with interest, this disadvantage might become a great advantage.

So here it is my top 3 biggest disadvantages of Bitcoin as for a beginner's point of view. As you can see, those aforementioned were my personal experiences. Sorry if it appears to you that it is almost self- centered post of mine but I wish my point here isn't blurred by it  . And I hope that you relate with this since all of us started as a beginner, starter, newcomer, newbie, rookie or anything you can add similar with this. And yep, even though my questions were answered, there is always a new question and some of this question might be left unanswered like how our the life of humanity, of everything begun. 

The biggest disadvantages from bitcoin in my opinion is still vulnerable hack and bitcoin is always used for the negative activities. That is seems to me that the weakness of bitcoin makes someone difficult to believe with bitcoin.
That is one of the things that could prevent bitcoin to be accepted as payment. In addition, many scam it will affect my opinion. If bitcoin can be overcome, I believe bitcoin will be accepted as payment.
When you deql with bitcoin you just have to know that there are risks anyway.

Price fluctuation is an opportunity to make profits if you buy at a right time and sell when price goes higher then your entry price and you need to continue this process in order to make regular profits and that is the best way to play bitcoins and we cannot afford to miss even a single opportunity of making short term profits by not taking advantage of price volatility.

yes that is right that price fluctuation is giving us good opportunities to invest our money there, but i think the most important is that to find out the right time to buy bitcoin and then also sell it in the right price.

Thanks for everyone's discussion. For the past few months, I've been researching on how improvements can be made to Bitcoin blockchain. It's undoubted that Bitcoin's scalability has become its Achilles Heel. Among the proposed solutions, I found Emin Gun Sirer's Bitcoin-Ng more promising. It separates proof-of-work and transaction validation processes into two blockchains. The proof-of-work and transaction validation are not much related, as proof-of-work's sole idea is calculating SHA-256 hash billions of times. It is de facto a leader election mechanism in an anonymous network. In Bitcoin source code, the mining and transaction validation are handled by different threads. Therefore, after decoupling the two processes, transactions can be verified without mining time. However, the major flaw of Bitcoin-Ng is that the leader node must always stay reliable, otherwise the network shall break apart. 

My design is to elect a validator committee that's dynamically every few minutes through competition of mining. After the committee is set, they vote for each transaction and propagate the transaction block to the entire network. If any validator fails it will be excluded from the committee. The block size and time will be dynamic so that they can scale up in future.

The other issue of Bitcoin is its hard coded 2100 million total supply cannot keep up with its growing demands. Therefore, Bitcoin shall always be subjected to price manipulation as more people are saving instead of spending. A cryptocurrency should have a stable price to function as a medium for exchange. I think the limit of supply should be removed. Instead, the supply of the currency should be adjusted according to the market conditions.

Price fluctuations gives us an opportunity to make profits regularly if price would remain stable then we need to wait for a long time to make profits out of it and not all would love that scenario to hold their coins for a long time so I don't think that price fluctuations is an disadvantage of bitcoin in fact its an advantage that allows us to make profits and traders and investors will surely love the price fluctuations which will help them in making regular profits and if price would remain stable for a long time then many people would switch their investment to some other products from where they can make regular profits.

Fluctuation is an advantage for bitcoin because it helps people/traders/investors to make profit either on a pump or dump because that is the game works not only in bitcoin but also other stocks in the market that you can find. If you ask me the only concern or disadvantage of bitcoin is the halving which increases the mining difficulty and lower the mining rewards which makes the miners suffers.

Isn't that, like, a good thing? If it didn't fluctuate, we will not get this chance to sell at $1200. If it only stayed somewhere around 500-700$, we will all be devastated since we can't trade bitcoins at all. Bitcoin fluctuation is only a bad thing if you buy at a high price. For example, if you buy today, you might still see bitcoin fluctuation as a bad thing because your investments can become a loss when the price goes down. But as an old bitcoiner, our coins have already made profit even if the price of bitcoin goes down to $1000 or even $900.

To be fully honest, that its not stable. It fluctuates way too much and the amount is big too. However, it has been pretty stable as of late. Lets hope it stays this way!

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.

How is it hard to understand a currency? It's a crypto-currency meaning it's a digital currency on the Internet. Or maybe you were saying about technical stuffs like how does the bitcoin network works, the bitcoin core, how to run a node, etc.? Well, even in fiat, we don't know all of that. We don't know how were taxes computed. We don't know how's printing of fiats issued.

We are all average users in here that had the courage to do something and do our own research to understand bitcoins. No one spoon fed us. It was us alone that tried to understand bitcoins so if they don't understand it and they don't do anything about it, it's their problem, not ours.